THE NEW ZEALAND LOAN.

Taranaki Daily News, 22 September 1915, Page 2

THE NEW ZEALAND LOAN.

BILL BEFORE THE HOUSE. ~By Telegraph.—Press Association. Wellington, Last Night. In the House this afternoon an amend, meat to the New Zealand, Loan Act was introduced by Governor's Message. Sir J. G. Ward explained that the amendment now proposed merely repealed the clause limiting the amount that tnjght he held in one debenture to £IOOO. He had decided to strike out a limit altogether. ' Mr .Sidey asked the Minister whether he would reconsider his decision not to accept these loan debentures in payment of death duties. Mr. Hine asked if the Minister would give an assurance that he would not permit Government departments to,take up loan debentures. Already there was a shortening of money available for settlers, and he did not wish to see tnese funds absorbed by loan debentures.

Mr. Wilkinson asked that debentures be sold at country offices.' Mr. Payne advocated a State note issue, instead of this domestic loan. He was convinced that the raising of this money within the. Dominion would endanger local finance. Sir Joseph Ward, in reply, said it was not advisable to divert death duties from the Consolidated Fund to the Public Works Funds. Money for debentures would bo received at any money order post office. He thought it would be a very imprudent thing for the Government to attempt a note issue at the present time. If they relieved investors in local bodies loans of payment of income-tax they would have to introduce fresh taxation. . Local bodies would be wisely advised to avoid spending money unless it were a matter of necessity. The amendments were agreed to and the Bill referred to the Legislative Council