LEGISLATIVE COUNCIL.

Bruce Herald, Volume XIII, Issue 1201, 8 June 1880, Page 3

LEGISLATIVE COUNCIL.

TnUK.- - DAV, 3rd Junk. The Legislative mot a', 2.30. The Hon. Mr Waterh' use gave notice that he would introduce a Rabbit Nuisance Bill. Replying to the Hon. Mr Dignau, The Attorney- General said the Government would decide in a few days whether or not to introduce a Savings Bank Act Amendment Bill. At the suggestion of the Kon. Mr Whitaker, the Hon. Colonel Whitmore's motion for a searching investigation into the late Volunteer outrages, which trie mover said had been grossly exaggerated, was deferred till Tuesday. Friday, 4tji June. The Legislative Council met at 2.. '10. The Rabbit Nuisance Bill (Mr Watcrhouse) was read a first time. The Hon. Mr Waterhouse moved for all

papers connected with the conversion of the last loan. In a speech of some length, he stated that the loan had been converted upon terms which were equivalent to issuing a 5 per cent, loan at 78, while South Australia had just raised a 4 per cent, loan at over 92, and" New South Wales one at .£95 16s Sd. The loan should not have been oonverted, but might have been paid off in 10 years by a 4£ per oent loan at p.ar, which course would have saved the Colony, at the end of 50 years, the currency of the converted 10an— £2,600,000, less £122,000 that will be saved in interest in the first 10 years. Were|the whole debt converted upon the same terms it would cost the Colony a large amount of money, which might as well be thrown in the sea. The Hon. Colonel Whitroore seconded the motion, and said Sir Julius Vogel had acted without instructions, and should be told he was not master of the country, but a high servant, or else the Government bad given instructions ■njhich showed them to be wholly unfit for their financial work. The Hon. Mr Scotland considered the Colony had not the moral courage to get rid of Sir Julius Vogel, who seemed to cast a spell over every Ministry, and do as he liked with a country to which he owed everything, haviqg come to it as an adventurer and broken-down gambler. The Hon. Colonel Brett defended Sir Julius Vogel, and was called to order. The Hou. Mr Wood aud the Hon. Dr Pollen said the debate would be more iu place when the papers were furnished. The former said Sir Julius Vogel should not be calumniated in hi3 absence. If it ■was i'ouud he had done wrong he should be censured. Sir F. D. Bell said we had made thorough fools of ourselves in our conversion of the loan business, giving the converters a pecuniary iuterest to convert on any terms. The Hon. Mr Hart said instead of 7S as the price of issue at 5 per cent, it should be 81. The Hon. Mr Water houae admitted the correction . The motion was carried aud further debate will take place upon the production of the papers asked for. The House adjourned at 4 p. m.