PARLIAMENTARY NOTES.

Star (Christchurch), Issue 4749, 20 July 1883, Page 4

PARLIAMENTARY NOTES.

THE) JODGES. WHAT IS THE 10 40 LOAN ? [?EOM OUB SPECIAL COHBB9PONDSNT.J WELLINGTON, Juiy 19. Tho rumour about the retirement of the thres Judges in gradually assuming a more settled shape. Its present form is as follows : — First, the three Judges to reliro remain as before, the Chief Justice himself and their Honors Justice Richmond and Justice Johußton. Ihe three prospective Judges who would replace them are the Premier, the present MiDuter of Justice, Mr Conolly, and Mr Q-rorgo Harper. Some, little explanation is neeesiary to account for the plausibility whioh gains for this story firm credence amongst a large.number of people. It ia proposed shortly to inorease the salary of the Judges to £2000 per annum, the ostensible i reason put forth being th« large amount of j I additional work that will fall on their shoulders through the institution of If r i Gonolly's local Courts Bill. Such an increase would enable those at present desirous of retiring on a certain fixed pension to realise their hope much earlier than would otherwise bo possible for them. The Premier also would, in liko manner, bo in a position to retire after having occupied the post of Chief Justioa for a ihort period, upoß a very considerable pension. At hia a<je such a prospect must certainly be the reverse of repulsive. Suoh ia the ruii-our, of which I can give no confirmation, though I am assured that it is considered, Like certain modern works of fiction, to be largely founded on faot, if, indeed, it does not more or leas actually oonsist of it. It is also confidently stated ky those who profvts to hare " tho straight tip "in such things, that Mr George Harper, 's'ho is now in Wellington a« counsel for the iate Govern :r, in the oaee of Hunt v. Gordon, has been sounded on the matter. It is uofc exaotly the duty of a political currerpondont of a newspaper to know everything, hut, nevertheless, he is supposed to be able to find out anything. In the prooess of finding out it frequently happens that trivial and simple niattora are thoie upon whioh the aooumulated iguorance of people, otherwise well informed, is more eapaoialiy displayed. The reason for these romarki it nut, perhaps, obviovij, but a few leniences will, I think, make it plain. Some time ago in Christchuroh, when looking over that very luoid and attractive portion of this paper devoted to commercial telegrams from England, it suddedy dawned upon m<* that I understood very little of what I was readiDg. In partioular a certain " 10-40 " loan seemed enigmatical. Was it a vulgar fraotion, that pert "1040" of Beutor's; had it to do with decimal coinage, or was it a blunder of the gentleman who tapped the lightning, or what? After conoessling my ignorance till it oould be borne no longer I confided in a friend. He knew nothing about it. In vain I tried commercial gentlemen of wellknown i&gacity ; they did not know either. Bank managers 1 am afraid of, or I should have impounded one and extracted this dark secret from him, for it eviden ly was one to the majority of mankind. The editor of course kueir, for he knows everything, but to expose your ignoranoe to your obief is of coureo the last thing to be thought of on ihe staff of a well conducted journal. In desperation I resolved to wait till session time, and go to head- quarters. New disappointment! An official holding a high position in the Audit and Control Department; did not know. Did the Treasurer himaejf know ? I dared not eek him for fear— need I go further? Respect for an idol is a thing that no one willingly shatters. At l«Bgth relief has come, and the information shall be imparted for the benefit of others who may perhaps have tuffovad in the same way as myself. (Jim plioity itself : the "10-40" loan, as it is technically called, is one that may be redeemed at par in 10 years, and must bo redeemed at the end of 40, nothing more. Why, it's easy enough to understand the secrets of the Treasury after ell. The Annexation Committee's report, which came up for consideration this afternoon, introduced a lotg arid interesting debate, which lasted over the adjournment and well on into the evening sitting. The chief thing to be gleaned from hearing it was the smallnGßS and vagueness of our store of knowledge with regard to the ielands of the Pacific when detailed demands of any kind are made upon it, and alto the extreme readiness of somo people in tho Colony to undertake a &r«at and important enterprise upon the ehorleet; possible notice. Luckily the good sense of the House rendered a little caution necessary, and the debate was finally adjourned to enable members to think seriously over tho matter and collect information for themselves.