LATEST PUBLIC WORKS LOAN.

Dominion, Volume 4, Issue 934, 29 September 1910, Page 7

LATEST PUBLIC WORKS LOAN.

fx?";.;.; ; ■■■ WHAT DID IT COST ? ' AN INTERESTING STATEMENT:, v Replying to criticismin: the: House; of' ; Representatives r ,on' : Tuesday, " the. .. Prime Minister, (Sil'.'Joseph AVard) gave;.'some,in ; ' teresting information relating to tho) cost of 'raising, tho jlast'publio' works -loan. ■ ■ .Sir ffosejih'.^Vard'.said;that it; wasjutterly impbssiblefor. Kim to give 'all'tlio par-' ■ ticulars in; regard to' the .ldaiip as'. they :.| .iad.not yct;,come to hand.. \To show: tliftt. tlie .case,'lie might: mention, that ; •'lie;h'ad :just : received .the following!.cablegram from Homo:— ' J:!ffPaidi'dntcii Public .'Accounti-i to-day,- r. -£45,550 ;18s., ; balancej \of • authorised "loan of ,£1,850,000. 1 Accounts will fol- -;u low. by rieit wail audited."..- ; ! v;or : , the loan ' (Continued'. Sir v,. Joseph),'. ".£1*558,300. - hadalready been. ; converted into inscribed stock. '. ."'Mr.;Massey: ;Have. you paid the.;, pre-' mium? . . . ■ Sir Joseph; We nay ,£lO2 per cent, in .80 years to.thoso wlio.'agree to convert. ■ : Mr. : Massey : Do we pay interest on the' :additional;;£2'throughout the 'penod? -. i; i ; Sir. Joseph':! \Nq, and', we' don't pay the extra £2 lor 30 years. Continuing, 'Sir Joseph:said .'that': there, were 615'. applications in • regard to . the, loan. Of tnat number, 330,, representing; "J8925.000; had;, undertaken' to" convert ini-': mediately. >As ~wnversiori_, was optional the':part\bf. applicants, it. was. felt desirable, .to get them to commit themselves to.it as soon as 'possible. It was a.verv successful operation i ; for this, -whou it .was. remembered that one;country.' had to'; take their 1 loan. at 31 iter cent., whereas. tho New Zealand i loan fetched 881} per cent.' ; 'V' ■ ; Mr. . Allen: 'What ' about ;other. recent' loans? The Premier.'went on; to say., that 1107 1 body knew"the;whoje of : the : details. as.to' how the loans during, the" past;';three or .fouryears had been;raised. . : , .',, !'. - Mr. Massey :. • Not evfen."the 'Colonial ■Treasurer.! ■'/■ :Sir Joseph':. Oh, yes," I krioiv;i' - ; , ;Resiunmg, 'Sir , Joseph, said that this vvas due tto, .the : fact, that. the,, circumi--stances wero'rach' as to, make' the; publication of. the dofcails unwise. Members had never seen ; even' a prospectus except fin the ease of: the last loan. In each case; however,'the. loans had been':very 'success-~ ful. J' ;V 4v..' . Mr.,, Massey :, . .Well, I : think, that the. .House should bo given , all the details as. was the .case' in-tlie. old days. V <•' .'.-.'Sir; Joseph, said that the. trouble in/re-, .gard to raising loans in the old days was a -baby's, game; compared with what was the position to-day. V ,■ ' " V ' My.' Eraser: ;What; was . the ■ cost of underwriting? . ; ,' Sir Joseph: Ono per ccut. , Mr. ; Eraser: vWe asked-you that over ■and ■ over■ again, : .and this is the first time, that yb'u; havo given it. ' : . , , . Sir Joseph: You could have; been told that before. , .." • . . Jlr'.:' Eraser.: Does, that apply to-, other roceiit loans? ' ■ t -. : , Sir Joseph: Some of .them cost nothing at all for undenmtiug..' ! ■ ■ -. .'; ; ■ Replying later,' Sir Joseph said, that lie had made, a-mistake in saying' that .the interest on the extra £2 wasnot paid from, the date of . conversion. , ■ ' "NOTHING MYSTERIOUS," .Speaking on the third reading bf the Loan .Bill last night, . ~ „ ... .■ Mr.. Massey.. (Loader of ,the Opposition) said' that he was surprised to hear , a re-.; mark from the Prime Minister.'during . tho Committee stage. of the loan ;to tho effect that lio returns had been given in connection with . the ..loans. raised, during the past, tlireo or;four years. Sir Joseph: I did'not say that. .. Mr. Allen: Oh, \ ■ ' 'Mr. Massey (proceeding) ,saia.inni tue position was one which should' not .be tolerated for another day. It was creditablo neither to .the Houfce nor' the counI try. ■ Subsequently, tho Prime Minister said that each Financial. Statement contained reference to loans which had. been raised. And yet Mr. Massey had declared that-ho (Sir Joseph), had said that Ino information had been given to the Houso in regard to loans for four years—- • Mr.' Massey: Details is what I said. Proceeding, Sir. Joseph said, that there was nothing-mysterious-about tho raising , of; our loans. If .it wero i>ossible tho whole of tho details might bo made public. Care had-to be taken to see that no :harm was done in tlie caso of any loan about to Ire raised. ; Mr. Eraser Well, ■I . don't'understand why so much information is withheld. Sir Joseph: There would bo bound to bo Criticism. Messrs. Eairburn and Silk, land ,and estato agents, Wanganui, are advertising for sale in this issue, a sheep farm in. Waimarino district, of 1201 acres. Intending buyers are advised to writo them for furthor particulars. ' As Mr. 'I'. P. Lyons is giving up poultry forming, ho has instructed '..Messrs. T. K. Macdonald, Ltd., to sell at his poultry rancli, Kilbirnie, 350 woll-brcd poultiy in lots to suit purchasers. The sale takes place to-morrow at 2 o'clock, and, ivill be without the slightest reserve. >