QUESTIONS IN THE HOUSE

Press, Volume XCVII, Issue 28660, 9 August 1958, Page 14

QUESTIONS IN THE HOUSE

Life Peerage For Mr Nash

(New Zealand Press Association) WELLINGTON, August 8.

Mr J. K. McAlpine (Opposition, Selwyn) asked the Prime Minister (Mr Nash) in the House today whether his statement that New Zealand now held the right to appoint life peers to the House of Lords would require legislation by the. Government to enable that right to be exercised and whether the Government would consider recommending his (the Prime Minister’s) appointment as a life peer so that Great Britain and the Commonwealth would have the benefit of his experience of guaranteed prices, stabilisation of wages and economic insulation.

Amid some cries of protest from the Government benches the Speaker (Mr Macfarlane) said the question would be “looked at.’’

Mr Nash was asked by Mr G. A. Walsh (Opposition, Tau•ranga) to say what countries he had in mind when he said last night that he thought New Zealand would be able to borrow £2O million from different sources.

“What are the different rates of interest charges the Prime Minister expects having to meet?’’ asked Mr Walsh. Mr W. A. Sheat (Opposition, Egmont) asked the Minister of Finance (Mr Nordmeyer) if he had noted, the opinion of a Petone bank manager who said that “if New Zealand banks had complied with the instructions to reduce advances by £3O million by the end of last month there would have been unemployment.’’

Mr Sheat asked whether, in view of that opinion, the Minister would relax the pressure on trading banks to bring about further reductions in overdrafts.