OTHER PEOPLE’S IDEAS

Wairarapa Times-Age, 10 September 1943, Page 3

OTHER PEOPLE’S IDEAS

MORTGAGE LIMITATION (To the Editor) Sir,—Mr Maher, National Party candidate for the Wairarapa, speaking at Gladstone recently, said that the Farmers’ Union proposal for the limitation of mortgages and the 90 per cent tax, was a better scheme than the Servicemen’s Settlement and Land Sales Bill. Now suppose a property is for sale at £1,400 fair value. A buyer with £2OO cash is turned down by the Farmers' Union because the mortgage proportion is too high—six times the amount of cash. Now the speculator, with more cash, comes along, buys the property and resells next day for £l6OO. Being allowed 10 per cent increase under the proposal, he gets £l4O, leaving £6O to come under the 90 per cent tax which is £54, leaving another £6 for the speculator. Result: No. 1 buyer gets nothing. Speculator gets £146 profit. Government gets £54 tax. No. 2 buyer gets £2OO worth of inflation or wind. Truly an inspired scheme, one that could only be thought of by the Farmers’ Union, the power behind the throne, the union boss at the back of the National Party, who have not, in or out of Parliament, brought forward one suggestion of their own for the benefit of the returned service man, or for the prevention of inflation. —I am, etc . “LAST WAR.” Masterton, September 10. j