TO-DAY’S PARLIAMENT.

Waikato Times, Volume 112, Issue 18778, 28 October 1932, Page 8

TO-DAY’S PARLIAMENT.

THE BUDGET DEBATE. IMMIGRATION AND OTTAWA. (By Telegraph.—Press Association.) WELLINGTON, Friday. The House of Representatives met it 10.30 o'clock this morning. The Budget debate was continued. Mr R. McKeen (Labour —Wellington South) said it was realised that the old banking system was no longer suitable to the .economic situation. The present financial system had absolutely broken down, and the need for a change was becoming increasingly apparent. The financial policies should be controlled by Parliament, which should see to it that the banking system was used for the benefit of the country as a whole. A' central bank was essential, but it should be a State institution. He hoped the bank would not be established on the lines suggested by Sir Otto Niemeyer, who had come to New Zealand In the interests of the Bank of England and big financial concerns. Continuing, Mr McKeen said it was apparent that, discussions had taken place at Ottawa regarding the future of immigration, and it seemed there would shortly be a move to finance immigration schemes. The Government was apparently holding back information which should be in the possession of members of Parliament. He was not opposed to immigration, hut the Government should care for its own people first. New Zealand could accommodate millions- of more \ people if a-progressive policy of in- ! dustrlal development were adopted, j Tho Wheat Industry. Mr J. A. Macpherson (Government *—Oamaru), referring to the value of the wheat industry to New Zealand said there were over a million acres of high-class wheat land in the Dominion and that was sufficient to meet the requirements of our people and stock. While it might be possible to import wheat and flour nominally more cheaply than we could produce it in New Zealand it should be remembered that the most important feature of the industry was the offal, namely bran and pollard. This was the life blood of New Zealand and if it were lost, we would find avenues of export closed. The House adjourned at 1 p.m.