Relief From Mortgage Burden

Manawatu Times, Volume 62, Issue 35, 11 February 1937, Page 6

Relief From Mortgage Burden

Over 33,000 Applications MANY VOLUNTARY SETTLEMENTS Per Press Association. WELLINGTON, Last Night. A multitude of people iu New Zealand are seeking relief from the burden of mortgage debt, both on farms and urban properties. This was disclosed to-day by the Attorney-General (lion. H. G. R. Mason) who said in an inter* view that the total number of applications under the provisions of tho Mortgagors and Lessees Rehabilitation Act of last year lor the adjustment of mortgage obligations on rural and urban properties was 33,793 when the period for making application ended on January 31. “Au analysis of the returns has not yet been made iu respect of the different kinds of properties for which application for a measure of relief has been made,” Baid Mr. Masou. “Some of the district totals, however, are iuterestiug as showing the different degrees of mortgugo embarrassment in the main centres of population. “Auckland, with the largest metropolitan and provincial population, leads with 5420 applications. Wellington comes next with 3063, closely followed by Christchurch writh 3587. Some people may see evidence of the traditional financial cautiousness in the returns from Dunedin. That shrewd centre’s total is only 000 applications. Farther south the aggregate is somewhat higher, the Invercargill returns being 1009. ’' The Minister mentioned that other centres with over 3000 applicants each were Wanganui 1037, Palmerston North 1034, Gisborne 1017. Other centres well up in lesser aggregates wets Timaru, with 930 aplicatious, Lower Hutt (mostly house mortgages) 872, Hamilton (including Waikato, with many dairy farms) 864, New Plymouth 852, Napier 719. Tho applications registered in Masterton totalled 019. In tho King Country there were 447 applications from the Te Kuiti district and 374 from Taumarunui. Tho aggregate for Hawke s Bay was 3207, including Napier’s 719 and Hastings’ 548. In tho Bay of Plenty were 161 applications from Tauranga, 89 from Whakatane and 68 from Opotiki. Rotorua’s applicants totalled 197. Although Pukekoho for a long time had been generally looked upon as aa exceptionally prosperous district, its applications totalled 533, compared with only 392 from Whungaroi, in the centre of North Auckland. Dargaville’s total was 327. In the northern district of the South Island Blenheim heads the list with 653 applications, Nelson being next with 402. The applications from tho West Coast were relatively moderate, these being Westport 313, Greymouth 81, Hokitika 40. Farther south on the East Coast und North Canterbury, Ashburton made 557 applications, Rangiora 551, Oamaru 498. “The total for the Dominion is neither very high nor very low,” said tho Ministei. “It is near tho aggregate one would have expected in the circumstauces. It must not bo overlooked that many of tne applications will not cause a great deal of trouble to the various Adjustment Commissions; indeed, many voluntary settlements have been effected ulready, and it is reasonable to anticipate that, when mortgagees and mortgagors learn what ihe general basis of adjustment ia in respect of interest xates, hundreds of cases will be settled, either voluntarily or without much difficulty or delay. The mortgage problem should be well on the way to a satisfactory solution by the end of this year, although it is likely that some clearing-up work will have to be done by the Commissions for some time to come. “Every opportunity was giveu for the submission of an application for mortgage relief withiu tho prescribed period. The printing department had a colossal task in preparing the forms. As a matter of fact, if these forms were laid flat on top of one another, tho peak would be higher than the giant tower at the Titahi Bay radio station.”