N.S.W. POLITICS.

Waikato Times, Volume 112, Issue 18796, 18 November 1932, Page 4

N.S.W. POLITICS.

A TIRED HOUSE. I HEARS (MORATORIUM CRITIC. LANG’S ATTACK. The Legislative Assembly took on a rather war-worn .and weary aspect last night, after the shocks of the great Tin Hare battle, which raged furiously round and about the Chamoer throughout the day, says a Sydney paper. . . The rest of the session was mild by comparrison—a milk and water mildThe Moratorium Bill might be calculated to provide all the substance for a red-blooded debate, but the House had the extraordinary experience of hearing the Leader of the Opposition, so ferocious earlier In the day, telling Government members how much he had enjoyed “our friendly little chat on the personal covenant. it was, incidentlly, a.field day for Mr Lang, who made three long speeches. “If the Bill becomes law, 50 per cent, of the people who are enjoying the protection of the moratorium can be dispossessed within three months, ’ said Mr Lang, resuming the second reading. Aot'e Protection. The proposed Aot offers protection only tp those people who were not in need of it, and in no case had additional protection been given to a single individual. Mr Harper (U.A.P., Arncllffc): What about Crown debtors? Mr Lans: I’ll tell you all about them later. A provision of tremendous importance to thousands of property-own-ers, lie continued, was that which gave the lender the right to‘go into possession of a property if the interest was three months in arrears. If that clause was left in it would he the complete end of the moratorium. iMr Lang was accused by the Government supporters of misinterpreting the bill, and with paying no regard to the proposed amendments, but he replied tha,t he had seen no copy of the amendments, and was speaking to the bill that had been circulated. Labour, claimed Mr Lang, had not only prevented foreclosure, but had limited the rate of Interest to be paid on the extended term to a maximum of seven per cent. Under the Government’s measure, the rate would be that stated in the mortgage, subject to the Interest Reduction Act, and the effeot would be . higher interest for those to be allowed to retain their properties. •Debtors to the Crown, who had been looking forward to having the moratorium extended to them, would be amazed to find how the Government had fulfilled its promise. Air Lang roundly condemned the provision that all cases under the Aioratorlum Act should be held In camera, finding in it that apparently something was to be done In the court which neither the banks nor the Government wanted the publio to know anything about. Premier Replies. The Premier (Mr Stevens) began his speech by agreeing with the last statement of the Leader of the Opposition. “ An adequate moratorium Is necessary and we are pledged not to abate the protection given to honest debtors by the existing moratorium," said Mr Stevens. “ But we can with fairness ensure conditions In which debtors who are able to pay shall pay reasonably w r hat they owe. “ By this Act we open the door to a resumption of borrowing and investment in a normal way in order that stagnant Industries may regain their activity, idle money may find productive use and men may get back into work.

“ This Bill will afford the maximum amount of protection to all debtors who need that I d'S’y anyone to show me one feature which deprives them of a requisite measure of moratorium benefit. Mr McGirr (Lab., Bankstown), advised Ministerialists to throw the Bill Into the waste-paper basket and demand of the-Minister the return of the old measure they understood, bringing It up to date with necessary amendments. ’■,

Air Wade (UJC.P., Barwon) warmly commended the Bill; Mr Davidson (Lab., Gobar) Just as vigorously condemned It; and Mr Ness (U.A.P., Dulwich THU) secured the adjournment of the debate.