THE THIRD READING.

Dominion, Volume 5, Issue 1479, 29 June 1912, Page 6

THE THIRD READING.

MOHE ABOUT THE LOAN. ''A MOST REASOXABLK OPPOSI- : Tio.N." ■' ■. On: .the njofion. to read the Bill-A\; ; th.ird. tiirie,- . Sir-. Joseph AVav.d. continued bis -defence.' ;p£.: llii/ow a Iciiu '.trpiy:vactioiLS.. Ho' .com--pared. :Hin Vcdit. :to : ; -i\cw-,: Zealand w it.ii these leiit to Japan .and China. Ir. was faid thaf'the present'ocVojipaiiiS..pt\ ; tlip~T-^ea^iVt^- ;: : 33p'iic.H^s^*s'r<S :s Alip. '-victims of xifc.uiristtfnces,:' au{l: 'vvliile : : lve thbughl it : i'air to.the Government of ■ the (iay that hi' should not interfere in the '.liieaii.tiiiief ih.i!,, iiVsis.tb.tl:.: -him-,' .self.; -Tlifi .pii:s.itipii : of things at tlio. end :p£ tlio,-.year. - was. the :]k\st:.;oii;: rccor(],. ,:bu.t; lie did i'.'ol think .he "was warranted in ilea ting .the feu.: .'■■Hft; ; wa#.:npt': sure that ■ tho strike' in England was the..cause : :6f.' the tightened lixojiejvmaiiltcti■ Other, loans we're being offered in Ixmdon. and. .if he ..had known at the end cf last year, that ihciM loans \yor.ld be offered, he.'would have taken ■ lo float tho 'loin, :.^cli : ,:'kiipwiiig. .'that .'if He done so : lip; ; would-have been pilloried from the North j Cape to the lilulf. ■■■' Wasteful Loan Flotation. . Mr. \V. i'. MASSt'.Y (Lender of the :.QpppfitiiiiO .rt-pliedifp: s.bn'-S-' ■ppiiits raised': ' by the last sp'ca'liei;-.'' It ; I he Op;M:;i!ion party were nnreasoiuible : -i"ii' ■(lioiirjriu.a'iiciril-i-criA'ieisin .llJutsif.'.Uio. ■ Opposition had eared !o take a. pariy . - ailyantago (in :the nVotion-to go; in to' Supv j pjv on I he liill, they could l.av incon- | i vi-iiii-iiceil the Goye.rnnjen.ty'a gre.at deal; - perhaps a ni.siorily of nieiiij/ers, ivould. Slave Voted: ag uii.-' the ('iovernm.eiit, but l:e did not. Udievo it.' v. eild have been ri-;ii', 'o cniis.fi ■ 'pboplß serious inconveiii.ell-' Ijy holding op supply. The <.overn- . ; liiciif- -itiid ; riiid'- --th^'ni'sol.vt ; .s '..ppctv i.t.o' ...|.ilis;. ' kind sf attack by delaying- tho summoning

of -Pariiamont. until' the last.possible date: 110 submitted that. the. Opposition was a ':mpst:Tpaf6miW 'iigreK'intß.aVpro^ jKfcthatyifinaiiciaK matters.? slioiild!:"'jV6l bo ; - • discussed V of I he" ar ties', 1 : :Jjii fci : l>.vJ' ;t li clcn (I ei'Si ri'X.coii.fcreii 3;he:';yriticismsK'!lid viiot,':'in <faetj. : ;:damage;; tho'credit of tho- country,- as was' shown by. tho..)'a'oi that .the- prices of :-our loan, i stocks were, as high or liii;Kc-r, than; ■'cpuutnos;i!:.Hp'i;.wasJ.6p,-. ; I. beiitures; He l«l ibved also that: tlw financial people .in. London were reaping a i ricli harvest •out " 1 of : tho. administrative mistakes made in this, country-. in\eon- | iH-cliou'with short-dated debentures. The | say that the' country should do without 1 lie'. didVsay? that-iwo should barrow on (he best possible terras, and that :we. should .expend tho. money, (tluis-, borrowed with' proper: regard, to >ecohom£;w;"c^ "Patriotism'" Mr. T< M. WII.FOKT) (Tlutt; rose'.'to elaborate one.oi'. the. points-in his former, thatMthere^should? : ;bb fostered a' .s'roiig. feeling of: national'patriotssm.-Hr-quoted air nriioic.-whicii/appeared; in ail iAincriean.s jouraalV^aml^whicli^'statod^iv ..effect that Xew Zealand was bankrupt.: ■.a'ii i ts-i. ifiioop iGihV:i;u i s : r. prof use; ■ lMrrpjving/iijuid". .Stioia 1 isti6':":'institlitioiis/: He eondemrie'd I ,the article. &'■ Mr. F. .Mi IS; FtSHKK' (Wellington. Centra!) said that hjo^liad■riot^:.:iirgecli^in:; his.-previous speech, that the financial. . transactions. of the • Government should v.ot bp by 'the rank aticb'filo ; !;\Vliat; ; iib ~ did:'.epy .iSyasSthiit; when loan transactions were in li delicate, stage; lit'would 'lie. wel'" it' the Leader of. tlie i OppcMiion ;vcre take!i; into tlio * Gov-'' enimeiit's' confidence.' . This; would • prc-1 vent i.ho-. asking of cmbaras.-'ing questions ;'at"thS'i;wroiig adversely.:, the debt; extinction schemc,' !.saying:' incidentally -that accumulating -assets-undeiwthisf'scliemc:^ v Hon.- G.. W. l?ns;ell: You ~ca'.i borrow ■ ; position benches.).;' .. ■i . ..\.Mr; .\Fisher out that'while 'a«scte« ; crb^accu!iiulnting' they'.'couldribt. : 5 bf-. touched, awl ..at.' (ho'.same '.timo "tiin : count ry had to -go oil. the ' market to got :' ;ino'fc.:-.. .;\ ik. .V. .' : . i. Hon. 0. W. -Russell: You have your, ■i 'asst-!5/ ' :: '..Mr;, Fisher:'- IHd/t.lu' fact that, there is an accumulating Vum iii'the Oavorninoat i Hhikisig Fund help us two- months: ago?'. | A'Sham. ' . .

