PROVINCIAL COUNCIL.

Southland Times, Volume I, Issue 21, 19 July 1864, Page 2

PROVINCIAL COUNCIL.

in time for transmission by, the Eurp--'•'peJin.MqUi-yesterdaif ;z~]-- . £-7. '"""".-.I '■■■ .'-/i'.L «^™*:^oN^ The Sevenths -Session t'bf the 1 Proyhicial-'Cbuncil of Southland was opened this day, at noon, -in-the- — - Court House. .., „. .'•■■-, rr 7 ..,- „ ... .-'.._. Atthe appointed hour a large number of specv;. ;tat,brs and the foUbwing members were present :-j— f-.es. 'Messrs. Scott; Wilson^Roge^f,HoweU, : Tearsonjs¥w a( Chalmers,- Tarlton, M'Nab, Cowan,, .Swale,* and Armstrong. «ii : -'• '■ ■*- - J - Mr. CHALMERS.nnovediitliat Mr. M'Nab be .elebted.Speaker of the; Council. j, ; j, -,:,;,,;- „,-r 'yy/ I Mr. ROGERS seconded ' tlie mb'iabnf -which, „^ being agreed to, r .-i .-?,-.>=;, ■.-.^-,-.-.- : -,. -,- !;.;,.;. •-.-■: --,': '/" Mr. M*'NAB took the 'chair, an<l "opened tlie proceedings'witli prayer. ■'■-'-* ' >IHam- - HIS HONOR the SUPERINTENDENT was'- > theit~aimounCe~d, and received" by" the~memher"s and others ;present] standing. ( =His2 H&noi; ' then read the following -. — . *■ " ADDRESStO THE J C&lMci£ ajii: " Me. Speaeee 'Airb v GENTi/EirEK 51 oi 'the Pbovincta! Conxcrt— --"•'" ... " I have been advised to summon you to meet in I Council, at this.tim^viubVdel'Cffi bej furnished vvith full information upon circumstances which have occurred Tsince your last meeting, and take into consideration the jneasur,e.s winch; should' be', adoptedwitli 'refeyerie'e^o^'tfio^, financial 'affairs of this i , P7•ovince.^vAfKfile:last^' i, Session of tliis Council/;" after t- i^7ifin^cial7L:.: position of , .the. , Province^"""'haTT "^belm^ fully discussed, hy yoU } three loaii bills were passed, one for forty thousand pounds (£40,000), ::tb7 enable the Government to complete the Bluff Harbor and- Invercargill Railway ; one for one hundred and twenty thousandpounds (£120,000)", tb' cover habihties on account of the General. Expenditure .of:.„the-} Province; and one for twehty-five'tthousahcl .pounds (£25,000) to -meet •habm^ies-hiciUTed by 7: ' the Government on account, of, . aniadjrances.tp, .--/j the Town Board. The sum of those loans would. . have met all the habihties of the' "Provnice,"'' arid ; -' ;; completed the .public works, which it, T had. -under-; taken. The first "men" tiohed loan biu : albne lias received the assent of His Excellency thb\ Gdvei** r -'■ nor; from both the. others this assent has been withheld; ; ; ■' •:::•.-■::! "You will remember that during the last'session.-:^ of tliis Council, intelligence was received that bank rates were high,' and that- New • Zealand Provincial secureties met with a very. hmited sale in London.' By succeeding mails "we' were in-' -formed that they were lioaiiy.iiiisaleab'le.'miiless at ■ a discount, and that they were not allowed to be quoted on the "Stock "'Exchange. '-These circumstances occurring at a period of , . „ serious commercial depression in this Province, made the banks unwilling to no* gotiate Provincial loans. I believe- that (the. high rate in the money market was tlie 'primary cause of the difficulty: in effecting. sale 3; but when the difficulty "had once arisen, other considerations tended to increase it. TJpon/.the'f 'Debentures uiider '"^the "Loan" 'Ordinance" for '£lloJooor*the "' " Provincial Government had arranged for advances to' any extent that might be required, but its demands having exceeded. (the amount -upon which the bank had calculated, it' was unable to meet them; from; its nbfc haying .the '' requisite, jfhhda ),-': within the colony ... at its disposal; this occasioned "' : ' a serious' ' ' embarrassment at once; still, that would soon have passed away .if- the measures [adopted .by , this Goimcil,in,its session in March, had. .been,,' sanctioned, butacrushing blow was given by the .General Go verU;. ..' 