PREMIUM BONDS

Dominion, Volume 10, Issue 3167, 18 August 1917, Page 9

PREMIUM BONDS

THE HOBBY OF A MEMUEB. Once upon a time, an Auckland company tried to get a Bill through tho Now Zealand Parliament legalising transactions iu this country in foreign premium bonds. Tho Bill mot with a sad fate in epiio of assiduous lobbying, and tho fervent advocacy of its sponsor, Mr Harris. Ever sinco Mr. Harris "has shown interest in premium bonds. In the House yesterday Jie drew the attention of tho finance Minister to the cable message which said that tho Chancellor of the Exchequer in England was thinking of raising money by this method. He asked tho Minister whether ho would consider tho advisability of initiating a similar 6c'homo here. Sir Joseph Ward said he would, bo glad to have tho result of the investigation that was being made into the matter in England. Men qualified, to express opinions would, bo givine; evidence, would speak as to what effect tho scheme might have on tho financo of tho Old Country, and in time- this evidence would bo valuable to this country. He had read a good deal about this subject, and ho had heard it discussed by men who had knowledge of it. It would not bo wise to adopt a speculative system without knowing what effect it would have on tho Old Country, where we had borrowed most of the .£120,000,000 which wo bow owed. Hβ know the Chancellor <-f tho Exchequer had an open mind on the question. •If a responsible committee, upon evidence, brought down a recommendation which tho Chancellor adopted, it might, bo possible for tliis country to entertain it favourably. Tt would not be possible for New Zealand to adopt this system for the present loan. He would ask that 'the ovidonce should bo sent to this country from England.