N.Z. PARLIAMENT

Waihi Daily Telegraph, Volume XXX, Issue 8494, 27 July 1933, Page 3

N.Z. PARLIAMENT

OPENING OF COMING SESSION EARLY PART OF SEPTEMBER? A LIGHT PROGRAMME (Special to Telegraph) WELLINGTON, this day. Advice having been received that the Prime Minister, Hon. G. W. Forbes, and the Minister of Industries and Commerce, Hon. R. Masters, expect to sail from London on August sth, arriving in New Zealand on September 18th, it is anticipated that Parliament will meet about the end of August or early in September, and that it will be possible to conclude the business of the session before the Christmas vacation. Indications are that the legislative programme will not be a heavy one. No doubt members will take the usual advantage of the Address-in-Reply debate to discuss general political issues, and it may be taken for granted that the Government’s high exchange policy will come under review.

FINANCIAL PROPOSALS

The Budget will provide another opportunity for a general debate, although so far there is nothing to indicate that the Government’s financial proposals will be of a drastic nature. As has already been stated, the Government has mapped out its expenditure for the year and this will be outlined in detail in the Estimates accompanying the Budget. The Estimates will reveal that the Government still realises the need for economy in Governmental expenditure, although in one or two directions there will be increased votes. The Public Works Estimates will be a particular source of interest, as it will be necessary for the Government to make provision in these for the various public works which Cabinet has recently approved. Another estimate of interest will be that ot the Defence Department. This vote has been cut down in recent years, but in view of the Government’s decision to overhaul the defence system it will be necessary to make a bigger allocation this year. Apart from routine business, there is not likely to be a great deal to occupy the attention of members. One important piece of legislation will be discussed, however. This will be a Bill to provide for the establishment of a central bank, which the Government holds to be a necessary part of its general financial policy. Sir Otto Niemeyer recommended the establishment of a central bank in his report of 1931, and since then inquiries made by the Government have led to the conclusion that the recommendation should be adopted. RESERVE BANK BILL

Last session the Reserve Bank of New Zealand Bill was introduced, but it did not get past its preliminary stages. The Bill made provision for the appointment of a board of directors consisting of a governor, a de-puty-governor, and five other members. The Bill set out in details the functions of the bank, and the schedules contained the rules under which the Reserve Bank is to work. The Bill to be introduced next session will probably follow closely on the lines of last session’s Bill, although it is possible that there will be one or two amendments arising from inquiries made by the Government during the present year. There will probably be legislation to amend the Mortgagors’ Relief Act in the direction of removing some anomalies which have become apparent during its operation, but apart from that and the Reserve Bank of New Zealand Bill the legislation will likely be of minor importance.