THE APPROPRIATION BILL

Wairarapa Daily Times, Volume XVI, Issue 5107, 31 October 1895, Page 3

THE APPROPRIATION BILL

Zty Ickgnph.—Press Associulim. Wemsgiok, Tinusday. The House resumed at ten. The Appropriation Bill was introduced and read a second time, Iu Committee Sir R. Stout moved a now clause to the effect that a sinking fund of loans under the Government Loaiifl to Local Bodies Act shall be maintained and all debentures issued under the presumed authority of tin Consolidated Stook Act, 1891, shall be redeemed by the Treasury out of the funds voted or horeafter voted for such purpose, Messrs Seddon and Ward strongly opposed the clause as the law officers had advised the Government that the sinking fund transaction was strictly legal, and the AuditorGeneral had also approved of it. After considerable discussion the new clatiso vas rejected by 24 to 17, The Public Works Appropriation Bill was then put through all stages without amoodmont. Onthemotionoi thethirdreadingoftbeAppropriation Bill Mr Ward explained the change that had been made in the system of drawn Bonds, and complained that the Government had been frequently misrepresented on this point, both inside and outside the House, He dealt at length with the question of sinking funds of local bodies and the action of the Public Accounts Committee re this matter, contending that the Committee had been turned into a mere party enquiry by tho senior membor for Wellington, Tlie whole transaction in connection with these sinking funds would appear in next year's financial statement.