I.—lla

III

MINUTES OF PBOCEEDINGS.

Wednesday, the 9th Day of October, 1912. Present : Mr. Hine (Chairman), Hon. J. Allen, Mr. Craigie, Mr. Hanan, Dr. Newman, Right Hon. Sir J. G. Ward. The minutes of previous meeting were read and confirmed. Order of reference was read by the Chairman as follows : Parliamentary Paper 293b : Applications by Local Authorities under the State-guaranteed Act. Directing inquiry to be made by the Committee into the issue of all loans applied for, or provisionally or finally approved, under the State-guaranteed Advances Act since its inception, <fee. The inquiry to be open to the Press. Loans to Local Authorities Inquiry. The Committee proceeded with the inquiry into the various matters associated with the applications for, or provisional or final granting of, loans to local authorities as by order of reference directed. Representatives of the public Press were admitted, and they took notes of the proceedings. Mr. J. W. Poynton, Secretary to the Treasury and Superintendent of the State-guaranteed Advances Board, attended, and, having been sworn, read papers and was examined by Right Hon. Sir J. G. Ward, the evidence being taken down in shorthand by a reporter. And the examination by Sir J. G. Ward being concluded, the Committee agreed to adjourn and meet again on the following day, and adjourned accordingly. Thursday, the 10th Day op October, 1912. Present: Mr. Hine (Chairman), Hon. Mr. Allen, Mr. Craigie, Mr. Hanan, Mr. Lee, Mr. Myers, Dr. Newman, Mr. E. Newman, Mr. Pearce, Right Hon. Sir J. G. Ward. The minutes of previous meeting were read and confirmed. Loans to Local Authorities Inquiry. Representatives of the Press were admitted and took notes of the proceedings. The Committee proceeded with the taking of evidence in the inquiry. Mr. J. W. Poynton, Secretary of the Treasury and Superintendent of the State-guaranteed Advances to Local Authorities Department, attended, and was further examined by the Right Hon. Sir J. G. Ward; and the Right Hon. Sir J. G. Ward having concluded his examination, the witness was examined by the Hon. J. Allen, the evidence being taken down in shorthand by a reporter. On the motion of the Right Hon. Sir J. G. Ward, resolved, That a return be furnished to the Committee showing the average of the amounts lent by the Government to local authorities during the last five years. On the motion of the Hon. J. Allen, resolved, That a return be furnished to this Committee showing the terms of loans finally approved at 3§ and 3| per cent. On the motion of the Hon. J. Allen, resolved, That the files of the Post Office Department in connection with transactions in reference to the lending of funds to the State-guaranteed Advances Board be supplied to this Committee. The Committee having resolved to meet again for the further prosecution of the inquiry on Tuesday, the 15th October, agreed to adjourn to that date, and adjourned accordingly. Tuesday, the 15th Day cp October, 1912. The Committee met at 10.30 a.m., pursuant to notice. Present: Mr. Hine (Chairman), Hon. Mr. Allen, Mr. Craigie, Mr. Hanan, Mr. Lee, Mr. Myers, Dr. Newman, Mr. Pearce, Right Hon. Sir J. G. Ward. Minutes of previous meeting read and confirmed. Loans to Local Authorities Inquiry. Mr. J. W. Poynton, Superintendent of the State-guaranteed Advances Department, attended, and was further examined by the Hon. Mr. Allen, Mr. Pearce, Mr. Craigie, and Mr. Lee. Put in Exhibits marked " D," " _," " F," " G," and " H." Resolved, on the motion of Hon. Mr. Allen, That Mr. Poynton supply a return of provisionally approved loans not finally granted at Sh per cent. The Hon. Mr. Allen put in an opinion of the Solicitor-General. Resolved, on the motion of the Right Hon. Sir J. G. Ward, That a return be obtained giving the dates and amounts of any loans granted outside the Treasury or Government Departments in connection with the whole of the investments of the Post Office up to 1911, in accordance with the return laid on the table of the House.