PARLIAMENT OUT OF SESSION.

Timaru Herald, Volume L, Issue 4861, 5 June 1890, Page 3

PARLIAMENT OUT OF SESSION.

(By Teleqbafb.) FKILPING. June 4. Mr Maemlhur, M.H.K. for Manawatu, addressed the electors last night. Donling with Mr Fergus' speech ho poiuted out the danger of the colony interfering with the present or future indebtedness of locil bodies, nnd he showed that out of sir millions of local bodies' debts, county councils and road boards owed only £320,000 principally to tho Government under the Ooverntnent Loans to Local Bodies Act, on exceptionally easy terms, so that Mr Fergus' proposal »o3 totally m tho interest of harbour boards and municipalities. With regard to acquiring and roading lands by debentures issued m the colony, Mr Macarthur pointed out that whereas Mr Fergus' first proposal was an attempt by moans of a colonial guarantee to reduce the rate of interest of looal bodies to 3i per cent from tho present average of f>\ per cent, his second proposal involved the absurdity of tho same Government borrowing m the colony for itself at 5 per cent and upwards. Mr Fergus' idea of the Government — with crown lands for sale— buying up bad investments of morlgago companies at fancy price* was condemned ; ul«o liia reference to a bursting-up tax us a possible alternative. He approved Jof the continuation of the primage duty for a school building fund rather than borrow for the purpose. Mr Macarthur expressed his profound disbelioF that any such policy as that set forth by Mr Fergus had been agreed to by the Cabinet. A vote of thanks and confidence was carried.