THE PRICE OF MONEY.

New Zealand Herald, Volume LX, Issue 18455, 19 July 1923, Page 10

THE PRICE OF MONEY.

! DOWNWARD TENDENCY.

PRIME MINISTER'S VIEWS.

PUBLIC TRUST FUNDS.

[BIT TELEGRAPH. SPECIAL REPORTER.] "WELLINGTON. Wednesday. ■The : Prime Minister is of opinion the price of money in New Zealand is on the down grade. Ho made a statement to this effect in the House of Representatives this afternoon. : _ '.".•■ When the annual report of the Public Trust Office was presented, the Leader of the Opposition, Mr. Wilford, asked Mr. Massey what rate of interest was paid upon moneys lying in the common fund of the office? .v ■ , , Mr. W. A. Veitch (Wanganm) asked whether the office had any large sums available for investment. If there were such sums would they bo made available to the many people who wished to borrow? Mr. *Veitch remarked that the po'icy of the State Advances Department was now to advance up to 85 per cent, of the value of the security. Bo understood that the Public Trust Office insisted on/ aSO per cent, margin of security. It seemed that this was rather too Large. The Prime Minister, in reply, said that the office had considerable, but not unusually, large sums available. It had lent a good deal lately on mortgage. The amount was more than usual, and this would be continued. He had instructed that money should be. lent on security of broad acres. An average of per cent, was paid on money in the common fund. Mr. Wilford: You lend at 6 per cent.? The Prime Minister: Yes, but the tendency is downward. I believe that we shall very soon lend at 5£ per cent. Mr.. Wilford: There is a very general shortage of money. The Prime Minister: It is very much better than- it was. . Some are asking 6Jr per cent. Mr. Massey added that he knew a large borrower with good security who had been willing to accept a considerable sum that week for several years at 6 per cent.

The Hon. J. G. Coates, formerly Minister in charge of the Public Trust Office, said that.the office had.no reserve against tho depreciation of ' securities or other similar loss. The (government life Insurance Department! and others, on the contrary, had large reserves for tho purpose. Mr. Wilford: You have a reserve?

Mr. Coates: The office has reserves, of course, but no special account for depreciation of securities. From my experience a good proportion of the profits would have to go to meet depreciation of securities if the margin were reduced.

BREWERY AMALGAMATION.

QUESTION OF VALUATION.

ASSESSING THE TAXATION.

RAPH. —SPECIAL : REPORTER.] WELLINGTON. Wednesday.

A question was recently asked in the House of Representatives "by Mr. L. M. Isitt (Christchurch North) whether the Minister for Finance would see that just taxation was collected from breweries according to the value set forth in the prospectus of New Zealand Breweries, Limited. He stated that the value of lands, buildings, machinery, and stocks of 10 brewery companies was shown in the prospectus as £1,000,000, stocks being£l92,B33, whereas that of all the 56 brewery companies in the Dominion was reported in the Government Blue Book as being £736,772 in March, 1922. Mr. Massey replied ; to-day that the assessment of duty will be made by the officers of the Stamp Duty Department in accordance with the law, and a full investigation of the transactions would be made when assessing duty. •

THAMES HARBOUR. SCHEME.

£60,000 LOAN PROPOSED.

BOROUGH'S UNDERTAKING.

[by telegraph.—special reporter.] WELLINGTON. Wednesday.

The Thames Harbour Board Loan and Empowering Amendment Bill, which was introduced in the House of Representatives to-day by Mr. T. W. Rhodes, proposes to enable the board to borrow £600,000 in .that portion of its district known as the Borough of the Thames. A poll of the borough ratepayers will be necessary, and, if the proposal is carried, a special rate over property in the borough is provided for.

EXECUTIONER NEEDED.

MEMBERS DECRY COUNTRY.

PREMIER QUOTES ■" MIKADO."

[BY. TELEGRAPH.SPECIAL REPOETEB..I WELLINGTON. Wednesday. ''I wish we had a lord high executioner here as they had in the 'Mikado,' " said Mr. Massey in the House of Representslives. He referred to the time that had been wasted, and added there was one thing on which lie could-not congratulate members—»they seemed far too anxious to decry their own country, to belittle everything that was done in their own Dominion, saying that everything in other countries was better. "What did the Mikado say? "The idiot who praises in enthusiastic tone every country but this, every country but his own, I've got him on the list, he never will be missed." (Laughter.)

LIVE PIGEON - SHOOTING.

PROHIBITION WANTED.

HON. G. M. THOMSON'S BILL.

[by telegraph.— special reporter.] ' '.-.- WELLINGTON. Wednesday. At to-day's sitting, of tho Legislative Council, the Hon. G. M. Thomson introduced the Captive Bird Shooting Prohibition Bill. The measure, if passed, will affect chiefly pigeon-shooting. The only operative clause reads as follows: "Every person who shall promote, arrange, conduct, assist in, receive money ■for, or take part in any meeting, competition, exhibition, pastime, practice, display, or in any event whatever at or in the course of which captive, birds are liberated by hand or by trap contrivance or other means, for the purpose of being shot at the time of their liberation, or who, being the owner or occupier "or person in charge of any premises, shall permit his premises or property or any part ft°u *?• be tlßed for an Bach " p nr p° se > I shall be liable, upon summary conviction, to a fine not exceeding £25."

EJECTION OP NATIVES.

NORTH AUCKLAND CASE.

[BY TELEGRAPH.—sPEPrj.T ~ r BPECUrj REPORTER.] WELLINGTON • '7*™**' m Protection for a numb J' J Toanga swamp, North" Auckland 63 at were in danger of ejection from ,£ ho homes, was sought by Mr V w m their & L yM) , ft tf&SJ-jgglSm Replying to-day, the Hon. R. f. Boll™* said every consideration would be civ to the.interests of the natives before d'is posing of the land to Europeans. The commissioner had been instructed to take no action in the direction of ejecting natives until the matter had been fully considered by (lie Government. It was quite open to the natives to apply to the commissioner of Crown lands for gumwashing licenses, and also ts£ lease?.