DOMINION PARLIAMENT

Waikato Times, Volume 112, Issue 18796, 18 November 1932, Page 7

DOMINION PARLIAMENT

TO-DAY’S SITTING. INTEREST RATE. STATE BONDS AND DEBENTURES. REDUCTION ASKED FOR. (By Telegraph.—Press Association.) WELLINGTON, Friday. In the House of Representatives today, Mr J. Connolly (IndependentCanterbury), asked whether the Government would take action at the earliest possible opportunity to reduce the rate of interest on future issues of Government bonds and debentures to a lower rate than 5 per cent., and also to give instructions to the Local Government Loans Board not to approve of any loans which did not provide for a similar reduction in the rate of interest. If effect could not be given to this without a further reduction in deposit rates generally, would the Government take ,the necessary steps to obtain the desired result. Mr Connolly said that while the Government was paying 5 per cent, interest on new stock it could not be expected that the banks and other lending institutions would lower their rates to the extent required. At the present time it appeared that Australia and other countries were doing better than New Zealand in this respeot. The Acting-Minister of Finance, the Rt. Hon. G. W. Forbes, said the matter was receiving the consideration of the Government and the banks. NATIVE LAND LAWS BILL. ECONOMY RECOAfLMENDATIONS. PARTIALLY ADOPTED. (By Telegraph.—Press Association.) WELLINGTON, Friday. The House of ’Representatives met at 10.30 o’clock this morning. The Native Land Laws Amendment Bill was introduced hy GovernorGeneral’s message and read a first time. The Native Minister, Sir Apirana •Ngata, said the measure gave effect to some recommendations of the National Expenditure Commission relating to the administration of native affairs. It proposed to transfer back to the Native Land Court the powers exercised by the Alaori Land Board concerning the sales of leases or mortgages of native land. The Native Land Settlement Act would be liquidated and an amalgamation would be carried out by making the Under Secretary -yof Native Affairs the Native Trustee and the East Coast Commissioner, and by setting up a Native Land Settlement Board to exercise general control over the ' functions now performed by the Native Trust Office, the Maori Land Board and the Native Minister. In regard to native land settlement, the proposed board would consist of the native Minister, the Under Secretary of Native Affairs, the Under Secretary of Lands, the valuer-general, a representative of the Treasury and two others to be appointed by the Government. This board would assume the functions of the Native Land Purchase 'Boar/ :n regard to the 'purchase of native land, with the condition that where lands were required for general settlement the recommendation of the Dominion Land Purchase Board would be necessary.