HOUSE OF REPRESENTATIVES.

Waikato Times, Volume IV, Issue 217, 30 September 1873, Page 2

HOUSE OF REPRESENTATIVES.

til • Jfriday. Ih.j interest felt, in the Loan Bills is very considerable. It w kn)wn before hand how strong the opposition would bo. It whs well argued by Mctsra Waterhouse and Hart that an extra amount would hare to be prbvided for. The interest and linking fund would double the amount required to be borrowed, and increase the debt of the colony. It was proposed bj tlio present bills to uselessly increase the amount by » million sterling. TJI9 proposed securities, inombors considered, were unknown and undefined. The world proposed to be made were of doubtful character. No one had spoken in favor of the bill at 5 p.m. It was intimated by more than one speaker that the bills were brought up not m a matter of policy but for political pressure. The Government will now probably bring in a bill authorising thr hstie of Treasury bills, to provide for works con■idcred necessary. Mr Campbell in his «peech, to-day, Mid, calculating the Provincial rate of interest at 6 per cent as against the Colonial per cent, the loss on the proposed Provincial Loans, at compound interest, would be as follows, calculating for 35 years: Nelson would lose £97,000; Auckland, £172,000 ; Wellington, £168,000; Marlborough, £19,400; Taranaki, £27,ooo; Hawke's Bay, £90,000 ; Otago, £272,000. The total loss to the colony, through the proposed prorincial borrowing, would be £940,000. He asked who would buy colonial bonds at 4fc per cent when it was known that 6 per cent ones were coming out ? The majority •gainst the bills will be large. I have reason to believe the Government don't care about carrying the bills, and have intimated as much in certain quarters. They fear the breaking up of their party. Messrs Brogden's people never consulted the Ministry before bringing in their petition, which has never been before the Cabinet. The firm tried to keep Mr Vogel out last session, possibly hence the reason. The Premier moved the second reading of the Immigration Mid Public Works Bill. He said the plan of purchasing land for- the North Island would bear good fruit in the future. It would bo made available for fresh population, and thus increase the Customs duty. Mr Rollroton said the proposal was an infraction of the compact of 1866. He characterised the present session as the worst for log-rolling ever seen. Mr Brown, of Canterbury, saul the land of the North liland should havo a uniform value placed upon it. The Middle Island had sold one- fifth of the land sold by the North, but had received five times the amount for it. Mr Reid did not know that the North Island had any claim. Mr Wilson said that altogether only £900,000 had been paid to the North for the purchase of land. Mr Vogel said Mr Rolleston's gloomy picture of the prospects of the colony had been unfulfilled ; £800,000 of the guoi&n'e-d loan were on the market at home, and would probably go off at 4* premium. Bill reid a tecond time. The Clyde Municipal Borrowing Bill, demon (?) Scrip Bill thrown out. General Purposes Loan Bill, Immigration and Public Works Loan Act, Immi /ration and Public Works Amendment Bill committed. Mr Bheehan said that the money to be distributed to the provinces under the bill had not been fairly divi led. Auckland and Wellington were not receiving their fai)' share. Mr Voeel aaid Auckland " should not look a gift horse in the mouth." The time was approaching when, the North would consist of only two province*, and the Gkirernment in dividing the money had regard to tiie future. Mr Sheehan contended that the money should be distributed according to the present claims of the provinces. Mr Rolleston said the money would be better spent S 8 ,*"i? brid 8 es > and no * tied up in native lands. Mr 1. tf. Gillies said half-a-million was only a just instalment to the North Island. Mr Fitzberbert said when the time came that the North Island required more money it would receive it, Mr Brown could not see what claim the North harl on the South. Mr Williamson regretted the bitterness of the debate. Land had been given to the Middle Island for the purposes of settlement, but was now being sold 10 speculators. Mr Sheehau suggested giving I the natives annuities in payment for their land, so as to prevent their dissipating their money. Mr McLean said the Government intended to do so. Bill reported.