PARLIAMENTARY.

Feilding Star, Volume XVI, Issue 69, 15 September 1894, Page 2

PARLIAMENTARY.

LEGISLATIVE COUNCIL. ': 'v 'i: <r£pl> '/ ' ...:.■ 4'" ' : '■'-■■" ''* • 'U - .l^erSftfess Assooiation 1 September 14. The Council mat at 2.30 p.m. Hon Sir Patrick Buckley, in answer to Hon Mr Bowen, gtated that on the termination of the present contract for adTertising on the backs of telegraph forms it would not be renewed. The agreement for the proposed amalgamation of the Colonial Bank, and Bank of New Zeahuid^was <laid«oii the table. The Ngaire Block Native Adjuatment Bill was read a second time, and the Council then adjourned till Tuesday. HOTtSE OP, ;RißpßKHTiiKrTA>prini«a

GOVERNMENT ADVANCES TO ' - SETTLERS' BILL. ' "f The House resumed at 7.80. Mr Ward moved the second reading of the ■ Government Advances to 'Settlers Bill to enable the Government to assist settlers by advancing money to them on mortgage at reasonable rates of intftest. He thought the Bill would afford a true solution of settling^ people on the land. | It would not be necessary fosreat« Knew Department as the services of one of the existing offices with its staff would be utilised. There would be^ainple margin to meet working expenses. With regard to raising the money he^perfered the Land Bond system. These' bonds leonli be advanced against by speoal moe«gage, and then transmitted to England.- Tli* lowest sum to be advanced under the Bill would be £50 and the highesfr JS6.OOO* The/limit for- which money 'was to be borrowed was. 86i years. ? The assurance fund of this Department wouldbe stronger than that of any other lending: institution in the colony. The whole work of the Department would be under* thai super* vision : of the Controller and (Auditor* General. The Government were determined the high fee* hitherto ipakf in connection with mortgages should be reduced by a Bill, and: the fact <qf the Government lowering the rate of interest would compel every other lending insthu. tion to do the same. /. '-Ji> : i)?i Mr Geo. Hutchison thought the ifstem of land bondi erode and incomplete, and doubted whether the Treasurer could get 3£ per cent on land bonds quoted in London market at par. ■,■* \v^ :l ''■ Dr. Newman said the Treasurer's proposals would in six years increase the debt of the colony to fifty millionav Captain BusseU fearer thar dinners would not benen* t by the scheme; to'any • thing like the extent deimed' by the Treasurer,' and he thought there; was not sufficient margin between the price at which the money, proposed to to borrowed but .capital wu easily frightened, aid at, and. the pries charged to borrowers, large institutions would always be able to bold their -own. Instead of pledging farmers to the English tnoney landers they should be assisted with moaey from tha New Zealand State Department at a low rate of interest. X:^ ■■ "■■::■> k-.Vi )* : -'- : :< , Sir B. Stout was altogether opposed to the Bill He regarded it as a huge oor. rowing scheme . of an endless character which, be was convinced would tend to ruin the colony. » v :1 -f ?!> ; ; Several other members spoke sopporU ingtbeßilV ■•■-:•*■; ■:>^h^: .■■■ „-TT; : - The debate was adjournsd till llonday night. - - .; .:-•..- The House rose at 1 am. .