FINANCIAL REFORM ASSOCIATION.

Star (Christchurch), Issue 28, 15 June 1868, Page 3

FINANCIAL REFORM ASSOCIATION.

A.meotlngofthoeommlttooof this association was hold at {White's Commorolal Uoomn on Saturday evening, for tho further consideration of a ntimbor of resolutions, put on the paper By MrlFl, 0, J, Rtovons (tho President;, with vespcett to a ahaugo in tho flnnnolal flvstom. The night waa most inclement, and thin fact wfil aocount sufficiently for the Domowhat limited attendance, Mr Stovon« i presided j ahd tho other " members present were McssrslW, Williams (Provincial Solioltor), In«lis,| IlawkOH M.L'.O., and MontY gomory (Provincial Treasurer,) As No, 1 of\ tho resolutions tabled by the Prosldeut proposed that all tho provincial loans of tho colony should ho made an hnmodlato oharge upon the GortflolldAled Fund, tho first business was to ascertain what woro tho provinces' oh arcs of thii fund respectively, That of Otago could 1 not ho calculated with any dogrco of precision, m the' figures havo not vet -001110 to hand, but nro ox« pco.tcd in a day or two. Tho following rosultfl woro obtained with regard to tho othor provinces;— Auckland ; | provincial charged. 89,404/ 1 colonial charges, .1.-1,009/ j total, 00,073/j fiharo of Cohnqlldatcd Fund, 08,500/ \ credit, 2,277/. Taranaki s provincial ohargcn, 3.000/ \ colonial do, 4,000/ j total, 8,100/j flharo of* Consolidated Fnjid, 4,8f1p/ j ..cflfllt, 8,304/, Wellington ; provincial -charges, 16,0 18/j colonlildo, MO2O/j total, 31,538/ j pharo of Connc lldatod bund, 04,003/ \ credit, 23,026/. llaivp'n Hay i provincial charges, 0/118/ j colonhtl do, 11,220/ 1 total, 11,138/} nhttro of Consolidated Fund, 14,288/ j credit, 8,1/ JO/, Nolhoiili provincial charges, 12,000/} colonial do, o,o*o/ } total, 18,03 C /; shara oil Connolidatcd i'lflid, 00,048/ j orcdlb, 38,612/, Marlborough : provincial charges, .1,082/ \ colonial do (nayj, 2,000/ \ total (1,000/j wharo of Consolidated! Fund, 4,671/ j deficit (sny), 1,4,10/, Cantcrlniry i provincial charges, fIOjOOO/ j colonial do, 30,000/ j total, 0/5.000/ j chare of Connolhl ited Ifnni), 02,001 \ (10/lolt, 3,000/. Houthbnds provincial charges, 7.070/ j colonial io, 20,000/ 1 tol al, ,14.000/ j chare of Consolidated Fund, 18,000/ j deficit, 10,000/, Westland; provlnolnlchargcs, 1fi,870/j colonial do, 17,0t|0/» total, 32,870/ 1 nharo of Connolidatcd JAijid, 70,200/ j orodlt, 42,300/, In reply to Mr IVfimtgoniory, Mr Htovons said ho proposed losfttlsfy Nelson by saying to Nelson •—" Wo Will mako all allowances for •what you tako from othor parts of tho oountry as noar an canj bo estimated, and what Jh takon from you as nearly as wo can, and wo ] will allow for the inevitable reduction of your rovonuo fr<fm the Went Coast goldfloldsj and, whon wo lujvo nrrlvod at that, wo will consider you to no ontltlod to a cortaiu loan at 6 por cont i but until you ask us to ralflo that loan, wo will givo you a sum of monoy annually or half-yearly at a flxod amount, nud, when yoa agply for tho loan, you must satisfy the House] that It is required for tho good nnd usof ulnais of tho provinco. Wo will then raise tho loan for you, and stop your annual or half-ycarjly allowance." Mr Montgomery! And whjjit would you nay ln tho caso of Westland ? M| Stovonn j In tho mattor of Westland I would say ?— " Wo will not allow you to run yourselves Into debt to moro than a moilorato amouftt, becauso wo think lt will fall on the provinces by-and-by. Wo nro not going to borrow for you, becanso you may ho horo to-day and away to-morrow," Tlmt I« a vory fair answer to Westland, I think, Mr Montgomoryu What would you nay to Wellington ? M* Htovonn • I would say to Wellington exactly what I said at tho passing of tho Hurphis liovonuon Aot ;—" You aro getting rovonuo Whioh doesn't belong to you i your revenue f« «cjmuch ; your population Ia no much." Wellington han got unoxpondod ! lonnn now, whicli' nro going to ho rnlflod nndor tho Loans Consolidation Act, Mr Montgomery <|>nsldcrod that Mr Stevens' plan wan a good oifo for many roasonn, but caro must lio takoil not to forco Nelson and Otngo Into any nrrßngomont which might ho injurious to thorn, | lio agrcod that the sooner tho bankrupt proYljiccH wore put under the Consolidated Funditho bettor for thorn. Mr Ilawkos inquired |if, with tho goldflolda, Auokland would npt como out in nix mouths with different flKifreH to thoso now shown, -Mr B'ovons rcpllc<| that she utujueiUlonably Would, .but not Iji so short a time an sli months. With regard to the nuootlon of cutting up the country into countios, no proSoaod hy the Promlor at Nelson tho Ctllcr ay, Mr B{oYcns d|l not «cc how they were going to make any|money by suoh a proceeding. As to futuro borrowing, it should bo

on spoolal objeotß $ for inntanoo, if harbour works vere {-wanted, thoy should borrow directly upon them, and so on, Not only for general expediency, but on financial grounds, was It bettor fio borrow for special purposes j It wan a bottcj acourlty to tho borrower, A discussion on ucd, ttfl to tho .advisability, or otherwise, of /handing: over certain departments to th i Colonial Government, but nothing dofln; to was arrived afc, I'he meeting oxprosiodfits approval oil tho first three rcHolutions, and adjourned Until (o-uiorrowi ovonlng at fioVon, Tho following resolutions will bof put Jo a veto at ton o'clook i— By Mr Btovonn jf That It In- oxpodfont--lßt, that all tho Provincial Loans of tlio colony shall bo mado anflmmodlato charge upon the Consolidated IMnd, 2nd, that tho keeping of aooounts betwoen tho provinces and tho Colonial Treasury shall bo discontinued from the end of tho current financial yoar i and that tho accounts now kept, shall bo finally olosod, 3rfl, that tho Provincial Governments should coaio to receive, as provincial rovonuo, aiu portion of tho consolidated fund, ath (o bo amondod), that tho territorial rovoni/o of nil kinds shall conse to bo receivod by Alio Colonial Treasury, or ho received only ; or the purpose of securing its apportlonmc it as follows j * .*. * Bth, that lho "Pnblio Hovonuos Aot, 1307," bo rotainod in avery particular, savo In so far as tho abovo [Iropofled chn»gc» ncconsltftto its alteration, illy Mr Reeves j 7th, that no further colonial or provincial loans shall bo ralsod for a period of * * * .