THE Thames Guardian AND MINING RECORD. MONDAY, OCTOBER 16, 1871.

Thames Guardian and Mining Record, Volume I, Issue 8, 16 October 1871, Page 2

THE Thames Guardian AND MINING RECORD. MONDAY, OCTOBER 16, 1871.

Several returns were moved for in the House of Representatives: early in the session which are calculated to throw considerable light on various interesting subjects, affecting the domestic industries, home trade, and goldfields of the country. We propose, in a subsequent issue, to devote an article to these returns. Somewhat early in the session, Mr Creighton brought before the House the necessity for telegraph extension from Grahamstown to Coromandel, He pointed out that the line was easily made, and would prove highly remunerative. The Government gave a kind of promise that it should be done. A similtfr"promise was made in relation to telegraph extension from Onehunga to Manukau Pilot Station, and from Auckland to the Bay of Islands, by way of Kaipara, on which subjects also Mr Creighton questioned the Government. Mr Charles' O’Neill, member for the Thames, brought forward two very important motions affecting the goldfield, one of which was “ That in the opinion “ of this House the duty on gold should “ be reduced to one shilling on each standard ounce.” Mr O’Neill showed that since the discovery of gold in Auckland in 1857, to the 30th June, 1871, New Zealand had exported 5,897,900 ounces, worth L 22,918,177. The gold duty collected at Auckland for the first six months of the present year was L 18,85-1 7s. (id. He argued the question out in a well-considered speech: and was supported by the majority of the goldfields members, but the Government opposed it, and it was lost on a division by a large majority. There have been several loan bills before the House. These are chiefly empowering municipal councils to borrow money on the security of local rates to construct water works, gas, and other public works. Nelson and Christchurch want an increased water supply : Dunedin is in the like case. Wellington has two local bills before the Legislature, one to enable the Corporation to buy the reclaimed land from the province, and issue debentures: the other to secure 20.0U0 acres of the confiscated land of the province as a school endowment. Auckland, through our Superintendent, is promoting a cemeteries bill, and a mining lease bill, which in no way affects the goldfield. Dunedin also has a cemetery bill before Parliament. Auckland likewise has brought forward a gas bill, which, with the other bills referred to, will become law. There

appears to be a far greater number of private bills before Parliament this session than in any former session. The alteration of the standing orders on 'private bills, and the abolition of the Private Bill office, by lessening tlie cost of promoting private- Acts, has doubtless something to do with it-, but the gradual adoption of the Municipal' Council Act throughout the colony has much more. A necessary bill, regulating the relations of contractors to the men employed by them, has been under consideration by- -the General Assembly. It is entitled the Contractors’ Debt Bill, and proposes to give additional security to workmen for the recovery of their wages. The instances are but too common in which dishonest contractors cruelly wronged the workmen employed by absconding without meeting their engagements with sub-contractors, or with their own servants# ! Thc hill is an adaptation of the Victorian Act, hut it will he found to he much more stringent in some respects when it passes into law. In the Legislative Council, Mr. Waterhouse moved—“ That there he “ laid on the table of the Council a copy “ of the terms upon which the Bank of “ New Zealand conducts the financial “ business of the Government; as also “ a return (1.) Of all sums paid to .the “Bank of New -Zealand during- the “ year 1871, and the completed “of the year 1871, for interest and “ commission ; also all sums paid to the “ Government as interest on deposits “ during the same period, and of the “ average balances lying to the credit of “ the Government at the different pro- “ vincial branches for the past six “ months, with the rate of interest paid “thereon. (2.) Of all sums of money “ lying to the credit of the Government “ in England, negotiated through the “ same channel during the above periods, “ and the interest paid thereon by the “ bank.” Mr. Waterhouse made a neat and practical speech in support of the motion. He instanced the case of South Australia, which had, by advertising for tenders to transact the financial business of the Colony, made very satisfactory terms with the Bank of South Australia, which transacted the whole of the Colony’s financial, business in England without charge, contenting itself with holding the unemployed moneys of the Government, and for these it paid interest at the rate of one per cent, less than the current rate. He thought much better terms than those in force might he made with the Bank of New Zealand. Mr. Mathew Holmes seconded the motion, and instanced the case of Victoria, to show that large financial transactions such as New Zealand was entering upon, should not be conducted by one hanking institution. The Government only received 3 per cent, interest on deposits, while the Bank charged 6 per cent, on Government overdrafts, and commission on all financial operations in England. Six associated banks managed the Victorian loan. The Bank of New Zealand had another advantage. The Government by keeping its account there, constituted it in reality a colonial bank of issue, and in all its dealings it paid out the money, not in specie, hut in its own notes. Private interest should not he permitted to stand in the way of placing the finances of the Colony on a proper basis. Mr. Sewell did not op]x>se the motion. An arrangement was made with the Bank in 1867, regulating the ordinary transactions of the Government in England. “ The arrangement was that “ the Government should receive interest “ 1 per cent, below the rate. As to the “ rate of interest on Government balances “ allowed in the Colony, he thought it “ unlikely that a larger rate than 3 per “ cent, could be obtained ; and a higher “ rate would only he in respect of fixed “ balances.” Mr. Waterhouse, in reply, said lie had no wish to change the hankers. He only wanted the financial business done as cheaply as possible; and the Colony at large should not be taxed to benefit the Bank of New Zealand. The affairs of Canterbury had made a very unpleasant impression on his mind, and had much influenced him in bringing forward the motion. The motion was carried. The allusion to Canterbury requires a little explanation. A dispute arose between the Provincial Government and the Bank of New Zealand relative to a claim for commission by the Bank. It has recently been settled by the Provincial Council voting the Bank the money. We make no comment whatever on the merits of the case, but if the Colony is required to pay commission at the same rate on 'similar transactions, a large portion of the loan and public revenue will find its way into the Bank coffers.