<!6 



taking the 5%, that had to be paid by those receiving the 

 loan, by way of stamp duty, this amount was thereby in- 

 creased to $165,000, without taking into consideration any 

 sums that became repayable during 1909. Of course the 

 whole $1,500,000 had not been lent out all at once and at 

 the same time, but for all that, even on their own showing, 

 it must be clear, that at least $100,000 were now available. 



Mr. Parkinson hardly thinks that the stamp duty can 

 be included in this calculation. 



Mr. Macfadyen says that he had been privately in- 

 formed, that the $1,500,000 have been allocated as a per- 

 manent fund, on the lines of an Agricultural Bank, but 

 regrets that no authoritative publication of the scheme has 

 ever been made. The least Government could do, was to 

 publish, say half-year, accounts, so that they might know 

 exactly, what sums were maturing for re- loaning. 



Mr. J. Gibson reminds the Meeting that it is a gracious 

 act on the part of Government to grant them any loan at 

 all, and he fails to see how they can dictate to Government, 

 whether the sum now available is to be $100,000 or $40,000, 

 in any case the amount was so trifling, that it did not matter 

 very much, whether it was the one or the other. As for the 

 accounts, they were sure to be made accessible sooner or 

 later without any request on their part. 



Mr. Baker, would accept the $40,000 with thanks, ex- 

 pressing regret at the same time, that the amount was not 

 larger. 



Mr. Skinner considers that a reply to Government, on 

 the lines of Mr. C. L. Gibson's arguments, simply meant 

 querying the accuracy of Government book-keeping. 



Mr. Baker thinks that the whole scheme was really a 

 very generous one and surely it was rather early in the 

 history of these loans, to demand a statement of accounts. 

 He would formally propose, that "the Association thank 

 Government for its letter and express regret that the 

 amount available was not larger." 



This is seconded by Mr. J. Gibson. 



Mr. Macfadyen then proposes as an amendment, that 

 Government be asked to publish in the Gazette an author- 

 itative statement of the financial position with reference 

 to the loans, to be repeated every half year. 



This is seconded by Mr. Valpy, but after some dis- 

 cussion Mr. Macfadyen agrees to withdraw his motion until 

 the one, standing in Mr. Baker's name, is disposed of. 



