The Wairarapa Daily. SATURDAY, JULY 10, 1886. PUBLIC ADVANCES ON LAND BILL.

Wairarapa Daily Times, Volume VIII, Issue 2343, 10 July 1886, Page 2

The Wairarapa Daily. SATURDAY, JULY 10, 1886. PUBLIC ADVANCES ON LAND BILL.

Mr Macakdrbw has carried the second reading of the abovo Bill by a large majority in thfl Hou.se of Representatives, carried it after it had been condemned in unmeasured terms by the Premier, and covered with ridicule by other members who debated its provisions. The measureis a flagrant violation of all principles of political economy, and the reception which ii has met with in the House proves that our Parliament is becoming demoralised. Notwithstanding the majority in the second reading, we shall be much surprised if the Bill becomes law in anything Kbits present form. The object of tho measure is to reduce the rate of interest paid by farmers by lending them Government debentures at a low rate of interest, There are obvious objections to the Government going into a money lending business with any class in the community, and thoie ai'o equally palpable reasons why it is inexpedient that the Government shonldgoinforraisingthewindbymeans of paper money. Assuming that the rate of interest paid by farmers is too high there' are other and more legitimate means of reducing it than having resource to State debentures and the mixing up of private finance aud politics. The New Zealand Co operative Company of Canterbury has already made provisional arrangements to bring the money-lenders of London and the farmers of the Middle Island into direct communication, and are confident of being able thereby to reduce the rate of interest to a scale ranging from five to seven per cent in accordance with the nature of the securities offered, .Such an arrange, ment as this will, we feel sure, prove muoh more satisfactory to farmers than Mr Maoandww's Quixotic soheme The farmers of Otago ought to blush

for a propositi wlucli. briuux. them lib paupers before the Assembly while their Canterbury brothers ure helping themselves by putting, in practice sound co-operative principles. However, it.is idle to talk of the demoralisation of the House. A report printed in another column on the District Railways Purchase points clearly anduntnistabubly to the utter degradation of 'he Ministry and the House.