LEGISLATIVE COUNCIL.

New Zealander, Volume 1, Issue 29, 20 December 1845, Page 3

LEGISLATIVE COUNCIL.

The Legislative Council met pursuant to adjournment, on Saturday last' at Eleven o'Clock, when the Bill empowering the Governor oflNew Zealand to regulate the importation and sale of Arms, Gunpowder, &c, was read a third time and passed. The Governor then remarked, rliat with reference to what had falleu from an hon. member, (Mr. Wintaker), yesterday, respecting the debentures, he wished it to he understood distinctly, that he had no intention of making any alteration in the payment of them. He proposed, paying the interest half-yearly, and he thought it probable, that the first Tuesdajs, in April and November, would be the days appointed for that purpose. He was prepared, as he had already stated, to take up the debentures, to the amount of £9,000 ; but there not being sufficient spocie in the Commissariat chest, and not being able to negotiate bills on the British Treasury, he was apprehensive that a little delay mi?ht arise, in liquidating the whole amoutit of £9,000. He had, however, sent over to the neighbouring colonies, for a supply of specie,— and he trusted, that not much inconvenience would be felt trom ihe delay. His Excellency in continuation, stated, that Her Majesty's government, and himself also, when he was appointed to the government, conceived, that only ij 15,000 in debentures, had been issued ; but the Couucil would imagine his astonishment, at finding (hat the issue had exceeded £38,000. He had also", been instructed by her Majesty's government that the expenditure of the colony was about £26,000,-— but, on his arrival, he found that it exceeded £-12,000. Under these circumstances, which he had not been prepared to expect, he felt that he had but one course to pursue: and that was, publickly to state that he would not pay any expenses, that had been incurred, belore his assuming the government. He would at once, acquaint the home government, of all the circumstances, and he I rusted that no length of time would elapse, before he should be in a pobitiou ! to meet nil the demands against the government Until then, a small rate of interest would be allowed, on such sums as he was unable to pay. He would, however, continue to meet the expenses of the government establishments,—. as he had found them on, assuming the Government,— -to the end of the year and as soon as he could possibly find sufficieut nme, he would endeavour to reduce the Expenditure of the Colony, to au approximation of the Revenue. The Council then adjourned.