PARLIAMENTARY.

Otaki Mail, Volume XXVIII, 13 September 1920, Page 4

PARLIAMENTARY.

War Loans. The Premier in answering a question on Friday cleared up the misconception prevailing in Wellington regarding the war loans being free of income tax. It was suggested that the clause relating to the payment of income lax on Government and other debentures is a breach of faith with the holders of war bonds, but Air Massey said this is not to be the case. Where the mistake had apparently been made was that they had not noticed that the reference iu the clause was to assessable income, whereas income derivable from tlio war loan free of income tax was not assscsj tb!c income. He thought this quite plain in the clause, because the Government had not the slightest inj tention to commit any breach of faith in connection with these loans. Wool Profits. “The first distribution of wool prolit s to New Zealand growers is now in progress, ’ * said -Mr Massey on Friday. “The sum is £1,600,000. ’ ’ He was asked what was the amount of the second instalment, and replied that the. English head of the Imperial Purchase Department expected the . amount to be even larger than the first sum. but personally he did not agree with this estimate, his idea being that it would probably bo . £1.000,000. w Governor-General’s Residences. * The Premier stated in the House on ; Friday that Lord Jcllicoc is expected { to arrive in three weeks to take up his duties as Governor-General, an.i ins there were extensive alterations I needed at the Wellington Government i House, if was necessary that Lor J *, Jollicoe rind his family should go into | residence at Auckland for a time.