PARLIAMENTARY NOTES.

Hawera & Normanby Star, Volume LXXIV, Issue LXXIV, 3 August 1917, Page 4

PARLIAMENTARY NOTES.

SPECTAL WAR LOAN

MEN VERSUS MONEY

A LIVELY EXCHANGE

(By Telegraph—Special to Star.) WELLINGTON.. Aug. 2. In the midst of a matter-of-fact explanation of the 24 million War Purposes Loan Bill, Sir Joseph Ward was suddenly roused to indignation by an I interjection suggesting that money is being put above men by the Government. He had explained how the interest would be 4£ per cent., free of income tax and the difficulty of having different rates for small and large investors; though he scouted the idea j that the latter would withhold their ! money for better terms. It would be a sorry thing for New Zealand, in his' opinion, if a mercenary spirit were to imperil the success of the loan. He did not propose to go outside the country for any of the loan; it was the duty of the people to subscribe liberally and patriotically. Mr Craigie: Why 'don't you take the money; you take the men. Sir J. G. Ward: We could not get the . money in such a way within twelve months, and we want a large portion of this money within six weeks. Mi- Craigie: The money is there. Sir J. G. Ward: The money is not there in many instances. The people have large sums lying idle, and where they have such money we shall I am sure, get it, but, as to the talk about taking money without paying interest, I say, and say it on behalf of the Government, we are not eoing to be a party to legislative robbery. Such action would be a blot on the escutcheon and fair name of New Zealand. (Hear, hear.) Mr Craigie: Money counts for more than men with you. Sir Joseph Ward (hotly): I give that remark flat contradiction. I have two sons at the front myself, and such a remarks is a gross piece of impertinence, and is also rubbish. (Hear, hear.) 1 value the life of a single individual in this country more than all the money | m it, and I think such a remark as the honorable gentleman made is unworthy of him, and he should, apologise. Mr Craigie rose to a point of order, and explained that he was not speaking in an individual sense, but was pronting out that there seemed to be more concern for people with money than for those who were giving their lives. Mr Anderson: Could you nvse the money if you did not exempt it fiom income tax? Sir Joseph Ward: If we iakd the rate of interest to five or five and a half per cent., and then charged income tax, we could do it. ' The feature of the subsequent discussion was a number of speeches in protest against income tax exemption on loan, this involving a return exceeding o per cent, to larue investors.