THE NORTH ISLAND TRUNK RAILWAY LOAN.

Hawke's Bay Herald, Volume XXII, Issue 7305, 29 October 1885, Page 3

THE NORTH ISLAND TRUNK RAIL WAY LOAN.

Auckland, Wednesday. In reply to a telegram from the chairman of the Chamber of Commerce to Sir Julius Yogel, asking if it was the intention of the Government to raise the North Island trunk railway loan for general purposes, the latter states as follows ; — " The case is this : For several years past there hag been no attempt to earmark the purpose of each Loan Act. The whole loan authorised has been included in the fourth schedule of the Immigration aDd Public Works Appropriation Act. When the North Island Trunk Railway Loan Act became negotiable it was added to the schedule, and whenever it is negotiated, like other public works loans, it will be available for public works votes. It was my intention to hare kept the loan unnegotiated, and to have spent the money required on account of that railway from other loans until there was a considerable amount to be recouped from it for past expenditure. That was the only possible plan of earmarking it. At the end of March next there will probably be nearly half a million left of other loans. Expenditure according to law will proceed, and it will not be long before the trunk line loan will come into use. The members who voted for Captain Russell's motion were determined not to sanction a new loan, and they must have had the intelligence to know that as there was no provision for defence and other purposes, or other loam, that expenditure would have to come out of the only unexpended loan until further provision was made. Major Atkinson was, I know, aware of it, and every member who was not must have refused to consider the subject intelligently. We wished to push on the North Island trunk railway as rapidly as possible. What object conld members have had in stopping it and refusing other loans, except to use the trunk loan for defence and other purposes ? A great many of the North Island members wished to stop the railway because of obtaining native lands, and possibly some wished to re-open the ques'.ion of the Stratford route. It is right I should say that Sir George Grey did not vote for Oaptain Russell's resolution, and Mr Dargaville, Mr Moss, Colonel Krasar, Mr Oadmau, Mr Grace, Mr Moat, and Mr Thompson voted against it. I cannot believe that any member who did vote for Captain Russell's resolution failed to understand its obvious result. I have given you this lengthy explanation, but of course the simple answer to your question is that the Government does not intend to do anything but what the law requires. —Julius Yogel."