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The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, APRIL 2, 1888. THE LOAN BILL BLUNDER.

It will be remembered that Bhortly after Parliament rose it was discovered that a serious blunder had been made m the wording of one of the sections of the Loan Act of last session, the effect of which was to prevent the sum authorised or intended to be authorised, being borrowed m the London market. The fault was clearly that of Ministers and not of the House as the clause m question was sent down by Governor's message for which, of course, Ministers are responsible. Ministerial apologists made light of the matter and intimated that it' was perhaps quite as well the blunder had occurred as there was no immediate pressure for money, and argued that the matter was a purely technical one which could and would easily ba set right so soon as Parliament met again. But it is unquestionably the fact that had matters been m proper train the loan could just now, when colonial securities are m favor, have been floated on good terms, while there is the risk that a few months hence the market may be by no means so favorable, while also there seems reason to believe that the passing of an amending Act may not prove to be such an easy task as j has been assumed. Writing upon this subject our Wellington evening contemporary (the " Post ") says : — <{ Almost the first Pill which Parliament will be asked to deal with when it re-assembles will be one to remedy the extraordinary blunder made m the Loan Act of last session. It is absolutely necessary that this should be done at the earliest possible moment, so as to allow of the loans being floated . The financial arrangements which the Government have made to meet the heavy engagements falling due this month, and >7hich were to be provided for out of loan, extend only we believe till June. It is the necessity for raising money by that time which is compelling the Government to call Parliament together so early. The blunder made is likely to cost the colony very dearly, as, m addition to what has had to bo paid for temporary accommodation, there is no doubt that a most favorable market is being missed for the loan. The present state of the Euglish money market is , exceptionally favorable, and had it been possible to place the loans on it now, there is no doubt the money would have been raised on very satisfactory terms. It is doubtful whether this will be the case m June. If war breaks out on TEe Continent m the interim we shall have to pay heavily for the delay. It might be supposed that it would be a mere matter of form to pass a Bill rectifying last session's blunder, but that is not likely to prove the case. We believe that a certain section of the House is determined to take advantage of the opportunity to re-open the whole question as to the expediency of further borrowing and the purposes to which the proposed loan is to be applied. In fact the whole of the financial and public works proposals of the Government, as set forth last session, will be again brought under review, "and ' if we are correctly informed, a most determined effort will be made to reduce the amount of the loan to half a million. The first party struggle of the session will probably be on this point. Government will only have themselves to blame if trouble occurs."

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/AG18880402.2.5

Bibliographic details
Ngā taipitopito pukapuka

Ashburton Guardian, Volume VII, Issue 1804, 2 April 1888, Page 2

Word count
Tapeke kupu
598

The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, APRIL 2, 1888. THE LOAN BILL BLUNDER. Ashburton Guardian, Volume VII, Issue 1804, 2 April 1888, Page 2

The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, APRIL 2, 1888. THE LOAN BILL BLUNDER. Ashburton Guardian, Volume VII, Issue 1804, 2 April 1888, Page 2

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