STOPPING HIS CREDIT.

Patea Mail, Volume VIII, Issue 85, 17 July 1895, Page 2

STOPPING HIS CREDIT.

The Hon Mr Seddon is again on the track of the working man, and evidently means, to make things warm for him if slack times ever overtake him, as he has brought down a Bill which must completely stop the workingman’s credit. It is only a ? short measure of two operative clauses which re? d as follows 2. The period prescribed by an Act passed in the twenty first year of the reign of King James the First, chapter sixteen, and shortly intituled “The Limitation Act, 1625,” as that within which must be commenced and sued all actions of debt grounded upon any lending or contract without speciality, is hereby limited as follows, that is to say To two years after the cause of action if it arises after the commencement of this Act: In all other cases to two years after the commencement of this Act, but not exceeding six years after the cause of action arose. 3. Notwithstanding anything contained in the above-mentioned Act or elsewhere to the contrary, it is hereby enacted that it shall not be lawful to commence or maintain any action, or to recover in any Court any money, debt, or demand, iu respect of goods sold and delivered after the commencement of this Act unless the price of the goods exceeds twenty pounds. The Premier is not satisfied with reducing the limit of credit from the present six years to two years, but seeks to make it illegal to recover any debt at all for goods sold unless the price of the goods exceeds £2O. The man of means may get into debt as deep as he likes, and his creditors retain the right to enforce payment, conseouently he will be able to obtain credit, but the workingman, who, in a slack time, or through sickness, is unable to command the ready cash, must starye to death because Mr Seddon chooses to think that he will prevent a creditor harrassing him. When a storekeeper ceases to have power to recover his accounts there will be some bad winters for the workingman and his family. Of course we do not for one moment suppose the Bill will over become law ; but if it does, let tho “ pore workingman” beware.

and (2) neio investments. The renewed investments are given as £372,600, of which Treasury Bills absorb £297,600, and Cheviot Estate £50,000. The new investments for the year amount to £422,100, £384,300 of which are invested in Government paper of some sort or other, including £20,200 Treasury Bills, and the balance is invested in Greymouth and Westport Harbours debentures. In the Government Life Insurance the renewed investments amount to £225,150, of which only £8,550 are invested in mortgages of property, £106,600 in consolidated stock debentures and £140,090 iu Treasury Bills. Of the “ New ” investments, amounting to £79,790 £60,2 0 have been invested in mortgages of property, £11,070 ils 6d on a building . for offices, etc., in Wellington, ancT , £2,500 in Local Bodies debentures. In ’ the Public Trust Office the renewed investments amuiount to £238,4U0, entirely

composed of consolidated stock debentures, £IIOOO, and Treasury Bills £227400. The new investments amounting to £99,409 16s 9d shew up a bit better and comprise moitgages of property, £98,965 10s Od: Bank New Zealand fixed deposit, £444 6s 9d. The Commissioners of Public Debt Sinking Funds shewed renewed investments, Treasury Bills, £4,900, aud new invest mentf Westport Harbour Board debentures, £3,300. It is evident from the alteration which has taken place in the mode of investing come of these funds, that Mr G. Hutchison’s constant references and caustic remarks about the Government absorbing all the money from these lending departments, are beginning to bear fruit, and thes J funds are at last finding their way into their legitimate channels.