PARLIAMENTARY.

Timaru Herald, Volume LVII, Issue 6060, 20 September 1894, Page 3

PARLIAMENTARY.

(Br TbxbgbapH) WELLINGTON, Sbptembhb 19. LEGISLATIVE COUNCIL. (The Council met at 2,30 p.m. LHAVB OB ABSBKCH. Dr Pollen was granted leave of abienoe for the remainder of the session, SCNNXSIDE ABYUJK. Mr Jenkinson mored for a return of the cost of the new buildings at Bunuyside Asylum, together with the wages earned by the day or week by eaoh man, whether on tbe co operative system or day work. Sir Pfttriok Buokley said that the Govern' ment had do objection to the motion, Dr Grace said that it appeared to him that men under the Government 00-operative system were ill paid and ill ; prorided with tools. Mr Jenkinson said that he thought from I what he bad observed that the Government co operative system was not a cucoear. He aibed for the return both m the interests of the people and the public service. He had visited Sunnyside and found the men badly provided with tools. The motion for the return wes agreed to. MUNICIPAL CORPORATIONS BIIL. Mr MeOullough moved that the Government m any Bill to amend the Municipal Corporations Act should include a clause to enable Borough Councils to*&jUK6 private gas or waterworks. A long debate ensued. Mr MeCWlough contended that aa the Government desired under the Land for Settlements Bill to take over private land, it was competent for municipalities to take over gas and waterworks. Sir George Wbitmore said that if private works were interfered with by corporations then good byn (o private enterprise. Mr Oliver and Mr Stewart also opposed the motion. Mr Stewart remarked that it appeared to him that no sooner did a private enterprise pay than an attempt was made to annex it either by the Government or a corporation. The motion was lost by 22 to 9. SECOND HEADINGS. The New Zosland Company's Land Claimants Bill, and fchp Westland and Neleon Coalfields Administration Bill were mi a sscond time. TRAMWAYS BlLfc. The Tramways Bill was further considered m Committee, and wa» amended m the direction that existing lines shall not bs interfered with* Progress was reported with leave to sit again. OO7BHNMEKI RAILWASB BILL. The Government Bail ways Bill was read s first time. Tbe Council adjourned till next iday. HOUSE OF REPRESENTATIVES, The following is the conclusion of the raport of Tuesday* sitting .— ADVANCES «O /JBTTLHBS BIIL. Mr Hall Jones objected to many featurei of the Bill, but would vote for the eeoom reading with a view of amending it iv Com mittee. Mr Parata would support tbe Bill m al its stage!, and Mewrs "Hall and Harrii generally supported the Bill* At 2.50 c.m. Mr Ward replied. Ha com piaintd of the misapprehension s>nd th< misconception, and the very incorrect idej

