THE POLITICAL ATMOSPHERE CLEARED

Hawke's Bay Times, Volume XII, Issue 518, 17 October 1867, Page 1

THE POLITICAL ATMOSPHERE CLEARED

(From the New Zealand Times, October 9.) fin: political atmosphere is again clear, the impending storm has passed over without bursting, and the vessel ol the Slate is once more sale. F e cri'is has passed without any more serious results than a couple of days’ anxiety, speenlalam, and delay, and the Panama mail will take home the pie sing intelligence that the (Viionv has declared its iiahmly fur the Provincial loans, and has undertaken their conversion. Practically the Panne Debts Pull has pa-e-d the Connell in the same lona as it earn" therein. The amendments; made by the (.uuoe;! in the title and preamble hate haul roneed-al. and the concession has saved the dignity ol the (nine,! wit hunt compromising the principle id t’.i- lb ii.or ini,-iTering wit lithe linan-j enl jk■ 1i ■ v ot the- (lover.nneiit. The mana -ers of the sect m 1 eoiilmviiee proved more yielding, or ra'her less idjs:inate, than those of the lirst line,' an 1 the arrival of ,Mcs-;s. Tmlav. Harris. Stride.! a a. nr.iy, y audio, pa.een I'm eigtit gentlemen I who mane \mat lot* lion. Dr. Lccianan termed: the nmiaoraMe amendments in sin-h a decided' minority, that Pa ir representatives, the mamigers,: a vied wis.-'y in agreeing to a fair compromised D'-. Meni’.ies, \t lole .elmitt mg that the late majority hail beco’ie* a tninoriiy, point -.1 ,eit plainlv, that the result of the eonf-aa-nee yielded up all: I that he am! his support,->s had contended for, and ilia! the amendment id' the preamble was uf no practical value, as the amendment in the enacting clause had been abandoned. He entered fully into the reti-o’is which led him to oppose the lb’ll ; and on Hie molion for Hie adoption of the report uf lie 1 L’oiilercnec, ho divided the House, tlif- result; being that the report was adopted hy a majority of live, the numbers being 9to k Thus ended a e.mtest which at one lime threatened to involve most serious consequences in the shape of a eoniliei between the two branches of the Legislature—the upsetting of the whole financial policy of the (iovenmieut —almost irretrievable injury to the credit ol the Colony—a dead lock—and (lie iii leiiniie prolongation of the session, nr a dissolution and appeal to the country. Happily the good sens' of the managers of yesterdav’s conference, and the promptness with which certain lie of (ho CouiH'il, at con-HtWal/lf personal •i.ioonvciuoiice, Imstonr-il to rosumo tiieir soaN, has civcMc.l ihoso calamities, mu! tlu* work uf the scsmay now ho ro.M riled a- at an end.

11V will endeavour, in a few words, to make (he rc-n!l of the cunh'ivnce dear to our readers. The] preamble of the Bill originally ran as follows :—] d Whereas it is expedient for the maintenance of ■the public credit of the Colony of New Zealand to .declare the liability of the Colony for the payment! of the said Provincial loans.” pur this the Council substituted the following : —“ Whereas if, is expedient to provide for (lie conversion and consolidation of such Provincial liabilities into! ('o'amial stock upon equitable terms.” This amendment has been agreed to in the Bill asj now passed. But the amendment made in danse< ~, aileeted the whole principle of the Bill, and id lias not been insisted on. As originally drafted and! as now passed, that chir.se declared that the prin-; cilia!, interest, and sinking fund of the loans named in the Schedule should, “from a<ul after the pa 5,17,7.7 ,17,7.7 of!/ax Art," be charged upon and paid out of the consolidated revenue of the Colony. Por this provision the Council substituted these iwords; —“ From and after the conversion of any 'such Provincial Debentures into Colonial Dchcnihires, issued under the Authority of this Act, nr 'under the authority of the ‘ Consolidated Loans 1 Aft, I»G7,’ shall, as regards such alterations, be ;so converted.’'' This amendment, as wo have said, ■has been abandoned ; hut, in compliance with the I wish of th.e Connell, the title of (lie bill has been ■altered from an “ Act to declare the liability of (the Colony ol dww Zealand for Provincial Loans wind for other purposes,” to an “Act to make pro!vision for the conversion and consolidation of Provincial loans into Colonial stock.” ; Following the example set last, night by the jllon, Mr Mainell, we can congratulate everybody on the* issue of the late “ misunderstanding.”