GENERAL ASSEMBLY.

Globe, Volume VIII, Issue 1075, 7 December 1877, Page 3

GENERAL ASSEMBLY.

[By Telegbaph.] |_peb pbess agency.] HOUSE OF REPRESENTATIVES. Thttbsday, Decembeb b". The New Zealand Consolidated Stock Bill read a third time, the principal clause being carried in committee by 38 to 13. The Public Revenues Bill was read a third time, after the authorised amount of Deficiency Bills was increased from £300,000 to £400,000. In Committee on the Loan Bill, Mr Ballance moved—" That the amount of the loan should be reduced from four millions to three millions." Although four millions might no doubt be used in paying off liabilities, he did not see any immediate necessity for raising more than three millions, and he thought two millions too small an amount to place the Government in a proper position. With three million another loan for public roads would not be required. He would make his schedule up as follows .-—Redemption guarantee debentures, £800,000; provincial liabilities, £300,000 ; and public works, £IOO,OOO, which would however probably be reduced by £200,000 discount on the loan. Next year Treasury bills had to be taken up. The guaranteed debentures might be used to do so. As for the million from the Banks, there was already authority for renewing or extending it. He left the £300,000 loan from public works account out of consideration, because its repayment depended on the state of the revenue. Major Atkinson said it was impossible to avoid going on the London market again to borrow next year. For the present year two millions would be amply sufficient. He moved the postponment of the clause fixing the amount till the Government brought down the schedule. Mr Stout thought the difference was between a small loan this year and another next year, and one loan which would last the two years. Mr Osmond contended that three millions would not be sufficient to obviate further borrowing next year. Messrs Johnston and Montgomekv thought a two million loan sufficient. Mr Tbaveks said until the schedule showing the purpose for which the money was wanted was before them, it was impossible to Bay what the amount of the loan should be. Mr GISBOBNE supported a three million loan as absolutely necessary to enable public works to be carried on. Sir G. Gbey replied that four millions "ere necessary for the welfare of the colony, but as there seemed no chance of getting that, he was prepared to accept whatever he could get. They must do their best with what the House would give, but he thought the credit of the colony really required four millions. In any case he hoped three millions would be given, and they would administer it with the greatest of economy and care. Mr Hunteb would not support more than two millions. Mr Rees thought two millions a compromise. Mr Shabp thought they should borrow enough to prevent having to borrow again next year. Three millions would be sufficient. The words " four millions" were struck out. Major Atkinson, as an amendment on Mr Kallance's proposal, moved that " two millions" be inserted. The words " three millions" were negatived by 27 to 26. Mr Wood then moved —"That the amount be two millions and a half." Two millions was negatived by 28 to 25, and two millions and a half was agreed to. Progress was then reported, to enable the schedule to be prepared. Tho Lyttelton Harbor Works Compensation Bill was read third time. Mr SItEEHAN asked leave to introduco the Press Telegrams Copyright Bill, but postponed it till early next session. The Counties Act Amendment Bill, and Bating Act Amendment Bill were read a first

time. The second reading ordered to take place this evening. Certain amendments proposed by his Excellency in the Public Reserves Bill were agreed to. Evening Sitting. The following schedule to the Loan Bill 1 has been agreed to: Public Works and Immigration, £1,400,000; Provincial liabilities, £300,000 ; redeeming guaranteed debentures, £BOO,OOO ; total, two and a half millions.