LOCAL BODIES' FUNDS.

Otago Witness, Issue 2905, 17 November 1909, Page 28

LOCAL BODIES' FUNDS.

riJNEDIN APPLICATION BEFORE

PABLEAM3ENT.

AN IMPORTANT PRINCIPLE,

(From Oub Own Co&bzspokdekcJ WELLINGTON, November .12.

The Public Petitions Committee reported! to-day on a request made by the Dunedin City * Corporation for the repeal of or exemption from section 25 of the Loans to Local Bodies Act, which, provides tfisfc sinking funds muet be invested in Government securities, even when there ia. no Government guarantee of the . loan,, instead of being invested as formerly by; sinking fond commissioners. . The committee reported that it had no recommendation to make, and Mr Davey moved that tbe report lie on the table.

Mr Bidey moved as an amendment to add tbe words *' and be referred to ithe Government ior consideration."

Several members, including Mr Maseey, Mr Herries, Mr Baume, Mr Glover, and Mr M'Laren, spoke in favour of repealing the clause, and giving local -bodies control of their -own finance! ' r

Tbe Hon. R. M'kenjae said that ne> was satisfied that the House "had /no ro* tention of repealing the clause. Mr Davey said that th» Wellington City funds had been invested in flax land at an interest of only 2£ per cent. The Wellington Corporation had also lent! £70,000 to the Kurori Borough. He did not know that such a practice should be encouraged. He also expressed the opinion that it was the duty of local bodies to help the Government. If the State could deal with this money without cost of notation and lend it obeaply in advance* to settlers, the local bodies would be helping the Government considerably bjr letting them have the investment of the! funds. He thought it was better for; the local bodies to get a certain 4 per. cent, than aim at 6 or 7 per cen*. «J<* perhaps only get 2 peT cent. Mr Ell opposed the amendment, and M^ Guthrie expressed his astonishment that & man of Mr Ell's professions should Tie in opposition to the people and ■fche' people's representatives dealing with theig own funds. * — - Mr Wright said that the t Wellingtoa Corporation had never received less than] 4 per cent, for its funds. ' ."^ „ , Mr Davey said he had simply quoted $ statement made in tbe House by Mfl Fisher, a member of the Wellington C»t#. Council. - . The amendment was carried by, 34 \<iy& to 25."

The Maoris of Waipa county, HawTteH Bay, own about 150 : C00 sheep. MOUNTAIN KING ASTHMA POWpEB affords immediate and refreshing relief*