Latest Telegrams.

Star (Christchurch), Issue 664, 9 July 1870, Page 2

Latest Telegrams.

Wellington. July 8, 7.40 p.m. The debate on the Financial Statement commenced last night. Mil Yogel, on moving the resolution, stated that nothing had occurred since the delivery of the statement to make the . Government consider that any modification of the proposals was desirable, at the same, time the schedule of proposed railways was merely suggestive as indicating main lines which the Government considered desirable to be constructed from time to time as wanted. Mr Richmond opened the debate. He had for many years advocated a colonial system of immigration and public works, but was ■ greatly disappointed in the details of -the proposal. The financial policy was a great Christmas tree — all prizes and no blanks apparently, but the scheme would really bear very hardly on the provinces. Mr Yogel seemed to have quite got over his anxiety respecting the constitution of the provinces, and was now ready to maltreat them himself, though he would allow no one else to do so. The scheme was one of rapid starvation to the provinces, as ths capitation allowances were sure to gradually decrease. Already the inicidence of debt to population was twice that of England, and it was proposed to make it five times as much; and after the positive assurances by the Commissioners to the bondholders, it would be an act of moral bankruptcy to endeavour to effect a fresh enormous loan. Quoting Victorian experience of railways, he said that the Government Bcheme, ten years hence, instead :of showing a balance of half a million would show a deficit of £15,000 on working expenses. An armed defence force would be necessary for 20 years, and the expense would be fairly met, partially by a loan charge; He supported . a colonial scheme of immigration,, but liberal land -laws were required to induce people >to settle. He counselled the withdrawal of the scheme till the voice of the country had decided how far it was desirable to enter upon such works, as he feared the present proposals would seriously injure the credit of the colony. Mr Eolleston considered it useless going further into the consideration of the scheme till an explanation had been afforded regarding the positive assurance from the Commissioners to

the bond-holderB — that the colony did not intend to incur further loans, which assurance had been held out to induce bond-holders to agree to consolidate. Mr Yogel replied that the assurance given referred to the strong feeling expressed last year against further borrowing, and was not intended to bind the House in future. The present scheme would not affect the London market till the bonds had time to get into the hands of permanent owners. Mr Travers made a long speech. He did not intend to seek re-election anywhere. If his views did not meet the approval of his constituents, they might, during the present session even, get a member more in accordance with their own views. He regarded the financial position of the colony with fear and distrust. It was conclusively proved that they were exceeding their, resources by borrowing money to meet current expenditure. During the past year £150,000 on Treasury Bills had been added to the permanent debt, and £31,000 of the released- Sinking Fund had been absorbed. Immigration and public, works was the only way to restore prosperity. He approved of the principle of- the financial proposals, but could Hot support them in their pre* sent shape. The scheme commended itself to the impecunioaity and tb.o hope of profit of a . certain class, but not to the reflective consideration of sensible men desiring the permanent prosperity of the colony. It would not meet the approval of money lenders. The provinces ought not to control the expenditure, which ought to be under an independent Board, similar to the Metropolitan Board of Works. He considered that protection was the most miserable delusive snare ever offered. He strongly maintained the right of the colonies to impose differential duties in favour' of each other. He advocated boldly passing an Act to admit colonial wine at a low duty, instead of resorting to the subterfuge proposed by the Government. Immigration should be a colonial, not a provincial work. Mr Carrington is bow speaking in support of the Government policy. The circumstances of the pledge given by the Commissioners, referred to by Mr Bolleston, were that Mr FitzGerald had published a letter addreßsed to' Mr Selfe, stating that the colony would soon find it impossible to go on without another loan. The publication of this letter in England had seriously impeded the Commissioners' negooiations towards the completion of consolidation, the bondholders pointing to the opinion of th^e Comptroller of Public JBsvenue >of the Colony. The Commissioners had written to the Government here, pointing out the difficulty they bad experienced, and drawing attention to the impropriety of a high public oflicer writing such a letter, and stating that they had returned a " decided negative " to the bondholders' question, whether further lopus were contemplated. In the appeal case, Eainshaw y. the Queen, judgment was given •' for the Crown.