The Feilding Star, Oroua & Kiwitea Counties Gazette Published Daily. MONDAY, AUGUST 24, 1896. ONE MORE MILLION.

Feilding Star, Volume XVIII, Issue 47, 24 August 1896, Page 2

The Feilding Star, Oroua & Kiwitea Counties Gazette Published Daily. MONDAY, AUGUST 24, 1896. ONE MORE MILLION.

♦ . The measure authorising the Government to raise more money for Public Works and Land Settlement has been introduced to the House. ' It proposes to give the Colonial Treasurer power ' to raise in the colony or elsewhere £1,000,000 by the issue of debentures, scrip, or inscribed stock. These may ■ not be sold at a price which will yield i to the purchaser a higher rate of iuterest than 3| per centum per ,^nnum, but for the purpose of temporary advances may be hypothecated or mortgaged by 'the Colonial Treasurer or ; his agents upon suck terms as may be 'deemed expedient. Tbe sum of money

Darned in the debentures or scrip or other security, together with interest payable in respect thereof %.re to be a charge upon and payable out of the public revenues. All monies thus j raised are to be paid into the public ; account and credited to the respective accounts specißed in the schedule as follows : — For the development of the goldfields (including roads on goldfields), .£200,000 ; for the development of the thermal springs and natural scenery, £50,000; for railways, £250,---0 in aid of the Lands Improvement Account, under the Lands Improvement and .Native Lands Acquisition Act, 1894, £250,000 : in aid of the Native Lands Purchase Account, under the last-mentioned Act, £250,000. All moneys in the respective accounts are to be applied to the works and purposes therein referred to, provided that any payments may in respect of the construction of such of the works referred to in the schedule as have been commenced or completed since March 31st last may be made from the respective accounts specified in such schedule, notwithstanding that such payments may have been advanced out of the Public Works Fund or Consolidated Fund or any other account within the Public Account, and the amount of all such payments may be transferred accordingly. It is provided also that any money appropriated to specific roads or bridges out of any of the accounts specified in the schedule may be paid over in whole or in part to the local authority in whose district the works are situate, or under whose control such works are usually performed, upon such terms and conditions as in each case the Minister in charge determines by agreement with such local authority. Provision is made for the temporary investment of moneys until required for the purposes of the Act, and the Act is to be read with the Lands Improvement and Native Lands Acquisition Act, 18<H. There is a system of "ear marking" indicated in the Bill which may be accepted as judicious, but whether the plan will be carried out is open to question whilo we h;vvc the " absorption " of the Sinking Fund green in our memory.