NATIONAL ANNUITIES

Evening Star, Issue 14513, 3 November 1910, Page 6

NATIONAL ANNUITIES

In moving the second reading of tho National Provident Fund Bill, the Prime Minister said that in several years’ time the, measure would call for an expenditure of £50,000 yearly. The Public Sendee Superannuation Fund had worked satisfactorily, on the whole. This National Provident Fund was established on a similar basis for those not in the Public Service. The contributions to the fund would he payable weekly at any post office. Pensions would be provided for those joining tho fund, payable at the age of sixty, and varying in amount from 10s to 40s weekly, according to the rate of payment. The Bill would have the effect of hastening marriages, which wore often postponed for prudential reasons. By paying Is .‘ld a week a man who subsequently married and had four cliildren would secure for himself a pension of 10s a week at sixty for the rest of his life, an allowance of 30s a week during incapacity, and the payment of £G on the hirth of each child. At death his widow and children would receive an allowance of £1 7s 6d a week while the latter were under the age of fourteen years. Mr Massey heartily supported the Bill, the principle of which he thoroughly approved. He had ahvays advocated that a Superannuation Fund should be provided for the ordinary citizen as well as the Civil servant. He did not commit himself to approval of every detail, nor as In its financial soundness. Ho regretted tie t the Bill had not been introduced earlier and referred to the Public Accounts Committee, who could have taken the evidence of actuaries as to its financial and political soundness. The House would have to consider the Bill under difficulties, as members were now working at high pressure. He had his doubts as to whether tho Bill would not interfere wdth the work of the friendly societies. He was quite certain that the money expended on the National Provident Fund would he recouped to the State in tho saving effected as a result of people being encouraged to provide for themselves, and not becoming a burden on tho country.

Messrs Jennings. If. 11. Taylor, and Poland supported the Bill. Mr Allen, while in favor of the Hill, considered that it had many imperfections, the, chief of which was the limitation of its provisions to those having only £2OO a year. 'This meant that a man earning £2Ol a year was debarred from the fund, while a man earning £2OO a year might go on increasing his income after joining the, fund. Tin’s anomaly could he removed by making the fund of general application. He would not advocate a compulsory scheme at present, but it might he advisable for the Dominion lo adopt this in future.

'The debate was continued by Messrs ALLaren, Luke, and Stallworthy. Sir ,1. G. Ward, in reply, said the greatest credit was due to Sir Harry Atkinson and Mr Seddon Tor their work in connection with old age pensions. Referring to Air Allen’s remark that the fund should he made general, lie said that under the Bill any member of a family over sixteen years could join. It practically meant that it, was general in its application. If fhe £2OO limit were removed it would mean a larger outlay than the country could afford. The whole amount nece-sarv to provide assistance to mothers would come, from the Consolidated Fund, bat this provision of the BilP would not come into operation for five years. It would repay the Dominion over and over again to grant such assistance to mothers by accelerating Die birth-rate. If such a fund had been made genera] it. would have broken down of its own weight, it would be better to await- the results of (he scheme, proposed under I lie Bill, before extending its scope. The second reading was agreed to, and tlie .House rose at 2.15 a.m. A AHEPLACED POBTLII. '•Another good story was against Mr Hcrbcit Samuel, the English Pcsunasuv--Gcneral. Being anxious as to his prospects in one of his early attempts to enter Parliament, he, consulted his agent, who said the chances were not rosy, because, he, was a. “carpet bagger." Mr Kainuel thereupon promised ro live in the division if he were successful, arid frills were immediately posted that “ if Mr Herbert Samuel is returned next Tuesday ho will come to live here.” Some of the’ other side, however, posted one of these bilk on a pig-stye. Air Samuel did not win. A countryman who was “doing Melbourne” went to a concert hall and inquired the prices of seats. “Front seats, two shillings; back, one shilling; programmes, a penny,” said the attendant. “ Oh, well, then,” the visitor remarked blandly, “I’ll fake a programme seat,” Teacher : " Why does a dog bang its tongue out of its mouth?” Bright Boy-i