!. v .siri,v\V-iyl; RiVSKfivt vjiii): : ,sa -'P Ihe 'Account:- Comuiii tcci: should lie made! a'real live eouiimttep. to investiixato lean'.; but while 'he Hour' was in. ».<-iini: But ; what had the cpminittcc. evc-r bmn-iiHowed! M'ii" iltj.'svK£ a'sliamvijuSficctjCiuidU it's only use had Won -to: whitewash; the liovonimeßt. '• There' /should, bo a. : in iii i tt.cp'."'' iCii.v'ov'-; t'sioi .jrigli t';.-,{b\ ■'i 11 ves! : i tli0;;Pi>:» titulars itb-nttXoypryHl6;\n;; a iul;;:lo,.i import '■ -;■ fii 11 j:»-It o>.i 1 i d>? t lo.ii si'X ■' ft J-ii' l -: !> ■.i-ipf.'-:. JU® i i ll i motion wi'iit-h.'PH'i'.itj-'i'.-i to" have fco.uld tea'.siijvo.btuiiictL : .,by:.: : a.-.';3. > ul>licV*Ac;-,' .count* CoinmiltVs.-- -Thc^i-won-Nvii.v 'this •opminiUee' wis' UH'iess .now was ' because il c<mM iimwiyato chiv those .q/ifistioiVs, [;?thai-ofori'c^V:to y.'it;lip'':Mii<ii>ih]te<i; w.is : -»n\vori;ab!o. Starilioj;/ results .were i ■ipb'tainablo-Jiby-'-.coiii p'o ii jitl v .i n1 p ro-s.t": o :n; iiiuinl>eii : ;-.of; : ; iph!jy ,: ;nv'S!iiaU'- ; sums. l'S% ; :iit r :.;jnillioiis;v: l>ocausc ] %oi ■-..'So t-it lip ('corn po ii iiilt. iii R> ta:.hahdS:i:lt;\va?;iilH surd to suij'xeV.t' tlsai the sinking fund as-, so's wore'valuable securities for loads'... . .. - .Mr.. Q. V.' J'i-JAKCK'- (l'atfa) '. ar-iici' <?i i til 1 c'tlto; the' reproach Vthat., h'ceuuVe'. tht>y.'ajip!icti :;fofcj'pu. bl te!i>vorksV'[ni oiieys'T.t creasing l tho bnrro\yir.g.jvhii« preiossodly j . opjos!ng it. Opposition .numbers woii!d j '■i f; i-1 IVoy'-rrl idV 'ti ot :"i-ee,' : :'t li fi tV;. tli pSp t'S'thei IJI . fair ;sharey,cf.sgrahts;:v)l^ Kiid that linici'.'-of our borrowed money I . .wii've'stctl'ii'i-i' biit i there v-as a groat dcul of' oWimqrioy^that-I was not wiiroductivchv invested'.' He in- ! staiiced I 'no : Midland Railway, vhieli, -lift j said, would, i'oycr: pay.;. Jlp believed nr.; tpi-Sot tlc ; was;. .6 sip ptV ,t hpj? : bcb t:' 'Ac .thoß^tftutn*: . Book, but.' soir.tv of iho advance-; iiiadc'-un- | . di'i: . ,'jnodiiQtiv^ ; .;?So!ne' i^HSiOOG.jof'i :fa(irahccd/uiu!oijithojJAot;>wi\s dent iori . urban and urban. lands. KvVry body' know [ ;;vf hafc- jg6inK?:pii-iin;:syoniiectioit | "!'iwtls:^hi^lmf(l^q£^anct-;3tfsXp'ir-;.Zesil^ndic! ■'j.aiitl;''lt-,?wa£ ;TCry^dpubl.fuU : %li'e|:lipr:?thes boom 'hat had oceanvd hed boon.'Rood even- for the., sp:dilators. yile:i;'dpiibtpd:: nnudi wmd hi' r samo, of- the«!> lands j itiul'.'i; for<\d'sai<- would rai-c the amount : aii v.:i nteela un) JiVt thorn,, ! ..." ' The Member for Motucka.. Mr.. 1!. :Sl'KK>i/,IK (Mo.tuckaj defended;, j tlio tiovernniorit trom' the' reproach thai ■ ii had entered-.upcui.miropro'due'ive publie works. . Ift> assured.the Homo, that | the Midland Kailwny would be a:paying |- ■;prpiro;itioii^las;;ii!Ep;v\vpiild^ioii!ei'6!heii^ thit- tho .Minister for Finance'.wouhiiloai'! a loan- w.i(lipiil' .avrar.cins-.for conyeivimi..! (Opposition lajisliter-.) • ir- {hat weic so!. it |. .woufd'-iie; a lui'il .:tit}6ii; !He. i : w;as.ceHa!;r the lalo Minister tor l-'ii-hn> =■. j \ipuiii never -have floated a ..loa'.i muier i .>;li<f;.";'iip\yoycVilc*folyiU^il' " '■tliiij ; .Gi)Vor.ii : oiled agains'. its niaiiasriHueiU of the llcta- : , tian ot' th:V loan. Jl.'!':':'.- . Dr. A; h'.. XIvW'M.'A X. (Woliilipinn. Kas?) ; saiil f iVa't' nv -jjoi iij'si'cti-ii.tJ'po&l; f a;;:groav;i ;; dc." 1 IWr iiiiieii. a's the iisuies -howo.l. !p-i i,i ; aisij .i!\;';i:ey by tlit'pro>on i!y tCtiic'ii>.iVp.iV c -?.f.'Vo.ti-; r '.t".Tif'-s'''i.■ 1. 1 fM.*;V-'!t* o *.'•'. li. w;\-'id!e to nl'.svaK'To a-';'.'<h? public. • ileiit'i';; 'rhp : .^Bual> : oasl.Ai:oiild jiiroyo : to iljij: I y.Mi'vwitv" r;;■ '* The ltoii. A, M. M YEHS. (iliuistci-; fo;

