SIR JULIUS VOGEL AND MR BRYCE.

North Otago Times, Volume XXVIII, Issue 3971, 3 June 1885, Page 3

SIR JULIUS VOGEL AND MR BRYCE.

PBR PRESS ASSOCIATION.

Wellington, June 1.

We are requested hy Sir Julius Vogel to state that »f Mr Bryce is correctly reported at Waverley, bis 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 hai not been through intention, but through misapprehension, that Mr Bryce is io much in error. As the statement appears, it would neem thßt Mrßryceallegrs that the Assembly authorised borrowing to the extent of nearly nine and a-half millions. Without distinctly saying so, the 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 the colony or other bodies, being authorised by the measures of last session to increase their debt by the aggregate amount stated. Mr Bryce's itatement Is : " That the following authority was taken for borrowine — for »h* North Island trunk rnilway, L 1,000,000 ; loan of 1884, Ll,500,000 ; loan to the extent of the accrued sinking fund, L 2,792,808, and loan to the extent ot the sinking fund of this year, L 244.000. In addition to these direct loans there was suthority for indirect borrowing powers, for the Westport colliery. L 500.000; guarantee on debentures, L 150,000 ; Otago harbor board, L75O,OOO; bringing ihe total amount of borrowin? authorised in on* session to L 9,436 808. All except the million for the North'lsland railway was authorised last session. The philosopher'! s ( one which was to lave the colony L 244.800 a year, turned out to be seizing tbe sinking fund." Ai regards the North Island trunk railway loan it was authorised in 1882. All that was done last session was to give authority for its being railed, it havine baen stipulated that it should not be raised until tbe 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 Bryce was a member. Tbe loan to the extent of the accrued sinking fund may almost be said to be imaginary. The only ground for stating there was authority for ■uch a loan is that the power to convert loans outstanding without deducting the sinking fund accumulated was re enacted. If that is what Mr Bryce meant, it was no power, for the same was already existent by tbe 4th daunt of theN.Z Consolidated Stock Act, 1877. The Westport and Greymouth harbor loans are presumably meant by the next reference. The Governor was only empowered to guarantee part of these loans. Mr Bryce seems still to quite misunderstand* the nature of the measure concerning the sinking fund. It I* satisfactory to know that it was searchingly examined and approved at home. Ai to the borrowing of last session, it may be said that it nearly all consisted of authority to take up engagement* already contracted, excepting the L-240,000 to provide an equivalent, for the increases of the sinking fund after the 31st March, 1884, but not to take up any sinking fund already accrued.