HOUSE OF REPRESENTATIVES

Otago Daily Times, Issue 22326, 28 July 1934, Page 14

HOUSE OF REPRESENTATIVES

(Pa United Press Association.) WELLINGTON, July 27. FINANCE BILL. After the Telegraph Office closed at 2 a.rn. the House went into committee on the Finance Bill. . , Mr A. J. Stallworthy (Eden) moved an amendment to have the rent and mortgage interest reduction provision extended for one year only. After 2 o’clock Mr Stallworthy s amendment was lost on the voices. Mr Stallworthy challenged the clause relating to the payment of sinking tuna where loans were domiciled. A division was called for, and the clause was retained by 34 votes to 28. The Leader of the Opposition (Mr M. J Savage) moved an amendment to provide that in future the governor and deputy-governor of the Reserve Bank be appointed by the Governor-General •in Council. The present Act provides that they shall be appointed by the GovernoiGeneral on the recommendation ot toe directors of the bank. - ~ Mr Savage said his amendment would make the bank practically a State bank, ag it would give the Government control of the bank. •, ' Mr J. A. Hargest (Invercargill) said the appointments were made for seven years. There was ample time to make an alteration before new appointments "Mr (Wellington Central) skid anything might happen. The governor or deputy-governor might die or have to resign, and the alteration should be ™Mr (Stratford) said he favoured the amendment. He thought the Government should have control ot the bank, otherwise the shareholders would eventually control the bank. Mr F. Langstone (Waimanno) said the Minister was being given a chance to redeem a promise he had made a jcai ago, when he said he would have the amendment made in another place, but that was not done. The State was now behind the bank, and the Government should appoint the majority of the dirtc tO Mr Hargest asked; If the matter was so important this year, why did. the Labour Party not support it last y ear. The younger members should not be itci into the trap laid by the Labour P«t> to get them to vote against the Goicrmnent.. Armstrong (Christchurch East) said he thought it would be realised that the younger members had been well spanked since last session. Theie was no need for any private shareholders in the bank. They would see that night whether the Government would hand control of the bank to the shareholders or h °Mr (Nelson) said the House should insist upon the people having conif the Minister of Finance were sincere in his promise, and bid had no opportunity to redeem it, he had it last night. So did other memhers. He knew several members did not accept the Minister’s explanation that the amendment could not be made in ni TW amendment was lost by 34 votes to 28 The Bill was reported without amendment, read a third time, and passed. 2 30 The House rose at 3.10 a.m. till