THE MORTGAGE BILL

Ashburton Guardian, Volume 55, Issue 129, 13 March 1935, Page 3

THE MORTGAGE BILL

THIRD READING DEBATE. MR VEITCH'S APPEAL. iPer Press Association). WELLINGTON, March 12. The mortgage Corporation Bill was recommitted in the House to-day in order that the Minister might introduce an amendment. Mr Coates said the object of the amendment was in connection with the dividend to be paid on the share capital. The Bill as it left the committee said the dividend was to be 1 per cent, above the bond rate. It was now proposed to fix the dividend at 4.1 per cent. Mr M. J. Savage (Leader of the Opposition) opposed the amendment. They could not fix the farmer with anything, but they could fix the money lender with everything. Mr Coates said the amendment was introduced at the request of several gentlemen inside the House. As a matter of fact the same suggestion had come from the Labour Party, but now they were going back on it. Mr F. Langston (Labour, Waimarino): That is a deliberate lie. The chairman of the committee, Mr J. A. Nash, asked Mr Langstone to withdraw the words, but he refused, and Mr Speaker was sent for aud the matter reported to hiim Mr Langstone then withdrew the words, apologised, and the incident closed. The amendment was carried and the House proceeded; to the third reading of the Bill. Mr Savage predicted that the Government would discoyer it had found it way into a blind alley. The Act would have to be amended at every session of Parliament tor years to

come. Mr W. A. Veitch (Ind., Wanganui) said there was grave anxiety throughout the country as to the effects of the present measures and other measures that were to follow. He suggested that the Prime Minister should have stopped the Minister of Finance proceeding with that unwise legislation. The Prime Minister should have resigned and advised the Governor-General to reappoint him. As a matter of fact Mr Forbes should have resigned when the Hon. W. Downie. Stewart resigned, but it was still within his power to make a stand, exercise the powers of his office and act in the interests of the people. Undoubtedly the Minister of Binanee had taken complete charge of the actions of the Government. A Minister who was not the Prime Minister had taken complete control of the policy of the Government, and Mr Veitch appealed to the Prime Minister to take action which he alone had the power to take. Mr W. J. Jordan (Lab., Manukau) referred to the exemption of the corporation from the payment of taxes. The British Government paid rates on public buildings, even on the Houses of Parliament at Westminster.

The debate was adjourned and the House roso at midnight.