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The Pamphlet Collection of Sir Robert Stout: Volume 74

Advances to Setplers Act

Advances to Setplers Act

this gave power to borrow a million and a half a year for two years. One million and a half had been borrowed at 3 per cent—lower than any previous loan. But while they borrowed at 8 per Cent, they borrowed at a discount, receiving only £94 8s 9d. for every £100 of that debt, thus losing £5 11s 3d for every £100. It had been said that the effect of that loan was to lower the rate of interest, but he said the borrowing at that rate was the result of low interest, and not the cause of it. He instanced other Australian loans to show this. He said they were paying £45,000 a year interest, and nearly £8,000 a year for management of the department, together £53,000; and up to the present only half page 9 a million had been advanced in two years. He said that more-over, the other Government departments were lending equally cheaply, and read advertisements, so that the Government was competing with itself. The Government had come to the conclusion that more money had not been lent under this Act, because people did not understand it. He believed the New Zealand people were as intelligent as any on the face of the earth, and he said that when the Act was passed phamplets had been scattered broadcast. He said it would be a further waste of money to send round officials to tell intelligent people what they could read for themselves. (Applause.)