REDUCING PUBLIC DEBT

New Zealand Herald, Volume LIX, Issue 18236, 1 November 1922, Page 10

REDUCING PUBLIC DEBT

(TAX-FREE DEBENTURES.

PROGRESS OF CONVERSION.

SUBSTANTIAL REDUCTION. [rr tei.ecjeaph.—special rejobtb®.] "WELLINGTON, Tuesday. The Prime Minister to-day made a briof statement about tho 4£ per cent, free of income tax debentures issued by tho Government during and ««fter tho war. A ,fcw months ago, he said, they amounted to £51,733,405. They had now been reduced to £45,659,400. A total ef £1,3/2,507 worth had been converted into 5i per cent- inscribed stock in accordance with tho scheme recently announced, and purchase arid cancellation accounted for a reduction of £4,701,435. One of tho great advantages of the conversion scheme was that the Government had the opportunity of paying off the new stock in fivo years. A member inquired whether there was any disposition on tho part of large holders to convert, and Mr. Massey replied that one financial institution, hiding £900,000 worth, had converted.

MAIN HIGHWAYS BILL.

BOARD'S TERM OF OFFICE.

NO STIPULATED PERIOD. [BT TELEGRAPH. —PBE3B ASSOCIATION.]

WELLINGTON. Tuegdoy.

The Main Highways Bill was finally disposed of to-day, when an amendment was adopted striking out the clause fixing the period of appointment of th 3 board at three years and making it at the pleasure of the Governor-General.

MB. ISITTS POSITION.

A LABOUR QUESTION.

REFORM AND LIBERALS. (bx teleg&ath,—special reporter.] WELLINGTON. Tuesday.

The Prime Minister is a difficult man to corner with a question, oven when it is asked without notice, and he has to answer on the spur of tho moment. Many a> member haa baited the trap, but Mr. Massey has managed alwaya to spring, it without getting caught. This morning Mr, E. J. Howard (Chrißtchurch South), who is one of the best-liked and most humorous of the Labour manberi}, endeavoured to draw Mr. Massey on the subject of Mr. Isitt'e recent pronouncementsHe called his attention to a recent statement by the member for Christchurch North to tho effect that lie remained a Liberal, though he was (glad to have tho support of the Reform v Party, because, ho realised that there was no great difference between the Reform Party and tho Liberal Party, except in came. Ha waa grateful for Reform, support, as it would prevent the neat from going to the Labour candidate. Mr. Howard said he would like to ask the Prime Minister whether there" wan really any difference between Liberal-, ism and Reform, and if it was riot siinply a sham fight that was going on between them. Mr. Howard expressed eome doubt whether he would got a reply from \ the Prime Minister. He would also like to put the question to the Leader of the Opposition, but he understood the' forme of tho House wotiild not permit him to do that. ; .• Mr. Massey. had no hesitation in replying to the question. He assured the member (or Christchurch South that wheire .the Reform Party was 'concerned there WBB no sham %nd no sham fight. He could assure the bon. gentlemap that it would be a real fight so f&r as the Reform Party waa concerned. As a matter, of fact, they would fight for all they were worth, and he believed that in doing so they would be doing what was best in the Interests of the country.

A GENERAL'S WIDOW. . > 'i ' PAYMENT OF PENSION. VALIDATION PROVIDED. [»x ams<?aJU>K.~spscjai, aapoarji®.] >. WELLINGTON, Taw«»». . •:'A clause in the Appropriation Bill validate* ths payment of £652 made by way of penision to the widow of the liate Bri-gadier-Getferal Fulton. Mrs. Fulton was granted a pension under tho VHrir Pensions Act, 191,6; but it was later decided that die wag not entitled to receive a pension under this Act, as she was. in receipt of a pension granted by the Imperial Government. Tb® pension was therefore cancelled, but the Government did not request. that the payments wade ishould 1 bo refunded. The clause in the Bill now validates all payments made to Mrs. Fulton by v>ay-of: pension. ■ 1 :'■ ,t • »'■ ' ■ ROADS AND BRIDC&S. VOTES. | It* TELEQaATH.—SSECIAX UKPOBTEI^} WELLINGTON, Tuesassr. A number Of additional;vot«s for roads, bridges, etc.." appear on tho Sxipplementary Estimate*. They, include:— Wairtuwnaku to Tabeke Road, via Wekaweka, additional, £800. Whakarapa to Tekara&a Road (on account of £1100), £500. Whakarapa to Rotokakahi Road (£ for £), £670, Kirikopuni to Houto Road (£2 fdr £1, additional), £500. Paihia Settlement (access), £100. Underwood Road (deviation), £150. McLennan's Road, Whakapara (£ for &}, £100. Ngararatunua to' Kauri (on account of £660. £ for £), £300. pnerahi, Waikaraka, Taumaterau Road, £250., Waiotira to Ararua (additional), £800. Pakiri River Road, £200. Wajiteitei Soldiers' Settlement Road, £400. Metcalf'l Road (£ for £), £160. Ruaofce Whenua (£ for £), £100. Waikahikatea Bridge (Oteha Block), £500. Silverdale to White Hills Road (£ Mr £), £100. Henderson's Block, No. 2 road (£ for £), £100. New .Lynn to Titirailgi Road (additional), £100. Silverdale to Whangapuraoa (£ foif £), £100. -Ta Atau. Mam Road (£ for £), £100. Batley's to Linton's Road (£ for £, additional), £130. Xarioi R.D. Block XIV., Section 2 (access), £250. Manukau' Flat Bush School Redotibi Road, £100. Tauranga Minden Block (access road), £1200. Atiamuri to Mokai (via Tirohanga Block), £350. Mavr's Road (Waikanae), £180. Waitawhera •(£ for £. additional), £500. HarrisviUe Road Bhdge, Tuakau (£ for £), £500. "Weymouth Road, £100. Alfriston Road, £100. Opotiki, Waiata, £100, Maunga tapere to Tangiteroria, Wlieki Valley, (£ for £, addktionaV), £1000. McLean's Bridge (Waipu Main Road, ' £ for £), £300, Jvgawa Creek Bridge (£ for £), £125. AfcKenzie'fl Bridge (HikurangiJordan Road, £ /for £), £100. Waipu Co3Bt Road (additional), £100. Otam'atea, Maunaaturoto to Ruawei-Ruawai section (additional), £150, Brown's Road (Tara foundation), £100. Road (£ f<* JJ, additional), £450. Opekflipcka to Topuni Bridge (including bridge), £250. *£ Ka.rara (£ f or £) £600. Mititai to Tokatoka (£ for £, additional), £500. Omana to Mangarata (£ for £), £200, Mount Wesley to Katui (£ for £, additional i, £500. Waerenga to Waitakamru, £250. Koheroa to Mercer, £250. Tve's Road, £200. Otakeo Road! £200. Warahoe East Road, £100. Huehue to Wajsiiatenui, £150. Gordonton to Motumaolio (£ for £), £250. Cambridge to Tiifou (£ for £), £1000. Tliames-Hiku-taia Road (on account of £2000, £ for £) £1000. , .