APPROPRIATION OF SINKING FUNDS.
Wellington, Nov. 30. Replying to Mr Massey with regard to sinking funds the Premier said that these now amounted to nearly £1,000,000. No Government had ever appropriated a single penny of the sums set aside for paying off any debts. When such funds had beeii liberated it was by a new contract with the lender, and with the latter's full consent. Instead of the funds being "collared," as Mr. Massey suggested, they had been expressly made an endowment for helping to repay the loan provided that the fund's could not bo-touched till this wkp done. The Act provided that the funds could not be invested in New Zealand Government stock, but must bo lent to farmers, workers, and local bodies. To "collar" such funds implied cancelling the loans to these people. Any treasurer who tried it would be quickly expelled from office. Ihe Premier had no hesitation in saying that no more valuable Act hrd ever been passed.
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https://paperspast.natlib.govt.nz/newspapers/TC19111201.2.51
Bibliographic details
Colonist, Volume LIV, Issue 13278, 1 December 1911, Page 4
Word Count
162APPROPRIATION OF SINKING FUNDS. Colonist, Volume LIV, Issue 13278, 1 December 1911, Page 4
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