PROPOSED CONSOLIDATION OF COLONIAL LOANS.

Taranaki Herald, Volume XXXVII, Issue 8271, 18 September 1888, Page 2

PROPOSED CONSOLIDATION OF COLONIAL LOANS.

Mr WE3TQARTB, tha head of a London financial firm, who was in New Plymouth last week, had a long interview with the Premier on Mouday in Wellington. As we stated the other day, one of the objects of! Mr Weetgarth's visit is to make proposals to the Colonial Governments for the placing o£ their loans on a moro satisfactory basis than at present exists ; and by a Press Association telegram we learn ho has submitted written proposals on the subject to the Treasurer of each oolony as he has gone along. His main idea is one for the general consolidation of the lo ins of all colonies, in 3 per cent, stocks, on the joint and several responsibility of tho different Governments, instead of the varying rales on debentures now iaßuec'; bat in default of such a complete arrangement as this, be suggests that all the colonies should a^ree to issue only 3 per cent loans, each remaining separately answerable for only its own debt. The adoption of the latter i<iea would, he thinks, tend to make the public at Home feel that complete union is not far off. Another advantage would be that tho coaversion of our outstanding debts to 3 per cents, would bring in an enormous profit if it were gone übout in the most favorable way. Mr Westgorih hue also made a separate prop:ua' to Sir Unrry Atkinson that this colony should follow tho example of Queensland in not allowing any municipal or harbor loans to bo raised directly upon the market, but thut it should make these bodies negotiate such matters with the Government alone. The effect of thut would, he considers, bo wonderfully advantageous to the credit of the oolony, and reduce the cost of tho loans."