General Assembly.

Lyttelton Times, Volume VI, Issue 396, 23 August 1856, Page 9

General Assembly.

HOUSE OP REPRESENTATIVES. We <jive the1 resolutions agreed to in committee of Ways and Means, and adopted by the House of Representatives on the 2nd July. 1. Thai, it is expedient, without delay, to make provision for all ascertained outstanding liabilities, and permanently to adjust the public burdens of the colony, which 'adjust men I. ought tp embniqea settlement of the Mew Zealand

Company's debt, and the charge on the land fund for the purchase of native lands. 2. That, as part of such arrangement, it is necessary to make provision by loan for sums absolutely required for native land purchases for the ensuing financial year,-and to make permanent provision for the same object. 3. That amongst the liabilities to be provided for by the colony, this house recognizes the following :■ — Balance due to the Union Bank of Australia. Deposit accounts. Arrears of fourths due to the New Zealand Company. Balances due to provinces. Outstanding liabilities on contracts for purchases of native lands. 4. That, as a provisional arrangement for satisfying immediate liabilities, providing for the purchase of native lands, and for general services, it is desirable to raise upon debentures a loan not exceeding £100,000, at interest not exceeding ten per cent!, payable off, at the option of the colony, in one or two years. Any portion of such loan, which, in excess of the amount required to complete existing contracts, shall be expended in the purchase of native lands, to be repaid with interest out of the permanent loan of £180,000 to be provided for effecting such purchases. ' ' ' .

5. That it is expedient, as part of a general and permanent-arrangement, to redeem the New Zealand Company's'charge on the land fund, upon the terms offered by the company, and assented to by the Imperial, Government, viz., that payment be made to them on the oth April, 1857, of, a sum of £200,000, 'towards' which all moneys in their hands at that date, in excess of the interest, shall be applicable by way of reduction, the Imperial Government guaranteeing a loan for that object of £200,000. to be obtained in England upon the most favourable terms practicable. 6. That, as further part of such general and permanent arrangement, it is expedient to exonerate the land fund from its liability for the purchase of native lands, and to provide a capital fund for carrying on such purchases, with which object it is expedient to borrow a sum of £iBO,OOO to form such capital fund ; such sura. to be raised and made available as circumstances may require, in such manner, and subject to such conditions as. to the application thereof, as the Legislature may direct; and that it is expedient to make application to the Imperial Government for a guarantee /or a loan for such purpose of £180,000, to be raised in Eng-, land upon the most fa.yourable terms practicable. '7. That, as further-part of such general and permanent arrangement, in order to pay off the before-mentioned provisional loan and the old debentures, but exclusive of land scrip, it is expedient to make application to the Imperial Government for its guarantee/or a further loan to be raised in England upon the most favourable terms practicable. 8. That the affgrega'te of such loans ought not to exceed £500,000 and that su-h loans should be secured on the general and territorial revenue of.the colony. 9. That among the grounds on which this house conceives itself entitled to claim the guarantee of the Imperial Government for the required loans is, that burdens have been imposed on this colony by the Imperial Parliament, unjust in themselves, and greatly dispropoitioned to its revenue, and which, without such aid, must prove deeply injurious to its progress and prosperity. 10. That, as further part of such general and permanent arrangement, and in order to adjust equitably the public burdens, the New Zealand Company's debt be borne, by the provinces of the Middle Tsland in equal proportions, and the charge of purchasing native lands by the provinces respectively within which such purchases shall be made. 11. Th^t, in accordance with a former resolution of this house, the Province of Auckland be relieved retrospectively, as well as prospectively, from the New Zealand Company's debt; and that, after payment of the sum due to the Company on the oth of April, 1557, the balance of the loan of £200,000 be made applicable to that purpose, leaving any deficiency or excess to be adjusted when the same be ascertained ; the Province of Auckland on its part bearing the sum of £911 Ss. 6d., under the Land Claimants Ordinance, New Ulster, as a debt incurred for its exclusive advantage. 12. That this house is of opinion that the administration of the waste lands of each

province should be transferred to the Provincial Government of such province, and the land revenue thereof made provincial revenue subject to the following charge's :— The province of Nelson, to be subject to a charge of £66,666 13s 4d, to bear interest at the rate of four per cent., with a sinking fund of two per cent. The Province of Canterbury, to be subject to a charge of £66,666 13s 4d, to bear interest at the like rate, with a sinking fund at the like rate. • The Province of Otago to be subject to a charge of £66,666 13s 4d, to bear interest at the like rate, with a sinking fund at the like rate. The respective Provinces of Wellington and Auckland to be subject, respectively, to charges equal to the proportion of the permanent loan borrowed for the purchase of native lands in such provinces respectively, with interest at the rate of four per cent, per annum, and a sinking fund of two per cent. The Province of New Plymouth to be subject to a charge equal to the proportion of the permanent loan borrowed for the purchase of native lands in such province, with interest at the like rate, and with the like" sinking fund, but after allowing the sum of £20,000 as a first outlay to be made in that province, in the purchase of native lands, without charge to such province. 13. That until such outlay of £20,000 shall have been made in the province of New Plymouth, as aforesaid, the colony do guarantee, out of its general revenue, to make up any deficiency in the gross proceeds of land siles within such province, so that the sum derivable from such gross proceeds be not less than £2,200 in any one year. 14. That the loan to be obtained for fresh purchases of native lands be distributed in the following proportions — £ 5- lO.ths to the Province of Auckland. . 90,000 3 lOths " Province of Wellington .54,000 \ " p ro vince of New Plymouth, o. i I without interest . 20,000 prince ofu ew Plymouth, j with interest. * . '. 16,000 £180,000

15. • That the scheme of arrangement and adjustment embodied in the foregoing resolutions be brought into operation on and from the Ist day of July, 1856, and the revenue of the colony distributed and appropriated on that basis on and from that day; the contributions from the land fund to the New Zealand Company's debt ceasing on and from that, day and the purchase of native being thenceforth provided for out of the before mentioned loans. ■16, That such scheme of arrangement and adjustment be effectuated by an Act of the Imperial Parliament, to be applied for forthwith, and that an appeal be made to the H >me Government for its guarantee for a a aggregate loan ot £500,000. 17. That, failing such Act of Parliament and guarantee, the entire scheme be open to revision by the General Assembly; and that this house guarantees to the provinces all uiouey which may be received by them under the foregoing arrangement, without liability to future account. IS. That application be made to Parliament forthwith for effecting the before-mentioned object. 'The following resolution was subsequently passed', but does not belong to the series. That, in the event of the financial scheme of the Government failing, from inability to obtain the necessary loan of £500,000, the loan of £200,000 offered by the Home Government, for the liquidation of the New Zealand Conir pany's debt, shall he raised on the term?; proposed; and the mode of payment shall stand over as part of a general adjustment of the public burdens, it heintr an essential part of such adjustment that ihe land fund shall be exonerated from its special liability t<> the purchase of native lands, as well as from the New Zealand Company's debt; aivl, that, in accordance with a former resolution of this hims^, the Province of Auckland shall be relieved retrospectively, as well as prospective!}', from any contribution towards the liquidation of Unit debt. The purchase money of native lands being provided for,, either by- a* scheme of consolidated burdens,

or by a distinct appropriation, of specific portions of such burdens to the respective provinces upon the principles affirmed in ionner resolutions of this house.