Borrowing v. Non-Borrowing.

Poverty Bay Herald, Volume XXI, Issue 7012, 26 June 1894, Page 2

Borrowing v. Non-Borrowing.

♦ Dunedin, to-day. A crowded meeting was held m the Princess Theatre last evening to consider the desirability and urging of (the Government to float a loan to complete the railway works m hand which are likely to promote settlement. The first resolution, proposed by Mr Brown, was Cl That m the opinion of this meeting the time has arrived when the Government may judiciously raise a loan on the London market for 'the purpose of expediting the completion of such lines of railway m both islands as are already m progress, and which are likely to be of a reproductive character." An amendment was proposed by Mr Stanford declaring against obtaining a loan m London, but saying that half a million loan m the colonyjwould be of advantage. Mr Muir then proposed " That the meeting urges Government to take no steps to borrow money without first consulting tbe people of the colony." The last amendment was put and declared lost by the chairman, amidst the protests of the meeting. No one voted on Mr Stanford's amendment. The original motion was then put and lost by a large majority. The announcement being received with cheers.