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Hokitika Guardian, 16 September 1924, Page 1

KXTKNSKdN STKOXGI.Y OI'POSKI). ArCKI.AXD, Sept. 11. Feel ino nf iinlij'M.'itioii, disgust and exaspei alinn Mere encountered in every <lll;irtor wliiti* inquiry was made inncornin'' the recommendations of tlie* I’nlilio Accounts Committee of I’arliain,oil on tlit* subject of tin* moratorium extension. (hit* husiness 111:11) said tlio jfill should Ilf entitled tin* “Perpetual l'n- , crtaiiity Hill.” In his opinion the wav win liniiio propannl lor oontinmnl ilit erfereme l.y tin* Statu will) private finance. •‘lt. is .-imply invitinn further apitat ion ami ftirtlmr revision,” said nnotlmr. *• I’a rlianmnt fails to understand tliai every time* it ‘monkeys’ uith tin* moratorium it iurllmr rcditci’s tlm onnlideime ol lomlors in private contracts, and tin* result is that, instead of farmers bein'; helped, they are further hampered. f lhnt tact is as plain as a pikestaff to anyone familiar uith the money market. 1 lu* extension of the moratorium has had a most unsettling effect upon investors, who. without it. have suHieient reason for nervousness over mortoaee investments. 'rin* iiillation of the price of Inn,!, and tin* slump, are unite sulliciont in themselves to make shy. partieiilai ly when the cream ol farm land securities is skimmed h,v tin* sinkine; fund emu mission, *rs ol local hollies, which do not pay taxation. Faced uith u hat is left, private lenderseek lor other means of employin'.; their capital, and find it in war loans and pnhlie body debentures, on the latter of which taxation is fixed at hall .. oi'..ii*n in Mm (* 'Tin* nfl’i'i’f nl" i 1 11• fli-

version <>l money into these chan vis is nonilist production. Imt lenders cannot lin Mamed for seeking snl'ety. Ami snfetv is not tlm only attract ion. 'I no return is j>ronler for those ivlio pay income tax at. the higher ratos. Cnmparil taxation at 'Js (id on oaeh CIO-'IO ol income from public lauly debentures with taxation at -"is lOd. loss the recontly annolinood reductions, on each SI in £I(MHI from mortonoo iavostmonts. It is 11 -•"> against Cl!lh. Thus thoro are several inllm-mes oomhiniiu! interforonoo with private contracts, that are act in-! against the interests id the farmers whose prosperity everybody desires. sooine primary production pays lor everythin-!. “I should also mention that lenders, who still consider farm morten-ies, now demand a far orenter margin of securit than formerly. They are hound to do so. and. aeain. the Ciovernment is to hlnme. lor io a lar*!e extent its soldier settlemciil scheme caused the iu--11 a t ion. Those who clamour for an extension of the moratoiium are hopelessly involved, and nothin-! can he eained h.v pmlonoiu-! their a-r011.v." “The linlv elfecl of the present proposals,” said a prominent lawyer, “will he to further shake the confidence of investors.” lie did not anticipate that the lixint! of .March hist. I'■ I -’•>. :is the final date for tiling applications for extensions would result in decisions In-in*! eiv- n In-lore July .fist, the dale siteeested for tin- oencral extension. It the moratorium were ended on Dec-(-uiher hist, without i|Uestioii. it would still take years for its effect to pass, hut Parliament seemed disposed to play a lan it with it from session to session as if it were a trivial matter. MLJ— llllir