MORE BORROWING, GOVERNMENT RECKLESSNESS SUPPORTED BY THE HOUSE. (BY TELEGRAPH.) (FROM OUR OWN CORRESPONDENT.) Wellington, September 19.

North Otago Times, Volume XXXVII, Issue 8082, 21 September 1894, Page 3

MORE BORROWING, GOVERNMENT RECKLESSNESS SUPPORTED BY THE HOUSE. (BY TELEGRAPH.) (FROM OUR OWN CORRESPONDENT.) Wellington, September 19.

An intereating debate took placo in tho Hoaso to-night on tho second reading of the Console pill.' " The Colonial Treasurer oaid jfcho conaolo would ofer aeafe and recuperative invent* jnent to tho public which did not; exist at tho present time, and tho purposo to trhicK tho moneya wouldjbe utilised would bo to pay off Treasury Bills. Tho Government desired to guard against console being bought up by foreign syndicates! Sir R. Stout doprecated the jaunty Manner in which the proposals to borrow jftefnoy were received by tho House. Tho Treasurers Bt&tempnfc that the money raised wafj to pay off Treaoury Bills raoajjb that they were going to convert thoir floating debt into a permanonb debt of forty yeara' standing. The Bill would tiofr boom the colony, bat intensify tho fcroablefl of Treasurers in futiiro;' ,Iho premier oaid y&ht after yoar tho ecw^yli^dhoon drainod and crippled by tnonbyo oe'ni fromXho pojpny and lockod up. Thfa Bchome would glvo relief. Captain Rubboll characteriaed the Bill as a public mon«tro»ity — a borrowing Bill In it» very vrorat form. It would bo impoaaible to prevent English capitalists popping upt^eso consols, and they vrould belaying 4' per ceftt foi?'wH^ previously they paid 3fc per cent, IJo urged mem: bora to be true to their election pledgOß, »nd moved an amendment "Thab it is not desirable by this Bill to still furthor pxtond the policy of borrowing in direct

contravention of tho will of tho country as declared at the Into election. Mr Goo. Hutchison, Beofmding tho amondmont, said tho proposal wag ono no Govornmonfc would make except in tho l»eb sfc*ge of emorgoncy. Tho customs rcvonuo was diminishing, and tho ox* pond! turo increasing. Won such a nohome as this propounded at tho general olectionH ? This was a wanton profligate sohomo, and politicians of easy virtue roclinod on tho Governmont benches, and had Buoh support behind thorn that they could cast off ahamo and parado thoir paintod vico bofoto tho colony. Tho Minister for Education said thi« was tho only way tho amondment could bo accepted, and tho Govornmont woro prepared to take up tho gauntlet. Tho attack came from the financial institutions and monopolists, who had always boon opposed to tho Governmont. After further discussion tho amendment was put to tho voto, and lost by 38 tolG. Tho dobato wan adjourned, and tho llouso roso at 1.20. September 20. Tho dobato on tho eecond reading of tho Consols Bill was resumed in tho llouso this itftornooti. Mr Montgomery expressed disappoiutrnont with the Bill, which ho considered was purely a loan Bill. Unless cortain amendments were mado it would not benofit tho working claasoo, but increase their burdens by a drain upon tho colony for interest. If the Government wanted money for public works why did nob thoy go to tho London trarkot and got it <vt throo por cent instead of paying four as proposed 1 Mr Hogg believed borrowing a necessity in a now country, and favored borrowing within tho colony. Mr G. J. Smith said tho democracy should not be called on to iind an outlet for money if capitalists opposed tho [ Government boitig given a million to spend as they thought tit. Mr Robt. Thompson said this wus borrowing in the very worst form, us it was borrowing for no specific purpose. This was a plunging policy, the policy of a reckless gambler. Mr Wilson said theso wore extravagant loan proposals. Mr Collins favored borrowing within the colony so as to give froedom from the London bondholder. Mr Earnshaw said every loan policy proved disastrous to tho working people. Messrs Smith and Morrison supported and Mr Maasey opposed tho Bill. After further discussion, tho second reading was carried by 39 to 23, tho Govornmont agreeing to atriko out clauses 7 and 35.