QUICK PROGRESS.

Auckland Star, Volume LXVI, Issue 51, 1 March 1935, Page 3

QUICK PROGRESS.

MACHINERY CLAUSES. SPEEDING UP TO-DAY. INTEREST AND SECURITY. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. The Government commenced further committee consideration of the Mortgage Corporation Bill in the House of Representatives to-day by securing urgency, though the Prime Minister did not disclose his view as to how much was expected before legislators adjourned. Clause 12, which had been fully discussed at the previous sitting, was passed, and, as the machinery clauses followed, fairly quick progress was made.

( Mr. W. E. Parry (Labour, Auckland Central) failed to carry an amendment which would empower the Government, instead of the board of directors, to fix the directors' honorarium.

The principle of complete State ownership was raised again when clause 21 was reached, this clause empowering the corporation to issue stocks and bonds. Mr. M. J. Savage (Leader of the Opposition) argued that if the money could be borrowed at 3 per cent on State security, it would bo better to do so than to have to pay 3J per cent on the corporation's security. However, before this principle was embodied in the measure, a lot of "reactionary stuff" would need to be deleted, but it ought to be a State institution.

At tho luncheon adjournment the committee had passed half the clauses of the bill.