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New Zealand Times, Volume XXXI, Issue 4836, 21 September 1876, Page 4

A short debate took place last night on the question of the introduction of a message from his Excellency the Governor, covering a Bill entitled the Wellington Debtß Bill. During the discussion some members appeared to think that the measure had been brought in to favor Wellington and confer some benefit on the province. The facts which necessitated the introduction of this Bill were briefly explained by the Premier, and further amplified by the member for Wellington City, Mr. Hunter. In the year 1871 an Act was passed called the Wellington Debts Act. Its provisions enabled the Ge.Mral Government to raise by the issue of debentures the sum of £86,000, security being given by the province on certain blocks of land. Shortly after the Act was passed, the provincial authorities sold a block of land to the Feilding Association for the sum of £75,000, receiving in payment debentures bearing interest at the rate of 5| and C per cent., the loan having been raised at 5 per cent. The Provincial Executive arranged with the Government, and handed over the £75,000 worth of debentures received from the agent for the Feilding Association, and agreed to only ask the Government for £75,000, instead of £86,000, and by this means the whole debt was at once liquidated. The debentures issued by the Government fall due next year; those received from the Feilding Association will not mature until the year 1879, and therefore legislation is necessary. The Bill is one of a local character, confers no particular benefit or advantage on the Wellington province, and need not cause the lion, member for the Thames, or any gentleman, the slightest alarm. In the course of his remarks Mr. Hunter pointed out that it would be seen by reference to table A, page 2, attached to the Financial Statement, that the provincial debt of the province of Wellington stood at £321,910 10s., and that this sum had been practically reduced by two payments made .to the General

Government —one £75,000, the beforementioned sum ; the other £31,000, in course of being paid by the City Corporation. This reduces the provincial debt to a sum of only £215,910. Wellington may justly oe proud of having been, we believe, the only province in the colony which has reduced its provincial debt fully one-third.