MEETING OF ELECTORS

Dominion, Volume 20, Issue 42, 13 November 1926, Page 6

MEETING OF ELECTORS

ADDRESS BY MR. G. ELIOTT.

Feilding, November 12. “Owing to the demands. made upon the State Advances Office it is short of capital, and as it is not always possible to raise loans on such terms as will enable advances being made to our farmers at a reasonable rate of interest. I am of opinion that authority should be given the superintendent to accept a limited amount oi money on deposit at call and also for a short term,” said Mr. G. Eliott, M.P., in the course of a post sessional address at Feilding last night. Tile speaker went on to say that it was not sound business to accept money on deposit at call and invest that ’money in long term mortgages, but in view of tilt fact that the annual income of the State Advances Office amounted to at least £1,500,000 he could see no danger in giving the office authority to accept up to say £4,000,000 on deposit at call. The office was most economically run, and as the rate of interest paid for the monev on deposit at call would be much' lower -than' the rate on loan monev, his proposal, if entertained, would assist in keeping down to the minimum the rate of interest charged the farmers. After dealing with unemployment, in regard to which he expressed the opinion that the Government’s present policy was adversely affecting production, Mr. Eliott proceeded to traverse the Motor Omnibus Traffic Bill. He stated that these regulations were passed bv the Government by Order-in-Council without reference to Parliament and petitions containing some 100,090 signatures had been presented protesting against the action of the Government. The speaker said the passing of the legislation undoubtedly plaved into the hands of the Labour Party, which would make full use of the principles of the Act to further their objective, namely, the nationalisation of all industries. The general public felt that there was too much Government by regulation in this country, and the administration should, the speaker thought, avoid as far as possible, this form of Government. After he had answered a number of questions in regard to various matters, Mr. Eliott was accorded a vote of thanks and confidence.