POLITICAL POINTS

Evening Star, Issue 18044, 11 August 1922, Page 3

POLITICAL POINTS

£Fbom Our Parliamentary Reporter.]

WELLINGTON, August 10 BUYING BACK STOCK—LARGE GOVERNMENT OPERATION.

The Financial Statement is to contain particulars of the operation of a system authorised in the Finance Act under which the Government, taking advantage of the low price of its stocks, may buy them back at a discount. The Prime Minister explained to-day that already stocks to the value of £2.500,000 had been bought under this provision. The Hon. J. A. Hanan had inquired whether the system had been worked ; if so, what were the terms of purchase. Mr Massey made this explanation, referring members to the Financial Statement for further details. He could not remember the terms of purchase, but they were very satisfactory from the Government viewpoint. Thcv were doing everything possible to get back stock free of income tax. Mr Hanan. You know what has been taking place. Mr Massey: Yes, I know. » * * * LOCAL BODIES AND AWARDS. The member for Rangitikei asked the Minister of Labor to-day if ho would legislate to place local bodies outside the scope of the Arbitration Court. The local county council was in the position that in bad weather it could not fully employ its motor driver, who was given other work to fill in'time; but if the country came under the award this practice must stop, and men would work short time. It was essential, he added, that the men who maintained our arterial roads should he relieved of award conditions, as they had to go out at all hours to keep the roads open. Mr Yeitch; Is it necessary that they should be underpaid? The Hon. Mr Anderson reminded _ the House that the clause in last session’s Bill exempting local bodies from awards was thrown out. but he would give the matter consideration, and the member would have an opportunity of discussing it this session. * # « MORATORIUM DIFFICULTIES, i The Dairy Farmers’ Union has represented to the Prime Minister that serious hardship is being caused to dairy farmers , through the Mortgages Deposits Extension . Act causing an automatic increase in interest. In bringing the matter before the House in the form of a question. Mr Wilford desired to know if the Government proposes to legislate to grant relief to these mortgagors on account of mortgages falling due, and because so much money had been put into debentures, where the rate of taxation is only 2s 6d in the £. Mr Wilford pointed out that the bank rate on overdrafts was 7 per cent., in some cases 8, but bank shareholders’ dividends . continued to be high. Mr Massey suggested that the last statement was in opposition to any reduction of company taxation. The question raised was under the Government’s consideration, and he expected to he able to ’. make a statement shortly when the matter had been fully considered.

* * * * HOMES FOR SOLDIERS. Since Government curtailed the benefits of the Discharged Soldiers’ Settlement Act ju November last it had assisted in building 219 soldiers’ homes at a cost of £201.171, the average grants being about twenty a month. The Minister of Repatriation'made tills statement this afternoon in response to a query from Mr Hockly as to what was being done at present, and as to whether Main Body men would be given preference. The Minister prefaced his statement by outlining again the order of preference, cases being dealt with on their merits. Ho was glad to say that most of the applications on the books had been cleared off. The Act, he said, made it. possible for any member of the forces to avail himself of it, irrespective of his service; but he promised Mr Witty that the application of the soldier who had had four and a-half years’ service, which the Christchurch member had brought under his notice, would be granted.

RECIPROCITY HANGS FIRE. Although the Tariff Agreement Ratification Bill has passed the House of Representatives, it is hanging fire in the Legislative Council. The measure was on the Order Paper in the Upper Chamber today, but the leader of the Council had the matter postponed for a week, giving as his reason that it would be well to wait and see what happened in Australia. This makes it appear that the Government is still a little doubtful as to what Australia will do, and is keeping the way open for concluding the Bill in the Council if the need arises. [The Federal House yesterday ratified the treaty.]