THE MISTAKE IN THE LOAN ACT.

Otago Daily Times, Issue 8112, 22 February 1888, Page 6 (Supplement)

THE MISTAKE IN THE LOAN ACT.

THE VIEWS OF THE GOVERNMENT,

(Fkom Ouk Own Cobhesposdest.) Wei.i,int,ton', January 31

Withr.-furenceto tht ve.bal en-arum m the | . X, an Act, I unucrstaiul -.bat trie Government , , and their iaiv ailvisen Ho not attach aiiyim_ p.iftunco to the miscellaneous collection o» I volunteered 1. gal opinions which have been put i forth on this subject. It is contended as agiuust { the Ministerial view of the situation that if tue ; Government tloat the North Island Trunk loan ] they will thereby bo barroel from placing the new miiiion loan on the London market betore IS9I. The G.-n-erument regard this as a mere quibb'.o unworthy of serious notice. They maintain there is not the faintest shadow of_ a doubt as to whr.t was the intention of Parliament, and that this perfectly well-known and unmistakable) intuition is not to be overridden by mure accident oE a chance clerical error. At all •■veuU they do not mean to allow the interests j of the colony to be prejudiced through such a verbal miibalo. They will simply take no notice At ati of the Loan Act unless it should be ■decided to oiler any of tho million loan I .iv N..-w ZeaUud. They are not compelled j to act uiidi-i1 the abortive loan act at all, ; for the North lsUnd loan and other ex- ; cepted j.ji'iis are .iulhoried wholly irrespective ! ■of t'dit, net j; ,-o iii*t in lloating these they can uroceed ju-.t. a-, if the Loan Act of last session ; had urn exi-ied, and this they will most pro- , !bab!y do. No oblisatioi- rests on them in issuing | tiie K'orth Island and other authorised loans to miiV<- any dudiiriitiou that there shall be no further t'brr»win« for thr.eyev.rs. This is only j.'.piiced wht-n the new r.:>!lioii lomi is issued, and cv.n t!;-,-. tli-,r, doubts how_ far it is incjmbeut in l i..j G- v-rnmeu'- to advertise the phi.lr,.; >p.eirie.l i.; -.b:-. abortive act. In any case it is ejni!;' civtir th-t no sucii obligation reason thorn wi.h icgard to any other loans, and so no i.b.-V'e will bo give;:. If any inquiries ave'-mMk, h'tiuirers will b^cmclidly informed th««i the ruilliou loan wiil be issued so soon a-i vha requisite Parliamentary authenty /intende.l to be yivoa last session but invalidated throuah a clerical rrrsr) shall have been obtained :.lini:.LOi's, of cr.n;.--, ,-i:te,- :m. no doubt *t all t,:. ;;.r"'-i! .:.: .n'l |-r ;-.■!.::>- r.iJ..i!y'.Me

siblv t.r -stui.iiv its uwi, iul-'i'ms. !. fde.y tnoujjut, ;; i.,-2 -s-*.y f. il.'ai •>:,-. .n-.-v million' loan in houiim; .it- :ui eiri.er ■-■.-to r!:ar= is auw proposed, they v.-j;ilj c.iil i';>.rlr.rc"r,t twf'hc-i- ac oucu ui-.il h-iva :b-- error rentiaed; bat th»y see r.o reason 'fur Uking to extreme a step, and are o>tr- vitisried that nil i.-'bhe mterccu will u«^dequ^el viewed by allowing the ■matter to stand over until next session is held in ordinary course.

Tho following paragraph appeared ju is Wellington paper on the 2(>Hi u'.t..:—" li a rumoured, apparently on gno-J authority, •that a terrible blunder 'ims been discovered •a the loaii J-sisl.ition of last session. Jt will be rruicober^d that n rbn-e was introduced pled^ins; Clio colony agvnst any further borrowin- for a Mfh-A .if thren years. This, of •course, 'ra me.nt it) M--|>!y only attfti-^ ihe Korrh Island Trunk rii:l>'."ay k>. Li.olk: .toi«s and fmnvLT'ition lr,a;!s, b.;5 session, w^rfi r-ked, bat it :> uev; s.iid t'^t t-hfi oi;.^o is bo worded sis to :ib;.-.1u1.-:v prol::oit thOi.J biiRS l).:ing placed oil Ihu m:iv!f. t, and tMt until P«r-lia-u«iit meets aytiu th-m r.hi i.o ho <oau ol wiy l;i;i(l raised." TDc wh-i>b» ha, occua-i-.l in drafting tho rlausi) aiided to the bill in the Honse to tho effect that, subject to the provisions of the act, no loan should he raised 'iv Great Britain bebre 31st March 1391. Iv som? unexplained w»y, this new clause as drafted was inaccurately written. Kobody knows iiow the error tvns made or wno made it, but -the clause as ni^scd by the Co-jimittee of the IVhol<> ran thus in tli'.= Stat.ite Book:—" Subject ■to thn ;m-uw>) to this >-l,inxe, no loan of which the •nrin-iuJ or j.,r.-,-! slwl! lw ps-.a'.l.' in (liv rj,.i:V.'K- <■■«■•■ :.>~iV.-: i-,.f.. /-;^(-;^l '.';,i7ii....;' '-■■' •—' " '■■.■•. .;:•■■■:.•• ,'.:> ■ t'-\t: h \..- ---p'-' O: ii-J •■•...■ •' ' ''■■- -: :'i;-v ■'•nl. v ' i:l ru „■.-.: ~. :,c. ■ - ■-::■:■-.. .i:- vvij-.n: sinipis •.■..,.! ' ■ ■■ ■■'■• er.ii.K'ii o." tfc.! '..• -tit"' >"' ;" '-|:" ' 'll"'"'----miiwav 1.-an •'"" tl'-* -os" lJ lli' l' lli:-'-d under the Public R-veuues Aut Tlih alter.-.tion •cscxpou th.- uoiii-M of i-.'ll lto itntacial and lc h 'f.l authorities iv ih-j llvtiv.-aii-'l i'- lhoCoiinHl,:iiid ■li was ouiy whtn th:::,.'. h;-.ii been printe;! and came before th'; t..'.-.lii"i-t..".. tl^e l:nv of tho noinitry tail, th..- iiivuictioval prohibition of tv« v n rr !„,_,, .i. L ..j-i ~.--• :n i:it 'o«nth'>riiebecame 7D(inif(-:t--. Sir Frederick VvlntrtiiTr.jii iK-inginter-vi--.%Ll on the- su«j-f;t pnn'.-.i out thai siiporn-?o'"li'-v^-t c :t.. il.c.fi-^ nl tii-:- .Vortli l;5-»>'; •l"&ov.'ri '.l-'.-r':'rrJ'.^:^ tV/^.r.ow b.iore ISUI. hir F;-..-K.!-iek >ni' |I-.t- error it, ci^i.-io 19 oe am"?'!''.;".! by specUi act i.'js* se^ion.