NATIONAL ENDOWMENT BILL

Wairarapa Age, Volume XXX, Issue 8866, 29 October 1907, Page 5

NATIONAL ENDOWMENT BILL

THE SCHEDULE CLAUSE. By Telegraph—Parliamentary Correspondent. WELLINGTON, Monday. The National Endowment Bill was resumed in committee in the House of Representatives, to-night, at clause 12. This clause enables the Treasurer to issue and apply such sums of money, not exceeding in any one year £50,000, as may be appropriated by Parliament for che formation of roads and construction of bridges uponjanyjnationaljland for the purpose of facilitating settlement. In speaking to the clause, the Premier stated that it was uot intended that the principal and interest should be repaid under the clause. It was, he said, his intention to introduce legislation this session to reduce the interest on loans to local bodies by one-half per cent., so that money would be obtainable at a rate of interest not exceeding -4£ percent. Even then, he added, it would-be quite possible for settlers to obtain money under the Loans to Local Bodies Act. The clause was passed after a short discussion. The committee then went hack to the adjourned clause 2, which deals with the schedule of land set apart as endowments for education and old age pensions. The original schedule allocated 9,000,000 acres of land for thesfijjHJffiQses; the new proposal rePHHHPBlHPPßl^^rovlsions^ir all such land shall be or become and shall at all times thereafter remain subject to the provisions of this-Act accordingly." Mr W. F. Massey, Leader of the Opposition, complained that the proposal was. worse than the original one. When the sub-clause passed, he said, he would move a further sub-clause providing that at no future time should the national endowment land exceed 9,000,000 acres. After several ineffectual attempts on the part of the Opposition to amend the sub-clause, it was agreed to on the voices and added to the bill.