that prevailed among member* m regard to I the Bill. It wbb untrue, aa stated by the ; member for Patea, that the Bill had been altered sinoo first brought down to I the House, and m reference to what the 'same member had said about the credit of the colony he (Mr Ward) pointed out that the price of Btook»|had risen since the publication of the details of the Financial titatement m the London daily papers. Tho Biil I was not a copy of the Victorian Bill, as stated by Dr Newman, who forgot to mention that the tables m the two systems were altogether different. As to the land bonds they would go to tho leader and not to the borrower. He denied, as stated by Captain Bussell, thai capital was being sent out of tbe colony because cf the legislation of the present Government. He could understand that hon. member's difficulty m discussing bis scheme, when he himself bad proposed to borrow £20,000,000 to lend at cheap rates at a time when tbe mortgages m the colony amounted to £5.635,000, and the money was to have been borrowed at 6 per cent. m reply to Bir B Stout, be said be had made no mistake as to the ooit of the scheme, aud the officers were to lie utilised for other Departments All tbe Government wanted to tee was cheap money, and if privato individuals and local institutions liked to step m and offer money at 5 and 5} per ceDt, the Government would be only too happy to let them do ib. 'Ibis was what was being done sinoe thcie proposals came down. Tfcere would be & profit to the colony by this scheme of about £8000, extending over 15 years. He denied that the Government had departed from the Financial Statement m framing the details of the Bill. The Government, he said, could get money at 3 per cent, and had no intention of paying over 3i per cent for it, but the proviso to borrow up to 4 per cent was a neoessary one, and served as an extra precaution. It was intended to isiue inscribed stock* He could not; agree to Mr Millar's proposal to revert to a paper currency. To make the department strong, lurge advances must altercate with small ones. If they wsre limited to a small maximum the Bill need not proceed further. There should be a limit to the extent of borrowing under the Bill of so many yean, but the proposal to only vote from year to year would militate against the success of tbe Bill. Tie colony was paying at the rate of £43,500 m six years m legal expenses, and the Bill would not; add one sixpence to these expenses. 'Jho only increase m the expenditure would ba in connection with tbe valuers. The second reading was agreed to on the voices, and the House rote at 2.45 a.m. The House mot at 2 30 p.m. ; REPLIES TO QTJBSTIONB. Mr Roderick McKenzio gave notice of » question asking whether tho Government are aware that 220 miners on the West Coast have been dismissed from employment within the last fortnight, and that 400 people are on the verge of starvation. Tbe Premier informed Mr MoKenzie that it was notnecessary to burden the Order F&per with his qaeation. The position had beoome so serious that the Government had taken tbe only alternative that was m their power. The ooal companies had not acted upon tho report of the Bailway Committee, and the men being cut of employment and starving, the Government had given instructions to immediately determine the leases of the whole of the mines of the two companies, the Cardiff Coal Company and the Mokihinui Coal Company* In reply to other questions it was stated that a small quantity of seed of sugar beet had been ordered and would be distributed amongtt farmers who had land suitable for growing the beet ; that a leaflet would shortly be issued on tbe subject of foot-rot m cheep. GOVERNMENT BMLWATB BILL. Tbe Government Hallways Bill was reported from. Committee, road a third time, and passed without debate, BATING BILL. The Bating Bill was further considered m Committee. Clause 22 was amended so that ten days instead of seven days should be allowed m which to make objection to valuations. The House rose at 5 30 p.m. Tbe House resumed at 7.30 p.m. m Com mitteo on the Bating Bill Clause 63 -Bates overdue for two years cannot ba recovered— caused considerable dieouißion, several members defending the olauEe ; whilst others opposed it on the ground that local bodies should nod be put on a different footing from private persons who oould recover debts due for six years, Tbe clause patted by 41 to 17. Tbe remaining clauses passed unaltered, tbe Bill was reported without material amend' raent, read a third and passed without debate. THS CONSOLS BUI,. Mr Ward moved the second reading of the New Zealand Consols Bill, to afford facilities for investment of savings by the oreation of New Zealand inscribed stock. He said that tbe Bill was neoessary m order to enable people to deposit larger sums of money than could be placed m tbe postal savings bank, whioh did not pay intirest on larger sums than £500. Building societies and other sooietias who could not now deposit more than £§00 m the postal savings bank would ibe able to do so under this Bill and reoeive 4 per cent, interest. In the British dominions the system of consols bad existed for many years with great success. One purpose for whioh console money would be used would be for paying off from time to time, Treasury fills. The maximum amount of consols was £1,000,000, and the rate of interest was not to exceed 4 per cent. A safeguard had been introduced into the Bill to prevent a syndicate outside tho colony from investing m these consols, and if the Bill were not property safeguarded m this respect he should ba willing to amend it m Com* mittee to meet such objection*. When he told them that the amount at consols m England reached £535.000,000 he thought it was sufficient to show that that form of investment was considered m that great country as ssund. Dr Newman thought that before long the people of this colony would be wringing their band* over the largo amount of debt that this Government wag heaping on them. This Bill was only another ona of thg borrowing meatures introduced by the Government j beoause the finances of the colony were going to tbe bad so quiokly that this money was required to keep it up. He would like to know what the Government really intended to do with this money, for if it was only wanted for Treasury bills he hoped the House would not pass the Bill. Sir B Stout said that nothing pained him more than to <cc the easy way m whioh tber proposals to borrow millions of money had beep rpopiyed by the House. If al! *he financial JftUfs flf the Government were carried the colony would fja pj&dged to £5.250,000 for this year and £2,250,00,0, for next year, and so tfco amount would go on increasing. They were simply going by this Bill to borrow £1,000,000 of money to convert the floating debt of the colony into a permanent debt for forty years by encouraging (people to take up money by these consols. It would limit the business of the banks and financial institutions ; oripple tbe business of evory manufacturer and trader m the country, and oauee great injury to all mercantile business. Grave responsibility rested on the House at present, and they were on the eve of a great financial crisis, such at he bad never known for years past. From every point of view the Bill would injure tbe colony, and it would cot improve the condition of one hundred of the people. The Premier expressed his surprise at the speeph just delivered, for ho did not expeot to find m the senior member for Wollinpton an apologist for financial institutions apd syndicates* This was the first opportunity that had been given to the people to invest m tbe consols of their country, and it was forced on them by the faot that thousands of money had been leaving the colony for years past. Money had been locked away m safes, people being disinclined after the Australian orisis to trust eyen the Postal Savings Bank, but he wai glad to see that the people had every cow fidanoa m the Government, and would willingly place their money with them m port' cols. Instead of injuring oommeroe, the Bill would assist it by keeping tbe money m the colony where large sums of money were lying ready for investment. The Colonial Treasure! had been altogether misrepresented by Sii Robert Stout when fee P»i<* that <tbe perman' ent debt would be locked up for forty years The Government had no desire to weaken tbi banks, and this Bill would iv reality strong then their position. He detijed that thji

