POLITICAL NOTES.

Waimate Daily Advertiser, Volume XXIII, 24 July 1923, Page 5

POLITICAL NOTES.

NEWS ANO NOTES FROM THE PRESS GALLERY. RACING QUESTIONS ANSWERED. (From Our Own Correspondent). AVELLINGTON, July 18. Three interesting questions about the gaming laws -were answered by the Hon. R. F. Bollard, Minister of internal Affaire. “Is it the intention of the Government,” asked Mr Bell, “to bring down legislation this session dealing with the issue of extra tote permits, and take into special consideration paramount claims of" those clubs that have not permits at the present time?” It was pointed out by the Minister that legislation on the subject is in course of prepartion bv the Law-drafting Offive. “Will the Government repeal the absurd clause which prevents the pblioation of tote dividends?” asked .Mr G. Witty. In reply, Mr Bollard pointed out that a Gaming Bill will be introduced this year which will enable the question to be submitted to the House if it is not expressly dealt with in the Bill. It was suggested to the Minister by Mr Horn (Wakatipu) that black-block racing clubs have had to double their members’ fees and increase their charges for entrance 500 per cent, in order to continue their picnic race meetings. Therefore the questioner asked the Minister to intimate if he proposes a reduction of country clubs’ taxes, and if so. when the reduction will take effect? Mr Bollard replied! that this matter is being given careful consideration, but it is pointed out that a reduction of the compulsory taxes which press heavily on the earning power of the whole community must receive first attention.

COMPULSORY DEHORNING COMING. A large amount of damage is done by horned cattle to each other, thus causing commercial loss to the owners, as well as the public. Mr G. "Wittv has suggested that compulsory dehorning be enforced. The Hon. W. Nosworthy. Minister of Agriculture replied that this matter of loss and injury occurring among horned cattle during transit has been receiving consideration and an investigation has been in progress for some time past. A report is in preparation and nearing completion. When it comes to hand the best remedial course to adopt ism bo fully considered. INTEREST RATES TENDENCY DOWN WARDS. When the Public Trust Office annual report was tabled in Parliament one ot the questions raised was that of the investment of funds. Mr W A. Aeiteli (Wanganui) said ho believed that there were large accumulations of money in the office, because, according to his intack. formation, they required too high a margin of security in connection with applications for loans. If there were large sums awaiting investment he hoped they would be made available to borrowers, because it was reported there was a shortage of money among lending institution. The Prime Minister admitted, in reply, that the Public Trust Office had a good deal of money available, but it had loaned more than usual lately at 6 per cent. The Public Trustee had been instructed to continue to do so on broad acrcsH where there was proper security. The rate paid to beneficiaries of the IXqrartment from a common fund varied little, but it averaged 4J per cent. Air T. ‘M. Wiltord: You pay 4! per cent, and charge 6 per cent. « The Prime Minister replied that the tendency of interest rates was downwards. He was satisfied of this from information obtained <f financial authorities, and he had heard only that morning about a lending institution taking up a mortgage for seven years at 6 per cent.

THE NATIONAL ENDOWMENT. When the leasehold interest held power in Parliament a statute was passed permanently setting aside ume million acres of Crown lands as an endowment for education and old-age pensions. An amendment of the land law in 1920 changed the policy, en-

abling the freehold of these endowment* to be alienated 1 , and .the money applied’ to the pin-chase of further land. The annual report on national endowment shows that 18,061 acres have Igrn sold, the total receipts being £12,944. The report suggests that the present rin-ancial 1 positon accounts for the small number of lessees who desire to acquire the freehold. There are nearly seven millions acres leased at an annual re-venue of £139,637, while 1.690.1X10 acres have been set aside as provisional State forests. No land has yet been purchased out of the land! sales fund.