DEBT EXTINCTION.

Dominion, Volume 3, Issue 923, 16 September 1910, Page 7

DEBT EXTINCTION.

DISCUSSION IN THE COUNCIL. THE EDUCATION BILL. HOUSE CONSIDERS PROPOSALS. - : -■,/" In the! legislative Council yesterday tho '■. E'omiii: CathoUc'- irohbishop • of Welling- . •ton Empowering Bill Was put through its 'third reading.stage,-and passed. Tho.de-. ■ ■:?■' -bate -'on'', the second 'reading: of. tho Publio , Debt' Extinction Bill was, advanced an- , other .stage. .;"■''■ ■'.:'' ' .-"Vvv Both, the ; afternoon, .and evening _sit- ' tin ff s •of -tho. House of Eepresentatives ' ■ were taken upwith: the consideration o_f ■ the"' Education 'Amendment Bill, - which' - vas put through,its Committee stage: 7■ THg COUNCIL. VROMAN CATHOLIC EMPOWERING BILL. . When the Legislative Conncil met yes- ■ terday afternoon; - - ii ' Tlie tliird: reading of tl;c Konlr.il Catholic Archbishop of Wellington limpowerjing Bill was moved by the Hon. J.-.D. Ormond (Hawko's .Bay), and .agreed..to 'without- discussion, and the. Bill was : -jpjassedi.:;;;. PUBLIC DEBT EXTINCTION. SECOND BEADING DEBATE. The".''adjourned "debate on .the second :: reading i'ofvi the ; :Publio Debt Extinction Bill 'was'continued by/-- . The Hon. B. A. XOUGHNAN (Welling- • • toil),' who• approved ,• of. the Bill# which ; ; was-well thought out,', and would go, as . were,«.oii\'its:OTniJ?heels. r a The Hon. J. E. JENKINSON thought ■ ■ the■ definition -of- public debt was indefinitei and'should be defined more clearly . • - .There did'not appear to be any provision :;c in.:; th'o Bill for the : - conversion _ of loans. ■ Neithor was there any provision as to ;; wKen' tlii -Bill 6hould come' into :■ opera- - tion. Mr! Jenkinso'n. wont 'oi ;A to i .;criti-', V cise the Bill at some lenpth, and dealt :" particularly.-with the position aa it would be- when, ,tho Bill- became law. It was • peculiar, he- thought, that no. calculayi .tion - had :beenjmade; of: "the : .'Jßßoo,ooo.''r^ eorve --fund securities Jn , London,. and' • .£soo,ooo"invested :m:Bank of New Zca-., laad shares. The amount to be wiped :' /.offi^tl'pfesent; odd,' and j 1 -seventy-five .years, it- would;:bS: ; iiecessary tO'.'prOvide' a 'pay-' . Sment of : per: annum.. Even .if .the-Bill was-not: passed it Was romark;;.';:!able.' thatv;thiß;:Vear ; ; the country would ; ihave to .pay 58140,000 towards .the'existing sinking. funds.. Until borrowing .ceased, •■. e.;'.'; i ««mtry' that.; created > a sink-! : -had-'' the'-'money J f; out;,of loans. • Consequently,- if XUO.OCO i.- .par;:Vanhnm ..was; 'set.' aside : for sinking tfunds 'at, ,iC3,.'l4s. per •■ cent.; the result Iwbrild:be : i.'that■in. , seventy-five' ■ Vyonra: 'iss4iooo,ooo'would have. I been borrowed for ; ;«ln&gv/funds':^'-K.Therefore,-".takingthe : . . ■ iPrifie; Miniver's 'estiniate. of : the' existing; ;;pdblicjdebfc' : at: -it would; mean, that -, 1 " ohly.; JE9,000,000 would have v'been i ipald ; olf at... the ond of. seventy-five, years, m .-; -;Uf nio"sinkingifund;was,created.for twenty' : ■ iyears;:an'annual: ; payment of <£295,000,:f0r; \;;;fifty-fiye'vyeara^:would v :; ; the ' idebt. vln conclusion,... Mr. JenkinsOn ;; : .^Saractensed';.;thß: : the most; (inconsistent and ill-advised Bill that had; .:, fever"beea.before tho' Council. He made; (bold ; had;; never, seen the"' ■ -/Wde of' the lilw'drait3man's: ofGc«. If . euch a - Bill was' introduced ,in tho- fu- . jtnreihe:lioped it would be drafted by tho ." ' ;^ffj&w\;'Draftsmani,! . and: . : .:; : -l«id«:v-y-;iK'.'WftSiriq'fc.; , I 6ii;;.all.'' r foura;;w-itll-'tno (Bills ' brought . Jdown before this Session, i-y- /andj; wh'ich : ,of -Professor - Salmond.'. ..... The debato'was then adjourned on the: motion of • the Hon. G. Jones," and", tho Council rose.