FREE STATE LOAN

Rotorua Morning Post, Volume 2, Issue 412, 22 December 1932, Page 5

FREE STATE LOAN

London, Dec- 21. The Irish Free State has announced a plan for repayment of the American loan of £1,000,000 raised during the troubles of 1920, by paying 1| dollars for every dollar subseribed, less the amount already paid. A bill is now being introduced into the Dail,

an internal loan for the resumption of both national and public works of an essential nature. "I was not able to see the actingMinister of Employment," said the Mayor, "but I had an interview with Mr. Jessep, the deputy-chairman, and Mr. Bromley, a member of the Unemployment Board. The deputy-chairman and Mr. Bromley Were already aware of the concern felt in Auckland resulting from the 10 per cent cut on relief wages and sustenance, and it was only necessary for me to stress the widespread community opposition expressed against the cut. "In' reply, I was informed that it was not possible at the moment to withdraw the cut on aecount of the difficulty the board was expeidencing in making provision for all the unemployed on the register, and, in fact, it was stated that the board's income was some £10,000 per week less than its 'allocations, which the board could not carry indefinitely. The whole matter, however, was under consideration, and the problem presented by the increasing demands upon the board's funds was under review, and it was hoped to bring about improved conditions in the New Year. City Council Schfeme "The deputy-chairman and Mr. Bromley expressed appreciation of the rcheme put forward by the City Council to provide constructive work at c-urrent rates, and indicated that they would assist the council's scheme to the fullest possible extent. Details were diseussed, and these will be rer orted by me to the council in due course. In a subsequent interview with the Rig'ht Hon. J- G. Coates, he also indicated that the problem of employment was before the Government, and I understood that this was one of ; the matters that was receiving urgent consideration. Two Ways "It seems to me that the problem has resolved itself into two major considerations: Either still more taxation will need to he imposed to provide the necessary funds to enable more adequate rates to be paid for unemployment work, or the Government must go to the country for an internal loan for the resumption of both national and local public works of an essential nature, the. interest and sinking fund to come out of unemployment taxation. "It will be generally agreed that taxpayers are already bearing* the limit of taxation burden, and the latter proposal, therefore, is the one that should be considered; even at higher rates, the unemployed cannot be expected to put their hearts into ! some of the work which they are asked to do, but a resumption of useful work would react for the benefit of the whole community. For this reason I heartily disagree with the Economy Commission that future capital works must be carried on out of re- : venue."