MORTGAGE RELIEF

Manawatu Standard, Volume LVIII, Issue 49, 26 January 1938, Page 11

MORTGAGE RELIEF

APPLICATIONS TO COURT. BIG SUM WRITTEN OFF. Per Press Association. WELLINGTON, Jan. 25. Figures showing the amount of business dealt with to date by the Court of Review and Mortgage Adjustment Commissions under the Mortgagors and Lessees Rehabilitation Act were released this evening by the Minister of Justice (Hon. H. G. R. Mason). These show that the number of applications for relief filed up to the end of December in respect of farm debts total 15,589, and that applications relating to other than farm debts total 18,884. The amount written off farm mortgages totals £l,107,115, and the sum written off in the case of other than farm properties totals £338,624. Other statistics relating to the work of the Court of Review and all Mortgage Adjustment Commissions to the end of 1937 are as follow:—Total number of applications withdrawn: Farm, 1918; other than farm, 3308Total number of voluntary adjustments approved by commissions: Farm. 368; other than farm, 725. Total number of adjustment orders made by commissions after hearing: Farm, 1825; other than farm, 3584. Number of orders in which principal sums payable under mortgage or mortgages reducd : Farm, 1048; other than farm, 1558. Number of orders, in which arrears of interest on mortgage remitted: Farm, 944; other than farm, 1041. Total amount of arrears so remitted: Farm. £317.080; other than farm, £83,381. Number of first mortgages the terms of which have been extended: Farm, 1386; other than farm, 3170. Number of second or subsequent mortgages the terms of which have been extended: Farm, 726; other than farm, 1140. Number of mortgages in respect of which rate of interest has been reduced: Farm, 1859; other than farm, 3870. Number of orders in which rate of rent payable under leases reduced: Farm. 317; other than than farm, £3919. Number of orders which arrears of rent under leases were reduced or remitted: Farm, 296; other than farm 39. Total amount of arrears so remitted: Farm, £43,022; other than farm, £3919. Number of orders in which whole or part of debts due to unsecured creditors written off: Farm, 600; other than farm, 166. Total amount so written off : Farm, £162,240; other than farm, £2821. ADDITIONAL COMMISSION. PROVISION IN CHRISTCHURCH. Per Press Association. CHRISTCHURCH, Jan. 25. Another Mortgage Adjustment Commission, the fourth to be established in Christchurch, will be appointed shortly to deal with farm applications for the review of existing mortgages. The new commission will be known as No. 2 Farm Commission, and will hold sittings at ltangiora and at Christchurch.

No. 1 (City; Commission, which ceased working late last year after the appointment of its chairman, Mr Justice Hunter, to the Court of Arbitration, will recommence its work with a different personnel. Although the personnel of the new commission lias not yet been officially announced, it is understood that its chairman will be a Christchurch solicitor. A Christchurch solicitor will also be appointed to replace Mr Justice Hunter. The two city commissions were set up in May last year, the other commission then in existence being appointed to deal with farm applications. More than 4000 applications for review of mortgages under the Mortgagors’ and Lessees’ Rehabilitation Act were filed, 1364 farm applications and 2734 others. At the end of last year there were 1001 farm applications and 1994 other applications yet to be disposed of. It is expected that even with four commissions working it will take approximately 18 months to complete the work.