HC Deb 21 May 1928 vol 217 cc1502-3
26. Major ALAN McLEAN

asked the Minister of Agriculture whether his attention has been drawn to the uneasiness which prevails among certain mortgagors of agricultural holdings in view of the possibility that existing mortgages may be called in because of the fear that the security may be diminished through the operation of Part II of the Agricultural Credits Bill; and what action he proposes to take in the matter?


Yes, Sir. Although I believe this feeling is to a large extent not warranted, I am anxious to allay any uneasiness in the minds of mortgagors, and I therefore propose to move an Amendment to Clause 8 (5) so as to limit its operation to mortgages contracted after the passing of the Bill. This will ensure that in respect of existing mortgages the mortgagees' interest in growing crops will remain unaltered.


Has the right hon. Gentleman seen the statements by Members of the House of Commons that mortgages are already being called in in consequence of the Bill?


It is exactly on that point that this question has been asked, and it is to meet that point that I have given this answer.


It does not meet it.