RAILWAYS AUTHORISATION BILL.

Taranaki Daily News, Volume L, Issue 61, 14 November 1907, Page 2

RAILWAYS AUTHORISATION BILL.

DEBATE ON BORROWING!. j The Premier, in moving the second j reading of tin; Railway Improvements Authorisation Bill 011 Tuesday, explained tliat. up to date the expenditure on the Fi'lirni-ie-Auekland line was £82,773, on tho Aiidington-Kolleston line X3US!). and 01: the ijunedin-'Mosgiel line £87,20.!. |i; was believed thai (he £50,000 to lie laired under the original Loan Hill would be sullicient for the completion of the Addington-Rolleston duplication, p. was for the Auckland-Penrose line tl'at the greater portion of the money now being raised would be rei|uired. Perhaps during the current financial yeap he would require to expend on the Auok-y land and Dunedin lines from £135,000 to .1:150,000 all told.

Jlr. Massey said this was the fourth j Loan Bill introduced this session, and | the total involved was X 1,450,000. The , |itiblic were under the impression that , borrowing for public works purposes . «as being confined to a million a year, llr. reminded the House ihat the Government had authority for borrowing for other purposes. The total amount was tv,!)o0,()(l0. There was a great responsibility placed on the (lovernment in this matter, lie recognised that the country was prosperous, but he hoped that the (lovernment would see that the country got good value for the money expended. The Premier, replying to Mr. Massey, said that the whole of the money he had been using for the Advances to Settlers Department was money paid in repayment of loans and interest, and i;ot more than £130,000 was being borrowed in any one year. Loans to local bodies were being made from moneys that came in and required to be invested this year. He pointed out that the accumulation of funds in the Post Office Savings Bank required to be invested, lie deprecated the speech made by Mr. Massey, as it made it appear that most extraordinary borrowing was going on. Referring to land for settlements, for which there was authority to borrow £500,000 per annum, he pointed out that members all the session had advocated increased expenditure in this direction, and yet the Leader of the Opposition bad included this amount in the figures he had quoted. He regretted Mr. Massey had placed a wrong construct,i.m on the position, as it might be cabled to financial papers in England and a wrong impression created. He would have to cable the High Commissioner to be in readiness to place any misconception right. The Bill was read a second time lp the, voices. \ The House went into committee and discussed the Bill. Tt was reported unamended, read a third time, and pass?!