SIR JULIUS VOGEL AND MR. BRYCE.

Thames Advertiser, Volume XVI, Issue 5185, 4 June 1885, Page 3

SIR JULIUS VOGEL AND MR. BRYCE.

[Pbr Press Association]. : ; '~•.■. j ;?.Wellington,Monday.': WE are requested by Sir Julius Vogel to state that, if Mr Bryce is correctly reported at Waverley, his statomonts aro calculated to create seriously wrong impressions concorning the nature of tho finance measure of Inst session.. Sir Julius wishes to add that he is sure that it Ims not boon through lntontioDjiibut through' Imisapprohonsion,, tlmt Mr Bryc'o is so much in error üb. tlio statomont appears. It would scorn: that Mr Bryco alleges that tho' Assembly authorised borrowing to the extent of nearly ono and a-half millions without' distinctly saying so. Tho natural infor'onco would bo that this auiouul ma

iiii.li. is I to bo borrowed on behalf of tin ciil.iiiy, tho 'colony being liab|e for repayment. Tho statement is, however, not correct, eithor as to tho colony .or other bo'dios being authorised by the measures of last sossion to increase their debit; by/trie'aggregate amount stated. Mr Bryeo's statement is that the following authority was ; ,taken for borrowing:,— "For the North Island Trunk Railway, £1,000,000;;, loan of ;1884, £1,500,000; loan to the extent of the accrued Sinking Fund, £2,792,808; and loan to the extent of the 1 'Sinking Fund "of r this! year, £244,000. .In addition to this.direct loan, there was authority for indireot borrowing power for the Westport Colliery, £500,000; guarantee on debenture,. £150,000'; Otago Harbour Board, £750,000—-bringing the total amount of, borrowing" authorised in one session to £7,436,808. , All except tho million for the North Island Railway was authorised last session.'. The Philosopher's Stone,,) which was; to' save the colony £244,000 a year, .turned .put to be seizing the Sinking Furid." ; As regards, the North Island Trunk Railway loan it was authorised in 1882:' All that w,as dono' : last session was to give authority for its being raised; it having been stipulated'. thai; ! .'it should not be' raised. until the .lino was approvod by_ Parliament. The'loan of 1884—ono million and a'-lialf—,wasanew Joan, .authorised last session,: mainly to discharge and; meet liabilities inherited from the, Govornment of which Mr Bryce was a member. The loan to the extent of the accrued..sinking fund, may almost be said;to. bejiraagipary./The only,.ground for stating there was authority for such .a loan lis that: the power to'.convert loans outstanding, without deducting the sinking fund accumulated, was re-enacted. .'/If that is whatiMr Bryce, new power,, for the! same,was.'.already, existent by tho ; 4tli clause of the '• New Zealand' Consolidated Stock Act. 1877; The Westport 'and Greyraoutli .harbour loans are presumably meant by the next reference. Tho'Government was: only empowered, to guarantee part of'these loans., Mr'Bryce'/seems still tolquito misunderstand the nature of tho measure concerning the sinking fund. It jsisatis-. factory. to know that.it was soarchingly examined and approved at homo. As .to the borrowing of last sossion, it may be said ( that it nearly all consisted of .authority to.take up engagements already' con? tracted, oxcopt the £240,000 to provide an equivalent for tho increases of tne sinking fund aftor tho 31st March, 1884, but not to tako up any einking fund' already accrued. i' '