THE POLICY OF DEBT.

Dominion, Volume 4, Issue 1136, 25 May 1911, Page 6

THE POLICY OF DEBT.

AN AUSTRALIAN CRITICISM. The May number of the "Pastoralists' Review" has this interesting 'leaderette— "Already there are signs in New Zealand of a decided change of feeling towards the present Government. Especially is this the ease in country districts, and even in a lesser degree in tho larger centres of, population is this noticed, Mr. Massey, the Leader of the Opposition— and what is termed tho Reform parlyhad a very sympathetic hearing before a large audience in Dimediii, recently, and proved himself an adept at platform repartee, and on nearly every.occasion returned a Roland for an Oliver. All thoughtful citizens are- becoming- alarmed at the prodigal system of borrowing entered upon by the present occupants of the Treasury benches. It is also felt on all sides that tho taxation per head of the population is much greater than a country with tho limited population of New Zealand should be expected to carry. For the last decade, or nearly so, New Zealand has been depending largely on borrowed money, and is even raising more to pay the interest of previous loans. This unsound policy cannot last, and the country is 'awakening to the fact. That New Zcaland.has enjoyed marked prosperity for a number of years no one will question, but how much of it has been artificial owing to the expenditure of borrowed millions? The policy of the late Mr. Ballance was to be a uon-Iborrowing. self-reliant one. Has this been followed by his successors in office? Tho Ward Government has stifled private enterprise in every direction, retarded the settlement of tho lands of tho Dominion, and entered upon an extravagant course. Tho sooner a change of Government takes place in New Zealand so much sooner will public confidence lie restored both in the Dominion and in Great Britain. So far as can be judged, the prospects of the Reform party i under -the lead of Mr. Massey at the coming elections arc steadily becoming brighter."