THE PROGRAMME OF THE SESSION.

New Zealand Herald, Volume XIX, Issue 6394, 16 May 1882, Page 5

THE PROGRAMME OF THE SESSION.

[BY CORRESPONDENT.] Wellington, Monday. A LOAN OF THREE MILLIONS, ; The present Ministers are not very talkative or communicative, but I have obtained some items of information respecting their programme, which I believe will prove to be authentic. First, in respect to borrowing. Ministers have anxiously considered the question of how far they were justified in again going upon the money market for another loan. One scheme which they thought on was to raise a million per annum for three years, and to have the money strictly appropriated, so that it could only be spent npon the works named in the schedule. After fully considering this plan, and taking the opinion of persons possessing financial skill and a knowledge of the money market, Ministers came to the conclusion that it would be the best plan to borrow the three millions at once, and not in annual instalments, it will therefore be proposed to Parliament by Ministers to go on the London market for a "loan of three millions.' From what I know of the opinion of members I believe there will be a non-borrowing party, a number. of members who think that the present debt of the country ought not to be increased, and that we ought to wait for a year or two bpiore incurring any further liabilities. There will be non-borrowers on both sides of the House ; but Ministers will, I have little doubt, succeed in carrying their proposals, especially as the provisions will be exceedingly cautious and guarded, so as to avoid waste. NEW RAILWAYS. It will be proposed out of the loan to make provision for the Otago Central Railway. A sum will be voted for it, and blocks of land will also be devoted to the construction of the line. Provision will also be made for opening up communication between Taranaki and Auckland, or from Auckland to some portion of Wellington province through the centre of the island. Another section to be added to the Picton and Blenheim line, joining it with Canterbury, will also probably be proposed. DIRECT STEAM SERVICE. Provision will also, be made to conclude a contract fora direct steam service with England. This service will be for cargo and immigration purposes, but no attempt will bo made "to use it as a mail route. IMMIGRATION. A sum of money will also be set apart out of the loan .for the resumption of immigration, but it has been resolved that great care shall be taken so that the most useful class of immigrants only shall be introduced. SAN FRANCISCO SERVICE. , ; Authority will be taken to renew the San Francisco mail service, but there is some prospect that a proposal may be made for the steamers to call at Fiji, a branch boat being put on for New Zealand. . TAXATION. I understand that the Colonial Treasurer anticipates being able to provide for'the interest of the new loan without any increase of taxation ; indeed, it is expected that there will be some slight ifelief, probably a reduction of the property tax from £d to id, and a reduction of a few items in the Customs. The Treasurer will have a surplus of £214,000 with which to commence the year. On the 31st March, there was a balance of about £900,000 to the credit of the Public Works account. This will be amply sufficient to carry on with, and to prevent any check, till the new loan is received.