RAPID PROGRESS

New Zealand Herald, Volume LXXIII, Issue 22532, 24 September 1936, Page 13

RAPID PROGRESS

THE MORTGAGE BILL LULL IN CRITICISM DEBATE WITHOUT DIVISION [BY TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Wednesday The final stages of the Mortgagors and Lessees Rehabilitation Bill were completed and the measure passed in the House of Representatives to-night. The debate on the bill was resumed late in the afternoon, when there were still 38 clauses to be put through the committee stage. Members confined the debate to a search for information about the detailed working of the legislation, with the result that the clauses were put through in very fast time. One of the clauses which was criticised by the Opposition was that giving the Court of Review power to grant priority to moneys advanced for farming. Mr. W. J. JBroadfoot (Opposition—Waitomo) described this clause as one of the most dangerous in the bill. He claimed that it was an entirely jyrong principle to force people into having second mortgages. The clause was a joy for stock and station agents.

Mr. Broadfoot also declared that the publication in the Gazette of names of applicants under the Act was not sufficient and suggested that publication should also bo made in newspapers circulating in the districts affected. The Minister of Finance, the Hon. W. Nash, replied that the publication in the Ga/-etto was designed to provide minimum publicity to applicants. Publication in the newspapers would give too much publicity. The committee stage was completed shortly after 10 p.m. and the bill was lead a third time and passed with tho inclusion of the amendments introduced b t y the Government last Friday. Not a single division interrupted tho passage of tho bill to-night.

STEEL INDUSTRY PLANS A REPORT CONTRADICTED INVESTIGATION IN PROGRESS [BY TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Wednesday Recent announcements indicating that an English company, Pacific Steel, Limited, had been formed with £3,000,000 capital for the purpose of developing steel works in New Zealand, and that aerial surveys had recently been carried out, were referred to by Mr. D. Barnes (Government — Waitaki) in an urgent question to the Minister of Industries and Commerce, the Hon. D. G. Sullivan, in the House of Representatives to-day. Mr. Barnes asked the Minister if his attention had been called to a publication entitled " Steel Works for New Zealand," purporting to give a history of the negotiations between the company and the Government, and whether the Government was in any way committed to granting any assistance to the enterprise. Mr. Sullivan said that according to the information of the Government, Pacific Steel, Limited, was a company incorporated in London with a share capital of £IOO. The Government had no knowledge of a company of that title with a capital of £3,000,000. " The publication entitled ' Steel Works for New Zealand,' " said Mr. Sullivan, " has, I understand, been distributed to a number of members of the House. This publication purports to give certain facts in regard to the Government's interest in the proposals of the company, which are definitely incorrect and misleading. " Negotiations between the company and the Gpvernment have taken place and the company some months ago was informed that its proposals were not acceptable. In view of the magnitude of the steel industry a comprehensive investigation is required before the Government can finally decide in favour of its establishment. This investigation has been in progress for some time, but of necessity a further period must elapse before it can be completed. However, the inquiry is being pursued as rapidly as possible."