LOAN PROPOSALS.

Dominion, Volume 3, Issue 927, 21 September 1910, Page 4

LOAN PROPOSALS.

[• ' SEARCHING CRITICISM. ! WATER POWER FOR ELECTRICITY. PUBLIC WORKS EXPENDITURE. JS THE COUNTRY'GETTING GOOD VALUE ? ' : V -.- : . The. principal business 'in the "House of Representatives yesterday was the l second reading dobato on tho Bill under P'.::,, whicb. it -is proposed to raise £1,750,000; for tho prosecution, of public works. It was at 'first proposed .by the Prime 'Minister .that (he total should be; increased by the. addition of £500,000 for., i : ! Vthe "(purpose of developipg':- tho■- water powors of tho Dominion, but Sir Joseph, ' iii consequence .of . protests, ultimately : : agreed to bring ' down a Special; .Loan . raisipg: of; .that. :gum: In tho 'course of . the debate, ■ chief, interest' centred round tho amount 'of borrowing in which the country is. : indulging, the question as to whether ' tho country is.getting value' for its, $::money : 'in.' -regard , public;-works -ex-, pi;: ;penditure,: and the cost of: raising recent, loans. The second reading, debate was ■ /•. concluded at 1' a.m.; and tfio .House .. : then adjourned. 'V;-'- . ' The Legislative Council , did not sit i* ■! '"' yesterday, and will not meet '.again till , ' Thursday evening. " v.";:'" THE HOUSE. MACKENZIE COUNTRY RUNS. . ; • :When tho sittings of tho House of Representatives were resumed yesterj:'.v- : ; *.. The reports of: the.'-: various.-.coriimis-sioiis" iii;. regard v:.; to- tho Mackenzie, : . Country runs were referred to the Lands Committee. : y CRIMES ACT AMENDMENT BILL. An amendment- to::the Crimes,.- Act,j . 'Amendment f Bill)providing. for .the.: ap-. pointment of officials -in connection with ~ - {fie prison reform board was introduced :( . • :.by : Governor's Message. :,.".■ '.. ; -- INSURANCE COMPANIES: BILL. By way ■ of. Governor's' Message, ; an ' • : amendment to the Foreign Insurance Companies' Deposits'Bill, providing for legouping: the.Public.'Trustee! in regard ; o?rtain :^Mrvices',':, ;was' brought : do . • birt ; consideration was deferred till today. , .': : : '-■' : ? ■ PUBLIC DEBT EXTINCTION 'BILL. , Several• amendments • tof'-.thoj Public ■' Debt ..Extinction/ Bill :were; introduced, i by Governor's Message L ! The' PRIME MINISTER explained f' that . tho amendments did-. not involve; ;,' an alteration ' in the . law ; t-hoy were ?, merely, for the purpose -of piittiiig.' ; • amendments made by the Houso iii their ; proper ' STATE ADVANCES DEPARTMENT. IMPORTANT AMENDING LEGIS--s' LATION. k'S : Under the New.'; Zealand, State' Guar- ! anteed\ Advances Act Amendment. Bill (which was"'then introduced);- it is. pro- .' poM that the moneys required under. Act niav be'-raised 'samo' manner as ordinary loans.; All moneys ys:' for . tho Advances Department, may be: •; ' iaised {pn'vthe security; of-> the-.public , .revenue,^and-the rate ,of'int-ei'est , shall: powers-■under, the principal- Act 'a're not -. . -As . v the ;Treasury r. and -tho:.'Advances ::.Ofßeo tho amounts ' ; shall; hot bo deemed part' of ;; :: ;the public .debt, but, shall be -entered-. ,i;as capital liabilities of tho respective ■ branches of . the Advances Department. . Loaiis are to be repaid 'out of tho Ad- - • vances Account. • in 'tho case of ad-' :<v.; - vanoes. to settlors, where tlio loan fdoes ' r not "exceed £100, the term shall'. be 20 -years; between £100 , and £300, 30 years.; over £300, for 36J'.years. As regards advances to workers, where the S;-security.': is classified ."as; first-class,. all, loans ."hall bo f0r.30 years; second-class, • 20 years.- Tho Governor may,, fromtimo j;, v.:;.: to -tiinoj jihake regiilStiohi: for-tlie,.classi- : fication of securities in respcct of advances to workers. It is further pro- ,. vided- that tho : decisioii of tho'Advances ' . Board on' tho question' of the nature of : £ tho security shall-.be'final. .If a settler who .has. obtained ant advanco- so desires ;ftM;t"he':.lgin .^y,' : payments, corresponding. in amount to the valuo of the improvements effected, :: which shall bo assessed, by thoValuer- . General ; or; some/Jpersoh by'/ ;:':him;; :-: r -;loans ' ifiust in. , / future be made on tho due date of any i ', instalment. Except with the : consent ! of; the,superintendent, it shall not be. I:.-;- lawful;-j for.- .a land:, .board to jcancel- 1 a' ' borrower's • right >tp compensation or 1 i; : valuation.-.of improvements. -/Where :de- ; [ :,be ' emij'owered.' to'-'lease vthe "rhbrtgaged 1 j .. ' land .with or, without the right; of pur-' chase. -Under the present Act,, a worker r. :,vmust not: own more than .the section i ' on which, lie proposed to- build, but- it now proposed that lie shall not own' [Si "any . land other- than -the land which lie . | , . offers as' security ' for the loan, for which application is . made!". 1 A | worker, it is further-proposed, inay obf . ~ tain, a loan to'acquire:.as well as erect } ! & dwelling. The expression "to erect f• .v'S-a; dwelling-house" includes : adding to a, . -dwelling-house: ; already . erect-ed. Ad- '[ . vances inay. be made to workers to pay ifS:loans .raised byway of second mort f: gago prior to -the commencement of the Act. - :; v.;. -v