SOME REMARKS BY HON O SAMUEL.

Hawera & Normanby Star, Volume LXIX, Issue LXIX, 6 September 1915, Page 4

SOME REMARKS BY HON O SAMUEL.

The Hon. O. Samuel, speaking on the Loan Bui in the Council, 6 aid it was much to be regretted that the Government had yielded to the temptation of proceeding with the business of the country without a sufficiently long adjournment to adequately to'nsider tho necessities of ,th e country. When the Rational Cabinet came into office it found estimates which had been prepared before it was contemplated that theie would be what was virtually a change of Government. Apparently the course pursued had been to make use of the material which had been collected and to confine new measures to raising money. That was making very little use-of the advantages atorded to the Dominion by the National Cabinet. Above all tnings economy and retrenchment were required throughout the whole of the public departments. In these times no luxuries could be afforded. The country must confine itself to necessities. Ihe savingsof the people had now to be relied upon to raise the necessary money for expenditure. Before any iurther taxation was proceeded with it ought to be seen what savings could be made. Undue taxation was ant to defeat its ob:ect and make the revenue tar. from commensurate with the sacrihces to be endured. In any case the present estimates should onl> be taken as indication* of a mixumum expendi- :"!?:• lhe. Govemment..siiQ.ui£Ufeefi]F Mve occasioned a vote of want of confidence On ihe subject of mortgages he must say that it seemed a strange thing that after the passing of the moratorium the Government ehould have allowed the tirinmrwi^ +~ k, -«~t., , nSi r e prUnm" knife' Rad the national Government not been formed the present. estimat^.^»l(] tff'&Tar departed from as to allow penalties to be enforced for non-payment of interest when new contracts were entered into between the mortgagor and mortgagee In his opinion the principle of allowing payments to be deterred should operate during the whole C od-# ii?-V£' He had no &*lt £ fmd with this bill to borrow locally. It seemed to be a necessity. The suggesl° ai°i. Mr Geor Se that death duties should be provided for by the surrender of debentures might be apnlied to all loans. Ihis bdl would be an enormous convenience to those*who had been in the habit of investing money on mortgage, but it would be the' reverse to those unfortunate settlers to whom ready money was a necessity and who could only raise it on mortgage. There was no doubt that in the immediate future advances to settlers would practically have to be suspended. This bill would certainly interfere with the operations of local bodies. Borrowing had almost gone mad in New Zealand? (Hear, hear.) The constant exercise of borrowing powers and the frenuent applications for further authority to raise money had for a lon 2 time threatened the credit of the country even in ordinary times, and it vas a question now whether some control should not be exercised in regard to the nnances of local bodies.