PARLIAMENTARY.

Nelson Evening Mail, Volume VIII, Issue 234, 29 September 1873, Page 2

PARLIAMENTARY.

Wellington, September 27,

In the Upper House last night, Mr Sewell eaid the securities proposed in the Provincial Loans Bill were bad. The total number of acrea computed in the schedules was 1,200,000, valued at £1,500,000. Of that quantity 400,000 acres were valueless. There would be no income from the securities,. the only value of which would be derived from their colonial endorsement. These bills should provide means for rating. The measures were only introduced to keep the Government in favor with the provinces. The blocks of land set apart as security had already been lapueci Ly the Imperial Guarantee Act, 18G7, for the loan and interest then ma'ie chargeable upon the. v?aste hinds of the Crown. Any measure Effecting the revenue arising therefrom, territorial aud ordinary, the Imperial Government stipulated at the time should be reserved for the assentof the Queen, Therefore, the Provincial Loans Acts were worth nothing. Mr Pharazyn 'said much of the land offered as security was not worth a shilling per acre. Provincial borrowing, must cease. Sanctioning these provincial loans would have a bad effect upon the Colony's securities at home. The Upper House was not opposed to direct taxation. Mr J. Bonar said there was a balance of £184.215 to be expended on roads and bridges in the North Island ont of the £4,000,000 loan. Only £845,102 had been expended up to the 30th of Jane. After deducting sums for pliant and rolling stock, there was £2,441,798 still unexpended on railway account. Therefore there waa no immediate necessity for provincial borrowing. The labor market was but indifferently supplied, and all the available labor would be absorbed. Large owners of property were willing to bear a rate on their property, because it would show the people that they were quite ready to take on themselves their share of the burden. He would vote for the amendment. Another hon. member [whose name our telegram does not give] said he would vote against the. bill because it did Dot offer sufficient security, and contained no rating clauses. ' He said the colony must ultimately become liable for the amounts. The credit of the colony would be injured at home by Provincial borrowing. Be defended the Council against charges of selfishness. The colony was already indebted to an extent beyond which he did not wish 'to go at present, especially as loans fpr £2,750,000 by the General Government were already before the Hoase. He would vote for the amendments Mr Rhodes . opposed the bill. Provincial borrowing was a reversal of the Public works scheme. Mr Holmes opposed tbe bill, as too many changes had been made in legislation. Mr Vogel's policy was sensational. He would support the amendment. Colonel Kenny was opposed to Provincial borrowing, because the practice was opposed to tbe principle of the Consolidation Act of 1867. He would, however, support a loan for thß Province of TaraDaki on colonial security. It seemed extraordinary that Auckland should want an estate purchased for her under the Immigration Public Loan Act, when it was represented in the schedule tbat she had a landed estate of 250,000 acres. He referred tn the absence of rating clauses. Dr Pollen replied, urging the necessity of loans to push ou provincial works. The Council divided on tbe motion for a second reading. > . Ayes, six : Dr. Pollen, Messrs Baillie, McLean, Bichmond, Scotland, and Taylor. Noes, twenty-four : Messrs Ackland, Bonar, Campbell, Chamberlain, Edwards, Frazer, Grace, Hart, Holmes, Johnston, Kenny, Lahman, Mantel], Miller, Nurse, Pharazyn, Rhodes, Russell, Sewell, Stokes, Waterhouse, Whitmore, and .Wigley. The other Provincial Loans Bills were thrown out on the voices.