THE IMPOUNDED LAND FUND.

Globe, Volume XX, Issue 1561, 19 February 1879, Page 3

THE IMPOUNDED LAND FUND.

DEPUTATION TO THE COLONIAL TREASURER. Yesterday, a deputation, consisting of Messrs E. C. J. Stevens and W. Montgomery, waited upon the Hon. Colonial Treasurer, with a view of ascertaining the iutentions of the Government with reference to the payment of the £IOO,OOO to the Road Boards, which had been impounded by the Government to meet the debentures issued under the Lyttelton Harbor Board Act. Mr Montgomery said that they had waited upon the Colonial Treasurer with a view of ascertaining whfc? were the intentions of the Government wH reference to the £IOO.OOO. The Road Boards were anxious to know when the money would be paid over, as they were entering upon works which were necessary, and the season would soon be far advanced. It was, therefore, a matter of public interest that tho Boards should, be made aware exactly of what the Government intended to do in the matter.

Mr Stevens said, of course Mr Ballance was well aware of whit hacKakenplace in tho public accounts committee after the law proceedings which had been taken had failed, Mr Ballance—Yes, I am aware that you fought the battle of tho Eoad Boards successfully there, and we aczept that decision as final. Mr Stevens said they had thought it necessary that the public should be made aware of what had taken place iu the matter, more especially as considerable anxiety existed to know when the debentures which were to take the place of those whicii had not been floated would bo issued. Mr Montgomery and himself therefore, as taking considerable interest in the matter, and having moved in it during the considered it their duty to wait upon the Colonial Treisurer in order that the public might be made acquainted with what had been done by tho Governraunt in the matter. Mr Ballance: After what took place in the public accounts committee the Government felt that they were bound to abide by that decision,

tt is not necesoary for mo to go into that quests n now, as both you gentlemen, who fought the battle of the Road Board successfully there, know them very well. There existed a deiect in the mat'er of issuing the debentures under the Harbor Loan Aft, but we cured that by taking rower under the Financial Arrangements Act, which gave us power to do so. This being so, the Government felt that it would not be prudent, in the present state of ihe monetary market, to go on the open markc* with these debentures, aud I think you will agree with me in this. It was more particularly felt by the Government iiiiprudent to go upon the open market for so small a sum, though 1 may tell you that I wade an attempt some time aso to get tne amount, but found that I could not do so without using considerable pre-sure which, in the public interest,. I did not feel V'sHfied in doing. I may say, however, that I have reason to believe that the bonds will be taken up by #. financial company, so &* to ena' le me to pfty the money over in to ay next. I caasuure you that now the matter has been settled by the resolution of the public accounts committee, 1 am quite as anxious to pay over the money as you are to receive it. The only question has been the time to issue these debenture*, and I think you will agree with me that tho present would not bo the most advantageous to go on this open market with our debentures. I c'in assure you that tho Goverament are fully alive to the necessity of paying over the money as early an possible. Mr Stevens —Wo are nerfertly ready to recognise the willingness of the Government to pay over this mouey as early as possible, but we should like perfectly to understand you whether the public bodies can rely upon it being paid over in May .or June at latest. Mr Ballance—l think I may say that it is certain to be paid over in May. We shall make every effort to do so. Of course where it rests with others besides the Government, it is bird to make a definite promise, but I may go as far as this, that in all probability the money will be paid over to the Boards in May. Mr Montgomery—Then we may take it thus, that the money will, unless unforseen circumstances arise, be paid over in tho month of May. Mr Ballance—Yes, unless something of which I have now no knowledge, occurs. Mr Montgomery—We should like to know whether there ie any probability of it being paid fcjforo!

Mr Billance —It may be so. We may be able to pay it over before. I will enquire into the matter when I get back to Wellington, and will communicate with you on the subject, as you have taken such interest in the matter, and to successfully steered it through the public accounts committee.

Mr Montgomery —That is satisfactory. Mr Stevens—l should like to ask yon, Mr Ballance, having now disposed of tue £ 100 000. whether you have any information to give us with regird to another sum deducted from the surplus lan'd fund. I refer to the sum held in sni-pense to cover the cost of correcting the surveys. Mr Ballance—l may say that we are still holding the amount you refer to in suspense until we ascertain the actual cost of the arrears of survey. I may say still further that 1 don't know yet whether the sum appropriated lat-t session—£3l,ooo—will be required. If it is not it will be to the good. Mr Stevens—Yes; it will be to the good certainly, if it is not used sooner or later. Mr Ballance—l should like to settle the matter definitely next session, as it is inconvenient to have a small amount like this left over year after year. I will go into the matter on my return to Wellington, with tho Survey Department, to see what amount will really be necessary to bring up the arrears of survey. I should like, if you would agree, to confer with you on the matter prior to making the financial statement, and we could probably arrive at some satisfactory settlement, which would be moat desirable

Mr Montgomery—l feel sure Mr Stevens and myself would be very glad to confer with you on the matter, and no doubt we shall be enabled to arrive at a satisfactory arrangement. Mr Stevens—l quite concur with Mr Montgomery, and aa our interview is now concluded I should desire to express our appreciation of the manner in which we as a deputation have been received.

The deputation then withdrew. At a later petffod of the day Mr J. E. Brown and Mr J. L. Wilson waited upon the Colonial Treasurer on the same subject and received a similar answer in the main to that given to Messrs Stevens and Montgomery.