PARLIAMENTARY NEWS AND NOTES. RESTRICTION OF USURY.

Evening Post, Volume LXII, Issue 17, 19 July 1901, Page 6

PARLIAMENTARY NEWS AND NOTES. RESTRICTION OF USURY.

The Money-lenders Bill, brought down by tho Government this session, bears the name of tho Minister for Public Works. It is proposed that it shall come into force on Ist January, 19Q2. Tho measure provides that whero proceedings are taken by a money-lender for the recovery of money, the Court may rcviso the transaction is it considers it is harsh and unconscionable, and may alter it as it thinks fit. Similar powers may also be exercised in regard to a money-lend-er's proof in bankruptcy proceedings. Every money-lender must be registered only under Iris own or usual trade niuno, and with ull the addresses at which he carries on business, and ho may only carry on his business in that name, and at those addresses, under a penalty for broach of this provision of £100 for a first offence, or of three months' imprisonment for a second or subsequent offence. Tho penalty for inducing a person to borrow money by false representations is imprisonment for any term not exceeding two years, with or without hard labour, or a penalty not exceeding £500, or both. HELPING THE SETTLERS. Tho report of the Superintendent of tho Advances to Settler.-; Office for the year ending 31st March last -was presented to Parliament yesterday. The instalments of interest and principal to the 31st March, 1900, have, he states, been collected in full. The Department has no securities on its hands. Up to tho, 31st March, 1901, the Board had authorised 9931 advances, amounting to £3,224,900. The total amount asked for by tho 9931 applicants was £3,691,005; 1230 applicants declined the grants offered them, amounting to £565,380, co that tho net advances authorised numbered 8701, and amounted to £2,679,520. The securities for the net authorised advances were valued at £5,859,039, and these nre in many instances being enhanced by the expenditure on improvements of part of the money borrowed, and the liability reduced by the periodical repayment of principal in the case of instalment loans. Tho number of applications received to the oist March, 1901, wns 12,999, for an aggregate amount of £4,540,828. The manner in which instalments continue to be met by mortgagors is, says tho Superintendent) highly satisfactory, and has in no small degree contributed to the result qbtained on tho year's operations. The 1 per cent, sinking fund now in tho hands of tho Public Trustee amounts to £70,839. The balance at credit of the account, including interest to tho 31st March, amounts to £20,127 19s 7d. t ELECTION INCIDENTS. Mr. Bollard stated this morning that his election had been fought out in tho Registrar's office, by the removal of names fi;om the roll. He emphasised the dependence of the electoral right system on the appointment of men of integrity to the positions of Registrar and Returning Officer. He had secured a majority of four, but it was in a dual and not a triangular contest, ' and the last census showed that he represented more people than any other member. JOTTINGS. Mr. M'Nab has been granted a week's leave of absence on account of illness. Potitions from a large number of bank clerks were presented to both Chambers to-day, praying that they be not included in the Shops and Offices Bill. Mr. W. H. Field, M.H.R., in his desire to reconcile the two unions of farmers, was associated with Mr. Moore in the convening of yesterday's meeting of legislators, but a moro urgent engagement at Otriki prevented his personal ate tendance, and an apology for absence was tendered on his behalf.