BORROWING OPPOSED.

Manawatu Standard, Volume LIV, Issue 285, 30 October 1934, Page 2

BORROWING OPPOSED.

THE FINANCE BILL.

Coming to the Finance Bill, Air R. A. Wriglit protested against the proposals taken in the Bill to borrow. He asked what railways were referred to.

Rt. Hon. G. AY. Forbes: Railways cannot go on without the authority of both Houses.

Air Wright contended that authority could easily he obtained, as the Government had a majority in the House. It was an extraordinary thing that the money to be raised would be spent in 1935, which was election year. Such a loan would cost another £250,000 in interest. He referred to certain unfinished railways and said they would not pay if they were finished. Mr AI. j. Savage said he would support borrowing money, though he believed it was a wrong way to secure money. There was no alternative open to members; if they desired to improve the Dominion’s present position, they had either to borrow or do nothing. Mr Forbes said that before a new railway could be started a resolution would have to be carried by the House and in “another place.” There was no intention of starting or resuming work on uncompleted lines. Aloney had to be spent on the lines they had at present. Borrowing was stopped because the Government had to pay 6 to 7 per cent.; to-day he believed money was as cheap as it had ever been. Progress was reported after the remaining clauses had been put through Committee, and leave was given to sit again. The House rose at 12.50 a.m.