INTERESTAND RENTS

Hokitika Guardian, 1 November 1932, Page 2

INTERESTAND RENTS

A CRITICISM OF LEGISLATION. “ILL-ADVISED, HARMFUL.” AUCKLAND, October 29Mortgage legislation was referred- to by Ma - \V. It. Wilson, acting-chairman of the South British Insurance Company, who presided at the annual meeting cf the Guardian Trust Company, Auckland, to-day. “Reference was made last year,” he said, “to legislation which in our opinion is ill-advised, and the harmful results of which have been demonstrated. That an adjustment between mortgagors and >and between landlords and. tenants, was in many oases called for, is not to be denied; but'it was, and would have continued 1 to be, the exception for advantage to be taken of the difficulties arising out of the adverse conditions at present ruling. “The spirit of mutual regard: for the other’s interests aroused in a time of general stress led to concessions being made according to th e circumstances of each cruse, and amounting in some instances to more than the reductions fixed by ■ statute. Legislation not merely stifled this spirit, bht 'has led to a- demoralising disrespect for a contractual obligation. “It was scarcely an exaggeration when a leading legal authority recently 'stated that a generation, is grow-' itig up which understands a mortgage to be a document signed by 'ai mortgagor containing'an implied covenant by the mortgagee agreeing to- a moratorium.’^