PARLIAMENT.

Manawatu Herald, Volume XXXII, Issue 887, 3 September 1910, Page 3

PARLIAMENT.

The third reading of the Crimes Bill has been read in the Legislative CouncilIn the House the following Local Bills have been passed : Christchurch Tramway Act Amendment, Gisborne Harbour Amendment, and the Nelson City Drainage Loan and Empowering Bill. PUBLIC DEBT EXTINCTION BILL. In the House on Thursday, Sir Joseph Ward, in moving the adoption of the report on the Public Debt Extinction Bill, said he hoped that concurrently with the passing ot the Bills the House would agree to an amendment to the Consolidated Stock Act so that the endorsement provided in the new Bill could be placed upon the greater portion of existing stock, and that holders of stock would know that sinking funds had been established in connection therewith. In twenty years, he predicted, there would be a large amount accumulated for the extinction of the public debt, and there would be an enormous diminution in the amount of money required for public works. This would be a great incentive to the Government of that day to go on accumtulatiug sinking funds for the purposes aimed at by the Bill.

Mr Massey said he hoped the time would come when there would be no necessity to borrow lor public works, but he doubted if this ever would be the case. He described the Bill as “ a uew way to pay old debts,” and doubted whether it would be successful. The Bill was attempting too much, and this would be realised very soon. Mr Newman said the Bill was designed to dazzle the people. He was surprised that there had been no criticism of the scheme from Government supporters. Mr Wilford held that it was impossible to legislate twenty years ahead, and no actuary could take into consideration the question of reinvestment. He believed that sinking funds should be confined to those loans bearing a high rate of interest. Mr Allen believed the Bill had been introduced in abuse of the principle it was based upon. He accused the Premier of a breach of faith in connection with the siukiag funds on loans to local bodies and war loans. An existing law relating to them provided for repayment of those loans within certain periods, but this had been repealed by a Bill which utilised the sinking fund for the purpose of providing a general fund for the extinction of the national debt. He invited the Prime Minister, even at this late stage, to exclude sinking funds «u loans to local bodies, and war loans from tte scope of the Bill.

The Hon. T. Mackenzie said that the Bill, if not all that Mr Allen desired, was a good attempt to make provision for paying off the national debt. It would be necessary to pursue a vigorous public works policy for opening up the country, and he believed the Bill, with some future modifications, would meet with popular approval. After the adjournment, Sir Joseph Ward replied at length to the Opposition criticism. The third reading was carried by 51 votes to x 6, and the Bill was passed. The following is the division list: — Ayes (51). Anderson, Arnold, Brown, Buddo, Buxton, Carroll, Clark, Colvin, Craigie, Davey, Dive, Hon. T, Duncan, EH, Field, Forbes, Fowlds, Glover, Graham, Greeuslade, Hall, Hanan, Hogan, Hogg, Jennings, Lawry, Luke, Macdonald, Hon. R. M’Keuzie, Hon. T. Mackenzie, M’Lareu, Millar, Ngata, Noswortby, Okey, Pearce, Phillips, Poland, Poole, Reed, Ross, Russell, Seddon, Sidey, Smith, Stallworthy, Steward, E. H. Taylor, Ward, Wilford, Witty, Wright. ' Noes (16). Allen, Bollard, Buchanan, Dillon, Guthrie, Hardy, Herries, Hine, Kaihau, Malcolm, Mauder, Massey, Parata, Dr. Raugihiroa, Scott, G. M. Thomson.