EVENING SITTING.

Press, Volume LIX, Issue 11341, 2 August 1902, Page 9

EVENING SITTING.

%c House resumed at 7.30 o'clock. THE LOAN BILL. _Bir JOSEPH WARD replied t&e de- "**«• H« said every member who had had eopported tfte loan! Some ■JB ojudified their eupport by stating ttiat •*<J were prepared to vote for a reduced ?*«•*, bat not one of t&ose gave a sinrie ™W»» ia which a reduction could be he, therefore. he& to take it that *»ere hoping and prayme that t*ie would be able U> «a»y through of the loan in the intercede, of ■*j ß ' ee »vee.fcnd their constitueits and ilkj ~T*l[_- generally. Would honourable relieve," he asked, feha* tbe value and requirement* asked for by !§?'**'» for their own district* was four •*"• «nount of the proposed loan, *Wjte they had found fault with the borproposals of tJie Government. j-FPai: to Sir William Russell, the ,a * ,^- PtHmi«r remained that that hon. ,na< i roundly condemned the propc«a3s "of the Govern- ?***' ace -yet he himself in fortaer J" ,, ' *«*voc*ted a loan of twenty millions, for «cpenditure in the colony geneUrfc chiefly for the advancement inJwff Olnwr8 ' a»d it did eeem rathei Jγ? 0 ** 1 tJiat tlie cdxintry was now nan on account of he borrowing gJgNtfee. Wh« n gir William Russell T***W*a that the promeritT of the colony - *** gswter in Six Harry 'Atkimcm'a tixa»

than now, he must have forgotten tiab tb« condition of affairs in those day* w*| ew& that it resalted in the Goverranent having to vacate Hie Treasury beocheaThe question of the national credit taa •too been referred to, Hβ read aa «• tract from the Home papers showing «ac state of the London money muk«t during the war, and urged that » w*s entirely due to the good credit of th» colony that it had been able to floe* jj loan of £1,500,000 at 94. He aJso held in his band statistical information showing that the public and private wealth of the colony was £283,000,000 sterling, and, taking the whole of Ihe public and private indebtedness of the colony, that showed .i balance of £230,650,000 in favour of tlie colony. The Acting-Premier went on to reply to Mr Jas. Allen, and read a. letter from the Government Life Insurance

Commissioner, stating that no investment had been made by that Department in any Government Deportment since 1894, with the exception of a temporary advance of £6000 to the accident branch, and that in 1894 the total amount invested in Government securities and debentures guaranteed was £926/923, while at the present date it is £668,000. Another member who had adversely criticised the loan proposals was Mr Meredith, but bir Joseph quoted from a speech by that member at Hanmer, in winch h* suggested that a petition re railway extension should be circulated, and that they should "keep the ball rolling" with a view to the colony being committed to this work. He (thespeaker) asked how was it that everyone who had criticised the financial position of the colony had forgotten that the revenue was thia year £1,800,080 more than it was in 1891, and that the Government had given canceseione of the value of £1,454,000. In regard to the railway workshops, he pointed out that in the Baibraye Statement of 1900 a programme of extension was laid down, carrying- an expenditure of £2,500,000 over five years; £50,000 was pu* down for the extension of the workshops, and the Government had spent £61,267 from April let, 1895, to March 31st, 1902, in connection with tlbe various workshops. Aβ *> the additions to the rdEing stock, they had from 1896 to 1902 spent £662,833 in "the conversion and manufacture of engines and rolling stock in New Zealand, and £22,684 in the private workshops of tie colony. He had never been in favour of tih© importation of rolling stock, and was not now, but they knew that when that roling stock was imported the colony could not carry on without a large addition to the railing stock, and it had to be procured from outside. At present the Government had not an order for rolling stock outeide the colony, and if possible they would not do so- He was thiHuferstruck to hear the cry raised of the North Island V. South Island, and claimed that the Uwermnent would look at everything from a ooloniall point of view. He pointed out in this connection that last year the expenditure on railways and roads construction and additions to open lines was £972,446 for the North Island, and £687,506 for the South Island. There had been a great deal of nonsense talked about additions to open lines. About sixty miles of railway were to be handed over to the Department in the course of a few weeks, and .that meant that £96,000 would have to be expended in the equip-' meat of that addition. The policy of the Government was not in the direction of borrowing ami squandering. The policy was the result of progress and the development of the colony and tbe enormous growth of settlement in the interior, and of business development in the centres, unequalled dining the past twenty years. The second reading was agreed to by 52 votes to 6. The noes were: —Messrs Jas. Allen, Atkinson, Hardy, Hutcheson, MoGuire, and Tanner.

The House then went into Committee on the Bill, Sir JOSEPH WAEiD suggesting that the measure should be put through Mβ Committee stage at that sitting, and the third reading debate taken on Wednesday next. Mr JAS. ALLEN moved that the words

"and land settlement" be struck oat of the short title. These words -were, he said. a misnomer, as land for settlement had nothing to do with the Bill. The amendment was rejected on the voices. . Mr AfIKENISON moved to add the words "and goJdfields development" to the title of the Bill. Lost by 37 votes to 8. At Clause 2, "the Colonial Treasurer may raise £1.760,000," Mr G. W. RTJHSELL moved to omit the •words "or elsewhere." He wished to raiee a question of whether for the purpose of tbis colony-had to go to the London market as a servile beggar, or would finance its business •within itself. X the borrowing was EmJtedi to £2,000,000 « year there would be no need to go to the London market. This year the money could be %orro>wed from the State Departments, which should be paid the same rate of interest a* was paid to outside lenders. Sir JOSEPH WARD said he -would like to see this suggestion given effect to, but the House should not accept a responsibility the consequence of which it could not foresee. It would injure the colony to attempt to do anything in the wholesale (manner now proposed. After a brief discussion, the amendment was lodt on fche voices. Mr HUTCMESON moved to strike out the words "one million," thus leaving in* amount to be borrowed at £750,000. Sir JOSEPH WARD—WiII the hon. gentleman say how it should he set out in the ecfceduie? Mr iOUIXMBSOS—TheA is your lookout." The amendment was lost by 48 votes to Mr JAS. ALLEN" eaid he had voted for the test amendment, as he believed the present proposal was too large. He moved tJiat the figure "7" be struck out, with a v'ew or inserting a smaller one. He thought £-1,500,000 would be more than was necessary, but he t>swed that more favourably J than the sum now in the BUI. i A lengthy discussion ensued, those members who spoke reiterating similar views to those expressed during the second reading of the debate. The amendment was negatived by 41 votes to 15. Iα the course of a diaoueskm on subsections of Clause 2, Sir JOSEPH WARD stated, in reply to a question by Sir Wiltiam Russell, that personally he was in favour of limiting tie currency of loans to twenty-one years, and that he looked forward in the sear future to being able to obtain money at Home at 3 per cent, at par. Ctause 2 was eventually agreed to without amendment. The remaining clauses passed without amendment. The schedule was then considered. Mr WILFORD moved the excision of the Blenheim-Waipara line. .Mr HA!LL-JONES hoped the Committee would not alter the schedule. JJ th e Committee desired to strike out any item tile proper time to do so would be when the Public Works Estimates were under' consideration. The schedule of this Bill did not affect the position as it did not vote any particular sum. The amendment was lost on the voices. The remaining kerns in tihe schedule were agreed to without discussion, and the Bill Was reported without amendment. The tiird reading was fixed for Wednesday next. I The House-rose at 12.40 a.m. j