The Loan Bill.

Hastings Standard, Issue 107, 29 August 1896, Page 2

The Loan Bill.

GOES THROUGH WITHOUT AMENDMENT. AFTER AN ALL-NIGHT SITTING [By Telegraph.]

(Front our Special Correspondent.)

Wellington, This day,

That every stage of the Aid to Public Works and Land Settlement Bill would be resisted by the opponents of the measure was evident, and preparations were made in anticipation of an allnight sitting. The stonewall was begun on the very first clause, which merely dealt with the short title, and this clause was under consideration the entire afternoon. The ball was set rolling by the Hon. Mr Mitchelson, who moved to alter the title to" New Zealand Loan Act, 1896," and the members of the Opposition seized the opportunity of saying that though the objects of the measure was disguised in the title the Premier had thrown off his non-borrowing mask and was going in for a loan on the open market. No progress had been made up to the dinner adjournment, but, on resuming, a division was taken and the title as printed in the bill was retained by 28 to 24. On clause 2, authorising the Colonial Treasurer to raise £1,000,000, the leader of the Opposition moved that "Governor in.Council" be inserted instead of " Colonial Treasurer." After discussion, the Premier agreed to insert after " Colonial Treasurer," the words " upon being authorised by the Governor in Council." An amendment by Captain Russell to insert the words " and borrow " as well as "raise "in the clause, was lost by 32 to 25. Mr G. J. Smith moved to reduce the loan from £1,000,000 to £500,000. Lost by 31 to 12. Mr M. Lachlan then moved to reduce to £750,000, which was also negatived, by 30 to 21. On the motion of Mr Montgomery it was decided that " the time for repayment of loan shall not exceed 25 years from the date of issue of such debentures." Mr Collins moved to reduce the vote of £200,000 for goldfields by £IOO,OOO, which was negatived by 25 to 17. With a view to a fresh allocation of the schedule the Canterbury members supported the motion to report progress, which on being put at 4.35 a.m. was lost on the casting vote of the Chairman. Mr R. Thompson next moved to strike out the vote £50,000 for development of thermal springs and the natural scenery of the colony, with the object of substituting £25,000, but it was lost by 23 to 19. The schedule eventually passed as printed. The Bill got through Committee shortly alter 7 a.m., and the House then adjourned.