PARLIAMENTARY.

Waipawa Mail, Volume XVIII, Issue 3108, 4 August 1894, Page 3

PARLIAMENTARY.

I The Financial DebateFinancial debate was resumed afternoon by Captain Russell. of his remarks the speaker he claimed to bo a Liberal, and asserted that Sir Robert had done more in the causo of than the whole of those gentle the Treasury benches. He quotod the Budget io show that the ,D creaso of tho public debt since Ministry took office was lie would of course bo told Treasurer that he was entirely but that was his reading of tho and if they were prepared in a way that was tho fault of the piking of tho conversion of million Itnpoiial guaranteed 5 H, l°on, it wpp, he contended, worse J financial extravagance of the spendthrift that ever with a little money ho Hv 1 This conversion mount waa Ba ddled vvith a debt W 0 for over and over and with 1

£21,500 of interest per annum to pay, and all in order that the Government might have a little money to jiugle in their pockets. As to the Bank of New Zealand, he questioned whether the House had done wisely in strengthening the position of that institution without having I more information at their disposal. He I complained of the lack of information on the subject, and said it was a matter of vital importance to the taxpayers of the colony, who were entitled to demand the fullest information as to the real extent of the guarantee to which the colony was committed by the recent banking legislation. In his opinion it was the bad financing of the Treasurer himself that had brought about the recent banking crisis. He referred at considerable length to the position of the Assets Company aud said that as the Bank of New Zealand and this company were one the colony was committed to looking after that company’s affairs as well as those of the bank. The whole position demanded most careful inquiry. The Hon. John McKenzie said that the whole burden of Captain Russell’s speech was directed to the Bank of New Zoalaud and the guarantee by the Government of two millions of money. Captain Russell had stated that he (Mr M‘Kenzie) had threatened a dissolution, but he denied that he had ever done so. He had said that if the Land for Settlements Bill were rejected the Government would have a right to appeal to the country on it, aod as long as he sat in the nouso he would never be afraid to call a spade a spade, whether it was constitutional or not. Captain Russell’s discovery that Sir Robert Stout was a true Liberal had evidently only been made a fortnight ago. The Government had been twitted with being a borrowing Government, but he contended that the Treasurer had given a distinct account of the way in which the money was to be expended, and that was a very different thing from raining money to construct district railways. He warmly defended the Budget proposals. Mr Earnßhaw said he had been returned to support a self-reliant and non-borrow-ing policy, and ho should therefore oppose the financial proposals of the Government as strongly as ho could. The Budget, in his opinion, was borrowing from beginning to end, no matter what Ministers called it. Mr Collins pointed to the fact that the Opposition party had been far more merciful in their criticism of the Budget than those who called thomselves Liberals He believed the proposals of the Government wore in the interests of the democracy and he would give them his support. Mr Macintosh supported the Government proposals. Mr Buii k said that if over there was a time when an increase in the public debt of the colony was justified it was during the year just closed, because Parliament had authorised the opening up of native lauds and the acquisition of land for settlement, which could not bo done without expenditure of largo sums of mouey. He admitted that the cheap money and the consols schemes wore borrowing, but if the money were spent judiciously there could not be very much objection to the proposals. Mr Wilson complained of the mislead ing manner in which, the public accounts wore kept, and said the Opposition had to find out the positiou of the colony the best way they could. Mr Wilson hold that the Treasurer had adopted the worst possible form of raising money to assist farmers, and thought it better to raise it through the Public Trust Office or by the Post Office funds. Mr Pinkerton combated the statements of many members that the Government proposals were borrowing, and said he was surprised at the change in the tone of those members who had supported the recent banking legislation, but who now said that the Government hud done wrong in guaranteeing £2,000,000 to tho Bank

of Now Zealand. A cheap mouoy scheme if properly administered would he very beneficial, but tho banks should be prohibited from manipulating tho money. Ho objected to the viows of the Government respecting local government, and took a strong objection to raising rates on Crown lands. Mr Lawry moved tho adjournment of tho debate, which was agreed to, and the House rose 8t 12 20 a.ra.