SIR JULIUS VOGEL AND MR BRYCE.

Timaru Herald, Volume XLI, Issue 3332, 2 June 1885, Page 3

SIR JULIUS VOGEL AND MR BRYCE.

(By Telegraph.) Wellington, Juno 1. Tho Press Association is requested by Sir Julius Yogel to state that if Mr Bryce is correctly reported at Waverley, his statements are calculated to cause serious wrong impressions concerning the nature of tho finance measures of last session. Sir Julius wishes to add that he is euro that it has not been through intention, but through misapprehension, that Mr Bryce is so much m error as the statement appears to show. It would seem that Mr Bryce alleges that the Assembly authorised borrowing to the extent of nearly nino and a half millions, without distinctly saying so. Tho natural inference would be that this amount was authorised to be borrowed on behalf of the colony, tho colony being liable for repayment. The statement is, however, not correct either as the colony or the bodies mentioned by Mr Hryco being authorised by the measures of last session to increase their debt by the aggregate amount stated. Mr Bryce's statement is " that the following authority was taken for borrowing : — For tho North Island Trunk Railway, £1,000,000; loan of 1884, £1,600,000; loan to the extent of the accrued sinking fund, £2,792,808 ; and loan to tho extent of the sinking fund of this year £244,000. In addition to this loan there was authority for indirect borrowing powers— for the Westport Harbor, £500,000 ; guarantee on debentures, £150,000 ; Otago Harbor Board, £750,000, bringing his total amount of borrowing authorised m one session to £9,436,808 ; all except the million for the North Island Railway was authorised last session. Tho philosophers stone which was to save tho colony £244,800 a year turned out to be seizing the sinking fund." As regards the North Island Trunk Railway loan it was authorised m 1882 ; all that was done last session was to give authority for its being raised, it having been stipulated that it should not be raised until the line was approved by Parliament. The loan of 1884, one million and a-half, was a new loan authorised last session, namely, to discharge and meet liabilities inherited from the Government of which Mr Bryce was a member. The loan to the extent of the Sinking Fund may almost be said to be imaginary. The only grounds for stating there was such a loan is that the power to convert loans outstanding without deducting the Sinking Fund accumulated was re-enacted. If that is what Mr Bryce meant it was not new power, for the same was already existent by the 4th clause of the New Zealand Consolidated Stock Act 1877, The Westporfc and Groymouth Harbor Boards' loans are presumably meant by the next reference. The Government was only empowered to guarantee part of these works. Mr Bryce seems still to quite misunderstand the nature of the measure concerning the sinking fund. It is satisfactory to know that it was searchingly 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 contracted excepting the £240,000 to provide an equivalent for the increases of the Sinking Fund after the 31st March, 1884, but not to take up any sinking fund already accrued.