The Moratorium

Hokitika Guardian, 23 January 1923, Page 4

The Moratorium

K ii- I'T XA X U XI; 0 i'i.B ATI 0 X>S AFCK hid Mb J,-unary' 18

dVV V 1-V Id-* J/j ,» . I Tim siiitemi'Ml was made hy a man ol r,Hails recently that, according »o ( i experience, who are pro- j iccied under the moratorium arc now j ie-financing, and so safeguarding themselves from being caught when the moratoriiini lei inmates in Dceenibe!, 1021. The 11'iukiit man was nut-Ang si,ill r.rraii.gcini-iit.- wherever oppo.tunity oiler, d, and lie thought that it prices for produce remained good or continued to imp:, '-'e. the p .-it oil created hy t'e imitaLoiium would ati-toiuati'-aily adjust itsell hefote the ap- | pointed tiny ol rorKcsiiiiiL'. In other ijmirters it was agreed that 1 here was now a strong desire on the

part of mortgagors to iv-linamh,,t it was emphatically afliuned that opej jations of this kind were di-huileiy reI slrieted, the rea-un being that instiluj tions and private lenders pitying high j rates of im (iiiie-ta x cor Id n i omsKie.' j ( mortgage proposals at current vales , f i iptejest. Some institutions were "'A- •: able to adrauei- a certain amount oi j luonev on absolutely sound soeiirity at ill per cent. Tims morteagoi's wi:<> bad i been paying O' and 7 per cent, we-'i- ! anxious to parti,■'i jso Le. but no money for tbe i•, * |—i r -** wa- a rad" I |e horn large tax-paying insiitut ions and individuals 'because llii-ir ret.urn would bear im eoniparison with that from investments ;in debentures of various kind-. lb 1 ■ was therefore of minion (hat the financial position cronl,nl by the continuance of the moratorium would not automatically right itself I ,-fore I lie end of next year, when one complete de- ■ , cade of moratorium project ion would be completed. Instances have been reported <>! hanks making advances for the diselii’t".,- of 'ld murlgagvs. but there is i no genera! policy of the kind.