THEM LOAN BILL. IMPORTANT FINANCIAL DEBATE.

Te Aroha News, Volume V, Issue 266, 23 May 1888, Page 4

THEM LOAN BILL. IMPORTANT FINANCIAL DEBATE.

! \\ i lumjton, Match 19. 'Qim an impoitant financial debute occu. pud tho House dining "set-tmkn afternoon ! am' last midit, and evidently took membei.s b\ MiipiiM'. It on^inated with the motion lo icad the Loan Kill a .second tune, ai.d the whole question of boilowing wa- threshed out a^ain. In n on mi; the soeond loading of the New Zca land Loan Amendment Bill of last year, the Piemiet Mid that in the opinion oi the Covemment the pa-.sij;e of the new Loan Hill was a mat lei of ui^eney, and he asked the House to pass it t!uou<j;h all Us stages, tlul pitting It Mould be in the iccolleei lion oi hoi), membeis that after considerable discii-sion la-t -e-«ion Co\ eminent, had assented to the m-eilion of a clause limiting; the eclonv I ion i bonou hilt tor another three \t it.-, and in the insertion of this edebiated j nineteenth clau-e a mist ike oectuied which I h.td pieunted ti<e Joan fiom bein^r floated. Foi tiuit mistake he look all the icsponsibilit\, thouirh, of coui.-e, tho Opposition weie not w holh fiee horn blame, lor they had othci u-e^ in tho State than teasing. Having iuU\ considered the matter, the Cabinet con-.idoied that it was unde>iiable to call Parliament together iimncdiaicK foi the rectification of a mistake in the Act ; but so soon as their lotimchment proposals had been completed the Ilou.se had bern Mimmoned, and ho a.s--uied hon member that (Jo\ eminent weie adM"-ed. and ftionfji % > ad\i>ed, that the two million.-- should be pl'iced on the market at onii', He li'iiii'tted that it was- impossible to t;et the Financial Statement piepared befote riie i^oan Kill was pa&sod. (Jo\einmcnt !iad been stion^l} ad\i'sed against ic-intto-du< in<x clause l'(, even in an amended form Mi Pownie Stew ait denied th.it the I'iemici wa- lcponsible for the mistake in diawmir up elau-e 19 of last --<\ssion\s Act, and hinted that he was becoming the scapegoat foi hi-, colleague, the Colonial Sccte r.iiN lie s.ud the lo.s- to the colons thiotr.'h t'm> botch on ih» \uut of the C.o\tinm.MH «,i- fully L' 60,000 or 170,000, wlikli ha<l an t nijilntic denial fiom the head ol tht l.o\ci nt'itnt. lv answci to u (jucstion b\ Mr Scobie McKui/ie it Mac che'tetl that (Imeininent meant to adheie ii^id]\ to the distiibution of the loan pioudedm last \ear--chcdulc-. The second leading v\a s assented to on the \Oll Cs Mi >cul>ie McKen/ie mo\t.J ah nmendment attei thel'ieinu rhadmo\ ed the.-econd leading of the New Zealand Loan l»ill. Mi Scobie McKcn/iu .said that lie had an amendment to mo\e which he was satisfied would meet with tlieentne-atisfaetiou of the country, a id theiofoieht hoped it would be ar-i'pkdln ihe limi'innioiil. 'L'hou^li hiam ndmt nt wa- not proposed in a hostile = pii)t he claimed the Mjtes of the Oppo-i. turn Jt w a- as follows ■ '"That it is mcv pcilunt topioceui with tlie Loan Hill until the liou-c is '-atisiieil fiom inioimation siippiitji li\ the doxeinnu'iiL that the c\ ]»' nditui c uml( r it w ill .-o lai complete the i.i'lwi)- a- to enal>le the public woiks polity to b laid aside until the incicascof the population of t he colony , tlie tcco\ hk - <•' ir ii'M /air, cincf the- c\p.iu~i<>ii of ittiadt aie sn, h a- to wauant its resiunp tiou ' Hi- aim ndimnt .itnountcJ to tilts — t!u' tlie J.oan Hill j-hould not be pa»-cd now, I'll!" should be bioujjht down imme diat''i\ .ifti'i thedelixci) of the .Financial '"-tafii/iLnt j'lkj countiy would be Mir" j v i i-td to lea i n that, af tei the loan had been iai-td „nd the jconcy expended, all the i.dlw ,i\ - mentKiiied in the -chcdulc to tho I. nan i Jill would then be left, inanenthil.N «n-isni-hed and uiuompleted state. Tiic amendmeni was >econded !>;> Ah O C.dl.iiiliai', <,ndwa- debated till neailj midnioht, a lai^re number of members spi al hilt. On •« division X inn taken, the second loading ua- cured by 65 to 7, and the amendment was Hub shelved. The Dill was then ie\io\v<d in cornmil tec. Mr Samuel moved an addition of a new clau-c Minil.ir to that of last year, preventing nr\ fiuthcr bonowin<r cailier than Match 31st, 1891. The i'lcmicr s.iid tho pioper time to do-o would be v lien tho linanci.il piopo-als came down, and it mi^hf become necessary to -to}) wotk on the Ota^o t entral rth well as the Xoitliem Tiunk line. 'J'lie rlau.se a\<is ultimate!', -withdrawn, and I lie Bill icpoilcd without amendment, and pa-s C d thjou^h its imal .stages.