IN THE HOUSE

Rotorua Morning Post, Volume 2, Issue 387, 23 November 1932, Page 5

IN THE HOUSE

("Post" Special Commissioner) .

QUESTIONS TABLED COMMITTEE TO COJ^SIDER ECONOMIC ST^TE OF COUNTRY WAR DEBTS POSITlC)^

Wellington, TuQsday. In the House of R epTesentatiyes this afternoon, the Leader .of tiie Opposition (Mr. . BC; E. Hollan^-) gave notice of his intention to mpve fhat a special committee, > represent^tiye of all sections of the House shouid ie set up to inquire into the |no§Jt eflective means pf meeting . the exjs|ing economic difficulties and that ,suphr^. committee take into consideyation the following: — (1) The rest.ora^ion and stabilisatipn of purchasiijg;?power; (2) guaranteed ppices;, (|j ,||fg raising of, incpmps foh f.armers.and wage-earners employed and f unemployed; (4) exchange; yates (^):; effective utilisation. apd organisa^pn of curreney and cre}it; (P) -cogyg^ ' subsidy or bonus to primary produper ; (7) establishpieni: of ^mo^torium committee to report to the House within fourteen days. . • t The Prime Minister (Rt. Hon> (G. W. Forbes) informed Mr. Hp.ljand that whether it would h.e pos.sihiprtp prpvide f acilities for 4he . , cqnsidpTation of the motion to-morrow woujji depend on the business that was before the House. . Co-operative Societies ■ Mr. W. Nash (Labour, Hutt)j gave notice to ask the Prime Minister whether he would introduce legislation this session to 'confine the use of tke word 'co-operation' to societies carryiiig on business in accordance with the recognised principles of -produeing and distributive co-operative societies recognised as "co-operative." • * The co-operative principle .provided that all funds other than those -required for the management were eitHer distxibuted in the case of producers co-operatives to produeers, and in the case of distributive co-operative societies, to the purehasing members. Two , alternative schemes for the settlement of unemployed on the land have been under consideratioh fpr the past week by, the Minister pf Empioyment, Rt. Hon. J. G. Coatesj statqd this afternoon. As far as he was coiicerned finality had been*r,eached and the scheme which had been chosen would be ready for submission to Cabinet after the Treasury had been consulted on the financial aspect! War Debts Payments Captain H. M. Rushworth (Independent, Bay of Islands), asked the Prime Minister whether Great Britain had agreed to the postponepient of the payments for interest on. war debts for a further year and whether it was correct that the sum invpjlv.ed amounted to £850,000 aird if tiie report was correct, how would the boiid-holder-s be affected? In reply Mr. Forbes drew attention to the announcement in the Bndget rs follows: — "Following Ilori. Downie Stewart's personal representations m London in regard to our difficqlties, 'Great Britain has again extended a helping hand by consenting to postpone for another year, all payments due on our funded war debt ,aiid certain other debts due to the Britjsh Government. The additipna.1 relief to this year's Budget is £825,000 in addition to which a saving spi £47,000 Vvill accrue to the State Adyances Gffiee. ,, Mr. Forbes added that the funcled debt was an arrangement made between the Imperial Government. aqd the New Zealand Gqvernment in ,rpspect of moneys raised by tHe Imperial Government during the yar; period and lent to the New Zealand Government. It related to no particular holders of Imperial Government ^ securities and therefore the lenders wer,e not affected as their interest wonld cpn- •' tinue to be paid by the. Imperial Government.