GENERAL ASSEMBLY.

Globe, Volume XXII, Issue 1960, 5 June 1880, Page 2

GENERAL ASSEMBLY.

[PEB PBBSS ASSOCIATION" SPECIAX "WIBB.J LEGISLATIVE COUNCIL. Fbiday, June 4. The Legislative Council met at 2 30 p.m. The Babbit Nuisance Bill (Hon. Q. M. Waterhouse) was read a first time. Several Sessional Committees were appointed, and one on lands. The Proclamations Validation Bill was passed through committee and read a third time. The second reading of five new Native Land Bills was deferred to Wednesday, on the suggestion of Colonel Whitmore. The Hon. G. M. Watebhoitsb moved for all papers connected with the conversion of the last loan in a speech of some length. Hestated that the loan had been converted upon terms which were equivalent to issuing a 5 per cent, loan at 78, while South Australia had just issued a 4 per cent, loan at over 92, and New Bouth Wales one at £95 IGa Bi. The loan should not have been converted but might have been paid off in ten years by a4i per cent. loan at par, which course would have saved the colony, at the end of 50 years, the currency of the converted loan, £2,609,000, less £122,000, that will bo saved in interest in the first ten years. Were the whole debt converted upon the same terms it would cost the colony £14,040,000 of money, which might as well be thrown in the sea. The Hon. Colonel Whitmohe seconded the motion, and said that Sir J. Vogel had acted without instructions, and should be told that he was not master of the country, but a high servant; or else the Government had given instructions which showed them to bo wholly unfit for their financial work. The Hon. R. Scotland wondered that the colony had not the moral courage to get rid of Sir J. Vogel, who seemed to cast a spell over every Ministry, and do as he liked with a country to which he owed everything, having come to it an adventurer and a broken down gambler. The Hon. Colonel Bbett defended Sir J. Vogel, and was called to order. The Hons. Wood and Pollen said that the debate would be more in place when the papers were furnished. The former said that >-ir J. Vogel should not be calumniated in his absence. If it was found that he had done wrong he should be censured. Sir P. Bell said that they had made thorough fools of themselves in the conversion of the loan business by giving the convertors a pecuniary interest to convert on any terms. The Hon. Mr Habt said that instead of 78 being the price of issue at 5 per cent., it should be 81. The Hon. Q. M. Waterhouse admitted the correction. There was a farther delate on the subject, but several speakers suggested that it should be fully discussed when the papers were presented. The motion was carried, and the Council adjourned at four o’clock.