CAN A BRONZE STATUE BLUSH ?

Gisborne Times, Volume XXX, Issue 3452, 17 February 1912, Page 7

CAN A BRONZE STATUE BLUSH ?

A BITTER SPEECH. ALL ABOUT THE FIVE MILLION LOAN. Sir Joseph Ward read a communication from' the High Commissioner showing the details of the cost’ of raising the five million loan. In doing so he said that notwithstanding the fact that he had informed the House last session that he was not in possession of the figures, it had since been repeatedly asserted that he was keeping the details back. It had also been asserted in different parts of the country that the cost of the loan was in the region of £350,000. Statements had also been made implying the basest inunedoes and insinuations. Sir Joseph then read the letter in question, which he said reached Wellington on January 16th this year. The figures showed the expenses in connection with the raising of the loan to be £111,816 4s 9d, and Sir Joseph stated that the net return, was £96 6s 33d per £IOO.

Mr Massey said he did not think the return contained the whole of those charges which should be rightly debited against the loap a"nd in particular he referred to the special provisions governing conversion. Mr Henries said the original estimate of the net return of the loan was very, much greater than was now given. Sir Joseph Ward said he wanted to see the gentlemen sitting opposite on the Treasury benches handling loans. They would make a “holy mess” of it if ever they got a chance to operate. It would make a bronze statue blush to hear of all the things they were going to do. Now that he had given all the details in connection with the loan the Opposition were not satisfied. He would take an opportunity later to disclose all the information in the pigeonholes, and show the people what a public man had to put up with. He had never seen anything like the tactics of the Opposition. He would make the prediction that the Opposition would not raise a loan so successfully. Sir Joseph Ward then moved that the Clerk of the House, in the presence of Messrs Fraser and Reed, be authorised to open a parcel of Grey Lynn electoral rolls as the Returning Officer had inadvertently enclosed his marked office copy of the roll. The motion was carried. Sir Joseph Ward then moved the first reading of the Expiring Laws Continuance Bill proforma, and also moved that "the House place on record its high appreciation of the services rendered to the country by the late Air Hugh Pollen (Under Secretary for Internal Affairs). Mr Massey seconded the motion. A letter was read from Colonel Porter expressing appreciation of a resolution passed by the House last session in connection with the volunteers 5 services. Mr Fisher gave notice to introduce a Sunday Labor Bill, a Proportional Representation Bill, and a Legislative Amendment Bill. Sir Joseph Ward gave notice that he would introduce on Tuesday' a Local Government Bill and a Legislative Amendment Bill. The House adjourned at 3.45 p.m. until 2.30 p.m. on Tuesday.