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The Pamphlet Collection of Sir Robert Stout: Volume 78

The State v the Mortgagee

The State v the Mortgagee.

He was in New Plymouth the other day on circuit work, and a mantold him he owned one of the old perpetual leases, under which, as they knew he had the right of acquiring freehold. He wanted the freehold and he got it, and with the freehold he got a mortgagee. Before that he had had a somewhat indulgent State landlord, who did not pounce upon him the day the rent was due, but now he found, however he had no mercy shown him by the mortgagee. He found there was at times compound interest to pay, and also the devil to pay on other occasions. He said "Give me twenty times over the State landlord, who is susceptible to the public opinion of the colony, and cannot be harsh and brutal in his treatment of Crown tenants—give me such a landlord before you give me a mortgagee, who is probably a gentleman in London, and who exacts his interest to the last farthing." He would ask the lease-in-perpetuity tenants to pause before they placed themselves at the tender mercies of a lending company. When had times came, as no doubt they would come some day, those who were their (the Crown) tenants would be ten times better off than if they were permitted to exchange the paternal landlord for an exacting mortgagee. He would ask them in pause before they swopped. He had said land purchase must go on. He had He had dealt with endowments and limitations, and he would pass on to say a word about