'roent when it disallowed the Loan Bills. .Then it „ was .manifest that the Provincial^ Government, unaided, Would be "'..tihable .to; : fulfil its' engage- , men Js. yiithin. the . proper _time,':_Mict . it became^my duty to ascertain, without delay, what course, the Colonial Ministry .would propose, pi agree, .to; to, . enable the ProvinciaL Government' to "meet those.,: '.engagements, as it haddebarred'the latter Jromd'oihg ' so in the manner' which the' Provincial -'Legislrt- : ' ' ture had considered' J'advisible^ ''. After having' ; " some 1 personal ; commxmieatibri. : with thej'Cblbriiar ;. Ministiy, I found that it woiudhot'sahctiontiny 6"---further loan bills, at the pr.eseht;time77it ; agreed' . to give temporary 'assistahceVf o^ three' mbnthsj / , by advancing 'fifteen thoUs'ancLpouhds - (£ls,ooo) 'j - ; in eachmpnth, during that.peripd theories- '" tion of dealing' I ' conclusively •- with 'the ' Provincial ■* habihties, to be " determined "hereaftcr-^-the -'Land - . Revenue of the Province to be retained by the l I general ' Government until the advances "were re- " paid; -' •''■■. .Is' : ;:•' .' ;-! , ; ; ;' .-"■}:: oi AiX.'C'CL ' ); i '' "In the.meantimej'the Provincial. Govermnent V took steps to reduce the ordmary expenditure, and -••;: the works on the railways were partially suspended. < Those works had "beehrpressed ion 'with' ,' great vigor up ;'lto the early part' of May, the heaviest works on both hues being well advanced. Had it been practicable to have pushed'them for-:, ward since that -time: with -the', i same" j energy,' - I have jio dmibt 'thato vthe> "Oreti- ,'Rail-i ;' " way - would - - have -been*" open.-i.-for ---traffic. now. In consequence p£-the r arrangement with the General Government," those" wbrkß have been resumed^ and" there is "every reason to believe" that """ the Oreti Railway. will be .ppen.^for traffic for a considerable distance in the Course; of next month.' " A detailed statement, of .the? financial position of the Province, will'be laid i: b'efbre you, but I may briefly, state nowr that j. the- aggre--? gate sum of the liabilities of the "Province "has not very materiahj' altered since "this Council, was prorogued ,- the • actual ' debts ohthe 80th June were aboutVtlihty 'thousand ppunds"'j(£3(),ooo). and the contingent habihties, which will fall due in the next three months, or when the railway and other contracts , shall have beeri completed, amounts to about . one _ hundred and thu'ty-five thousand pounds (£135,000;) es- : ' timate ot the ordinary 're-vehue',' ■for" three months at eight thousand pounds (£8,000), and an.advance ; . of forty-five thou3'and pounds (£45^000) from the ' General Government, to. the re.-payment of which the Land Revenue fpr r some time to come will be appHcablel 'J' ,: ; "-. ••- -.-.•"■ ••• ■•■ ■'- : " Besides these -habihties, .the Provincial; Government has guaranteed thejium of ten thousand pounds , (£lo,ooo) advanced.by : the Bank of New Zealand t» the Town Board," as a "security^for which the Board has assigned to- the/ Gpyernment special rates amounting to nearly twelve" thousand pounds. There is also a^^arly cli"arge^n*aecbuht of the New Zealand 10an,' 1856,* o& about' one thousand pounds. " "" ' " * "' "* '..'"' ; '.«." The j . provincial debts, then,. ;are J[the; , sum of the loans;- ifaridW the liabilitiea' : stated ~_.-abo.ve ;. r the sum-,- of- - r the rr , loans _ is tp be expended in the cohstriictibh bf the rail- f ways, works which wih - be~"eminently re-produc--tiv«.£^sl3nCU'aftefi;they^hav'e^ BeenJforC^bmer^tiniei^ open for traffic, it jvjll_....be necessary to -meet .a of. . ir the,.__ annual r y. charges . T on, r the~ibans 'by 'yotes'Vpf' 1 money -frbm r " the 'General''" Revende ; °but 'few^ ,'wilP dpubt'JtSat ■ ap^er f yf™e|^ two or three years'/'* ife^may' be-^th'bse ; 'Railways will yield a surplus revenue -of yearly increasing -importance j the^ -'b'urdenll'oi' L^ahhual'i charges for those loanathen may he'regrded as one only of a transient • -'character f-^ an*dl the -'Pro vihee' >has to deal, as its most enprmous-clebt, with the immediate and^-^bntingehti'-opliabihties^ such a- '^debts^^for-r^~ a i^Provhicej" - half a-million of acres [.of/v' arable land yet unsold .;„and the ..gross. -amorathf-whOT revenue, during^the. financial^year.^ehding Juno C--30, exceeded- '' sixtj'^thpusand- pouhSs (£60,000) , should .hpt)place it in-ppsiti^n .^fifseriouß difficulty, ojf any long diiratipmv iA^ieuiporaryi;embarrassment hpweverhasipcc'urred, "apcl from a coincidence of -causes-which- could- scarcely-have-been-antici-— TJ ate dv. JtlfaTiVif ~j'h''ff:~iir 'n' ■' fj ".Tp>.the ri mpde,,.theh, by^which.we'shall pffec^^ . W^iii^^ : hy^f^w_ Wjdraw| ' your earnest attention,. ahd : jthe : questaon involves - consideration^ whiph r ar.erCploh|^ ProyMciair, 3 !Thes;disc^s& t aken place on^ thoiubjeict of ProVincialloanß hay© fbf

