PARLIAMENTARY NOTES.

Waikato Times, Volume 104, Issue 17447, 6 July 1928, Page 7

PARLIAMENTARY NOTES.

STATE ADVANCES LOANS. INCREASED INTEREST RATE. TO PREVENT LOSS ON WORKING. (Times Correspondent.) WELLINGTON, Thursday. That there were particularly sound reasons for increasing the interest rates on State advances loans in 1926 was emphasised hy the Minister of Finance (Hon. W. Downie Stewart) in the House of Representatives to-day, when replying to the speech of the Leader of the Opposition (Hr H. E. Holland) on the Address-in-Reply debate. The Minister said it was found that it would be impossible to go on as they were going without before many years showing a substantial loss; that was a matter, of course, which the Labour Party would not worry about. There was an actual loss in regard to the workers’ branch when the matter .was dealt with. Although no loss was disclosed as far as the settlers branch was concerned, the course of operations showed what would happen eventually if money continued to be loaned at the then rate. There was no association between the increase in the State advances rate of interest and the increase in the hank rate ; the banks managed their own business, and the Government managed its. Dealing with the statements that advances had been curtailed during the last twelve months, the Minister said that while some members of the Opposition had been endeavouring to persuade the public that the Government was borrowing too much, no explanation was given that portion of that borrowing was for State advances requirements.

SAVINGS BANK DEPOSITS. REDUCTION IN MAXIMUM. REASON FOR ALTERATION. (Times Correspondent.) WELLINGTON, Thursday. Last year’s legislation reducing the maximum amount that may bb deposited in the Post Office Savings Bank was referred to hy the Minister of Finance (Hon. W. D. Stewart), in the House of Representatives to-day. The Minister denied that the alteration was made at the dictation of the financial institutions or anybody else. The amount in 1920 was raised to £5,000, hut the Treasury and Lie Post Office had realised all along that it was unwise to have such large sums lying to the credit of depositors in the Post Office Savings Bank. Mr H. T. Armstrong (Christchurch South) : They are lying in another hank now. „ “That has nothing to do with us, replied the Minister, who added that anybody who studied the position would recognise that it was unwise for such sums to he on temporary deposit in the Post Office Savings Bank.

“HELPING HIS NEIGHBOUR.”

REMEDY OF INJUSTICE SOUGHT

(Times Correspondent.)

WELLINGTON, Thursday

The following question was given notice for in the House of Representatives yesterday by Mr A. M. Samuel (Ohinemuri) : “Will the Minister of Public Works introduce amending legislation this session to remedy tiie present unsatisfactory state of affairs whereby a farmer, who is not a contractor but who may use his tractor to occasionally help his neighbour, and in doing so may have to traverse a short distance of public road, is called upon to pay the same license fees as the ordinary contractor and is debarred from refund of motor spirit taxation?”

RURAL ADVANCES

SCHEME SATISFACTORY

(Times Correspondent.)

WELLINGTON, Thursday,

The rural advances scheme is working satisfactorily, according to statements made by the Minister of Finance (Hon. W. Downie Stewart), in the House of Representatives to-day. Replying to the speech of the Leader of the Opposition, Mr Stewart said that applications for loans were being dealt with by the Department as they came to hand, and the money was being provided. The bonds were marketable; they were selling slowly, it was admitted. Not only from Australia, but elsewhere offers had been received from people anxious to subscribe.

Mr W. E. Parry (Auckland Central) : There is no rush for them? The Minister: Not in New Zealand. We have given every chance for Uieir sale here; and they arc gradually selling.

In regard to another point raised by Mr Holland, the Minister said that whatever bonds were taken up by the Bank of New Zealand were on the same terms' as set out in the prospectus; there was no special concession.

MANURE FREIGHTS. SUBSIDY ASKED FOR. (Times Correspondent.) WELLINGTON, Thursday. Mr W. Lee Martin (Raglan) gave notice .in the House of Representatives to-day to ask the Prime Minister the following question:— “Whether, seeing the large increase in production, due mainly to the more extensive use of fertilisers made available during the past season, owing to the reduced Vice of manures (and which has now been increased by 12s 6d per ton), and also in view of the statement of the Minister of Agriculture that the greatest need of the man on the land to-day was cheap fertilisers, and that a lot of the deteriorated land could be brought back by fertilisers, he will give serious consideration to the question of granting a subsidy of 10s per ton on manures, more especially to those farmers far removed from railway and steamer communication, who in some instances are paying cartage equal to one-third ox the cost or the manure i”