LATE IN HOUSE OF REPRESENTATIVES

Wairarapa Times-Age, 5 July 1940, Page 3

LATE IN HOUSE OF REPRESENTATIVES

MR J. A. LEE’S AMENDMENT DEFEATED. AN OVERWHELMING. VOTE. (By Telegraph—Press Association.) WELLINGTON, This Day. Further contributions were made to the financial debate in the House of Representatives yesterday. The debate was resumed by Mr Lee (Democratic Labour, Grey Lynn), whose address had been interrupted by the adjournment the previous night, and he was followed by six other speakers, including two Ministers. The amendment moved by Mr Lee to the effect that certain of the Budget proposals were not acceptable because they' did not provide for a greater use of the public credit was rejected by 63 votes to two, the Opposition voting with the Government, against it. Mr Lee's amendment was seconded by' Mr Atmore (Independent. Nelson), who did not speak, and theirs were the two votes in support of it. The authority taken by the Government to take ovei’ overseas securities was discussed by Mr Wilkinson (Independent. Egmon't). He pointed out that in many cases these securities were the basis of overdrafts, and suggested that instead of selling securities on a depressed market it would be better to hypothecate them in some way and return the stock to the owners at the end of the war.

The Minister of Marine. Dr McMillan, made his first speech in the House since his appointment to the Ministry. A scheme of special insurance premiums on assets as an alternative to the Government's proposals for raising war finance was suggested by Mr Holland (Opposition, Christchurch North).

Notice of his intention to move that Government business take precedence on Wednesdays from now on was given by the Prime Minister. The House rose at 10.30 p.m. till this morning.