The Daily Telegraph. TUESDAY, NOVEMBER 10, 1885.

Daily Telegraph (Napier), Issue 4456, 10 November 1885, Page 2

The Daily Telegraph. TUESDAY, NOVEMBER 10, 1885.

A special meeting of tho Auokland Chamber of Commerco was hold recently to consider tho action of tho Govornmont with regard to tho North Island trunk railway loan. Mr G. Aickin presided, and after explaining tho object of tho meeting, and reading the telegraphic correspondence that had passed between himself and Sir Julius Vogel, ho read tho following telegram from Mr Mitcholson :—" Regret am unable to bo present at tho meeting to-day to protest against tho proposed action of tho Government —a dishonest attempt to punish Auckland and Wellington. As ono of those who voted for the reductions, I emphatically deny tho statements and insinuations of Sir Julius Vogel. Ample funds are available to cany out tho votes of the House. Tho action, therefore, is unnecessary. Further unauthorised expenditure upon defence or other works is unwarranted and unjustifiable. Parliament should bo called together earlier than usual to decide tho question of misappropriation." Mr McMillan movod tho first resolution, which was as follows:—"That this Chamber emphatically protests against tho intention of the Government to negotiate tho North Island Main Trunk Railway ono million loan in April next with tho avowed object of diverting it to other works than thoso which the Act specifies." Mr McMillan said it was the duty of the Chamber to protest against tho dishonest proceedings which woro proposed to bo taken. Ho did not blame tho Auckland members for having voted for Captain Russell's motion for the reduction of the estimates. Every one knew tho threats that had been hold out to tho Auckland members, that they would bo punished if they did not vote for tho East and West Coast Railway, but ho was glad to find that they had power and strength of will to resist that proposal, and that as honest and resolute men they refused to sanction tho perpotration of a job. That, as an expression of morality, Mr Stout should have stated what ho did was almost incredible. He protested against tho Premier of tho colony treating them to an exhibition of low trickery in a public speech by saying "We know how to manage for Otago." This action would, ho feared, causo renewed strife between tho North and South Islands, and would embitter tho feelings of the members, and mako them desirous to get money for their districts regardless of the objectsfor which it was to be expended. Mr T. Peacock, M.H.R., then addressed the meeting, and showed from tho statement of the Minister of Public Works that there wero sufficient funds on hand to carry out all tho works that wero authorised, not only up to the next session of Parliament, but for a long period beyond that. The amount of money the Government asked for was £2,600,000, but the Minister of Public Works explained that a great portion of that was a liability for contracts let, amounting to £1,202,000, and £100,000 was for tho purchase of native lands. This brought tho total amount to £2,500,000. Then the Minister of Publio Works explained that owing to tho liabilities it was not intended to expend more than £1,250,000. Tho House therefore did not expect that thoy required more than half that amount, and thoso who voted for Capt. Russell's motion wished to put it out of the powor of tho Government to negotiate any other loan. Thoy expected to spend ono and a-quartor millions, and the House cut them down to ono million. At tho beginning of tho financial year Ministers said there would bo two millions available for expenditure, and if they got tho whole amount asked for they would havo on hand .£500,000 at tho cud of the year. Now, it was evident that by striking off that amount they would havo in hand £750,000, besides £250,000 which was in tho hands of tho officers. Taking off, therefore, that amount thoy had £750,000 at the end of this year, equal to three-quarters of a year's spending at the rate of v million a year, and that would bring them up to November of next year. As tho House would moot in Juno there would bo no danger of a stoppage of public works being caused for want of funds. If, then, it was unnecessary to borrow money for tho North Island Trunk Railway. There was machinery for raising money on debentures, if necessary. The whole amount, according to tho Minister's statements, for oxpondituro on tho Trunk Railway this year was £100,000, and .hero was, therefore, no reason for raising tho loan. As tho Government aro making Captain Russell's motion the excuse for discharging men engaged on publio works, anything which throws light on tho financial necessity for such a proceeding is of tho utmost valuo.