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PARLIAMENTARY.

(PJSB PRESS ASSOCIATION.)

HOUSE OF REPRESENTATIVES Wbilhtciton, August 21.

MrG. W. Russell said that the bill meant the further laying on of responsibility upon the settled portions of the colony in order to develop the unsettled parts of the country, and in this connection he looked upon the bill with a critical eye. It was clear, he thought, that this loan was the forerunner of several other similar loans, and that the bill meant a revision of the borrowing era. Holding this view he considered it would be far better for the Government to go straight to the London market and float the whole million in one sum at the cheapest rate of interest. Heagreed with the Premier that in a few years it would be as easy to raise money at 2| per cent, as it was to obtain it now at 3| per cent., for that reason he strongly urged upon Government the advisability of going in for short dated loans. Speaking generally, he would support the second reading of the bill, but he would support certain amendments in committee. Mr Collins agreed that the Government should go to the London market for this money instead of raising it in the colony. He combatted what HallJones had said about co-operative works. Mr R. Thompson regretted that the bill did not allocate the money to be expended. He felt compelled to vote against L 50,000 being spent on roads for tourists whilst so many roads in the country districts were in a deplorable condition, and he would take a direct vote on it in committee. Dr Newman complained that clause 14 gave Ministers power in Ihe face of the general election that the House should not grant them, and other clauses showed unmistakably how Bard up Government were for funds. He would move in committee that the Allocation of a million be altered so that L 400,000 at least should be devoted to railways. .* "•■' .':/, '■%■'' pir E. M. Smith fupporttd the bill

in the interest* of progress, and said the loan proposals were thoie which were wanted by the colony. Mr Buddo thought L 200,000 was too much to spend on goldfields in the present state of the colony. He agreed it was necessary to prosecute roads and bridges, otherwise the whole of our land aettiemant -would come to grief and settlers wouWsuffer in consequence. Mr Willii considered the GoYirnment were to be complimented upon the -way they had got themselves out of the difficulty of shortage of funds for carrying out the settlement of the country. Mr Allen objected to the continual system of borrowing disclosed in this bill, and protested against posterity being loaded with such heary responsibilities. He thought it would be sufficient for the present to finish one railway line in each Island to a paying point. The debate was adjourned on the motion of Mr Mills. The House rose at 12 40 a.m.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/GRA18960824.2.22

Bibliographic details

PARLIAMENTARY., Grey River Argus, Volume LVII, Issue 9527, 24 August 1896

Word Count
489

PARLIAMENTARY. Grey River Argus, Volume LVII, Issue 9527, 24 August 1896

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