POLITICAL POSTS

Evening Star, Issue 21231, 12 October 1932, Page 4

POLITICAL POSTS

THE DAY'S WORK [From Our Parliamentary Reporter.] WELLINGTON, October 11. Signs that the House is getting down to serious business were evident today, when notice was given of the personnel of the select committees which are to bo sot up to take evidence on various matters which will come before the House during the session. For the remainder of the day, and all through the evening, the financial debate was continued on dull linos, there being a sparse attendance of both members and the general public. The discussion followed the usual course, members on all sides of the House criticising the particular references in the report of the National Economy Commission to which they objected. • ♦ • • CONVERSION LOAN. No definite information of the steps which are being taken to convert the £5,000,000 short term loan which was raised in London last year has been received by the Prime Minister from Mr Stewart. A cablegram published in Tuesday’s papers stated that New Zealand would shortly take the opportunity of _ converting bonds issued in 1931, which were costing over 0 in?r cent. It was the intention of tlie Government to convert this loan when a a favourable opportunity offered, su'd Mr Forbes; but, so far, be had had no information from Mr Stewart as to whether negotiations had been commenced or not. • < • < ART UNIONS. According to information given to Mr Veitch, the Cabinet Committee winch deals with alluvial gold art union licenses is averse to granting any further permits for art unions for small amounts. This decision was given in connection with an application for permission to conduct an art union for a prize of £SO. In view of this, Mr Veitch gave notice in the House this afternoon of his intention to ask the Government whether, in view of the depleted condition of the finances of charitable institutions and sports bodies, it will relax the regulations limiting the number of art unions which have for their objects the tiding of such bodies over tho stress of the times. Mr Veitch also intends to ask tho Government to increase the minimum amount specified in such permits . « « • • LOCAL MARKET CAPITAL. Opposition to the Budget warning that New Zealand must be prepared to rely more on the local market for its essential capital requirements, was voiced in tho House to-day by Mr Ansell, who expressed the hope that the course proposed would not be pursued by Cabinet. “ There seems to be insufficient capital in New Zealand already to meet requirements,” ho declared, “ and if the State comes on the market for loans of reasonable dimensions, it will prove a serious competitor with industry, commerce, and private enterprise for such capital as may be available. I trust the Government will find that the oversea market will still be available, and that it will not be forced to seek its requirements from the local market.”