(From Our Own Correspondent.) WELLINGTON, October 22.

Otago Witness, Issue 2902, 27 October 1909, Page 32

(From Our Own Correspondent.) WELLINGTON, October 22.

WELLINGTON, October 22. The Million Loaa Bill introduced today, provides for the allocation of the money in the following manner: — 1. In respect of railways : Construction of railways, £300,000; additional rolling stock for open lines ajad such other -works and purposes in connection therewith as may be authorised, £100,000. 2. In respect of land settlement and goldfields development: The construction of roads, tracks, and bridges for the purpose of openb.g up back-blocks, developing goldfields, and such other works and purposes in connection therewith as may be authorised, £200,000. 3. In respect of other public works, £400,000. In regard to this loan the Prime Minister made a statement to the press this afternoon to the effect that the public works expenditure was being carried on at the same rate as heretofore, when they had £800,000 from the consolidated ' revenue. The new loan was being raised in consequence of the remissions made on Customs taxation last year, and in view of the larger amount required for public v,\>rks expenditure. The Dominion, he added, required to raise its loans ait one pciriod of the year instead of. as in the pi^t, from time to time. The amount stated w-iuld provide l.ot only for the up to March 31. 1910, but until Parliament met again, and, therefore, this Vf-.i made provision for needs up to the t-nd of September, 1910. With this mil";n:i Join the Government would not be <xpenflirg more than was added last ycdv -to tli" Public Works Fund. "lYhifl the bill was introduced in the TT' ?-s Mr Massey asked for information legai'-ding the financial position, which, h? p.^.ld, should be given to the House and the counti". before they were asked to agree to another loan bill. The Prime Minister said he would not jrlva information regarding loan transactions that had not been completed. The iea.-<m for this bill was not that they ->vera short of money, but because oi future requirements in connection with tiic Public Works Fund, and the canying on of works, at all events till the ond of September. Besides, there was a ]>avi>A approaching in the Old Country ■ onnected with financial matters when \e\v Zealand and other countries should uo'o wait much ionjer before carrying out T-i.^ir operations. The proposed loan was £1.000,000 for public works, and there vas no reason why it should not be put through all its stag?<s now Mr Massey: That would be a most or. -uTeous thing.

' "a.- Prime Minister said he did not prom however, to put this bill through ail ts stages that day, as he might, he thought, expect motives to be attributed ]f that course were adopted. Ml- Herries said it might no doubt be incise for the Prime Minister to give in"ormation regarding uncompleted loan ■transactions, but the House was entitled in information regaining last year's loan, vhich had been completed. The House no information regarding ihe 1908 million and a-quarter loan. Tliere were some matters in connection with this which seemed peculiar, but no doubt were explainable. The Prime Minister said the conversion and renewals of certain loans were bein^ completed in London just now. and the information was not yet available. Mr Massey said they s-hould have some ■more definite information regarding the loan raised by the Prime Minister while in London He referred to the £500.000. They had been told that the rate of interest was 3^ per cent., and that the loan ■vtas at par, but they had not been tola the term for which the money had been secured.