SIR JULIUS YOGEL AND ME, BRYCE.

Hawke's Bay Herald, Volume XXII, Issue 7178, 2 June 1885, Page 3

SIR JULIUS YOGEL AND ME, BRYCE.

Wellington, Monday. The Press Association is requested by Sir Julius Yogel to state thar, if Mr Bryce is correctly reported at Waverley his statements are calculated to create seriously wrong impressions concerning the nature of the finance measures of last session. Sir Julius wishes to add that he is sure that it has not been through intention, but through misapprehension, that Mr Bryce is so much in error as appears by the statement. It would seem that Mr Bryce alleges i that the Assembly authorised borrowing to the extent of nearly nine and a half I millions, without distinctly saying so. Tha natural inference would be that this amount was authorised to be borrowed on behalf of the colony, the colony being liable for repayment. The statement is, however, not correct either as to the colony or as to the colony r and other bodies being authorised by the measures of last session to increase their debt by the' aggregate amount stated. Mr Bfyce'a statement is this : " The following authority was taken for borrowing : — For the North Island trunk railway, £1,000,000; loan of 1884, JBl.500,000 ; loan' to the extent of the accrued sinking fund, £2,792,808; and loan to the extent of the sinking fund of this year, £244,000. In addition to this direct loan there was authority for indirect borrowing power for the Westport Colliery, £500,000 ; guarantee oa debentures, £150,000 ; and Otago Harbor Board, £750,000— bringing the total amount of borrowing authorised in one session to £9,436,808; all except the million for the Worth Island railway was authorised last session. The philosopher's stone which was to save the colony £244,000 a year turned out to be Beizing the sinking fund." As regards the'Noith Island trunk railway loan it •was authorised in „ 1882. AH that was done last session was to give authority for its being raised, it having been stipulated that it should not be raised until the line was approved by Parliament. The loan of 1884, one million and a-half, was a new loan authorised last session mainly to discharge and meet liabilities inherited from the Government of which Mr i 'Bryce was a member. The loan to the extent of the accrued sinking fund may almost be said to be imaginary. The only ground for stating there wa9 authority for such a loan is that the power to convert loans without deducting the sinking fund accumulated was re-enacted. If that is what Mr Bryce meant it was no new power, for the same was already existent by the 4th clause of the New Zealand Consolidated Stock Act, 1877. The Westport and Greymouth Harbor Boards loans are presumably meant by the next reference. The Government was only empowered to guarantee part of. these loans. Mr Bryce aeems still to qriite misunderstand the nature of the Jtreasure concerning the sinking fund. It 'is satisfactory to know that it was searchingly examined and approved at Home. As to the borrowing of last session, it may be said that it nearly all consisted of authority to take up engagements already contracted, excepting the £240,000 to provide an equivalent for the increases of the sinking fund after the 31sfc March, 3884, but not to take up any sinking fund already accrued.