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by the New Plymouth Harbour Board would be duly made ? Horo io We then see the AgentGeneral of this colony fussing about London and assuring the people that the New Plymouth Plarbour Board is all tight! havo wo getv—Tliio was-earr4ed-ea—tkroagh-4ke—Bean Agoats el—the Dealing now with the conversion-loan in connection with which this advance to the Neiv Plymouth Harbour Board was made, we find that the Loan Agents of the colony in London aad-the amount tendered for was advertised for tenders for £2,700,000. The exact sum required for meeting the two loans was £2,555,000 £2,595,300, so that the loan which they asked the public to subscribe for was £104,700 over the amount actually required to discharge the old indebtedness. Now, in the Financial Statement we are told that this has been done: and. a vory ouriouo thing ooourrod in yelereaeo to thateleae?—Tho -ameaat—advertised was £2£oo;ooo r aad-for-4hat-tbey that the Loan Agents have actually teek taken £70,000, or, in all, £2,770,000. lam not sufficiently acquainted with these matters to know whether or not it is usual when borrowing power ■ia-wakod fw a specific sum is asked for to take more Irem than the subscribers tk-B-a-hao boon advertised as the-amoaat-reqaired have been informed was intended to be taken. £70,000 is a wry small sum as compared to tho with £2,700,000 ; but, if once the principle is allowed, there is no limit to which it might not be carried. Why not accept every tender sent in as well as those for £70,000 more than were advertised for? Does it not reduce the security of those who have tendered on the basis of £2,700,000 to take from them £70,000 more ? Howovor is tho oiroo» The Colonial Treasurer, in his Financial Statement, says that " the papers relating to the negotiation of this loan will at once be laid oa-tho to.fele-at-eaee before Parliament." But they are not there yet on the table, and I shall look with a lasge-ameuat considerable degree of interest for the explanation of this last financial operation by our Loan Agents in London. One more reference to the Bank of New Zealand and I have done. Honourable gentlemen, looking at the Coasolidated Fund Account waieh-faas-beon circulated " Abstract of the Revenue and Expenditure of the Public Account" for the financial year ended the 31st March last, will see a sum of £800,000 on traiisit4roat4he-eelony to Lea-doa-ea4ho 3lot Mareh-this-yearr shown as " Remittances to London." That, Sir, was done, although there was a large surplus, which we might call a " free fealaaee money " in London to the credit of another fund, as well as the large uninvested balance already shown to have been uninvested of the Public Works Fund, but which certainly was equally the property of this colony, and surely might ho used available for temporary purposes. However, £800,000 howovor was seat in transit from this colony to London on the 31st March, aad That was a perfectly abnormal sum. In 1877, —and the distinction and comparison between the administration of those times and the present are somewhat instructive, —there was nothing in transit from this colony to London. A balance was there te-fee which was used for the temporary purposes in tho ohapo of paying interest and thus saving exchange. In the first year of this Ministry being in office, however, there was, on the 31st March, £200,000 in transit to London ; last year, on the corresponding date, there was £557,000 in transit; and this year there was £800,000. in tran sit-foom-thio colony to London Now, Sir, there is one other topic I would touch on. The honourable member for Waipa has gone through this

for which they asked the public to subscribe for was £104,700 over the amount actually required to discharge the old indebtedness. Now, in the Financial Statement we are told that this—has bcon-deae-f-that the Loan Agents have actually taken £70,000 in addition, or, in all, £2,770,000. I am not sufficiently acquainted with these such matters to know whether or not it is usual, when a specific sum is asked for, to take more than the subscribers have been informed was intended to be taken. Compared with £2,700,000, the sum of £70,000 is a small-earn trifle; but, if once the principle practice is allowed, there is no limit to which it might not be carried. Why not accept every tender sent in as well as those for £70,000 more than were advertised for? Does it not reduce the security of those who have tendered on the basis of £2,700,000 to take from them £70,000 more ? The Colonial Treasurer, in his Financial Statement, says said that the " papers relating to the negotiation of this loan will at once be laid before Parliament." But they are not yet on the table, and I shall look with a considerable degree of interest for the explanation of this last financial operation by our Loan Agents in London. One more reference to the Bank of New Zealand and I have done. Honourable gentlemen, looking at the " Abstract of the Eevenue and Expenditure of the Public Account" for the financial year ending the 31st March last, will see a sum of £804)00 £800,000 shown as " Eemittances to London." ThaVSir r was-deae seems to have been remitted this year, although there was a large considerable sum which we might call "free money" in London te-tke-erodit el-aaether-laad; under the head of " Advances," as well as the large uninvested balance already shown to have been aaiavested lying at the credit of the Public Works Funds, but which certainly was equally the property of this colony, and surely available for temporary purposes. However, £800,000 was in transit from this colony to London on the 31st March. That was a-perfootly abnormal earn an unnecessarily large sum, seeing that the interest and sinking-fund payments, due in April, did not exceed £600,000. In 1887, — and the distinction and comparison between the administration of these that times and the present are somewhat instructive, —there was nothing in transit from this colony to London. A balance was there which was used for the temporary purpose of paying interest and thus saving exchange. In the first year of this Ministry being in office, however, there was, on the 31st March, £200,000 in transit to London ; last year, on the corresponding date, there was £557,000 in transit; and this year there was £800,000. Now, Sir, there is only one other topic I would touch on. The honourable member for Waipa has gone through this Statement, and he has derived—l will not say comfort but—a certain amount of eaeearagemeat consolation because he gathers that it is here and there stated that we shall have no more borrowing. I say it is only necessary to look at the Tables attached to the Financial Statement to see that there is an absolute necessity, aad almost at once, for raising money—not to be spent in the colony — but for meeting engagements iv London, for transactions calculated to test the credit and strain the resources of the colony as much as any previous transactions. I have referred to the scheme for the conversion of the loans last year and suggested whether or not it was expedient then to raise the saavel £2,207,300 to meet the ten-forties ; —