Tuesday, 17th August.

New Zealander, Volume 3, Issue 127, 18 August 1847, Page 2

Tuesday, 17th August.

Piesent— -The Governor, and five Members j absent — Mr. Domett. The minutes of the last Meeting were read and confirmed. Mr. Merriman presented a petition from the principal merchants and storekeepers of Auckland, against ths Pdper Currency Bill. The learned member said that any number of signatures might have been obtained, but those attached were considered sufficient as they represented the mercantile interests of the capital, and consequently their views should have great weight with the Council, upon the subject of their petition. The Governor asked the learned member whether he had meant that any number of signatures might be obtained to any petition, or to that paiticular petition f Mr. Merriman — To the petition now before the Council, of course. The Governor— Perhaps the learned member would move that the petition be read. On the motion of Mr. Merriman, the petition was read, and was as follows :— To His Excellency Georoe Grey, Esq., the Governor, and the Honorable the Members of the Legislative Council, the humble petition of the Undersigned Merchants and Inhabitants of Auckland, Shcweth — That your petitioners view with alarm tho provisions of a bill introduced into your honourable Council, for the regulation of the Paper Currency of New Zealand which they deem to be fraught with many evils, ruinous to the mercantile interests of the colony generally, and more especially that clause in the Ordinance, by which it is declared that three-fourths of the specie received in exchange for bank notes, shall be placed out at interest,— provided always that no such investment shall be made in the Colony of New Zealand. That they foresee many and great inconveniences likely to accrue therefrom, and impediments to the free intercourse of trade between this and the neighbouring colonies, and that they are unable to perceive any advantages to be derived from the operation of the said Ordinance, sufficient to counter-balance the evils which your Petitioners apprehend, and they therefore pray that this Ordinance may not be suffered to pass the Council. And your Petitioners shall ever pray, &c, (Signed),

John Isiiael Montefioke, and others. The Governor said that if appeared that the. 20th clause was the one to which the petitioners objected, and he might state that he himself would be a petitioner against that clause. Mr. Meminan observed that one of the petitioners only had signed with particular reference to that clause, but that the petition itself objected to the entire principle of the bill. Paper Currency Bill. The Colonial Tieasurer moved the second leading of this bill, which was seconded by the Colonial Secretary. Mr. Blown opposed the principle of the bill in a speech of considerable length, and concluded by moving that the bill be read on that day six months. The Colonial Secretary followed in support of the bill. The Governor entered into a brief explanation of the 20th clause, which provides that three fourths of the specie shall be invested out of the colony, and slated that that clause had been either unwittingly or designedly introduced by the Attorney General, while framing the bill. He (the Governor) was guiltless of any intention of sending the money out of the colony. The Attorney-General followed in a lengthened speech, condemning the policy of the Bill as applicable to this colony, and concluded by stating, that although he would not oppose the second reading of the Bill, he would feel bound ultimately to vote against it. Mr. Merriman also opposed the Bill, and seconded Mr. brown's amendment. The Governor and the Colonial Treasurer replied, and after a desultory conversation, in which all the members joined, the gallery was cleared for a division. On the Council being opened, the Governor announced the numbers to have been — For the second reading, 4 For Mr. Brown's amendment, 2 Majority, „ 2 Mr. Brown and Mr. Merriman, the two nae#£ official members being the minority. [We have iound it impossible, from the late hour at which the debate closed yesterday evening, to prepaie the reports with as mnch completeness as we could have wished. We have preferred delaying the publication of them until Saturday, to giving an imperfect account of the tao&t interesting.debate that has arisen since the accession to ollice of the present Governor.] Savings' Bank Bill. On the motion of Mr, Brown, this Bill wa«

further considered, and a pioviso added to the 19th clause, empowering Trustees to receive sums exceeding jtflOO, from native depositors, but precluding the payment of interest on any sum above £100. Slaughter-house Bill. On the motion of the Colonial Secretary, Council resumed in Committee on this Bill Mr. Meiriinan had drafted two series ot clauses, the substance of which he explained to the Committee, and they were postponed for further consideration till Thursday. Th« Attorney-General gave notice that he would move the first reading of the Impounding Bill on Thursday Council adjourned till 2 o'clock on Thursday next, 19th instant.