MORTGAGES.

Wairarapa Age, Volume XXXII, Issue 9623, 16 October 1909, Page 3

MORTGAGES.

An interesting return was presented to Parliament on Thursday last on the motion of Sir William Steward, showing the number of mortgages registered from April Ist, 1907, to March 31st, 1908, amounts raised and rates of interest. Wellington district, it. is shown, led the way as a borrower for the year with £5,759,122, and Canterbury was next with £3,295,790, and than Auckland, Hawke's Bay, Taranaki and Otago, in that order with lesser amounts. Some lucky borrower in Otago got £8,224 free of interest. A paltry £143 was secured at 1 per cent,, and £5,530 at 2 per cent., £13,990 at 2\ per cent.. £170,929 at 3 per cent , £l,ei2 at 3| per cent, £133.500 at 4"<per cent., £31,645 at 4£ per cent., £2,565,525 at 4£ percent., £388,012 at 4J per cent., £6,928,027 at 5 per cent, £i,585,335 at h\ par cent, at 6 per cent. £532 236 at 7 ner cent., i £299,809 at 8 per cent, £24,238 at 9 per cent, £147,528 at 10 per cant, £3,470 at 12 perent. £2,852 lat 15 per cent., £6,767 at 20 per I cent., £'ol at 20 per cent, and £SOO at the huge rate of 40 per cent, this in Hawke's Bay. The value of the return ns a true indication of the average rate of interest paid seems to be discounted by the fact that a penalty is provided for—that is to say, to come within the law 15 per j cent., say, may be provided for, "reducible to, say, 7£ per cent, for ' prompt payment of interest"