OVERSEAS DEBTS.

Auckland Star, Volume LXVIII, Issue 245, 15 October 1937, Page 8

OVERSEAS DEBTS.

LOOAL BODIES IN N.Z

LIQUIDATION SUGGESTED.

lUßDucnro hate burdens

(By Telegraph.—Parliamentary Reporter.)

WELLINGTON, this day. When the Budget debate was continued in the House of Representatives thie morning, Mr. C. H. Chapman (Government, Wellington North) suggested to tho Minister oj Finance that arrangements should be made through thjt K*serve' Itank to liquidate the whole overseas Indebtedness of local bodies. The result would be a saving of not less than £1,000,000, arid that' would' enable local bodies to reduce the rate burden bearing so heavily on citizens. Mr. H. 0. Dickie (National, Patea) ■aid Mr. Chapman's suggestion, if carried out, would mean an overdraft at the Reserve Bank of £08,000,000 and that .was fantastic. He agreed that the 40-hour week should be adopted where possible, but if it was going to force costs up it should not be undertaken. The Government was rushing its fences too hastily. He urged the Minister of Lands to start a land settlement scheme to relieve unemployment. Even if it cost I some millions it would be better than wasting money on sustenance payments because some of the men, at least, would make good settlers. He was ... confident that at such a time as the New z e*'*ml should budget for - S?^J!?i! t^S a . ,, " e a "lump was sure to eoiffil and the country should- have •Herniate reserves to meet it.