THE GEVEIUL AhSEMBLY.

Star (Christchurch), Issue 3439, 19 April 1879, Page 3

THE GEVEIUL AhSEMBLY.

[Br Tblegeaph.]

[special.]

DUNEDIN, Apbil 18. ' The Daily Times, in a socond article, strongly advooates the calling of the Assembly together early in Juno for tho convenienco of members, and for the purpose of obtaining a new Loan Bill. It says :— " To recur, however, to the special reasons for an early meeting this year, we may point out that it is now certain the Land Fund must fall short by at least £'100,000 of the estimato, and although

I the increased receipts from the railway*) and I other sources are expected to go a good way i towards making up tho deficiency up to tho \ end of Juno, the real significance of tho falling \ off is that we can have no reliance on our Land Fund for tho next 12 months ; probably fche receipts, if we aro to take the December and March quarters as an index, will not bo more than £400,000 in all next year, instead of £1,200,000, and tluuj the foundation of tho Public Works policy of last session partly breaks down. It is evident that we cannot construct railways out of Land Fund until thore aro more buyers in tho field, and it is manifestly wiser to resort to the London money market than to attempt to force off land when tiie domand has slackened, and tho money to purchase it is not forthcoming. Of course a fow months may Bee a revival of the doinaud, which will necessarily follow when money becomes more plentiful; but in the meantime) we could scarcely have a more favourable opportunity for resorting to tho expedient for further 'borrowing. The oxl remely favourablo result , of both the Victorian and the Queensland / loans recently raised in London, justifies us ' in believing thufc wo could just now raise ' soveral millions on very satisfactory terms, / especially as we can point to the eminently ■ reproductive character of the expenditure •we havo already incurred for our railways, and the doubly good security afforded for any further expenditure in the way of railway extension, inasmuch as very largo areas of valuable land, still in possession of the Crown, will be opened up by them, aB pointed out by Mr Mucandrew in his last Public Works Statement. Although this land may not sell next year, or the year after, it will most certainly sell at high prices eventually, as tho railways advance, und it is a most valuable asset to set ugainsc the expenditure. If to

tho consideration that we can get money easily now, we add another — namely, that at any moment the state of Europe may become •uch as to utterly disorganise the money market, we are convinced that every mer^antilo man must aeo, and tbo Government will surely not bo blind to tho fact that now is tho time for action, and that evon tho delay of one or two months is dangerous. Wo have alwayß regarded it as extremely unfortunate that the Opposition, in tho session boforo last, out down tho borrowing powers asked for by the Government to an unsafe minimum, and we trust that no party in tho House will be so unpatriotio as again to make that mistake." Tho article then refers to ttie dobate on Mr Montgomery's motion of la9t session, in favour of the financial year closing on March 31, and concludes as follows : — " Having then shown some strong special reasons, in addition to tho general ones, why tho experiment should bo triod this year, wo hope that tho Treasurer will Bee his way to overcome tho practical difficulties, and so give practical effect to tho wishes of the J louse as expressed in the resolution of last Boa*imi, 0110 voar earlier than ho had promised. We cannot see what possiblo harm could come of his doing so, and wo have pointed out that great harm might result from his refusal. The responsib Jity rests with the Government, and it is a serious one."