PARLIAMENT.

King Country Chronicle, Volume VII, Issue 590, 2 August 1913, Page 5

PARLIAMENT.

"HE ADVANCES DEPARTMENT.

HELPING THE SETTLER

THE MARKET IMPROVING,

i [n\- TELIX.It.VI'JI. —rRKSS ASSOCIATION. J Wellington, Friday. Ihc House met; at 2d!o p.m. The Roman Catholic Archbishop Empowering Bill was rend a second time. In submitting a return showing I Ik? State advances from July Ist. 15)12, to July Ist, 11)33, the Hon. .1. Allen said although the limit of advancerhad been increased. The Government. | was paying out at the rate of £7;i.OUO t monthly, he did not. thin'; the total ; could be increased iiil the money | market improved. Mr Russell said he had heard that 10 per cent, was being paid for second mortgages. He would he quite pre' pared to assist the Government if they desired to meet, the high rate of interest to go on the London market for two million--. Mr Massey Raid the rate of interest depended on (he quality of the security. They ail knew there had ; been a stringency and that. it. had to : some extent been relieved. Money could now be' got at T 1 to (> p<t cent., providing the security were ; good. It, had been the rule that, the j Government should not advance money j to pay oil existing mortgages. He j did not agree with Mr Russell that, j they should go on the London market , at present. Mr Buddo said the fanning com- j munity looked to the Government to j relieve the stringency of the money market. | Mr Wiiford pleaded with the Goj vernment to see that borrowers were protected. Mr Young contended the lending system of the Government was being abused. Town properties were getting too much. The Hon. J. Allen said the Public Trustee had found a huge sum of money during the past year for local bodies, and the local bodies knew it He thought it would not be practic- j able to go on the London market; a:; j suggested. The Government, was not j responsible for meeting mortgages I coming due. There wad only a | limited supply of money and they ; could not do everything. The question was were they going to advance money to pay oIT existing mortgages or were they to advance money to settlers going on the land to increase the pro- I ouctivity of the country. Advances j were being made to leaseholders, j More had been advanced to them than ! to freeholders. Last year j as advanced to -IT! losoholder?, and ! £407,000 to ;<<jr> freeholders. The (Jo- ! veramc-nt proposed to do up to the best, j . of their ability to find money for the j _ settlers. Over a hundred thousand a j month was being paid out for advancer j to settlers and workers. | The Copyright Rill was read n third ! time and passed. The House went into Committee on the Land and Income Assessment Bill Mr Allen stated he was considering the question of the customs tariif, and ; whether something could not he done to relieve those paying the mortgage tax. A PROTRACTED SITTING. , ( OPPOSITION STONEWALL. ( In tbe House after 2 o'clock, the Land and Income Assessment. Bill was _ reported with amendments to which the ( Minister had agreed. The Old Ago Pension Reciprocity 1 ( Bill was put through its Committee stages unamended. The Committee then considered the ( Pensions Bill, till Mr Russell moved to report, tprogress, but on .*> division ( the motion was defeated. At B.'sf> a.m. Mr Veitch protested ( against keeping tho House to consider important, measures at such a late j _ hour. He thought the House was most j } obstinate. From thereon member of the Opposition kept the debate going. , At 0 a.m. with twenty-one members ( in the Chamber opposition to the Bill was still manifested. Amendment, j ( after amendment was proposed and j argument in favour of the amendments was prolific in verniage. but. , not in conclusion. Clauses .1 to (> were passed, and progress reported on _ the motion ol the Minister nt <.lO a.m. | , The- House was occupied for an j hour in the discussion of points 01 1 i order. ! ( At 8.15 a.m. the House adjourned, j