THE FIRST HITCH

Poverty Bay Herald, Volume LIV, Issue 16827, 14 December 1928, Page 7

THE FIRST HITCH

UNITED PARTY POLICY LONDON LOAN IMPOSSIBLE PREMIER’S GREAT SECRECY (Parliamentary Reporter.) \yELLINGTON, this day. Perhaps only a few of the older members of the House knew to what Sir Joseph Ward referred when he mentioned last night that he had discovered a matter in connection with finance which he could not refer to in specific terms as the time had not arrived. “I found several important London transactions awaiting me on taking office,” began Sir Joseph Ward, “and on investigation I find that it will not bo wise for me to rely on the London market for money in the meantime. A very difficult question has been left to me by the ex-Min ister of Finance, and I have to make a decision. The Hon. W. Downie Stewart. That only arose during the middle of the election eumpnign, und I thought it oply fair in the circumstances not to make any commitment in the meantime. / ; ■ Sir Joseph Ward,, Oh, I refer to a matt(?f long, the election. A Labor member: Is that the allocation of tH6 funking 'fund?. Sir Josbph: 1 Something very much moth impOHanf. than' that. ... jXIsiG , t ‘ Rrijne ! Miiiist't!t'; f, ’‘i :v cfin' ; give tv’orrl as Minister of Finance that I shall be abie to give effect to what I have indicated. With the assistance and concurrence of my colleagues I am satisfied that we can do what we arc indicating. It will not be till next session of Parliament that the Government can discuss with Parliament that matter to which I allude. There is nothing mysterious about this. The ex-Ministcr of Finance will know that what, I am saying is true, but it cannot at this stage be mentioned in debate. It is a question of guarding a situation that requires a good deal of <?are. This Government is not going to keep people either directly or indirectly in any condition of uncertainty, because we have a very big responsibility on our, shoulders which we didn’t expect to be there. Mr. H. G. R. Mason called out impatiently: “What docs all this mean?” > Sir Joseph: When the lion, gentleman has been a little longer in Parliament he will find out what a good many things meant a year after the event, - • - Mr. Mason: “If you can convey no meaning why say anything at all?

Sir Joseph: If the lion, gentleman ever gets the opportunity he will then be able to educate himself on a point which I cannot attempt to explain further for the reasons I have suggested. MONEY TO BE RAISED LOCALLY “I have to tell the’House,” continued the Prime Minister, “that some of 'the money required will have to be raised in New Zealand. Ordinarily, I wohld be opposed to such a course, and the money in New Zealand would not be absorbed unless there was np other course opeu. I can only liopt? that no fastidious opponent will say that'we can’t carry outpour policy./ .Mr. A. Harris: Will the £70,000,000 be available? (LaughttfE). The Primp Minister said that if arty Opposition member 'desired " to. know what he was alluding to he should, »dk the ox-Minister of Finance to cxplkih publicly, and see if'lie would do it. The Prime Minister said no one could expect a Government that had been only three days on the Treasury benches to do, more than had been done. Country first and party nowhere was the Government’s motto. “If needs be,” declared Sir Joseph Ward, “I would sooner walk out of this house than weaken the state of this country.” Mr. Coates: The right hon. gentleman is quoting mo word for word. The Prime Minister retorted that he eould see ho was following a worthy man who- in his day did his best. That was what the Government had to do, and perhaps succeed a little better than the leader of the Opposition did,, (Laughter.)

The Finance Bill was then introduced by Governor’s Message and the House agreed to grant it an urgent passage,;'

Mr. Stewart, late Finance Minister, said he agreed with Sir Joseph Ward that it might.be desirable to secure loans locally at present, and he hao mentioned this during the elections. Ho had endeavored to put on the brake in regard to loans, but apparently it was to be taken off. Mr. W. J. Poison: You put the brake on the wrong wheel.