PARLIAMENT.

Dominion, Volume 3, Issue 678, 1 December 1909, Page 5

PARLIAMENT.

'S , 0 REGISTRATION ,OJF BONDS. DEATH DUTIES DEBATED. • " . SHIPPING AND SEAMAN'S BILL. A LIVELY INTERLUDE. The principal business in tho Council yesterday was a discussion on a suggestion that all bonds should bo registered, "but tho proposal did not meet with favour generallj. In the House the consideration in Committee of tho Death Duties Bill occupied most of the 1 afternoon and the early part of tho evening \ Afterwards the Shipping and Seamen's Bill 1 was partly discussed in Committee, tho House adjourning at 12 30 this morning. THE .COUNCIL. PRELIMINARY BUSINESS. A sitting of thejiLegislative Council was held yesterday afternoo.. Leavo was granted to tho Attorney-General to attend before a committeo of tho House to give evidence on a petition by the Eltham Borough Council The Hon. Mr. WIGEAM gave notice of intention to move for a return relating to railWay statistics. i TOKOMARU FREEZING WORKS SITE BILL. With regard to the Tokomaru Freezing Works Site Bill, The Hon Mr M-'GOWAN requested that the report upon it should be refened back to tho Committee for further consideration. This course was adopted. TO FACILITATE BUSINESS. Noticc"|W&3 given by the Attorney-General ot intention to move on next sitting day that the Standing Orders be so far suspended as to allow local Bills, after being reported from the Committeo, to pass their remaining stages at the sitting. HOSPITALS BILL. The Hospitals and Charitable Institutions Bill was received trom the, House and read a lirst time. The Hons. J. E. JENK.INSON and C M LuKE expressed the opinion that the Bill should go before a Select Committee. The Hon J. D. ORMOND submitted tha« the Bill was of such great importance that it ought to form the-. v snbjcct of debato by the Council as a whole. The , second reading was set down for next Bitting day. ' *' REGISTRATION OF BONDS. PROPOSAL DISAPPROVED. Farther discussion then took place in legard to the Hon. Mr. Stovens's motion . "That, m the opinion of this Council, it is,expedient that tacihties shonld be given for tho registration, in the name-ot the ' holder,- of any bonds of the New Zealand Government/which are jjayable to bearer; and, if tho local bodies in flew Zealand are 1 not empowered to establish a similar system of registration of any of their bonds payable to bearer, tho necessary power should be given them."

