DAIRY-FARMERS MORTGAGES.

Taranaki Daily News, 24 August 1922, Page 9

DAIRY-FARMERS MORTGAGES.

WORK OF COMMISSION. Wellington, August 15. Tn February, 1922, the Valuer-General was amiointed to inquire into the financiar difficulties of dairy-farmers in different parts of New Zealand, and inter alia, to mediate as opportunities occurred, said the Premier in his Financial Statement. He acted in the capacity of intermediary in cases where there appeared to be possibilities of effecting satisfactory arrangements by the mutual consent of mortgagees and mortgagors. In sixty-nine cases mortgagees were induced to grant more or less substantial measures of relief to mortgagors were unable to fulfil their obligations. The nature and extent of the relief varied considerably. In some cases mortgagees wrote off arrears of interest wholly or in part, or reduced the rates of interest. In other cases mortgagees surrendered the whole or portion of the principal sums of themortgages wnere these sums represented balances of unpaid purchase-moneys. In a case where three mortgagees are interested in the same property the total principal sums surrendeed amounted to £15.000, and th total arrears of interest written off amounted to £1,287. Undoubtedly the success attained through mediation has had the effect of inducing a very large number of mortgagees to grant relief to mortgagors.