DOMINION AFFAIRS

Southland Times, Issue 22051, 26 June 1933, Page 3

DOMINION AFFAIRS

CONVERSION AND SALES TAX. BANK CHAIRMAN’S COMMENT. (Special to the Times.) Wellington, June 23. » Dealing with Dominion matters when addressing the annual meeting of proprietors of the Bank of New Zealand to-day the chaiman, Mr R. W. Gibbs, stated: The most important legislation enacted was that devised to convert New Zealand’s internal debt, both Government and municipal, embracing no less a sum than £158,000,000, made up of Public Debt £115,000,000, and the debt of municipal bodies amounting to £43,000,000. The conversion scheme comprised bonds maturing at varying future dates and bearing interest at rates up to 6 per cent., with a penalty attached for dissentients. In this respect it differed widely from the British conversion referred to elsewhere, which was entirely voluntary. The conversion has proved a success, with an estimated saving in interest to the Exchequer of £570,000 per annum. Another important enactment bearing on the country’s finance has been the imposition of a 5 per cent. Sales Tax. For many years past warnings have been reiterated from this chair against the orgy of lavish public and municipal spending which set in after the war years, warnings which nevertheless fell on deaf ears. In addressing you when I last occupied this chair in 1927, I remarked: “If the gravity of existing conditions is recognized by all, from the Government downwards, and a determination made to live within our means, I have no fear for the future.” Since then, however, the Government’s indebtedness has increased by £36,000,000 And Municipal by £9,000,000 It is perhaps fortunate that we have been made to realize we have reached our limit, and that lenders will think twice before allowing this; suicidal policy to continue. During the year an Economic Commission was set up, and after many weeks’ careful study of the economic situation in New Zealand, made known their findings, which were considered by some to be somewhat drastic. Their conclusions on the need for reducing Parliamentary and municipal representation are, I think, endorsed by most. The overlapping of the various local body and municipal boards, numbering 699, has for a long time been a matter of adverse comment, and the sooner these and the other important recommendations made by the commission receive serious attention, the better will it be for the community at large. The price level of our primary products, in common with the products of most of the world, has made a further disastrous slide during the year.

tentions by a young man who is eventually found dead, and her real lover is accused of the crime. The real cause of his death transpires later. There are some lively incidents during an election campaign, for “Dad” has been persuaded to become a candidate. INVERCARGILL’S BIG PRODUCTION. OPENS TO-MORROW NIGHT AT CIVIC. The New Reveille, produced by Mr W. Lints for the Plunket Society, opens the first programme of three nights tomorrow night. The full company of 240 performers will appear on the first night, more than 500 different costumes will be worn and 31 different attractions, features and specialties will be presented. The lighting effects will be a feature of the production, the whole will be supported by a special orchestra. There will be numbers to please all tastes. The curtain will rise at 8 o’clock and there will be 2J hours of brilliancy. As Mr Lints promises a city production the following extract will be of interest. Christchurch Press. —lt is hardly necessary to point out that in “Our Reveille” an entertainment is prepared which represents a standard in amateur production hitherto undreamed of, so far as Christchurch is concerned. Intending patrons are well advised to book their seats; there is no extra charge for booking. Special prices 3/6, 2/6, 1/6 no tax. Plans at the i Bristol. ,