:; : .: M???::ATTOENET-GENEEAL (Dr. /-:. ground had been" .'..--: shpwrl -to, warrant ;an-'altefation; ; in'what Had .;.., Depn the ; general,practice, since"operations';of a ; :■ :.fmancial -'>' /; .'' CSW^adTa^Bev'ofvbonds.:b'eiiig'-'toaae.'pav-ableto fearer was'.their,coßiplete negotiability. .■.,'.f-2- a '4 oleil - b ; i ';.:;;. of,an iinnocent person,-'he would still be entitled :, ■ tO|;protectipn,:;antl.must bo'paid■ its amount, ; I?- : ? a banknote..- Supposing bonds 1 , ..were, held byian'..owner .in,Greaf,Britain and ,;. v Jt..:wM,des;red:Oiat;.they:-should be negotiated K- : n;*8!' :: Ze » lal jdi>_all.ithat>was- required ; was ; that:,they,should.:be ; itaken::by the Searpr to a ' ~ ■ financial institution -which,- unless" something ~•;,;■ were tooyrn : to...the contrary,,could saf ? ly.pay V ■■■ : :W*.amount;ortne-'bonds. :;It had been r ; ,found in the:, advantage of ■, ■:;nßgotiabilityfar,transcended.every other , aavan- ., whfch.atteched to that-kind'of, seciirity: " !:r '.'..lt,-:.lipwever,C!the. bonds'were, made: payable to ;: /. a s Wβ- . ■:■ sented-n-as.compelled;.tpHnquire' as 'to whefe :. tne endorsement-was'genuine,■'■which'was often K:-<- to do.:, &6 qrioted:from the Local :,: .Bodies,; Loans JVct,; which he"-: stated -provided .•;. .'for;.registration;.but.in' which the element -of ;;:;; negohabilrtyxwasinotr destroyed; ;:There were. f- ;■'■. admittedly advantages' connected with the' pro- :: : . -posed system i v^all;, f ronnd. ; ,w^ e : ;,whole' ; . =.;po^t,of<,vthe^inotion:;was :ttat: ; negotiability if noj:: qualified was a bad. thing." ■ How often ■■■'■ V yh:'vthe ? histo?y ; ' {^&?" '-Zw'andi.otbonds ; being,sfolen-or ; ''"tife,^ n ¥ ro^'^ i r bMn g '* raudulently .;;-taken awayi;.For;himself he must confess that ■ ■ ■.<;■.'£?•■ ta'--'single instance of' the :■:/!- .™?«:v: : K;.had.vbeenstated ;during; the. debate :;. :,, thatnndei■ ;the hanks charged \ ;::Per.:Cent.vforithe,safe:custody,of. 'bonds. 'One J .' 'Sr^^Mu l,o , out -' that ' had■■; been ' ;;: -custody,;of ibonda ;■ ,s-smm.rlt '.such a. charge, were' demanded, it I- °v ■ vib ? ? d 7^olerable^;for.' the'docu'..meats which the bank iv.ould'require to hold in .;;■ 6a.fe.keeping.wonld probably'number duly four ■■'"' ; ff!ifew'?TS g;^h^;debat ?"' tt /member.had ,: : ufitted: thataf bpnds;W.ere'taken:from the cus- : { : Ml : -°\i$u^ 6 V he '■™« H '. I >e'-liable- for their ; ' 'w'- -P \l e V he 4 la^' .however.'.th'at-woHld hot '-;. .'■• ™ ■«> , lf J h e. ; trustee had'exercised-ordinary pru- ;^? of/bonds :beins: destroyed ~; -. 'byr.■fire, .'..they^were'.; invariably "replaced upon' : ;; He fiad :••; ;-,b«« notConly-had vtheTe 1 not ■ r •' 'fSV^^??^^? l^ ,6l ;. a ' n ' Alteration-' of •-- m -r' • ,lla<l'iot;been!any.ojnsider- ::/:/ able .desire ,il rom :cominunity --tb :, : layea:ahange.mad«.;v:ln-special.cases, -he was ■,-, further,infonned,;'the.Treasury .usually. acceded ■ '"--tion •V^ifeife" 01 !' ,1^. Wove/the mo-. "• ; - •i^ p ! y ! n ?%'#.i°n- : &&isson/Dr. Fimi- , . : ;]aj'.stated -■ that; :lt-;T.»aff: SHe ■•' practice '-'of=: local' : ~;'bodies,,as well^jof;the;Government, to reP'S.? 8 "Scents .^destroyed-'by' fire. 1 '. ■■■ '■'-. , .that the : time iriust.como'wleii: .the• object' of :■,,-., his - motion / would. be'/given - effect -to ■:■' ■- : - \ _.Upon a,diyisioniihe^motion.:was'i defeated bj' /. H.. J>. Miller,'; Ormond,./Stevens,--Loughnan,. : : ■- Xouisson; ana,/ganjuel. ,\:.':.[ " .i< Z :>;/•;■:;. yPLENTY;?;gFI;woR;i< ;Ahead. ; ; I'X : ; : Council'should adjourn,/ ..;■;..;; m*. ; -A^feBMBMIBpBAL«-stated that: it .•'■■■■■■••^'■•W d ," T l H..^M* ; -? i,l '' : '*e'. : Hoepitaki'.and ... Charitable .Bill- would be com- , : menced n to-day. : .-JTheTe:-is every prospeot,". he ;■. .added,,,of/the Coundl'getting ;plenty of work ■; -to dp no* until-the end of the session." '■■.