WELLINGTON NEWS

Hokitika Guardian, 1 June 1926, Page 4

WELLINGTON NEWS

THE BUS REGULATIONS

(Special to “ Guardian.”)

WELLINGTON, May 28,

A special committee of the Wellington Chamber of Commerce has considered the bus regulations and has recomended the Chamber to enter “ strong protest” against the same being in the nature of Government interference with private enterprise. There is nothing new or startling in the decision or the proposed procedure. .Many protests, and strong protest have already been made, but without result. The bus regulations are an effect, and it seems to be a waste of time and energy to minimise the effect. Mould it not bo better to attack the cause which has produced such an alarming effect. The 15ms Regulations have been promulgated under the Hoard of Trade Act, 1919, and the amendment thereof, 'i'llis Act gives the Government, through the .Minister of Industries and Commerce, unlimited and unrestricted powers. The Now Zealand Government under the authority of this Act can do anything that the tyrannical Soviet Government of Russia can do. Broadly stated the Board of Trade Act empowers a Coates to become a “ Contcsfski ” and a Ila when to become a “ Hawkensky.” The power lor mischict is in the Act, and it is the Act that should he attacked, for it is the cause of the mischief. The Bus Regulations may he modified, hut that does not lessen the dangers of Government interference with private enterprise. If the Board of Trade Act was not in the Statute Book, the Government would have been obliged to submit the Bus Regulations for the consideration of Parliament, for a Bill authorising the regulations would he required to he passed. The efforts of every one should he concentrated on having the Board of Trade Act repealed on the ground that it confers such powers that should not be conferred on a man or any body of men. Another Government at some future date, acting under the authority of this Act may carry the tyranny a step further. The Government is forcing its own friends to array themselves against it. A new organisation with a political flavour and having for its definite 'object the repeal of the Board of Trade Act is certain to see the light of day very soon, and such an organisation would receive very strong support from women electors who are likely to be the worst sufferers from the removal of the motor bus from the streets. A NEW ZEALAND LOAN.

All though the great strike, in fact all through the month of May, the London money market has been gaining in strength. During that period the gold reserve ot the Bank of England has been strengthened by the inflow of £2,(>00.000 of gold, and the rates for money has been eased slightly. The outlook appears to he exceedingly good for the return of easier monetary conditions. In norma! times the London money market usually displays ease, the market stiffening with the autumn demands. The prospect of easier conditions has brought a Hood oT borrowers into the market, and there is said to be a regular queue fif loan applicants and their demands have scared the underwriters who advise the severest pruning of requirements. Among the applications is the New Zealand Government. The Dominion wants £6.000,000, at .1 per cent, and the issue price will lie 93). In .May of last year the N.Z. Government placed a 4.J per cent loan of £7.000,000, but the underwriters were left with the bulk of the issue. More recently the underwriters had a very bad experience for nearly all the trustee loans have been left on their hands. The New South Wales 5 per cent, loan for £-1.000,000 issued towards the end of March at 9S had not been cleared a week ago for the underwriters were still offering them at £97 17s Sd. However willing and anxious the .British may be to leu d, there are not the funds available for the purpose. The borrowers most moderate their demands. It is probable that tbc amount for New Zealand will be cut down to £5,000,000 and even so the underwriters will be left with the majog .part of the issues. Besides the loan to be issued in London, our Government is borrowing in Australia. Last week a Melon time firm of sharebrokers an- ! mum cod the placing of £24,500 New Zealand Government s', per cent bonds, due October 9. 19.44, at £lO2 15s. Interest is payable and principal is repayable in -Melbourne, free of exchange and free of income tax. Tin's appears to lie a good deal on the part of the. Government for a substantial premi mn | is obtained. The Australian States are also offering 5} per cent for loan money.