GENERAL ASSEMBLY.

Temuka Leader, Issue 1519, 15 June 1886, Page 2

GENERAL ASSEMBLY.

LEGISLATIVE COUNCIL.

In the Legislative Council on Thursday, Several Bills were read a first time.

Mr Reynolds intimated that be had received a communication stating that the Kermedsc Islands would carry ten sheep to the acre, were well watered, and the anchorage good. Though the islands were of volcanic origin, there was not much liklihood of an eruption. Mr Bathgate gave notice to move on Tuesday—“ That the issue of money, whether ii the form of coin or paper currency, is the sovereign’s prerogative, and the profit accruing therefrom belongs to the entire community ; that for a number of years past the issue of paper currency in the colony has been solely made by six private banking corporations over wh'cb the State has no control, and during this period the volume of money (coin and paper) within the colony has decreased instead of expanding with the increase of trade and population, to the injury of the people and progress of the colony ; that it is inexpedient in the interests of the trade, manufactures, mining, and agriculture of the colony that its internal circulation should be wholly dependent on private institutions, mainly composed of foreign shareholders who withdraw their profits from the colony and bear bo part of its burdens ; that the notes circulated by banks are not redeemable at one place ; that there is no mutual obligation among banka to accept each other’s notes as cash ; that there is no supply of gold or convertible securities left to redeem the notes issued ; that in the event of a panic the whole of the 'coin would be swept away by depositors ; in order to remedy the evils described, it is imperatively required that State should resume its inherent contrill and issue notes, such notes to be convertible on demand at the Chief Post or Inland Revenue offices in the colony ; that recommend the Government to introduce a bill for the purpose

of establishing a State Bank of Issue, or an issue department of the Colonial Treasury, thus affording to people the full profit accruing from circulation.” HOUSE OF REPRESENTATIVES. The House met at 2.30 p,n..on Thnra* day, The Premier said that a telegram had been received from Lord Carrington, Governor of New South Wales; also, from the Premier of New South Wales, expressing sympathy with the colony for, the late vulcanic disturbance at Rotorua*; Government had reason to behave that,alarge number of Natives had lost their lives, but the terraces were believed to bo safe.

Replying to questions, it was stated that Government had not considered whether they would send for another., supply of salmon and trout ova from America. Mr Guinness introduced the Miners Right Fee Reduction Bill. Mr Bryce resumed, the' debate,on the Native Land Administration Bill. Mr Ormond moved that the Bill bo read a second time that day six months, Mr W. F. Buckland seconded the amend* ment. On Mr Ormond hearing that the Bill was to be referred to the Native Affairs Committee be withdrew bia amendment, and after a long debate the Bill was read a second time, and the House adjourned at I a.m. . ; ’