INDEPENDENT ATTITUDE.

New Zealand Herald, Volume LXVIII, Issue 20982, 19 September 1931, Page 13

INDEPENDENT ATTITUDE.

LOWER INTEREST RATES, REVENUE FROM TAXATION. PARLIAMENTARY CHANGES. MR. WILKINSON'S PROGRAMME. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON, Friday. Drastic recommendations are contained in the report submitted by Mi'. C. A. Wilkinson, the Independent member of tho Economy Committee. In his opinion the situation could be met only by legislation of a drastic and far-reach-ing character. He, therefore, recommended that Parliament should consider and adopt tho following measures:— (1) Interest on all Dominion-held Government loans, local body loans, mortgages, chattel securities, priyate deposits and debentures to be subject to a reduction of 20 per cent, per annum, this reduction not to apply to savings bank deposits. All rents to be reduced by 20 per cent. (2) In order to prevent dislocation and hardship, limited moratorium for a period be declared. Sates for Deposits. (3) Public bank rates for deposits not to exceed 3? per cent, per annum. Lending rates to be based on 5 per cent, per annum for first-class accounts. (4) Private savings banks and building society deposit rates to be on the same basis as public banks, and lending rates to be in accord with public policy. (5) The State should have the benefit of the full profit that undoubtedly exists in minting and circulation of silver and copper coins. (6) Continuance of the present policy of making banknotes legal tender seems desirable, provided adequate steps are taken to protect the iuterests of the people. (7) In order to give further flexibility to existing provisions affecting loans, the State Advances Act be amended to give authority to the State Advances Board to readjust any loan, whether or not the mortgagor is in arrears with any instalment or other payment under mortgage, by treating the balance of principal then unpaid, together with any arrears, as a fresh loan, duly granted for a fresh ierm. Power should also be given to the board to write off losses respecting individual loans. ' Wheat and Flour Duties. (8) The cost of living to be reduced by a reduction of customs taxation on necessities, and especially regarding wheat and flour duties. The present rate of customs tax amounts to approximately 200 per cent, in each case. Further reductions in customs taxation, and the substitution of a part customs and part sales tax on imports should be considered.^ (9) Taxation to be imposed upon profits of power boards and borough and city trading concerns, all of which compete with private enterprise. (10) Land tax to be abolished. (11) Income tax to apply to all, commencing on net incomes of £2OO per annum, and a further graduated increase made to make good the loss of land tax. (12) Liquor licence fecsrto be graduated and increased, and" local bodies to receive the present fees direct from tho State. Stamp duty to be graduated on, receipts and cheques of over £25. (13) As large sums of money are sent to overseas lotteries from the Dominion, the time has come to consider the adoption of preventive measures, or, alternatively, the establishment of a State lottery in New Zealand. (14) Gift duty concession to be | abolished. Higher Petrol Tax. (15) Increase in petrol taxation, the proceeds to be applied to the relief of local bodies, and the present prices to bo maintained by the oil companies. (16) Budget to be balanced. Departmental votes to be rationed in accordance with available income. Education vote to be closely examined, with the object of reducing the total expenditure by £500,000 per annum. Saving in defence to be made by reducing: the number of vessels by one, and saving £200,000 yearly. Provision to be made for aeroplane and submarine defence. (17) Full inquiry to be made in regard to the management and methods of tha Public Works Department. In order to put into operation the necessary measures to g've effect to these recommendations, Mr. Wilkinson suggested that a National Government be established, that future Parliaments be elected for a period of five years, ' and the number of Ministers be reduced to ten, and elected by the House for the full period of Parliament. The number of Legislative Councillors should be nominally about 25. REFORM PARTY'S MOTIVE. " INTERESTS OF COUNTRY." MESSAGE FROM MR. COATES. . * The developments in the political situation were communicated to the Auckland branch of the Reform League in the following telegram received from Mr. Coates yesterday:— "As a result of the evidence submitted to tho Economy Committee having disclosed tho very serious economic and financial condition of the country, I have, in the interests of the country and from my sense of public duty, concluded that a co-ordination of effort is essential between the major parties in the House for the purpose of carrying into effect a plan of legislation and administration deemed necessary by the Reform Party to rehabilitate the country. I realise what this action may mean to the party's organisation after so much hard work, and to the splendid candidates selected to contest the constituencies, but I am con- _ vinced that the action now being taken is in the iuterests of the people as a whole, and I ask that the candidates and the members of the party stand together and support the decision until our present task is completed." The following acknowledgment on behalf of the Auckland branch was sent by the divisional organiser, Mr. B. Gordon Edwards: —"Organisation's confidence in your judgment ensures its co-operation. One and all realise the strain you have - carried. Wo thank you and stand ready to share tho responsibility. Kia ora." WAR CABINET SURVIVORS, THREE IN THE COUNCIL. - 6 ' ' Although only 16 years have passea since tho formation of the National Government, death has claimed eight of the 13 original members. Of. those who survive, S % ir Francis Bell, Sir James Allen and Mr. Hanan are members of the Legislative Council, Sir Alexander Herdnian is a Judge of the Supreme Court, whiW Mr. Russell is no longer in political life LEGISLATIVE COUNCIL. PROGRESS OF BILLS. [DY TELEGRAPH. —PRESS ASSOCIATION-] WELLINGTON, Friday. Tlio Legislative Council met this afternoon. The Defence Amendment Biil.t® ; Select Committee. .-t Tuesday* The Council adjourned until