PATRIOTIC FUNDS.

Manawatu Herald, Volume XLI, Issue 2030, 18 September 1919, Page 2

PATRIOTIC FUNDS.

CRITICISM OF INVESTMENTS

Protest, against any hoarding-up of the patriotic funds was made by Dr. A. K. Newman (Wellington East) and Mr C. J, Parr (Mount Eden) in the House of Representatives on Tuesday. Dr. Newman urged that the Government:''should announce this session some policy providing for the funds to be spent its it was intended they should be spent —for the immediate benefit of the men and their dependents. Air Parr said that while tlie.se funds should be controlled by local trustees or managers, the Government should have direct powers of supervision. It was quite wrong, to his mind, that money contributed by the public in this way should be loaned to local bodies for periods of 21 years, as had been done in some cases. He urged that the Government should bring down this session a measure providing for uniform treatment of the funds.

Mr T. M. Wili'ord (Hull) said that although patriotic moneys were invested in local bodies’ debentures, these were liquid securities, ami could he realised at any time. Ho knew of no security in which a better rate of interest could he obtained with perfect safety and with the funds readily available. MrC. H. Poole (Auckland West) approved of the investment of the funds, as it was not wise that large sums should he earning no interest for an indelinite period.

The Hon. W. If. ITerries made it plain, in replying, that the Repatriation Department had nothing to do with patriotic funds. It drew all the money it required from the War Expenses Account.