Untitled

Hokitika Guardian, 28 November 1927, Page 2

Our Government will have to credit its responsibilities with regard to the debenture issues which may he made for intermediate credit purposes. If, as is understood, the debentures are to lie signed by two high officers of State, then it is difficult to see how all State responsibility can be disclaimed. Ibis question may not arise for some time, but the first step to issue debentures overseas will give it prominence. These are matters closely concerning one of the most important measures introduced into Parliament for some time. The object is to bridge the gap at present existing between the short loans granted bv banks and other financial institutions. and the long-dated advance, usually in the form of a mortgage on land. That some such provision is needed is generally admitted, but there must Ik* care taken that the svstliem finally adopted is designed to meet the peculiar conditions of the Dominion. While a degree of elasticity is desirable, there must be no doubt about any part of the proposal.—“Lyttelton Times,”