POLITICAL INTELLIGENCE.

Oamaru Mail, Volume IV, Issue 1301, 8 June 1880, Page 2

POLITICAL INTELLIGENCE.

(e-KOM our own correspondent.) Wellington, June 7. A caucus of Ministerial supporters was held in the Parliamentary Buildings at half-past two o'clock to-day. The caucus j was held at the invitation of the Colonial j Treasurer. The accounts of the actual number present and represented differ very materially, but making allowance for the natural desire to exaggerate, I think the number must have been less than a majority of the House, as if it had been a full majority the whips would have been only too anxious to give the actual numbers, whereas they and most of the prominent Ministerial supporters greatly differ in their statements. One Auckland member, representing a country constituency, told me that there were 33 present and 5 represented, which I believe about correct. One of the whips says that 45 members were present and represented ; another says 35 were present and 13 accounted for; and a prominent Ministerial supporter, who must possess the faculty of seeing , double, gravely assured me 32 were present and 15 accounted for. Your readers will thus be able to judge of the difficulty of obtaining definite and reliable information respecting the actual numbers present at these meetings. Mr. Swanson was not present. I learn that he is wary of these secret caucuses after what transpired lastsession, and the manner in which his endeavors to secure unanimity of opinion on the Auckland railway reclamation question were treated. Of course much of what transpired at the caucus to-day is kept secret, and only general information is vouchsafed ; but I gathered from a variety of sources that the Colonial Treasurer stated t<> the meeting that the Government had called their supporters together to invite suggestions as to modifying the incidence of the property tax, and taxation generally, in such a manner as to remove discontent, and so as to be most satisfactory to Ministerial supporters. At the same time the Colonial Treasurer stated that in the existing state of the finances he could not reduce the amount realisable from taxation, but he might possibly alter the incidence of the property tax, and increase taxation in other directions. This is generally understood to-refer to the . beer tax. It is not considered probable that any proposal wiil be made to increase the duties on tea and sugar, or other necessaries of life. A great many suggestions were made, principally in the direction of removing the inquisitorial features of the property tax, by exempting personal effects and furniture, and by considerably modifying the schedule of the Assessment Act. Ministers, however, listened to and noted various suggestions without making any explicit statement of their intentions. It is understood that these suggestions will be finally considered in Cabinet to-morrow, and may have the effect of considerably modifying the Financial Statement, The meeting expressed their willingness to leave the arrangements of details to Ministers, and to generally support any modification they propose in the direction indicated in order to place the finances of the country on a sound basis. My opinion is that the prominent Ministerial supporters, and especially the whips, are not particularly well pleased with the number at the caucus to-day.

Captain Colbeck was present, but not Mr. Hurst. There is a rumor afloat that Messrs. M'Caughan and Pitc are dissatisfied with the Ministerial proposals, and are being sedulously shepherded by the whips iu order to restrain them from kicking over the traces ; but I place little reliance on the report. . I know, however, that Sir George Grey's party are in hopes that they will gain by masterly inaction or defensive strategy, as they term it, and that the Opposition will be strengthened by desertions from the Ministerial ranks, but nothing definite will be known on this subject un r il after rhe Financial Statement and Public Works Statement.are delivered. The Hon. Mr. Waterhouse wrote the following letter to the Times to-day Sir—Allow me through your columns to correct an error into which I fell yesterdayin my calculations of the loss arising from the conversion at the present time of our five per cent debentures into four per cent, stock as against the results of a probable conversion ten years later of our five per cent, debentures into four and a-half per cent, stock at par. This loss I represented as eventually amounting to L 2,500,000. The amount stated should have bee:: L 1,703,350. The exact figures ar as follow; Apparent saving, 4s per LIOO for ten years upon L 5,000,000, with compound interest at one and a-half per cent, per annum, L 123, r i00; 40 years compound interest on L 123,500 at four and a-half per cent, per annum, L 728,650 ; total amount of apparent saving, L 852,150 ; eventual loss, 6s per LIOO, with compound interest for 40 years at four and a-half per cent, per annum, 1/1,555,500 ; addition to capiral by change of L 3,000,000 four percent., L 1,000,000 ; total, L 2,555,500, or a net loss upon the transacI tion of L 1,703,350, The calculations regard--1 ing the eventual conversion of the whols of our loss will be affected to a proportionate extent.—l am, &c., G. M. Waterhouse June 8. To-day, Sir Geo'ire" Grey proposed and r. Tawliaio seconded, that. Mr. Hamlin be Chairman "f the Native affairs Commute, and Mr. Wakefieid proposed and Sir W. Fox seconded, that Colonel Trimble be appointed. A cU v 'i* sion was taken, resulting in Hajn'iti securing five votes and Trimble six. The latter was accordingly elected to the office, and will be paid LIOO for the session, in addition to the honorarium.