ALLEGED WASTE

Northern Advocate, 19 October 1935, Page 3

ALLEGED WASTE

f SUPERANNUATION fund question b* HOUSE BILL READ SECOND TIME TFrom Our Parliamentary ■ Special! WELLINGTON, This Day. In moving the second reading of the Finance (Bill in the Legislative Council, the Minister of Industries and Commerce, the Hon. R. Masters, said the bill reflected the improved financial conditions of the country and the provisions were justified. He pointed out that provision was made for a £200,000 contribution to Government superannuation funds. Sir Francis Bell (Wellington): “Do you approve of that?” Mr Masters replied in the affirmaFrancis: “It is a waste of money.” Mr Masters said that some persons held the view that, as the fund was guaranteed, it was just as safe as if the money had been paid in. Up to the present it had not been possible to deal in a comprehensive manner with superannuation funds, though it had been intended to do so. The subsidy was to maintain the position 1 until next year, when it was intended to give the matter the serious consideration that it deserved. Sir Francis Bell: “Hear, hear.” Hon. J. A. Hannan (Otago) sounded a note of warning, and said it was the duty of a responsible government to* husband its financial resources as far as possible, and not to give the people the idea that the financial resources were such that they could stand unlimited strain: The country still had an anxious time ahead and the Government should not encourage free spending and an easy going policy. While considering the needs of the day they must not forget the needs of the future. Hon. W. Perry (Wellington) welcomed the bill for its provisions relating particularly to pensions restoration., , , Replying, Mr Masters supported Mr Hannan in his remarks regarding the

conservation of finances. He said that there was an impression that New Zealand had reached the stage when she could spend a tremendous amount of money in social services. It had been suggested that millions could be thrown back in taxation. The bill was read a second time.