PARLIAMENT.

Wairarapa Age, Volume XXX, Issue 8504, 9 August 1907, Page 5

PARLIAMENT.

By Telegraph—Own Correspondent. WELLINGTON, August S. The Legislative Council met and adjourned till Tuesday, having no work to do. The House, this afternoon, waii mainly engaged with local Bills. The Tohunga Suppi*ession Bill passed through Committee. MAORI LAND SETTLEMENT BILL. The Maori Land Settlement giving power to raise £50,000 to be expended in the purchase of land and to acquire the undivided interests in lands owned by Maoris, was read a "second time. HARBOUR BOARDS BILL. The second reading of this Bill is proceeding'. EVENING SITTING. RESERVE FUND SECURITIES BILL. In the House, to-night, the Premier moved the second reading of the Reserve Fund Securities Bill, the object of which, he explained, was to place £BOO,OOO in London to meet any crisis likely to arise in colonial financial affairs. There would be no addition to the colony's indebtedness, but the amount would take the place of the matured debentures. Mr W. P. Masscy, while admitting the course proposed might be the wisest, stated that it was a new departure. He said that if the history of guaranteed debentures was compiled it would form interesting reading. He urged that all reserve fund transactions should be open to the public. He contended that the amount would increase the colony's indebtedness. " . Sir Joseph Ward stated that the colony would save annually £29,000 by the adoption of the proposal. The second rcadi"g was carried on the voices.