POLITICAL NEWS.

Taranaki Daily News, 13 September 1919, Page 3

POLITICAL NEWS.

EOTORUA CANDIDATES. By Telegraph.—Press Association. Whakatane, Last Night. Four candidates are announced for the ftofoiua electorate, besides at least two ; others who are contemplating standing, namely: Messrs. Banks, Education Board chairman; Kcegau, Fanners' Union delegate; Oldham, Aotorua; Lorney, returned soldier. None have announced his party so far, except Mr. Oldham, who describes himself as » Liberal candiato with Labor leanings, ABOLITION OF GRAND JURY. The Crimes Amendment Bill, introduced by -the Hon. Mr. MaeGregor in the Legislative Council, has for its object the abolition of the Grand Jury The sole operative clause of the Bill runs thus: — "The Attorney-General or SolicitorGeneral for New Zealand or any prosecutor for the King in the name of a law officer, may make presentment at the Supreme Court of any person for any crime, and every such presentment may be in the form contained in the schedule hereto or to that effect, and shall be as good and of the same force, strength, and effect in law as if the same had been presented and found by the oaths of twelve men!" FREE OF INCOME TAX.' Sir Joseph Ward said recently that he wanted to associate himself with what had been said by the Finance Minister. The subscription of this loan was of just as much 'importance us the, subscription of previous loans. He was glad to see that the loan was to he raised at 4J per cent, free of income tax. Ho wanted to say that because lie had not been able to be present during the Ad-dress-in-Reply debate; and he could not understand how any friend of Labor could ask that the rate of interest should be increased in this country. (Hear, hear). Mr. J. McCombs (Lyttelton): You are making it equivalent to 7 per con' (Hear, hear). Sir Joseph Ward said that rents would have gone up and the cost of money to small men would have gone up if the rate of interest had been raised. The men who would have been disastrously fleeted would have been the workers and the toall men generally throughout the country. Mr. J. Payne (Grey Lynn): You want to get a bank. (Laughter). Sir Joseph Ward stated that for those reasons he did not want to see the cost of money raised in this country. Throughout the war money had bt-n cheaper in New Zealand than in any other country in the world. Instead of finding fault, he thought that was a thingfor the country to be very proud of. (Hear, hear). When he < was passing through Canada, the Government there was raising a loan at 5J per cent, free of income tax. One of the United States war loans was raised at 5£ per cent, free of income tax and free of all local rates, and the British war loans raised at 4 per cent, were raised at a discount of 20 per cent. Mr. Payne: The international finance gang. (Laughter). Sir Joseph Ward: That is, the British Government only got 80 per cent. of the loau raised. Therefore, the Finance Minister was doing the right thing. No wise man in New Zealand, he added, could want to nee the interest on the farmers' mortgages raised, the interest on general mortgages raisedand rents raised. ________ COMPULSORY SUBSCRIPTIONS TO LOAN. In the House the other evening the Finance Minister directed special attention to the compulsory provisions with regard to the loan. They were used in respect of the last loan and would be used in respect of this loan. (Hear, hoar). There were some cases in which the compulsory clauses had to be applied in regard to the last loan; but he was glad to say that generally speaking the public had subscribed liberally, and the compulsory provisions had had to be exercised in comparatively few casos. Those compelled to subscribe got only 3 per cent. Mr. J. McCombs (Lyttelton): Are there some receiving only 3 per cent?. Sir James Allen: There are; and that is all those will receive in respect to whom the compulsory provisions are exercised this year. (Hear, hear). Mr. G. Witty (Riccarton): How are you going to work it in connection with the Mortgages Extension Act? What are you going to do if a man cannot get in his money to buy up these debentures? Sir James Allen: He will have to borrow it from the bank. The Finance Minister added that there were some who ought to have done so had not subscribed to the last loan. They would be compelled to subscribe what they ought to have subscribed last year, and also they ought to subscribe to the present loan. (Hear, hear). |