PARLIAMENT.

Taranaki Daily News, Volume XXXXV, Issue 223, 17 October 1903, Page 3

PARLIAMENT.

FEB PRESS ASSOCIATION. LEGISLATIVE COUNCIL. Friday, Octobkb f6. The Council met at 2.30 p.m. The second reading of the Cook and Other Islands Bill wan carried on the voices. * The Council adjourned at 5 p.m. HOUSE OP REPRESENTATIVES. Friday, Octobkb 16. The House met at 2.30 p.m. The Regulation of Local Elections Act Amendment Bill and Naval Subsidy Bill were read a first time. The Public Petitions Committee reporting on petitions urging a survey of the railway line from Gisborne to Rotorua, recommended that the petitions should be referred to the Government for consideration. PUBLIC WOBXS LOAN. Mr Seddon moved the second reading of the Aid to Public Works and Land Settlement Bill to authorise raising £1,000,000. He said the amount was three-qaiters of a million less than last year. They could well spend the same sum as last year, but the position of the money market made it necessary to effect a reduction, This million was to last until about this time next year. The fund at the end of September showed that for the first aiz months of the financial year the cash issues were £836,163, while the expenditure for last month was £126,098, showing that even at this rate the appropriations would not be eufficient, therefore they had decided it was better to reduce the expenditure than to ask for an increased loan. On the other hand the increased revenue for the six months totalled £338,194. In addition to the £250,000 which could be transferred from the Consolidated to the Public Works Fund a farther sum of £IOO,OOO could, with safety, be transferred, and probably more. On 30th September the Consolidated Fund was £444,443 in credit, which showed that the Government could transfer £300,000 and still have £144,000 for the Supplementary Esti-

mates. If employment was scarce they flhould try to pat the men on the land. The Secretary to (he Treasury, who had just returned from London, considered j there would be no change for the better in the money market for at least mother year. He believed the Government would be able to obtain all money required within the colony itself. He hoped that when this loan was asked for the people would come forward in a way which would improve oar credit in the Mother Country. The public instead of putting their money in banks at three per cent could get Government debentures at four per cent.

Mr Massey said it was evident there was difficulty in obtaining money for > public works, and that difficulty had been brought about by the fact of the colony having borrowed too much, for too many purposes, and the people of Grt>at Britain almost refused to lend us ariT more money. He pointed out the serious results accruing from a reduction of public works expenditure, especially in the direction of Customs revenue." The proper thing was to keep puolio works going and cut down expenditure in other directions. Canadian 3 per cents were at 101 as against 90£ for New Zealand. He urged the necesiity of providing educational and settlement facilities in the back blocks. He had no fear of the future of the colony, but it wanted a rest from unsettling legislation and experiments, and the " brass band and big drum " order of politics. Sir Joseph Ward said that daring the past six months an offer by,the Post Office Savings Bank of over £400,000 to the Treasury had been refused as it was not required. The revenue' for 1908 was greater by £1,459,696 than that for 1899, although no additional taxation had been .imposed, but on-die other band great concessions had been given to tax- \ payers. The debate was interrupted by the 5.30 adjournment.

Erasure Smrua. The House resumed at 7.30. In the course of a further debate on Aid to Public Works Bill, Sir William Russell said he bad always held a conviction that this colony would only cease borrowing when it was impossible! to borrow any further, and that conviction was now coming near the truth. He protested against issuing short dated debentures., io limit borrowing was the best thing that could have happened to the colony, Mr Jas. Allen considered that our finances would not be sound until we established a sinking fund. , Mr Laurenson said the securities of the colony stood as high to-day as any of the standard securities of the world. Mr Du'hie moved, as an amendment, that in the opinion of ths House the schedule of tbe Bill should definitely set cut the proposed expenditure on each line of railway. Mr Seddon said Mr Duthie must know the Government could not accept a motion to recast a a loan Bill. In reply to tbe Premier, Mr Massey said he knew of tbe amendment, and ha was sorry that the Premier should think of regarding it as a want of confidence motion. Mr Seddon said he conld not accept the amendment. The debate was proceeding when the Telegraph Office closed,

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