POLITICAL NEWS.

Ashburton Guardian, Volume VII, Issue 1700, 1 November 1887, Page 2

POLITICAL NEWS.

B [rSOM OTJB OWK 00BBB8P0SDB5T.J Wellington, October SIIn reference to the proposed loan, only one-half will be available for expenditure, as there are deficiency bills extant to the sum of nearly £900,000, half of whioh will have to be taken np, Oonieqaently the Bam available from the loan will be very email for publio works. There. ls of course a good deal of talk amongst those members who are aware of what Is proposed on the subject by Government. ■ „ There is a feeling averse, to the reduction of Ministerial salaries to less than £1000, on the ground that it would have the effect of encouraging professional politicians, who would take the position jast for the salary.: when good men could □ot be got to aooept it. On the question of school oapltation and the' proposal to raise the age, the general opinion is that some protection must be given to country schools either by i reducing the minimum attendance or keeping qp the capitation* I hear on good authority that m the Defence Department it will 'be found that there has. been uninthortsed expenditure to the extent of £100,000. Although there is a proposal to abolish oountry volunteer corps and reduce the capitation of the seaport corps, there is a feeling m favor of abolishing the permanent force m favor of volunteers, who should be instructed with * view to ooauning the defences of the oolony. Probably some proposal with this object m view will be brought on. Opinions naturally d ffar as to the prospeoto of tbe Government, but many believe 'hat if thpy can Bhow a saving of £250,000 to £300 000 they will stand out thl* session. Of course, the Opposition tactics are being kept quiet but I hear a surprise is m store by Sir J Yogel, who will bring down a oounter- scheme, as it were, against that of the Government, go n» further m the way of retrenchment than they propose, with a view to catohing the votes of those who wish retrenchment but are opposed to Major Atkinson,. It will then be simply a question of this POHO7 or that, and as the resuU may be a mixture of partiea, an interesting situation should follow. . ; Wellington, November 1. It appears that an arrangement, made by Sir. Jaliiw. Yogel to . obviate the necessity for going on the London market for the North Island Main Trunk I R til way loan, has been completed m the colon;, and that the money has been ob'aioed from the B*nk <>f New Zealand. The sum procured was £600,000, of which £300.000 was advanced m *he oolony nod tbe balance In England, but both at a uniform rate of Interest of 5 per oent. In terms of the r contract with the Banks, the amount over and about that which Government is entitled to receive from the Bank, the I money is repayable m Maroh. Lieutenant General Sohaw, is at present m Wellington and, it Is rumored that he is to be (fiVed the position now held by ! Oolonel Wh tmore, provided he under* takes to unite the ofßoars duties how performed by Lieutena ji -Oolonel Bodham who services would bo dispensed with, It is now stated In the lobbies on the authority of Ministers that a proposal on tbe London market for a loan will have to be abandoned on account of the condeclaration of a dividend by the Bank of New Zealand, which would necessitate a loan being floated at a ruinous price.