THE SESSION'S WORK.

Taranaki Daily News, Volume LII, Issue 207, 6 October 1909, Page 4

THE SESSION'S WORK.

PRLME MINISTER MAKES A PROPHECY. ANSWER TO FINANCIAL PESSIMISTS Sir Joseph Ward expressed liimst'lf to liis Wellington friends as being "in line trim." "How long will the session last? My u[iini(iii," suid Sir Joseph to a New Zealand Times representative, "is that if the House goes to work in a rational way, there is no reason why we should not do a full session's work before Christmas", and without driving or working unnecessarily long hours'. There are some very important matters to deal with, but one naturally expects to find commonsense applied to the business of members of Parliament." OIIEAP .MONEY FOR LOCAL BODIES. The (important schema for Jloatling loans for loeal bodies on the London market has to be slightly revised, so as to group the loans into totals' of not less than 11(111,0(1(1. Sir Joseph was asked what rate of interest the loeal bodies would be required to |kiv, and replied that it would not exceed »'/ a per cent. All that was required to make a workable scheme u.is the creation of a eenlral trustee for the local public bodies. "I could have had a million of money sent out to the public bodies ipiite easilv," said the Prime Minister, "but the dill'icully was that (here was' no legislation lo enable the grouping to be done, and I could not in an irregular way attempt lo foot up the ■onimunieations I had received regarding the reipiircmcnis of local public bodies before leaving New Zealand. Proper conditions for security are necessary, and it will mean a, special rale to enMire, payment, of interest. The lenders do not require a sinking fund, but in Ihe interests of loeal bodies themselves Ibis sliould be provided. I am not exaggerating when I say thai all the money wanted can be arranged for on what T consider to be good terms, and it will remove the borrowings of the local bodies from the local market. There will be no foundation for the exaggerated statements which for political reasons are sometimes made in connection with this mailer, irrespective of what are the real facts.'' THE .MILLION LOAN.

The million loan for Advances to Settlers and Public Works furposcs was' raised, said Sir Joseph, on exceedingly satisfactory terms. The interest is V/-, per cent.. :-nd the loan is not on shortdated ib' :■:. arcs. ''-From the country's jioint of view,'' commented the Prime Minister, "the fact that we obtained ■money at that rate on exceedingly satisfactory terms in' the strongest answer that can be given to the pessimists who •are always trying In put the worst side on everything. The only natural assumption is that they assume it will have, an effect on our credit, otherwise, short of absolute stupidity, it is difficult to assign any reason for it."