Wairarapa Standard Published Tri-weekly, Price 1d. FRIDAY, JULY 23, 1886. The Debate on the Loan Bill.

Wairarapa Standard, Volume XIX, Issue 1861, 23 July 1886, Page 2

Wairarapa Standard Published Tri-weekly, Price Id. FRIDAY, JULY 23, 1886. The Debate on the Loan Bill.

Thebe was an interesting debate on the Public Works policy, when Sir Julius Vogel, cn Tuesday, in the House oi Representatives, moved the second reading of the Loan Rill. Sir Julius said that the Government proposed to raise a loan £1,500,000 for railway purposes. With regard to the question of what would be available for other purposes than railways, be explained that LIOO.OOO, cost of purchasing land along the North Island trunk line, would be a charge on that line. He virtually admitted that the £BOO,OOO which he had formerly spoken of as being free for expenditure was subject to very heavy liabilities which had to be met. Mr Bryce followed in a powerful speech, in which he severely criticised the statements of the Colonial Treasurer. He contended that the Treasurer hud not abandoned his idea of a large borrowing policy--lhat he was even now carrying out such a policy. This question of extensive borrowing was a very serious one. lie was of opinion it was clear that we must go on borrowing for a time, if only for this reason, that a sudden stoppage of borrowing would mean danger in tbe way of payment of interest. But the Government’s one idea of inducing the prosperity of the colony was to borrow, borrow, borrow. If next year the liabilities were tbe same as this year, there would be nothing left for expenditure, and another luan would have to be asked for to meet expenditure. He submitted that this meant that we were going too fast. The Native Minister (Mr Ballance) replied to Mr Bryce, but bis arguments were rather feeble. Then Mr Ormond followed with a trenchant attack on the Uovcrument and its policy. The debate was continued by some of tbe “ small fry ” members of the house, but was ultimately adjourned. The result of the debate is, however, a foregone conclusion. Tbe proposal lor the loan of £1,500,000 will be carried, simply because the money is wanted audtbe Government canuot carry on administration and Public Works unless they get it.