.1 111" j ■»■===== .._,.,', t ered the i bplhionitfhat^thptit *cpton^^anfev thev-will jhot readily .sell iv .London, an; opimbn which Is now. probably correct in the mam, although inlihiirsfv instance,, vtiveJpressuTCjnjtho: money maTkeynvLondon, rather than any distrust in tholphdity of —PTOvincial securities, caused the vecplow . and limited sale of r those tiiat%rc ; bmsrW the leading pohticiahs^m this , island are o£ opinion that this _.- s guaiv» - antee should '^ given, and the question is of suchvTirotffluiihpbrtahcelH^P Cite^rbsts, especially to those of Its three Southern Provmcesj^hb^havij aachrlarge loans- to djspos6. l ot,j , that it beconies : theduty,bf each Provincial Legis,-. f lature to consider it carefuilyV and declare its opi-' ■' nions/disthictly,. fTher ioans.p^thi^ island have no tangible colomal guarantee, al- f though no doubt the assent of the Govemor^to' > such loan.hffls »iay t be -regarded as a.mOTal qua- (; . rantee. thb Securitywhich is offered beyond a doubt .;; tor. enable , :; . the Provinces- of- the-- Southern JEsknd_to,_carry. - out the ri works thpy„ha^undertaken ; -tocnabte . then\^to proceed '^th^ther gi'cht which will develope/thetresources^of the island, and attract an increasing, flow ofeniigrants to the Colony, it is esseritial that some' measures -should be ureed on the Colonial : Government .by the eW^oh a 6?^bpmioh : in'.^he: iProhnces that-Loan -Bills, .sanctioned-by the.Governpj,_sliall. be secured by Apt,^, the Genei-al Assembly , ( and provisi^hAnade -hh'detfthe same authoiity wherebyi , any Proyincerable *o -show sufficient,reasons for undertaking 'largb works/can obtain-' the means necessary to enable it:tp proceedwiththeni,,W.ith- ;- a rapidly increasing population,.. and .pxtending^t- ; tlement and trade, itmay be anticipated that m order to "ive greater for 'interrcommunication between tho different.-Provinces by^-land, and with other countries'- by sea, the construction ot grea£ ahdt costly] vrbrks' beconie indispensable. The current opinion has set m favour of extension- of railways throughthe -length-of the island,~-to-meet-the-fost-conditioii, and. harborworks of similarly expensive character will be rdquircd to fulfil the secphd. Spch; works will , be of colonial importance,, not. simply local advantages. Then- prosecution will involve the necessity of borrowing large" sums of money; to obtain the mean's/ the colony mustbecome' legally bound to repay them. " "'" . .n, . . , -. , "^The Southern Island has a fair right to claimthat the Assembly shah give it a due share of . 6uch advantages^ seeing that it has : al-, ready, ---by the actioiv of its representatives" ' willingly undertaken its share of resy ponsibihtv,- for large loans, authorised by. Acts : of the "General Assembly ; ' far the greater part of which loans ha^ve been, or are to be, expended m the Northern Island.. Some resolutions on this subject will he submitted for your consideration in the course of the session. " I have to hitimate to you that the members of the Executive Council have resigned their seats in it ; the Provincial Trerism-er alone retaining his scat. and ; office until the, appointment of his successor. . " It has not been thought advisable to propose mauv bhls for your consideration, or attempt much le-nslation hi'the course of this session, seeinn- that the time of this Council is ch-awng to a close, and that a newly elected Provincial Council may be expected to meet here in little more than three months; ■ ' ' s ' '•The disease among cattle has unhappily extended widely during the last .four months, and; has occasioned serious losses ; and when the re-; . ports of the inspectors are laid-before you, I trust the "subject" will receive your serious attention. _ "And now, gentlemen, in declaring .that this, . Council is open for the transaction of business, I have to express the hope that the result of your deliberations will restore confidence, and hasten the return of that commercial prosperity, ot which we already can see indications. "18th" July, 