HOUSE OF REPRESENTATIVES. Wednesday, 5th December.

Evening Post, Volume XV, Issue 286, 6 December 1877, Page 2

HOUSE OF REPRESENTATIVES. Wednesday, 5th December.

After we went to press yesterday the House resolved to disagree with an amendmont made in thoWestland and Nelson Coal Fields Administration Bill by the Legislative Council. This amendment reduced the lease of the coalfields from 99 to 42 years. —The New Zealand Consolidated Stock Bill passed its second reading, though Sir George Grey said it was doubtful whether the Government would avail themselves of its provisions. —In moving the second reading of the Loan Bill, Sir George Grey said it authorised the harrowing of £4,000,000, at a rate not exceediag 6 per cent, for interest and sinking fund. The liabilities of the colony for the next eighteen months he estimated as follows: — Public works and immigration, £1,500,000; provincial liabilities, £500,000; Treasury bills, £832,000; money borrowed from the banks, £1,000,000; and borrowed from the public works account, £300,000, making a total of a little over £4,000,000. < No provision was made for the redemption of the guaranteed debentures, as the Government were not certain either of the necessity or policy of doing that. The Government also did not contemplate the repayment of the Treasury bills, but would see whether they could not obtain better terms, and the same remark would apply to the £1,000,000 due to the banks. This would reduce the amount to be borrowed to about £2,500,000; but the Government thought it would be better to authorise the borrowing of a sum sufficient to cover the liabilities mentioned j as'it would place them in a better position in the money market. —TVlaipr Atkinson objected to the general character of Sir George. Grey'a statement, and wished for details of the proposed expenditure. He disputed the estimate for provincial liabilities, as £300,000 too much. The £800,000 due to the public works account could be paid back at the end of the financial year, and it was simply borrowed because large liabilities had to be met at the end of the year, before the consolidated revenue for the last quarter was paid in. If New Zealand adopted the same system of financo as England, this would not be necessary., He reviewed Sir George Grey's utterances when in opposition as to the guaranteed debentures, bank loans^ Treasury bills, &c, and ¦wondered to what his sudden/conversion was due. The Government adopted the system of the late Ministry, which they had decried so much, and proposed to save the country by an authorised loan of £4,000,000 of winch they only intended to raise about half. He at greatlength attacked the finance of the Government, and flatly declared they knew absolutely nothing about the requirements of the Colony. A loan of £2,000,000 would be ample, and he hoped the House would not consent to grant more^ simply to pay off the bogus liabilities of Otago'. The figures of the Government were " absolutely misleading" and " terribly untrue," and would simply mislead the public creditor, to the great injury of the colony. — Sir George Grey reSlied -in strong' terms,- declaring that lajor Atkinson, by talking df " his" estimates, was dishonorably robbing the civil servants of their due. As to the figures of the present Colonial Treasurer, they were mere sums of addition and subtraction, which any schoolboy could understand, while Major Atkinson's were complicated book-keeping suras, -like the imaginary accounts in a schoolboy's douhle-entry_ledger. The fact was that, after infinite labor, order had been produced out of chaos, the figures left by Major Atkinson being the basis. If the liabilities were over-estimated, it was due to the Confusion left by the late Colonial Treasurer., —On the motion for going into committee on the bill, Major Atkinson again attacked Sir George Grey, challenging him to refer to the Public Accounts Committee the question as to whether the consolidated revenue could bear the re-payment of the £300,000 to the Public Works account. He

intended to propose a motion to that effect, with an addition instructing the committee to examine into the truth of his other statements. — Sir George Grey would not agree to any such motion, because the Public Accounts Committee consisted chiefly of members hostile to the Government; and he made a similar objection when the committee was appointed. — Major Atkinson then proposed to refer the question to a committee nominated by Sir George Grey and himself; but to this the Premier also objected.— Major Atkinson then .tried to make his motion, but was ruled out of order, Mr. Stout ironically telling him to " give notice for Wednesday."— The Rating Act Amendment Bill and the Counties Act Amendment Bill were read a third time and passed ; and the Consolidated Stock BUI and the Public Revenues (No. 2) Bill were considered in committee, progress bein? reported at 1.40 a.m., when the House adjourned unt ;i 12 o'clock to-day.