POLITICAL NOTES.

Gisborne Times, Volume XXIII, Issue 1874, 2 October 1906, Page 3

POLITICAL NOTES.

THE LAND BILL.

(Special to Gisborne Times.) Wellington, last night. The turnings that are bomg b.-id, and the resolutions Hint am be-r.g » -. nol m various parts of the oomitiy protesting against ti o Land Bill, have imprisaid me tub err nnns.-derabi*, a'-d the th.it tho Auclil hi.! e-.!tidi-tu-.)a:ar> vv H-iuii.ui was moved by one cf the la£.a Me S-ddnn’s friends, a strong suppi r;or of thj Govern-

ment f:r many ye ns, has not escaped not or. The imp-use in the Lauds Gem miitfC last week makes it probable that Sbo second reading debate on the Bill will net be taken until Tuesday work. To-uight’a Post states there is an impression m the lobby that the Government will make a dototmiutd elicit to pass tho Laud Bdl through this session. As a matter of t-olual fact tho impression in the lobby is exaoily tho opposite. Leaving the Opposition out of tho question altogether the majority of the Governmn supporters now realise that it would be useless to attempt to push the Bill tb-ough this session, and further mors that Jn the three weeks that will remain after the second reading debate oommoDoes, it would be utterly impossible to do so, Indeed one very prommeDt supporter of tho Government as late as last night was ready to make a bet with me that the Bill would no! get past tho “ short title ” in Ccmmitieo. While I would not go so far as that I feel sure that little progress will be made with it in Committee, and that there is not the slightest chance of its becoming law this session. As the days go by the crudities of the Bill are becoming more and more apparent to members. The greatest difficulty seom3 to bo in regard to tho investment of money. Though Mr McNab announoed that "foreclosure ” was abolished in 1812, it is contended that he should have mentioned the fact that a muob more effective remedy had been given to mortgagees, viz , tho right to sell the property through the Registrar of the Supreme Court. Indeed when people talk about foreclosing now that is what they mean. There is no puttiog into operation nowadays the old cumbersome maohinery that involved an action to foreclose tho equity of redemption, but the new Land Bill proposea to Sak9 away the remedy given to tho mortgagee, which made the old remedy of foreclosure useless. In talking to-day to two city men who are conoeoted with important financial institutions, I gathered that in so far os thoir oompanies were concerned, if the Biil becomes law it will mean that thoy would have to charge a higher rate of interest because of the Lsseniog of the security, while in seme instances in whioh they now lend money they would not be able to lend at all iu the future. It is beiDg freely stated in the oity today that one large financial institution, to whioh the ooiony has been beholden for a good deal of assistance in reoent years, has already ceased to lend on large properties in the country.