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Hokitika Guardian, 31 July 1919, Page 2

The Government has under consideration the question of the expiry of the Mortgages Extension Act, and the action to he taken to prevent, if possible, a huge volume of mortgages falling due at the same time. A statement lias been made on the matter by S’> Francis Bell, which gives a meanwhile assurance that the final date is not to be August 31st. For the present the Government may deal with the question simply by postponing the time of expiry of the Act, hut other things are being discussed. It is understood that the Australian scheme, which provides for the expiration if mortgages at different times, according to some plan, has been considered, but that the Government has not yet decided to adopt it; it may not, in fact adopt it at all. :It has been pointed out in newspaper correspondence and otherwise that the problem will not !>e solved merely by the extension of the Act, for the condition will still obtain under such an arrangement- that the market will be at some time or other, when the Act does cease to operate, as it must some day, he Hooded with borrowers in need of money. An extension would have the effect of giving more notice to mortgagors, and they might get their affairs into order in the meantime, but still it is claimed that such a scheme would create a great rush for money, with the result that interest rates would be raised much above the present market. Most of the suggestions being made are for an arrangement which would terminate mortgages in such a- way as to spread the demand over a long period, but- the plan to achieve this may prove difficult of discovery.

Some very sane remarks on the subject of ordered democracy have fallen from the lips of Mr J. A. Seddon, the British M.P., who is also Chairman of the General Council of the National Democratic and Labour Party. The title of this party might suggest a name for the composite political party, Mr Veitcli the New Zealand M.P., might wish to create to express the sane views of Labour and the adherents thereto. Mr Seddon in a late public address at Home went on to say: “Two things are essential to the realisation of the progress wc seek—the declaration of a principle and its incarnation in action. The principle underlying our programme recognises the people—not a. section, however powerful—but all classes forming a nation. The sovereignty of selfishness spells despotism or anarchy. The sovereignty of democratic rule must transform social wrongs and conform to the undying elements in human nature—love <'f

country, liberty, association, the family and person rights—otherwise it lias neither value nor meaning. (Cheers.) Revolution in a democratic State is the apex of insanity, tlie reflex of weakness, and the instrument of intellectual and self-seeking bullies. We stand resolute and immovable against the Bolshevist madness of Russia, or their would-be imitators here. (Cheers.) Equally we

i seel: to resist and destroy the social cancer of undeserved poverty, the Wight of undeveloped childhood, whether of mind oi body, the gaunt spectre of old age m want through ill-requited toil and I the paganism that made Britain’s one god the millionaire. (Cheers.) No democratic party can live by negations; it, must be constructive or perish, its i policy is something more than the labour idea—class and mass—wire-pulled by intellectual dyspeptics, moral hypoj ehondriacs, and political dipsomaniacs. J j' apprehend the mighty burdens that have fallen upon this and unborn generations, and yet contact with erstwhile opponents, politicians, and employers recognise the immense sordidness of the industrial system as it existed before the war. Tfc is for the toilers to sav to those hitherto their opponents, “Come, let ns reason together, and, -n doing so, we shall poo] our common intelligence, and hopes, and beliefs, n building up a world which stands ready fo- recreation.” (Cheers.)