FOUR-MILLION LOAN.

Dominion, Volume 5, Issue 1482, 3 July 1912, Page 7

FOUR-MILLION LOAN.

$tOHG PARTICULARS.

BTILL RATHER VACUA,

Th/) purposes for which tho .£1,500,00!, loan was raised voro explained by (IkMinister for 3?inanoo In tlus House of liopresontatavEß yesterday afternoon. His fltutonicnt was uaecd_ (jn 6 cablegram iiorn tho High Commissioner, and he" premised further Information wli.cn further doouinents wcro rccelvod, Jn about' teii' days. _ .; .Mr. Myers said that the cablegram containing tho information was dated Juno 7, and it stated that full details were being posted lo Now Zealand on that date. That wider information was expected in, about ten days, but meantime l\o desired to give tho Jtou-so all tho information which ho had rewired. • > Tho purposes of tho loan were aa follow;— Allocation of 1912 Loan, vS Aid to Publio Works and Land - Settlement Act'; 1911 " 1,050,000 Tho New Zealand; State Gnar^ nnteod Advances Act, 1991)— Advances to Settlors '..... 802,300 Advances to Workers 750,000 Lands for Settlements 210,001) Naval Defenco Act, 1301) 1109,800 Aid to Public Works and' Land Settlement Act, 1908 100,000 Aid to Public Works and Land Settlement' Act, 1000 200,000 Aid to Public Works and Land Settlement Act, J'JOl 117,700 Aid to Public Works and Land Settlement Act, 1003 ......... 30,000 Aid to Public Works and Land Settlement Act, 1903-4, and Hailways Improvement Authorisation Act, 1004, Consolidated under Government Hailways Act,' 1908 5115,500 .Total 4,500,000 Sir Joseph Ward (Awarua) asked what amount of' the total sum was for renewal of loans. \ ... .I'. Mr. Myers replied that none nf these amounts wore tor renewal of loaus. Mr. Alien said he could not understand the statement how made, seeing that th« Minister for Finance had .already told them, that JC2,265,000 was for redemption of loans. .They would- like, to know how much, was for the redemption of loans coming duo about March 31.

' Mr. Myers saii .tho reason, lie did not; givo tho information before was* that owing to tho meagro. details.conveyed by cable it wns impossible to givo such definite-information as the lion, member desired until the arrival of a letter from tho ILiph Commissioner, which would arrive m ten days.

Sir Joseph Ward saidas lio understood the matter, tlits whole of tho allocations under tho loan did not .allow of any moneys being used lor renewal or redemption of.loans

Mr. Jns. Alien pointed to the items Aid to Public Works loans 1901 and 1903.

■ Sir Joseph Ward said, that in the ordinary course that would not bo for the f ro-' deniption. of loans. Mr. Allen: But short-dated- debentures .under the Act must be redeemed. 1 \ Sir Joseph Ward said ho wanted to know the amount, of tho loan that was used for redemptions and renewals. He - did not think it was possible that it could be J!2,25j,000. Mr. Allen: That'was what Miy Myers stated it. was the other (lay. V> hat the House wanted to know was what amount of .these .moneys was availablo for expenditure in the country. Ho thought the question asked by the'member for Awarua was quite a fair one, but the Minister for Finance had not; answered., it. He answered it tho other day by stating that ,£2,235,000 wa< required for renewals. The amount of the loan for use in tho country would depend upon Urn amount to bo used.for .bhorUda.ted, debentures falling duo and advances ' coniins due. Advances had. been obtained against the Heservo Fund securities held in London to the amount of .£785,000. . The Primo Minister stated that tho di«-| mission showed thb futility of endeavouring to satisfy the nouso with information until full particulars veto before :'thorn. Tho information was necessarily incomplete, and ho thought tliey sliould delay dealing with it until they Had complete information. Tho F\naj\ce Minister, he thought, .had been too anxious to meet tho request of tho House. previous to hi* having received complete informa* Eraser (Wakatipn) said tliat_dc!lientures matured somo time ago. . They, were provided for by temporajy ndranccs, and to tako up those, temporary advances thU-lnan was required. Thev were told twcnUy ttiat tlw Government liad simply obtained temporary advances. • Sir Joseph Wnrd said that a oonsiderabto portion had nothing whatever, to do with advances. Tho idea.of sayiiig that the money bad not coin© to tho country would 1 laughed at. ~ Dr. A. K. Newman (Wellington-Eostt remarked that it -was entraordinary, that (ho Minister for Finance was ignorant, of tho details of tho loan which he l\art floated and was depending for information upon a clerk in London* wjio was apparently administering tho financial affairs of the Dominion. "The Minister rams to bo utterly at pen," Dr. added, "and does iiofc know wiUun. a million whnt is cninir to lifpTOii!'* Tho Minister added that ho had no intention of making any statement excopt upon points on which lio had accurate information.