LAST NIGHT'S DEBATE.

Oamaru Mail, Volume II, Issue 467, 27 October 1877, Page 2

LAST NIGHT'S DEBATE.

❖ We nave received i\mi tlu (■'overnnifiit a full report of the .-peei lies of Maj >r Atkiiison find t?ii- George on tlie no-confi-dence n otinn The former ii pieguiint with pers nality : 'whilst the hitter is powerful, and deals directly wnh the bubject at issue. We will not trouble our readers with a full lepor", as our article takes up each important point; but merely C"iitcnt our-elves i.y reprinting some of the figures of f>ir Geo ge Grey, which may be viewed as the gist of the whole matter. Sir.

Grey, after cnmba'ti'ig the arguinputs of M jor Atk : ns"n, said—"There <• a-% accord ng to.the statement, of <h" late CVoiral Tea-tirer. a no c;-ity f'T a lo'in of 1.-.\rCo,nCo for tli" comph tin of ruhlic works ami the ri><l oni]of 1 lie gini-au'eed debentures. Then for nil litional p-oviii ial ]i-il i'if'cs unnrovided for at the time, it: i* ascertained tint 1 2 00!) 000 will be required, but that.sum will lie sw-dled 1o a s'il L'fe i'u" aniou-t.. There ar • T e.-isnrv I'ills outs'aud'm: t> tlie amount of T,8."»'00; thei-" i a<l H«ien vot r* -vevue. estimated by •t 1,0 ] it-o ''olo-ial Tra nvor nf I KiT-OOl). t> lip met : tlr n u is ahsdut Iv neces-arv to ol.t 'i > t''i-3 i<»n t.lie mwis < f nisi-is a further sum of 1,1 000 00(1. to rcp'v loins Iy i lu> n . f New Z -«la"il and F-'nk <>f v ew South Wa 1 ' s. T" i 5 a lj o iv* •' s-a'-v t" ol tu i a s'un of LI Oil <>:>(> ly th" Ist of ■'a'.varv ne\-t to meet. a loin incurred upo-i .•lc'outtof t'ic lyttel'on Had our. 'I here i< a'so I 2 !(!.0(;0 riq'U- <1 to meet further publie wor';s and SupnVm 'tifary l'.>tini i f c< of flic late riovprunnvit. and we sh.all l ave to provide anoth°r L'2<!o.!ioo t>< in ft discount, on the 1.-?,OI)0 000 loan issued at. 41, percent , a snining the homls hr n;i 1 fld ii"tt, which <*ives us a tot d of 1,4-fJO,l)tw'<icli has to he raised at once. lint in addition, there has heen horrow -d from the PubM" Works Loan Ace->unt I 3i)'.) 000. lam snti. fi "dtliat that sum will also have to hi? provided for • n soni" other way 111-mi out of the Consolidated Fund. Tt is str e'lv a tloiting ( l eht. The late Government were authorised t > ho-i-ow L"00.0()0 fo- the Public Works Aei'i'U't. ni d what has heen done? Such sum having been borrowed and us- d hist year, it ivis repaid into the public aecom t on th" 3iit.li .Tune so the account was sipi >r«'d and the amount di appears, but early in July and August the ' inn was re borrowed. The tact is it wis not a pavment at all. it was a nominal payment, it wa-s paid in and borrowed aga n in-tautlv. 'I lien fee is another account wh'oh mu t be I roivrht U''d>r the notice of Hi • House, fl a', i-; claims of wlm-h the Ilou«e Ins never been informed : claims fo*- extra woiks and other con'raet-; for l-nlwavs. which anioni t to 1 171.\?37. It niav be said that the wlio'e of that amount may not he 'omul to be due and I have oulv to say thi-». that the vcy fi ,- st item contested (1 SOI!) wis found to he wholly due. Kverv penny of the LI7I-000 will hi? required. or at any rate T-believe that there will he a heavy c.lrirye against th i colon*on this account T have this fu-Mi-r to adil with reference to the T have mad" in re-a'd to our liabilities that in point of f;vt tli-y ini'lude a dclnt of a mo t objection able cha-a -ter. It i"chi'hw w-l-at. I may ca'l a floating tl'-bb. In tint T i"clnde 1.1 000.000 borrowed from th" ''-an'-. L 532.000 o p I reasuvy b-]'s. a-id LKIO.O' 0 ref|"i''ed for the Ly'telt 'll flarbour. 'I bat- is. r'all' a 11 o t*illv debt, of nearly 1 5.000.C00. Now, T ask the a'tenti"!! o- the I r " to thi- most im-•vi-taiit mat-'er. W!nt hj•« l-ivn done is this: the ('Joy rnmi nt I'.r.ve gen- Ih<-

even ma k't. nil in the <>!<<■>» markot lino rn-od loins .-it, n. com".va'iv<-1 v low rat." ..f itit-wst. and 'lio C' vo'ii-' cut have w'tli liobl fro m the fr>"i w'mvu 11'<■ >* borrowed t'i<■ fan' Ib->t, tliev wore r.-i-i----in<r from i rival,o i• dividual, or i t wlia' I mav call tli<! ' m-t' 1 -i"tf«3 si'"i* <>' 'no'iov a,*', a r ate ' f interc t. \\ lion t-.lia* - - co-'ic; to b- k't'nvn, our erodi' in >i tbo t --o ,, i')'i v slriki'ii. In ft.' l ,, it is a -■v-tem lin.T'c.e o>' a i"o«t, ol j 'rt'onab o k'li' 1 . v't'.i r" r :i'd (sii'cia ,| v to Ibe To:i iry'p, II <. It w'l b<- Mdlin tbo roe I!'-'-f,.f t'ic I'.)MS! (bat, •!' V ;u Ii 'T I'd l -iO(l.fH) ■tobo 1 o ow ,1 on Trcasur H 11tl>,-> a're met l oiitu' t' at, f.hoM* I rca v ■ -il]< w> oto bo repaid f!i''idlv hi snin" \ors f• >i>i Mini" s 1 veil out <>f 11"' ('onsidi- • lilted I'll l ld 'Mint <• '"■r(atl' ll not > lilv has not linen f.,lfill -d. but from tint 'inn lle-y li ve nr 11 "• oil b"l"OW ll 1 .,' o'l T'l l'V l>i bThere i- ab nluleb - I o "11 1 to it. and o"o of the lb-- 1 ' 1 binln In d me i- to 1 av o'V t.hes" in s.'lll" i";iiii'or. '! !,,«.■ sy-'ems ol bo rwin-.' in tdio "iion liri'l-e 1 a f ;i h'W late of i forest, a' <1 f (en I>l iva l e I'i'i'v n« at a b eh ra.te of in °r J-t is a, 'end liarb;ni system ! t. i« a sovfoni of amo t di* icbt blo kiliil. one which nn_d.t ii"t to b" allowed