LOCAL BODIES’ LOANS

Dominion, Volume 15, Issue 3, 28 September 1921, Page 6

LOCAL BODIES’ LOANS

SOME AMENDING PROVISIONS THE MORTGAGING OF DEBENTURES The Local Bodies' Loans Act Amendment Bill, which was introduced in the House of Representatives yesterday, contains some provisions of importance, it extends the time within which loans authorised by the ratepayers may be raised and extends the provisions of tne principal Act for the hypothecation of debentures. The Bill repeals the old definition ol ratepayer and substitutes the tallowing:—“Ratepayer means every person whose name appears for the time being in the occupiers’ column of the ratebook of a local authority, and includes the husband or wife, as the case may be (if any) of such person.”' The principal Act provides that in cases where authority is given by the ratepayers for the raising of money for any particular purpose, ’he authority shall lapse if the money is not raised within two years. The Bill extends tti« term to five years, and provides that the extension shall apply to loans that have been already autljorised by ratepayers if the authority has not ym. lapsed. The limit of XIOfK) on the face value of debentures issued by local bodies is removed. It is provided in the principal Act that pending the raising of any special loan, the local authority may 'borrow any sum of money not exceeding the total sum authorised by hypothecating or mortgaging of the debentures authorised to be issued. The Bill provides that the person lending money on such hypothecation or mortgage shall be entitled to possession of the debentures until his advances, interest, and charges have been repaid, and that the debentures may exceed in face value the sum borrowed. It further provides that the local authority bv agreement may confer upon the lender a power of sale of all or any of the debentures. The rate of interest that may be paid to a lender under this heading is Increased from 6 nei' cent, to 7 per cent. This increase is made retrospective to March 31, 1921. ANZAC DAY TO .BE OBSERVED AS A SUNDAY, The Anzac Day Amendment Bill, introduced in the House of Representatives by the Minister of Internal Affairs, provides for the full observance of Anzac Day in the future years. The Act of last year directed that the anniversary of the landing on , Gallipoli should be observed "as a public holiday." The Bill proposes to substitute ths words "in all respects as if Anzic. Day were n Sunday." This will involve the closing of hotels and the cessation of ordinary business and amusement on Anzac Day. APPOINTMENT - DELAYED THE GOVERNMENT ECONOMISES. The delay in the appointment of an Assistant-Director of Education was mentioned in the House, and the Minister of Education (Hon. C. J. Parr) explained that the Government did not propose to fill the position at present. Ministers felt that new .appointments should not 100 made under existing conditions if the necessary work could be carried on eSiciently without the appointments This rule applied generally. The Minister added that the Education Act made it almost impossible for any teacher or professor to apply suc- f cessfully for a high' position in the Department if ho happened to be employed outside the Department. This was an anomaly that merited the attention of Parliament, and probably it would 1,0 brought before the House during rhe session. Mr. A. S. Malcolm (Clutha) approved of the delaying of the appointment. The Government, could not reduce its expenditure too soon.

MEMBERS’ QUESTIONS Mr. J. R. Hamilton (Awarua) has asked the Prime Minister "whether he will give the House an opportunity to discifts the matter of salaries of members of Parliament and all civil servants, with a view to making a reduction in order to reduce the ever-increasing cost of administration of all Departments of State." Mr. H. Atmore (Nejson) is 'asking the Minister of Education if it is his intention to make it compulsory for all teachers in public schools to take the oath of allegiance. Mr. Witty (Riccarton) is asking tne Minister in charge of the Pensions Department "whether he will see that no wife of a permanently disabled soldier shall lose her pension because they are trying to get on anil better their condition in life.” ~ Mr. J. R. Hamilton (Awarua) is asking the-Primo Minister "whether he will give members of Parliament an opportunity to place on the Statute Book legislation abolishing the Arbitration Act and preference to unionists, thereby giving the free man freedom to work, and also give him protection while be is willing io work.” publiclrust office The vacancy that exists on the Public Trust Board was mentioned in the House of Representatives yesterday afternoon by the Leader of the Opposition (Mr. T. M. Wilford). ? The Minister in charge of the. I’nlilie Trust Office (Hon. J. G. Contes) replied that the existing law required cue of the Assistant-Public Trustees Io bo a barrister and solicitor The Government was framing nn amendment of the law that would permit either the Public Trustee or one of the Assistants to be a barrister and solicitor. Tn the meantime Mr. E. O. Hales, from Auckland, was acting as Assistant. This arrangement would stand until the opinion of the House had been taken on the Government’s proposal. i banklng~hours The Banking Amendment Bill, which was introduced in the House of Represcentntives yesterday, provides that banking hours may be regulated by Or-Her-in-Uouncil. The measure is intended to give more elasticity in the fixing of banking hours, so that, if thought desirable, the banks may bo brought more nearly into line with other business institutions than is now the case.; The Attorney-General yesterday gave notice in tho Upper House thnt he intended to introduce the Law Practitioners’ Amendment ■ Bill and the Law of Li'bel Amendment Bill.