HOUSE OF REPRESENTATIVES.

Hawera & Normanby Star, Volume LXV, Issue LXV, 2 August 1913, Page 5

HOUSE OF REPRESENTATIVES.

Tlu Roman Catholic Archbishop Empowering Bill (Sir W. C. Buchanan) was revd a second time.

STATE ADVANCES

• J In submitting a return showing State .advances from July 1, 1912, to July 1, 1913," Mr Allen said that the limit of had been increased and the • Government was paying out at the rate of £75,000 monthly. He did not think the total could be increased till the money market eased. Mr G. W. Russell said that he had heard that 10 per cent, was being paid for second mortgages. He would be quite prepared to assist the Government, if they desired, to meet the high rate of interest, to go on the London market for two millions. Mr Massey said that the rate of interest depended on the quality of the security. They all knew that there had been a stringency ,and that it had, to some extent, been relieved. Money could now be got at 5_ to 6 per cent., providing the security was good. It had been the rule that the Government should not »lvance money to pay off existing mortgages. He did not agree with Mr Russell that they should go on the London niarket at present. Mr D. Buddo said that the farming community looked to the Government to relieve the stringency of the money market. Mr T. M. Wliford pleaded with the Government to see that borrowers were protected. Mr J. A. Young contended that the lending system of the Government w«as being abused. Town properties were getting too much. Mr Allen said that the Public Trustee had found a huge sum of money during the past year for local bodies, ' He thought it would not be practicable Ito go on the London market, as suggested. The Government was not responsible for meeting mortgages coming due. There was only a limited supply of money. They Could not do everything. The question was, were they going to advance money to pay off existing mortgages, or were they to advance money to settlers going on the land to. increase-the productivity" of the country? Advances were being made to leaseholders. More had been advanced to them than to freeholders. Last year £426,000 was advanced to 444 leaseholders, and £407,000 to 395 freeholders. The Government proposed, to the best of their ability to find money for settlers. Over £100,000 a month was being paid out for advances to settlers and workers. THE COPYRIGHT BILL. The Copyright Bill was read a third time and passed. LAND AND INCOME ASSESSMENT. The House went into Committee on the Land and Income Assessment Till, j On the clause providing for the exemption from income tax jf ]eiscns earning from £300 to £700 a year with families up to four under th-„ j-.ga of sixteen, the Minister in charge of the Bill (Mr Allen) agreed to make the number of children five, instead of four. The debate on the Bill was continued by members of the Opposition, an obvious stonewall being set up. At one stage Mr Ngata arose and addressed the chairman in Maori. He was ruled out of order. Then Mr Parata addressed the chair in the native tongue, only to be treated similarly. » The debate was continued, and when the telegraph office closed at 2 a.m., the House was still sitting.