POLITICAL INTELLIGENCE.

Otago Daily Times, Issue 10598, 16 September 1896, Page 3

POLITICAL INTELLIGENCE.

0?EOM OUB OWK CORBESFONDENT.)

WELi.iKGyoN, September 15,

THE LOAN BILL.

At the very commencement of the session I Was able to wire ypn that there were indications of a depleted Treasury, and a week or two later I was able to give you the first intelligence of the probable necessity for borrowing. Ministerial newspapers gave an absolute denial to these statement;], and emphatically declared that there would be no borrowing. Nevertheless, the information I gave in the first instance is now proved to have been quite correct. When the Loan Bill was before the Council {b-day it was practically admitted that tbe appropriations iv connection with the new loan have to a large extent been anticipated, and nearly half of the money will be required for engagf-ments alretdy filtered into. For tha past few days the Government have been jast a little afraid of the fate of their Lo&n Bill, but ifc was not generally anticipated that tbe Council

would refuae to pass it.

2c v,as expected that

it would be committed and So Ally passed i by the Council to-day, therefore the resolution proposed by the Ilia. Mr Ormond as to want of information supplied ia the bill, the reverial of the policy of non-borrowing to which the Government was pledged, and the impropriety of throwing that policy to the winds oa the eve of a general election tame as somewhat of a surprise. Tha resolution was cleverly framed, and puts the position in a nutshell. The Oonncil, however, ie viaw oJ the facts that the proposed loan has bren considerably anticipated, the danger of th» stoppage cf public works, and increase in t!:o ranks of the unemployed if the loan is refused, cannot of course Bee its way to prevent the pissing of the bill,'and it will probably be committed to-morrow and passed through its final stagse. As Mr Ormond's motion was carried, the b?il coald not bs committed tb-dRy. ■ THE COST OF RAISING THE LOAN. Apropos of the raising of another loan, it is quite ou the cards that; the Government may have to pay pretty dearly "or the million now required. There is at present every indication of » financial crisis at Home owing to the trouble in Turkey and tbe attitude of the leading Tory organs on - the Armenian question. Tbe raising of the discount rate a half per cent, by the Bank of England, the coasequent fall in stocks, and to-day's news as to the heavy drop in consols all point to oerioun troubles ahead. The statement is made ' by ' cable that colonial, stocks are not yet afflicted, but I know as a matter of fact that Borne pretty 'cute business men here have been for the pa>t day or two rapidly getting rid of their, mining shares and other scrip that is at all of a doubtful nature. It is suggested that if the Home money market should be seriously disturbed bo that a loan could not now be raised on satisfactory terms, only one half of the million asked f orshonld be placed pn the market. As, however, so much of the loan is already pledged, and as a good deal more is required for tvo'kti on the eve of a general election, the probability is that the full amount will be borrowed. Straws show how the wind blows, and one Bmail-matter has come under my notice that ■ may give some indication of what the Government policy is. likely to ba on the eve of the election. In the North Island, near Auckland, . there.is an uncompleted railway known as the Helen^viljp Northwards Hue, and the settlers interested recently petitioner} the Minister for Public Works, through Mr Massey, asking that some prpgr«ss should be made with the construction pf the line.: Mr Hall-Jones_ haa now intimated that the further construction of tha Una will fee proceeded with under the cooperative works system, as he says the contract ' system has not given satisfaction on this particular line of railway. This simply means that a good number of voters of the right colour will be sent into this district at an Opportune moment. , LAND FOR SETTLEMENTS ACT. , Several important amendments are embodied in the Land for Settlements Act Amendment Bill'brought down by the Minister for Lands. There is a provision that the Land Board may call upon the applicant to appear before it tnd give evidence as to his genera! ability to | properly cultivate the land and fulfil the conditions of the lease. If the applicant fails to appear, or appearing fails to satisfy the board dv any material point, the board by resolution ' may reject his application. Special provisions are made for dealing with buildings situated on any Jand acquired. They are to be valued apart from the land, and the rental of the land ia to be computed on its capital value apart from the buildings. Pending the disposal <o£ any land acquired the Minister for Lands is authorised to carry on operations thereupon in isuch a manner as he deems expedient for the purpose of preparing it for settlement. This power is not. to be exorcised fora longer period than one jear. luparticul&r cases where land acquired contains deposits of coal, lime, or valuable scone the Minister is empowered to deal with it in such a manner bs he (items expedient for the purpose of moßt advantageously developing and utilising such dsposits. The bill contains > provision declaring It to be unlawful for any lessee to transfer, tablet, or in any way pars with, or mortgage, or cbarge his lease until the expiratiou of the fifth year of the term of tb« lease. Clause 11 provides for homestead cites or low-lyiog lands being added to existing if**ea. The Minister is given power in clause It to reserve out of lands acquired any portion to be used as State 01 experimental farms. V. WORKMEN'S HOMES. In the Land for Settlements Bill circulated to-day the Government proposals-irMcegard to the acquisition of land for tbe purpoScrvf providing homes for workmen are set out. \jjEhe_bill provides that in the case of lands proposed to be acquired for this purpose, the whole of any block offered or proposed to be compulsorily taken seed not be acquired. The area of eacly allotment disposed of for workmen's homes-;ss not to exceed three acrea, and the lease is Vbs provide for the insurance cf buildings, in aid of the construction of whi':h the Minister for Lands is authorised to make advances not exceeding £20. This sum is also to include aid to the cost of pHntiug and fencing these allotments. In addition to the limit of the advance given above, it is further limited by.,the provision that it shall not exceed pound for pound of the amount spent by the occupant, on building, fencing, and planting. These advances are to be m»de from the land for settlements account, j and arc, together with interast nb the rate of 5 per oact., to be repayable by equal half -yearly instalments extending over 10 years. ' THE FAIR RENT BILL. ' An important amendment is proposed in the Fair Rout Bill by Mr Maesey, the Opposition whip, who has given notice that he will propose in Committee the following new clause :— in this act shall apply to. Crown land 3 held under lease in jjsrpetuity." Averr important question of general interest throughoat the country is tore involved. The Crown has practically entered into a contract with settlers, who have taken up bush, swamp, and, otber landn under lease in perpetuity, but now under tne provisions of the Fair Rent Bill it in proposed to break through that contract and give the Government or a rent board power to raise the rents at any tins they choose to do . '°' ELECTORAL BOCNDARIES. The Representation Commissioners for itia ' North Island have concluded their labours in Wellington. - The alterations made in the electoral boundaries are of an unimportant character. The principal alteration is that Cambridge West bat been taken out of the Bay of Plenty and pat into WstiL-ato. I nnderntand tfcafc the South Island Commissioners are finishing their labours in Ghristcburoh. THE BANK COMMITTEE. Tbe Legislative Council Banking Committee is considering its report. Tha sub-committee's report, it appears, does not meet with the approval of the committee as a whole, and is being debated at considerable length. It may, therefore, be two or twee days before the report is laid on the table cf the House, and it • .will probably ba shorter fchan waa at first anticipated, , ; The Speaker is still indisposed, and Mr Guitmess was in the chair to-day. Mr Grattan j Grey is also indisposed, and the Hansard I Staff, who have had very severe work lately, tiave been working short-handed for a week.