PROGRESS REPORT

Wairarapa Times-Age, 20 May 1938, Page 8

PROGRESS REPORT

ADJUSTMENT OF MORTGAGE DEBTS MINISTER GIVES DETAILS. . WORK TO BE EXPEDITED. (By Telegraph—Press Association.) WELLINGTON, This Day. The extent of the relief given under the Mortgagors and Lessees Rehabilitation Act passed by Parliament in 1936 was referred to by the Minister of Justice, the Hon H. G. R. Mason, in a statement issued last evening. He said the Government was taking every step to ensure that the hearing of applications for the adjustment of mortgage debts was completed as soon as possible. “Up to the end of April last,” said Mr Mason, “over £4,000,000 had been written off. The greater part of this relief has been experienced by farmers. They have benefited to the extent of £3,350,000. Farm mortgages have been reduced by £2,300,000. Interest arrears amounting to £500,000 were written off. Arrears of rent for farm lands totalling £123,000 were also wiped out, and farmers were freed from unsecured debts amounting to £317,000.”

Mr Mason said that in addition to these concessions, which have been approved by the Adjustment Commissions, further large sums have been written off as a result of voluntary adjustments. The number of applications withdrawn, 2358 for farm and 4109 for other than farm, gave an indication of the number of settlements made out of court.

Apart from farm properties, the Mortgage 'Adjustment Commissions had given relief amounting to £650,000. Mortgages in the towns had been reduced by £516,000, interest and rent arrears had been written off totalling £123,000, and £12,000 of unsecured debts had been written off. In addition to the £4,000,000 written off, which could definitely be ascertained, the Mortgage' Commissions had given other relief by reducing the rate of interest payable in 9700 cases and the rate of rent in over 800 cases, resulting in a considerable annual saving to those receiving the concessions. In other cases payments had been made easier by extending the terms of the mortgages. The annual charge of 11,200 mortgages had been lightened by this way. “The 33 Adjustment Commissions are doing their work as rapidly as possible,” Mr Mason continued. “Some few of the commissions have already completed their work, and others are on the verge of doing so. There remain other districts in which the amount remaining to be done is considerable. Where, however, it appears that in a particular' district the estimated time for the completion of the task may be unduly long the Government is giving consideration to the appointment of an additional commission to expedite the work. The Government is taking every step to ensure that in every district the work may be completed as soon as possible.”