1864." His Honor having retired, Mr. Speaker took the chair. Mr TARLTON gave notice that at next meeting, he, would, move : that His Honors, addi:ess.be taken' into consideration. REPLY TO THE ADDRESS. Mr. ROGERS moved that a committee be appointed, to prepare a- reply to His Honor's address—said ..committee to. consist of Messrs. Chalmers, Pearson, Calder, 'and the mover. Mr- PEARSON seconded the motion. "Mr ' TARLTON had no objection to such a convmittee"; but, as amatter of courtesy, it shoitld have been moved by him, and, by no other per, . Sir. WILSON supported Mr: Tarlton's remarks on such irregularity. . Mr. COWAN moved, as an amenamemV- " That Mr. Tarlton's name be added to the com-: m Mr? ROGERS would be happy to withdraw his . own name, and substitute Mr. Tarltpn's. . Mr. SPEAKER-— lt will be none the worse oi your name, I suppose ? The amendment was agreed to - NOTICES OE MOTION. Mr TARLTON gave notice that at next meet * ing of Council he would propose^ the following resolutions, viz. : — 1 " That this ' Council is of opinion, that inasmuch as' the validity of the security of the New Zealand provincial loans has been doubted and their value impaired, all: provincial loans raised under the authority of ordinances, which have received the assent of His Excellency the Governor, should, receive the colomal guarantee by Act of the General Assembly. . . * 2 " That the necessity for such action is so urgent, that, the General Assembly should be summoned to meet ,at the ; earliest practicable time, in order -to ; take . this matter into consider- % '" That' a Bul^hbiildbe introduced in its next session whereby the -Provincial . loans should be consolidated, and beebme directly chargeable on * i CO "That provision r shbtiid be made to authorise the Colonial Treasurer to raise a loan of such amount as may be .here agreed; upon, m such sums as may be required from time to time. 5 "That the sums which may he allocated to the different Provinces should be determined on some equitable basis— the extent of available territory or, other resources in each appearing to be a fair and.reasonable 'one. - .. • --'..- --6 "That when any Provincial. .Legislature shall desire to construct any important pub he works, it should, apply -for ;siich>mpunt; of Ihe said loan, being within the.limits of the sum allocated for its use, as may be required for the execution of such work. ; ...}:..-.. a -■■ ■ 7 " That after provision as , aforesaid. 6 hall have been 'made by the GeneraL Assembly, Commissioners thonld- be , apr, pointed by the Governor to mqmre mto the particulars of every such application, and. advise whether it should be. granted.' .,i ;,. ; . ;: -''o i.-i 8 "That the charges for interest and smlpng^md on such portion of -the- loan, as may; be phta^d ;; by any Province,, should be - retamed by : the General Government from the.land and.customs revenues of such Provinces -as, they arise. ;. : ,, ,^. , 9. "That the Superintendent be : requested^to., communicate .wifhj the- Superintend.enfe. rP±i*he f , other: Provmcbs, in, order .to ascertam; whethe^. they willcp-pperate inbringing.such views.: betpre the Eederal Government. ; ';,-i y.d ■■:^v : 7 V j. ; ' " r! 110. V-? That.Mr. - Speaker beTequested ; to trans- : nut copies of the above resolutions to the^mbeijs, of^Vthe! Assembly.; for, the/ County; of :>WW?^?-.' rbquesting.oibem .tol support oin0 in ; ,the ; Assembly^ the views embodied : in the, resolutions. -;!.:!;-, ;:= Ti../-'^'Tiiat\a-..'inemorial ; embodym ',' o£ thesaMsbhitioris^he:; presented, to, HisiE±cel^ ; lency the, Governor." :(:>;*-. ; o \ju:,ni yirw ■Mr gave notice} that; 'at'to'-mor-rbw eVehmg ? s- : sittihg; ! he c ask *h& Gbyerh^^ ment for the whole of, the pap^^..a^-do i etimentß^ connected with^ the ' negotiation^ofTthe loan 1 for £40i000rtocbmplete the 1 works on the Bluff Harbor and Livercargißß^ Mx PEARSON.gaye notice that, .at auesday eTe^g"£sitti^,;he..wpi^mpv^ BeneaH^blutibns/relating to the, sale^lettin|, v and^ MbSai v b£',l^;m^-Proy^<M)f South*

Tjj&vSCO^ would brm#Dgfo%*ffie:obVelnh^ "condition .of ,_ I s FINANCIAL STATEMENT. " *'-' Tfen^TAd^TON*]^^ le'&tb/fcb,?^^ of} ABssts i .an/itLi&b^ went -ati/grteftti length^cfy^,^ -<ho[ fpUowii&gjdpcument.:^; nk-iT^jjOir , : *-ib ;»nb'i