Finance) replied. Ho .screed- the Opposition had n vijht Jo, criticise tho" . (iiivi-riiini.'iit's .iimnirial . method.;, ho v "CM'pled. Mr. Ma'sey'.s .;taU>menL i 111 at in; would never itV.o leaii 'r.'iii: ; aetioi!s fur party ■ijiirpcises.,,' He defended. tho' iiic.(ho(l of .the lori'iis' without'ar- 1 ranging foi: there li'iil ljoch--■■'pro\;iHioVO;;for.'-conyVirsionv ; it jmigh taint Juivo realised-99. '■ /''?%■* ; The Home rose at U.-lti jua, r - THE BILL. nr,r\jxs or exitwiurl The Imprest fruppljn*-IJill, whiclv formed ■; .((ilia subject.of the '.shave debate. provides .: for ajipropriutioni totalling .C7H,9O'), mid': ■ :iii: a'd i diUbn for ,:: Lliiv IT.-uis(oiV;[r(jiii:. Con- : . i'i i?l-l ic.i'' Works' I' 1 untl:: .of .'ii.Miin not;:e^cec^iiiK,;.^lso,ooo. j :3;'o]lo\y- : .ihg are ■'dc.taiia'iC.tV -tllip'.raivl'hoiu-saHoiis:—7-;y.' Tim Consolidated I'n'r.'t 'iiO.OUO' 'Tho l'ubii^WosteiFundK'.;-Vy.^200,000 Opening.up 'Crown Lands for Set- ' . ./<'■' ;■/.■. ; 5,000 2,000 2,000 Stjifc s Forcsts-Account'f..v. , ;..; ! ..'.i ; '■ 2,500 VTHo^SfiW^al3MincsU<^mtwM';?..- t 25,000 ;:TBie :, Scencry/ili l resen-ation Accountl,soo I AcoouutiS'Sl.OtK)' I Jhe .Uailwa'y umprovemonfej Ac-;'.--. j •Thb^NativdyLiindssiSetttemen^ i-. count.. ;v^'A■ V;i'fV 100 i Tlib.^Vyhom;and; i Qliinemuri..RiVW?\£ : J' ; ?... ers Improvement Account .. 'I.COO ■' ■ ■?..''. ...t ;~ ! ,= rjt^^-lrf-^ooG'.ioo SECOND SCHEDULE lTiie.'..'Goyernment'i;. ! insu ■ ■' count :VVjC;:vvV;i^.;..:.K;V 7,(300 Tho. Government .Accident Insur- •. aiice Account. I'..:'. ... 1,000 The: i'ire-Insurance Aoemint; ■ 1,500 iTh'fl.Tubliß',Trust Office. Account;.: (500 Tlib *$6w; Zeal an<l : Sta ; H/S': f ;; • " , .Atlvancds , .j to ; ;Sottlers : ::: r Brandh; ; ,; i' :.Acoount' : 2,000 'A<lvaiv:ic^fto.^Ayorkcrsvßrar,ch)\::, Account":' v...r . "j 200 '..;■ Advances to Local Authoriti-ss. • Biancli . . 100