PARLIAMENT IN SESSION

Gisborne Times, Volume XXX, 1 August 1912, Page 5

PARLIAMENT IN SESSION

GOVERNMENT AND P.O. DEPOSITORS’ INTERESTS. ) . :'■ . .'- V. • PURCHASE OF SHERNDEN AND MT. NESSING ESTATES. LATE GOVERNMENT CLAIMS THE HONOR. IMPREST SUPPLY BILL PASSED. [PER PRESS ASSOCIATION.] WELLINGTON, July 21. The House met at 2.30 n.in. Questions. Ministers, replying to questions, said that every effort was being made to ‘ bring all the unoccupied Crown lands into profitable utilisation, so that their tenants or purchasers may become responsible for their share of fencing. The liability to defray half cost of erecting the dividing fence between unoccupied Crown lands and public reserves, and adjoining occupied land would be extremely heavy. That the Government does not propose to incur such expenditure, wliicli in a large number of cases would be quite' unwarranted. That the whole subject- of organisation of tlio Civil Service and tlio status of the Civil Service is under the consideration of the Government.

That the question of immigration will receive very careful consideration. Government reference to the subject will he made in the Financial Statnient. Tlio Government expects that with the re-organisation of the High Commissioner’s department more will he done to bring the right class of immigrants to New Zealand than has been the case, in the past years. It is proposed to amend the law relating to the detention of offenders under the Defence Act.

That important amendments in tho existing Old Age Pensions Act- are under consideration.

The Imprest Supply Bill for £761,400 was introduced by the Governor’s message Mr Massey stated that since the House had last met the deaths of several prominent men had occurred. He intended, when Supply had been granted, to move the adjournment of the House out ol respect to the memory of the deceased. Ho had no desire to limit or to curtail any discussion, but he did hope that- there would bo no useless discussions.

Sir Joseph Ward Wants to Know,

Sir Joseph Ward said that he wanted to know what was in the Bill before ho would promise to curb his criticism.

Mr Allen (Minister for Finance) said that it was the ordinary Imprest Supply Bill with the exception of an increase in the Consolidated Fund of £50,000 and £3,000 between tho opening of Crown lands and scenery preservation and a decrease of £3OOO in small amounts.

Mr Myers drew the attention of the Minister for Finance to a paragraph appearing in a local paper stating that lie (Mr Allen) had made satisfactory arrangements in London for the renewal of all loans maturing in London during this financial year. If Mr Allen did say that it was incorrect. An arrangement had been made for the renewal of all loans maturing before bis Government left, office. No loans were falling due. in London during the current financial year. Mr Allen said that ho was not aware that arrangements had been made to renew all loans maturing in the Dominion. There was a- loan of £30,300 falling due in London during this year, also £155,000 in Australia. He had renewed loans of £BO,OOO in tlio Post Office at 31 per cent. He was unaware that Mr Myers had made arrangements with the P.O. for the renewals. Negotiations were going on with tho holders of debentures in London, Australia and New Zealand. .

Mr Myers replied that he had had an interview with the head of ilie Post Office and had arranged for t;-o whole of the loans maturing at 3/ per cent. He was sorry Mr Allen had beaten the depositors down J peacent. Mr. T. McKenzie, said that a ladv had once informed him that she would support Mr Massey because he Jiad saia on the hustings that depositors in savings banks should get- 5 per cent, for their money. Mr. R. H. Rhodes stated that lie could find no record of the renewal of loans at 3J per cent. He further stated that depositors would not suffer in any way. An Ex-Minister’s Question. Mr Buxton drew attention to statements that the Government had purchased the Mount Nessing and Sbernden estates, whereas they had been arranged for by the late Government. How could the Government arrange for these things in three days ? Mr T. Mackenzie said that his C abinet had arranged for the purchase of both estates.

Sir Joseph Ward asked why the rate paid to the P.O. Savings Bank had been forced down •} per cent. ? It was the Postmaster-General’s duty to see that there was no reduction in the interest. Mr Allen must know that ho could not get £BOO,OOO at 3-r per cent, anywhere except from the Post- Office Savings Bank. Mr Allen said that there had been no forcing down of interest. He was iust as anxious as the PostmasterGeneral to make the funds »f tie Post Office secure. The secretary of tin* Post Office had informed lim that if they could get £4500 more in interest per year they could make the reserve fund secure. He reminded the House that some years ago the Opnosition had given the Post Office only £3 per cent, Sir Joseph Ward urged that the Post Office ought not to be paid 1, per cent, less for money than ivas paid elsewhere. Mr Wilford asked if the . money could be got for 31- per cent in Loudon .

Mr Fraser .No, certainly not! Mr Wilford: Thank you. I was waiting for that. 1 Hb then preceded to quote from Hansard a statement by Mr Massey last year that the Post Office should

bo paid the same rate of interest as was paid to the rich jnen of London.

• Mr Russell corroborated Air Buxton’s statement that tho Government had not bought the Shernden or Mount Nessmg estates. They could not do it in three days. Mr Massey pointed out that 5 per cent, interest would not pay wlmt we will have to pay when tlie 4& million loan falls due. He regretted to mention that 87 per cent, of our loan had been left in the hands of tho underwriters. Regarding the purchase of the two. estates mentioned, lie said that negotiations had been carried up to a point nearing completion when they assumed office, but it was left for him to conclude them.

Why, he asked, did his predecessor not conclude the sales?

The Bill was passed in all stages