MORTGAGES & LEASES

Wairarapa Times-Age, 22 November 1938, Page 5

MORTGAGES & LEASES

WORK OF THE COMMISSIONS ALMOST COMPLETED REMISSIONS TOTAL OVER SEVEN MILLIONS. STATEMENT BY MINISTER. (By Telegraph—Press Association.) WELLINGTON, This Day. Details of adjustments in mortgage and other debts made by commissions under the Mortgagors and Lessees’ Rehabilitation Act were given by the Minister of Justice, Mr Mason, in a statement issued yesterday. Remissions of all classes to the end of last month amounted to £7,342,751, and of this sum £6,220,343 was written off mortgages by way of principal and interest. Mr Mason said that most of the adjustment, commissions had completed their work, and that within a fortnight or less the only commissions having work left on hand would be the North Auckland Commission and the commissions for Nelson, South Canterbury, Otago and Southland. The work of these commissions would be completed before Christmas. The Nelson district was the only one as to which there was some little doubt, but there were two commissions working in that district, and he believed the work there would be completed along with the others by the time mentioned. SERVICES APPRECIATED. The Government was very appreciative of the work done by the commissions, of which there had been no fewer than 38 ordinary commissions working at one time, not to mention additional auxiliary commissions for special circumstances. The Government realised that in most cases it meant a substantial sacrifice to a man to leave his ordinary business or occupation to engage in a temporary work of this description, and the Government had been fortunate in finding so many men of ■ the requisite ability and public spirit. The work was largely a silent service, involving little in the. way oi personal publicity, but it had the appreciation of thousands of those wno had appeared before the commissions. These parties, irrespective of whether the judgment of a commission was in accordance with their desires, realised the great care and thoroughness with which the commissions made themselves acquainted with the complex details necessary to enable them to come to a judgment in each case. The Minister also paid a tribute to the zeal and ability displayed by the Under-Secretary of the Department of Justice, Mr B. L. Dallard, and the staff in the administration of the Act. Without this loyal co-operation the work, the immensity of which was little appreciated by those not in contact with it, could not have been performed. The net result of this work was that a long period of painful instability and anxiety in the history of the private affairs of thousands of people had been definitely closed and they were now able to look forward to a better future. OVER 32,000 APPLICATIONS. Applications under the Mortgagors and Lessees Rehabilitation Act, 1936, closed at the end of February, 1937, and in April of that year the adjustment commissions appointed by the Government commenced their work of hearing the 32,000-odd applications which had been filed. The following was' a statistical summary of the present position:— ICOQ Q. Applications filed. —Farm. 15,233, other, 17,333; total, 32,566. Voluntary adjustments.—Farm, 105 o; other, 1076; total, 2131. Applications withdrawn.— Farm, 2933; other. 4227; total, 7160. Orders made.—Farm, 10,066; other, 11,480; total, 21,546. Applications to be disposed of. Farm, 1179; other, 550; total, 1729. “The actual position is even better than the figures indicate, as the return relates to orders drawn up and filed in the Court of Review,” said the Minister. “Nearly all of the 1729 cases shown as awaiting hearing at the end of October have now been heard, and in many cases orders have already been issued. “A substantial measure of relief has been granted to mortgagors and lessees by the commissions. The term of 7845 farm and 10,336 other mortgages has been extended, and in respect of 6755 farm and 9556 other mortgages therate of interest has been reduced. Remission of principal or of interest has been granted in 4006 farm and 3719 other cases. . Mr Mason said the pecuniary benefits to mortgagors were as follows:— Total amount written off mortgages. —Principal: Farm, £4,133,239; other, £896,304. Interest: Farm, £998,400; other, £192,400; total, £6,220,343. In addition, in respect of 1857 farm and 141 other leases, the rate of rental had been reduced or arrears of rent remitted, the total remissions on account of rental being: Farm, £277,735, other, £288,701; total, £566,436. Then there were remissions in respect of unsecured debts, which were as follows: Farm, £771,247; other, £62,460; total, £833,707,' The grand total of ail remissions made by the adjustment commissions to the end of October, 1’938, was therefore: Farm, £6,180,621; other, £1.162,-130-£7,342.751.