ADJUSTMENT OF MORTGAGES

Hawke's Bay Herald-Tribune, Volume 81, Issue 60, 3 December 1937, Page 3

ADJUSTMENT OF MORTGAGES

- V -Presa Asscciation.)

'"Uanger in Going Too Far" WORK OF COMMISSIONS

(By Telearapb

WELLINGTON, Last Night. SpeaMng on the adjourned second reading debate on the Mortgagors and Lessees Rehabilitation Amendment Bill, Hon. J. G. Cobbe stated. he was rather disappointed that the Minister had not given further details of the progress of the Adjustment Commissions ' work, and also the number of cases which had been settled. He said mortgagees had felt they should meet mortgagors, and thero did not seem to be the same number of cases of hardship which had been cxperienced previously. However, he would emphasise that there was always a danger of going too far with sueh legislation. He was glad to see that the amendments in the Bill were purely technical ones, and that it had not been found necessary to extend the orovisions of the Act itself. Tho amendments themselves seemed to be necessary ones. Mr. W. J. Polson paid a tribute to the work of the Adjustment Commissions, but said they were not all interpreting the Act in tiie same way, particularly as far as average effieiency was concerned. He suggested that the Minister should couL'er with the chairmcn of the differer.t commissions to enalt them to gain a common viewpoint. Remark Has to be Witlxdrawn. ' Mr. H. M. Christie, referring to Mr. Polson 's speech, said that the honour-

'was sometim'es not too scTupulous in thc mcthods he adopted. Mr. W. J. Broadfoot rose to a point of order, and at the request of the Speaker, Mr. Christie withdrew the expression. Cohtinuing his speech, Mr. Christie said that, as far as this particular Act was concerned, he believed that tho commissions were doing their very best. . There were some aspects of the position about whieh he felt somewhat uneasy. One of these was the question of valuations. where often the mortgagee was sitting on the box seat, because he was able to produce more evidence than the mortgagor could hopo to do, and the commissions were somewhat und'uly influenced by that evidence. Bt. Hon. G. "W. Forbes said that, np to the present time, the administratiou of tho Act was not such that it had created any great feeling of dissatisfaction. However, he did not believe tbey would ever get to the bottom of the vexed question of farm mortgages. With regard to voluntary adjustments, coneerning which Ihe Minister had expresscd some disappointment, it was felt there should be more willingness on the part of the departments concerned to make such adjustments. Another ground for complaint was the slowness with which the cases were being dealt with by the commissions. This had a disturbing effect upon farming operations. The Bill was read a second time, and the House proceeded to deal with it in the committee stages. The Attorney-General (Hon. H. G. R. Mason), outlining the work of the Adjustment Commissions, said 34,000 odd applieations had been roe-lvcd, ar.d the number disposed of till October 31 was 6500. The total amount remitted from arrcars wa's £937,800, and the arrears of interest remitted amounted to £268,575. Tho mortgages extended were: Eirst mortgages, 3906; second and subsequent mortgages, 1217. Ths number^ of mort-

gages on which the interest had bee feduced totalled 3687, and the arrearS of rent remifted £27,495. The number of Adjustment Commissions ffinctioning was 34. Referring to the question of slownes* of the commissions' working, the Min* ister pointed out that, although the Act had been passed for some 12 months, it had- not actually come into effect for. some time after that, on account of thei necessity for setting up completely new; machinery for its admimstration. On completing the committee stageSn the Bill, with the amendments intro* duced by Governor-General's mcssage, was read a third time and passed. * The Houso rose at, 5.H) p.m. i