POST-SESSIONAL UTTERANCES.

Evening Star, Issue 3129, 28 February 1873, Page 3

POST-SESSIONAL UTTERANCES.

SIR DAVID MONRO AT WAIKOUAITI. [By Telcokaph.] Sir David Monro addressed the electors of Waikouaiti, at the Mechanics’ Institute, Hawksbury, last evening. About 300 persons were present, and the Mayor (Mr T. S. Pratt) occupied the chair. His speech occupied about two hours in its delivery. He premised by explaining the cause of his not having visited Waikouaiti earlier, which was owing to private business, and uniting a friend in mar riage. He congratulated the Province on its prosperity, which he considered to be greater than that of any other Province in New Zealand, and was to be attributed to the price of wool and the yield of gold. He showed that the gold export of the Colony showed a falling-off of nearly a million, while that of Otago had increased. The public works now going on had contributed to that prosperity, but he felt it to be his duty to point to the danger of borrowing, as apparr ntly the interest on the Colonial debt was likely to exceed the income. In 1867 the General and Provincial debt was L 5,780,093; in June 1872 the funded debt amounted to L 8,375,991 ; and the unfunded debt, consisting of treasury bills, deficiency bills, and br.nk overdraft, to L 785,000 —o: funded and unfunded debt together, L 9,600,000. On the 28th September the amount was I 9,985 336. The annual charge on that sum was L61(i,895, while the Customs duties only amounted to L 813.279, leaving only L 196,389 for the cost of government. The Assembly authorised the borrowing of 15,o00,0(K) more, of which J. 2,000,000 has been used. But the cost of the railways would largely exceed the estimate, andnf the lines authorised were made and the blanks tilled up, the total debt in four years would be L 17,000,000, the interest on which, at 6 per cent., would be L 1.020,000. Unless the corner was turned and the receipts increased, the prospects of the country were alarming. The construction of railways was not a question of political economy, but one of business and common sense, Tiro simplest waytojudge was to consider the Colony a'joint stock company, with an unimproved estate, the value of which the proprietors would estimate before mortgaging The result would depend on the accuracy of the calculation ; if too sanguine expectations were made they were liable to be disappointed, and ruin would ensue. When vir Vogel proposed the Public Works scheme he knew very little about the matter. His calculations bad np,t been realised. The Colony, according to them, should now receive a revenue from railways, but none had been received except from the Christchurch and Kangiora line. The Public Works scheme was merely a party move. Victoria discussed her plan for two years; papers and pamphlets bearing on the subject were laid before, and considered by, the Legislature there before it adopted a railway system, But Mr Vogel’s scheme was passed by a moribund Parliament with prenared Bills, without public discussion, and without the consent of the owners of property through which the proposed railways would pass having been first obtained. If Mr Vogel’s calculations were correct, his scheme would be a great success; if over-estimated, the country was progressing into a tine mess, and the debt would be too heavy for its industry to bear. He believed in railways, where the district was favorable. He advocated one ip Marlborough in 1861, but was-opposed by Mr Pox, not on the pupeafe reasons, and the Act was disallowed by tht Home Government. He was one qf the few who had had a Irani in railway construction at the Dun Mountain, Nelson, which failed, and the rails had to be sold. He was convinced that the country should creep until it was able to go ; and common roads were the 'cheapest Until the traffic justified railroads. He thought he was justified in saying that a line from the North to Invercargill would pay. The principal feature of last session was a great party tight. During the previous recess Ministers had not attended to their duties. Mr Vogel liked diplomacy, and went on a mis non to Australia ; Mr Fox visited the West Coast diggers and the glaciers, while the public works in the North Island were handed over to Mr Ormond, and those in the South Island to Mr Reeves. The latter had created a favorable impression by his straightforwardness. The arrangements entered into with Mr Brogden were not favor* able to the Colony. The indifference of Messrs Fox and Vogel disgusted many, Mr *tatford consequently moved his '** no confidence” resolutions, and became Premier, but bad been unseated by means not honorable to the present Colonial Treasurer, of which means Mr Vogel’s promises to Mr Shephard, of Nelson, were an example, if recent telegrams were true. A vote of thanks to Sir David for his address, and expressive of confidence in him as member for the district, was carried nrni con.