The Feilding Star. Published Daily. SATURDAY, OCT. 28, 1893. MR DUTHIE'S SPEECH,

Feilding Star, Volume XV, Issue 103, 28 October 1893, Page 2

The Feilding Star. Published Daily. SATURDAY, OCT. 28, 1893. MR DUTHIE'S SPEECH,

The distinction between the utterances of a practical commercial man and those of a theoretical politician on the subject of the finances of the colony was shown in a very marked manner when Mr Duthie criticised tho Feilding speech of the Premier. The latter said, 01 implied, that the colony was eminently prosperous, and the Government had followed a selfreliant non-borrowing policy. Mr Duthie showed that however prosperous the colony might be "on paper," yet wages were low, work in towns hard to get, and employers were either reducing salaries or discharging employes owing to the comparative stagnation of trade and commerce. This state of affairs is largely owing to the oppressive taxation thrust upon the people, and to the fact that notwithstanding the alleged nonborrowing policy of the Government a further sum of £2,727,000 has been added to the debt of the colony during the last three years — the term of office of the present Ministry. As we have had no very great public works to absorb it, we agree with Mr Duthie when he said, " It was marvellous to think where the money had gone." Another shrewd remark made by Mr Dutbie was to the effect that the finances of the country should always be in such a condition as to bear the closest scrutiny or the keenest criticism. Now, the present Ministry have always exclaimed against this for the alleged reason that if permitted tho credit of the colony would be damaged, thus implying that tho accounts of the State were not so well kept as they might be, and that however bright they were made to appear by the Colonial Treasurer in his Financial Statement, the search light of parliamentary investigation, if thrown upon them, might disclose a condition not so flattering. The colony is not going to borrow again, at least openly, therefore it does not mutter one farthing to us in that connection what the London financiers may think one way or the other. Besides, the energy aud industry of the country settlers in producing wool, frozen mutton, and dairy produce has a far better effect than a mere mass of figures thrown together in auch a way as to make them unintelligible to anyone but an expert, and even he is forced to accept them with suspicion. Many of our readers will remember that the Opposition when discussing the bad finance of thfl Ministry said the ultimate result would be that their attacks on capital would alarm investors in England, and thereby cause them to withdraw their capital from New Zealand. That contention has since been met by the other bide pointing triumphantly to the banking returns of the colony which showed a wonderful in» crease in deposits. They forget, or did not know, that instead of this being a good sign it is the very reverse. It is now an open secret that what was foretold three years ago j is likely to happen in a very short time, and tha£ large sums of money now invested 00 mortgagos about to fall due will have to be provided for by the mortgagors, in order that such moneys may be remitted to Eugland for safer investment there. Yet Mr Seddon claims the colony is prosperous and wealthy because of the policy of his Ministry, while the ! very life blood is being drawn from it in the bhape of both capital aud iu<;rt;Ase(J iuterest consegueut upon

their direct attacks upon capital and their wicked extravagance which has added nearly three millions to the indebtness of the taxpayers without relieving them of one penny of the heavy imposts they have to pay through the Customs on the necessaries of life. Not only this electorate, but the whole Colony is indebted to Mr Duthie for the exposure he has made of the weakness of the finance of the Government, and the falsity of their claim to the title of Liberal.