POLITICAL SIFTINGS.

Wairarapa Daily Times, Volume LXII, Issue 9735, 23 July 1910, Page 5

POLITICAL SIFTINGS.

{li// Teleiiraphr — Own Correspondent.) WELLINGTON, Saturday.

Friday was devoted to Imprest by reason of the sacred right of yrievauce, but the grievances are none of them ever new. The Government always say they are not true, aud nobody knows how they grew, aud everyone wonders why they always aro the staple food of the crew, aud keep the Council blue. The main fact in which comment runs in connection with ihe caucus of the Government party is that thirty-seven were present. The Prime Minister lias announced that he has arranged the programme of legislation to the satisfaction of the caucus, but tiio caucus is so satisfied with the meal that it appears to suffer from the reflection which is inclined to sleep. At all events it meutious nothing, not even by way of a snore. Sir Joseph did, however, mention the Bill to be circulated—the Public Debt Extinction Bill—and it is accordingly iv circulation. It provides for the constitution of v Board consisting of the Commissioners of the public debt sinking funds, with the addition of a superintendent, the Minister of Finance to be chairman. The loan position is to be reported every year, aud shall be reported to the Minister within thirty days of the end of the year, by certificate showing the total amount of the public debt and the sum which, if invested each year at compound interest at 4 per cent., would in twenty-five years equal that amount. That sum the Minister shall pay over to the Board at once from the consolidated fund without further appropriation. The amount shall be invested by the New Zealand State Guaranteed Advances Office Board in loans to settlers, to workers and to local authorities uuder the provisions of the N.Z. State Guaranteed Advances Act, l'JOi). Such loans may be fixed loans grauted for any period not exceeding ten years iv the case of loans to settlers or workers, or forty years iv th 9 case of local authorities, or may bo granted on the instalment system, repayable in any term not exceeding thirty-six and one-halt' years. No part of such moneys shall at any timo be invested in New Zealand Government securities. All moneys paid to the superintendent, and all accumulation thereon, shall be held in trust for the repayment of the public debt and for no other purpose whatever. If the superintendent shall be unable to invest the whole of the moneys paid to him in securities authorised by the N.Z. State Guaranteed Advances Act, 1909, lie shall report his inability to do so to tho Board, which shall direct him to invest the same in such securities not forbiddeu by this Act as may be authorised by the Governor in Council.