123

Th tions°- NIAL TKEASURER ' in Committee of Ways and Means, to move the following ResoluMl!t'; c That ll r| lS expedlel ? t without delay to make provision for all ascertained outstanding liabilities , and permanently to adjust the public burdens of ths Colony; which adjustment oueht Zea, ™ d - 1 ■ J L » d ® That • S P art of s " ch arrangement it is necessary to make provision by loan for sums absoimli i f naUV f • d P urchases for ensuing financial year, and to make permanent provision lor the same object. amongst the liabilities to be provided for by the Colony this House recognises the Balance due to the Union Bank of Australia estimated at . . .. Deposit Accounts Arrears of Forrths due to the New Zealand Company Balance due to Provinces Outstanding liabilities on contracts for purchase of Native Lands 4. That as a ptovisional arrangement for satisfying immediate liabilities, providing for the purchase of Native Lands, and for general services, it is desirable to raise upon Debentures a oan not exceeding £100,000, at interest not exceeding 10 per cent., payable off, at the option of t e colony in one or two years. The portion of such loan which shall be expended in the purchase of native lands to be repaid with interest out of the loan of o£lßo,ooo to be provided for that purpose. r 5. That it is expedient, as part of a general and permanent arrangement to redeem the New Zealand ( ompany's charge on the Land Fund upon the terms offered by the Company, and assented to by the Imperial Government, viz., that payment be made to them on the Ist April, 1857 of a sum of £200,000, towards which, all monies in their hands at that date in excess of the interest, shall be applicable by way of reduction, the Imperial Government guaranteeing a loan able ° CCt to be obtained in England upon the most favourable terms practic- , further part of such general and permanent arrangement, it is expedient to exonerate e and 1< und from its liability for the purchase of Native Lands, and to provide a Capital Fund lor carrying on such purchases ; with which object it is expedient to borrow a sum of £180,000 to form such Capital Fund ; such Sum to be raised and made available as circumstances tnay require in such manner, and subject to such conditions as to the application thereof, as the Legislature may direct ; and that it is expedient to make application to the Imperial Government for a guarantee for a loan for such purpose of £180,000, to be raised in Eng'and upon the most favourable terms practicable. /. That as further part of such general permanent arrangement in order to liquidate all outstanding pecuniary debts and liabilities of an immediate nature, including the before mentioned Provisional Loan and old Debentures, but exclusive of land scrip, it is expedient to make application to the Imperial Government for its guarantee for a further loan to be raised in England upon the most favourable terms practicable, 8. That the agsregate of such loans ought not to exceed £500,000. And that such loans should be secured on the General and Territorial Bevenue of the Colony. 9. That the ground on which this House conceives itself intitled to claim the guarantee of the Imperial Government for the required loans is, that burdens have been imposed on this Colony by the Imperial Parliament, greatly dis-proportioned to its Revenue, and which without such aid must prove deeply injurious to its progress and prosperity. 10. That as further part of such general and permanent arrangement, and in order to adjust equitably the public burthens, the New Zealand Company's debt be borne by the Provinces of i e Middle Island in equal proportions, and the charge of purchasing Native Lands by the Provinces respectively within which such purchases shall be male. 11. That, in accordance with a former resolution of this House, the Province of Auckland be relieved, retrospectively as well as prospectively, from the New Zealand Company's debt; and that after payment of the sum due to the Company on the sth of April, 1857> the balance of the loan of £200,000 be made applicable to that purpose, leaving any deficiency or excess to be adjusted when the same be ascertained. 12. That this House is of opinion that the administration of the Waste Lands of each Province should be transferred to the Provincial Government of such Province, and the Land Revenue thereof made Provincial Revenue, subject to the following charges :— The Province of Nelson to be subject to a charge of £66,666 13s. 4d., to bear interest at the rate of 4 per cent., with a sinking fund of 2 per cent, I he Province of Canterbury to be subject to a charge of £66,666 13s. 4d, to bear interest at the rate of 4 per cent with a sinking fund of 2 per cent, The