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i"iri'iria to use the debentures received l born the municipalities . representlna the sums htailr debited against them in wins the allowences spotriiUd in the Oppropristing resolutions. The regulations toe crestlng new de. bentures end specifying the msnner of ' their distribution are as follows:- ' "Thatnew debentures be obtained from r the indebted municipalities respectively for _ the belsnocs due by them; thet the deben- i tamohatitteinmioh form and in such re- 8et.t sums es the LimNnant.Gorernor in . shell direct; that the debentures Ihall provide for peyment by the same sums Fr enn es nearly es niey be, es the /fLfll'd'lhd'./ new liebie to R/ prond- ed that no more shell he pays li, ennuell! tor twenty years then two cents in the dollar on the easement of 1872 1 would provide for ar_atomaaid,. and that no debenture shell allow more then'twenty years for payment of i,t'P1i,,t,t,tltt debentures oi each 'l,'2,'l'l municipality shell, . so in es praticebie, be equally distributed at ' per: amen the Giutidipuitie entitled _;, thereto. t, portion. it tho "H. to i which the 'lairl'l1'2f'Jiiidf, ere respective- i ly entitled ', ttst, beledncs going to th ' munioi _ sh psi in money; en i that ttteel,',: shell 1e.deli.ysixsd and the money paid to the municipalities, or to their use, " any time after the first day of _ February next, under proper "uu.t?rt.regu: , lotions fitted to secure the due epplioetion of ' the seid debentures or the produce thereof, l, and odthe seid money to the purposes sped. fud." l We have only to add, in order to coat. l plete our epitome of the scheme, that those districts which ere not yet organized into l municipalities will, nevertheless, be en- titled to share in the distribution of the two dollar per head ellowsnce for locsl improvements. It wee not to be supposed that so els- borete e meesnre of policy could be effectually discussed immedleteiy upon its introduction. The debete will come on st the next stsge, probably in a week from the present date. The general re sult is that, after putting the Municipsl Loan Fund indebtedness upon e fair and equitable basis, and providing for the al- lowenoes to former unaided rsllwsys, there remains for distribution amongst the now unindebted municipalities the sum of $2,711,335. This amount, we msy re- mark, would represent an ennuel Pt ment of interest equal to $135,000, whilst the svernge payments of principal and in- terest on the Loan Fund for the past fourteen yeers have not exceeded $l51),m0 per annum.