soh«me was borrowing, and said that whatever money the Government were asking the Home to grant they intended using for developing the country and promoting settlement. Captain Russell said it was amusing to hear the Premier talk about Sir B Stout being an apologist for syndicates and financial institutions when Mr Saddon was leader of a Government whioh had done mote to bolster up banking institutions than any Government that had ever sat on the Treasury benches. Captain Bussell regarded this Bill bb a perfeob monstrosity, designed to give the Colonial Treasurer a million of money to squander m any way he chose, as aoon as he oould get it, If the borrowing polioy of the present Government wero persisted m, tbe oredit of the oolony would be absolutely damned, and repudiation would bs the word that would be used. Ho moved as an amendment—" That it is not deiirable by the New Zealand Consols Bill to still further extend the polioy of borrowing m direot oon* travention of the will of thejjpeaple as deolared at tbe last general eleotion." Mr George Hutchison seconded tbe amendment, and strongly condemned the Bill. He quite agreed with Sir B Stout that they were on the ove of a great financial orisir, and ssid that a Bill of this kind was never retorted to ' except as a last resource. ' It was a most wanton and profligate scheme introduced by politicians of easy virtue. Mr Reeves said that Captain Busoell's amendment was a direot attaok on the Government polioy, and this time had come fifom the proper quarter. The Government expected that their financial polioy would be attacked, and that it would be attaoked by the representatives of political institutions; If tho Consols Bill were not pas&ed the Government would raise the lame amount of money, but by other means. Simply put the question waa whether they would have a oertain number of oonsols or a certain number of Treasury Bills or debentures. So far from this soheme taking money from the Bank of New Zealand it would put money into it, because every sovereign reoived as consols would be deposited m that bank. He saw no cause at all for thinkirjg that to invest money m consols would weaken the banks« Mr Buchanan strongly condemned (he Bill, and said that the speech just delivered by Mr Beeves consisted of tragio humbug of a most transparent oharaoter. Mr G W Bussell supported the Bill, and Mr Bell and Mr Orowther opposed it. On a division the amendment was negatived by 38 to 16. The following is the division list :— | Fob-16. Bell . Lang Buohanan Masscy Crowther Mitohelion | Earnshaw O'Began Eraser Bussell, W B Harris Baunders, J G Heke Smith, G J Hutchison, G Wilson Against -38. Buddo MoLacblan Buiok MoNab Carncross Meredith Carroll Millar Carneli Mills Collios Montgomery Flatmsn Morrison Graham Parata Hall Jones Pinkertoa Hall Beeves Hogg Bussell, G W Houston Seddon Kelly, W Smith, E M Larnaoh Stevens Lawry Steward Mailin Tanner MoQowan Thompson McKenzie, J Ward MoKensie, B Willis PAIEB. Ayes Noes. Grsen Mackintosh Allen Cadraan Button Pirani | Duthie Joyce Newman Guinness S Kelly, JW WiPere i Stout Hutohison, W Teao Dunoan The debate on the ueoond reading was then I adjourned on the motion of Mr Montgomery. The Houbo rose at 1.20 a.m.