SESSIONAL POINTS

Evening Star, Issue 18331, 19 July 1923, Page 12

SESSIONAL POINTS

[From Our Parliamentary Reporter.]

WELLINGTON, July 13. NEW RAILWAYS INVESTIGATED. “AH now railroad construction or extension is at present submitted for minute investigation by the Public Works, Railways, and Agricultural Departments, and in ‘future the Main Highways Board will investigate as well,” stated the Minister of Works, in reply to a question by Mr Bell (Bay of Islands). The Minister stated that next session it was hoped to table a very comprehensive and useful report on the subject. « 4 « « COMPULSORY DEHORNING. In view of the large amount of damage done by horned cattle to each other, thus causing commercial loss to the owner as well as tho public, Mr Witty suggested that compulsory dehorning bo enforced. The Hon. W. Nosworthy (Minister of Agriculture) replied that this matter cf tho loss and injury occurring among horned cattle during transit had been receiving consideration, ami an investigation nail been in progress for some time past. _ A report was in preparation and nearing completion. When it came to hand (ho best remedial course, to adopt would be fully considered. * * •» * INTEREST RATES FALLING,

When tiie Public Trust OlricoG. anneal report was tabled in Parliament, one of the questions raised was 'hit of investment of funds.

Mr Veitch (Wanganui) said he believed that there were large accumulations of money in the oflice, because, according to his information, they required too high a margin of security in connection with applications for loans, .if there were large sums awaiting investment he hoped they would be made available to borrowers, because it was reported that there was a shortage of money among lending institutions.

The Prime Minister admitted, in reply, that the Public Trust Office had a good deal of money available, but it had loaned more than usual lately, at 6 per cent. The Public Trustee had been instructed to continue to do so on broad acres, where there was proper security. The rate paid to beneficiaries of the department from the common fund varied a little, but it averaged per cent. Mr Wdford • You pay per cent, and charge 6 per cent! The Prime Minister veplied that the tendency of interest rates was downwards. He was satisfied of this by information obtained from financial authorities, and he had heard only that morning about a lending institution taking up a mortgage for seven years at 6 per cent.

THE RECKLESS MOTORIST. Tho Government was urged by Mr Sidey in a recent question to bring down legislation this session giving power to magistrates, in cases of reckless motor driving, to make orders preventing tho persons from driving their cars for definite periods. The Hon. R. F. Bollard, Minister of Internal Affairs, stated that provision in the direction indicated is contained in tho Motor Bill introduced to Parliament in 1921, and it is proposed to reintroduce that measure at the earliest possible opportunity, though it may not be possible, to deal with the Bill during the present session of .Parliament. * » * * DEER ON THE BLUE MOUNTAINS. Replying to Mr Edie, who requested the. Government to cause inquiries to bo made as to the great damage being done by deer on tho Blue Mountains, and to make arrangements for a general ibinning out of the herd, Mr Bollard (Minister of Internal Affairs) stated that at a conference recently held in Wellington it was decided that protection should be removed from deer in areas to bo determined by interested departments in consultation with acclimatisation societies. One of, such areas was in the vicinity of thd Blue Mountains, and necessary steps in the matter were now being taken. Acclimatisation societies had already been authorised to thin out doer in their respective districts. « » » » SUPERANNUATION FUND INVESTMENT. An important point relating to the investment of superannuation funds was raised by the member for Wanganui when the Public Trust Office report was tabled to-day. He said that, excepting tho Railway Superannuation Fund, the surplus or reserves of other superannuation funds were invested under direction of a special, board, but tire Railway Fund was placed in the common fund of the Public Trust Oflice, where the return was only per coni. He asked if tho Railway Fund could not be better invested. Mr Massey replied that, without question, the Investment Board of Superannuation Funds had done good work, and I he saw no reason why the Railway Fund should not come under its jurisdiction. He was never anxious to see these funds secure an unusually high rate of interest, but they should get what was fair, and to secure this he would be quite willing to help them. # * * « SWIMMING INSTRUCTION. ‘‘ Though tho Education Department is anxious to promote swimming in schools, ( it is satisfied that tho withdrawal of the' capitation grant had had very little material effect on the mipiber of children learning to swim, and that the restoration

of payment of. the capitation would not result in any appreciable advantage,” states tho Minister of Education, THE NATIONAL ENDOWMENTS. When tho leasehold interests held power in Parliament a statute was passed permanently setting aside 9,000,000 acres of Crown lands as an endowment for education and old ago pensions. An amendment of tho land law in 1920 changed the policy, enabling tho freehold of these endowments to he. alienated and the money applied for the purchase of further lands. ‘Die animal report on national endowments shows that 18,06.1 acres have been sold, including 3,073 last year, the total receipts being £i2,944. The report suggests that the present financial position acouuts for the small number of lessees who desire to acquire tho freehold. There arc nearly 7,000,000 acres leased at an animal revenue of £139,637, while 1,690,000 acres have been set aside as provisional State forests. No land has yet been purchased out of tho Laud Sales Fund. 9 * « « PUBLIC TRUST PROFITS. " What are tho profits of tho Public Trust Office'/” asked the Leader of tho Opposition when the accounts of the department were presented to Parliament by the Hon. J. G. Coates. His reply to the query was that the profits totalled £60,000. Ho pointed out that tho Public Trust Office, although it had large reserves, possessed no fund to cover any losses through bad investments. This was tho difference between tho Government Life Insurance Department and the Public Trust Oflice. The accounts show that amounts held in tho common fund of the oflice total £14,916,000, and that there are other funds which bring the aggregate to £17,466,000. Tho office has invested £838,934 _ in Government securities; £50,192 in Land Settlement Finance Act debentures; £4,175,437 in local bodies’ debentures. The amounts loaned on mortgages aggregate £9,155,210, while properties acquired by foreclosure are valued at £70,655. There are also mortgages held as special investments for certain estates, and funds amounting to £1,385,165.