§ Until after the expiration of five years from the twenty-fourth day of April, nineteen hundred and sixteen, it shall not be lawful to take any steps to recover the principal money, or any part thereof, or to exercise any right of sale or of appointing a receiver as to such principal money, or any part thereof, secured by any mortgage charge, debenture, or debenture stock or other security in existence on the said twenty-fourth day of April, nineteen hundred and sixteen, and affecting any house or building so damaged or destroyed or the land on which same stood.—[Mr. White.]
§ Clause brought up, and read the first time.
Mr. WHITEI beg to move, "That the Clause be read a second time." This is a 1240 very important Clause, and I think there can be hardly any objection to it. This would give persons a reasonable opportunity of getting into business again.
Mr. HEALYI am bound to say I have not heard of harshness on the part of creditors. On the contrary, I have heard evidence of very considerable tenderness being shown; but if my hon. Friend thinks a short period of delay desirable, I think the Government might very well consider it. I know as a matter of fact that, so far from the creditors pressing harshly, they have done the very reverse. IE my hon. Friend is aware of cases to the contrary, I think the Government might very well say that a couple of years of moratorium might be granted.
§ Mr. DUKEIn our view the provision in the Bill is ample to secure the objects in view. There is this inseparable objection to this proposal, that it would set up a class of person as a borrower who is not represented here, and who would have no notice of any proposal of this kind; therefore I do not think it would be proper to accept this proposal.
§ Question put, and negatived.