§ 26. Major ALAN McLEANasked 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?
Mr. GUINNESSYes, 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.
§ Mr. A. V. ALEXANDERHas 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?
Mr. GUINNESSIt is exactly on that point that this question has been asked, and it is to meet that point that I have given this answer.
§ Mr. ALEXANDERIt does not meet it.