The Premier's Speech at Foxton.

Feilding Star, Volume XV, Issue 242, 17 February 1894, Page 2

The Premier's Speech at Foxton.

(FSB FSBSS ASSOCIATION.) Foxto.y, Februarj 16. The Premier addressed ft public meeting in the Town Hall to-night. There was a large attendance and the Mayor (Mr T. P. Williams), was in the chair. Mr Seddon said at the present time the colony was suffering from a temporary depression, and after going carefully into the matter he found there was in reality ho reason for this state of affairs. The! imports and exports still kept up, there was no falling off in products,; and the population was still on the increase, and as there was, therefore, no reason within the country for this temporary inconvenience, they must go further afield for the causes. The fact was the New Zealand people were now suffering owing to the extravagance and mismanagement of the other Australian colonies. He also blamed the financial institutions to some extent. These instiutions were financially sound, and were in splendfd positions in spite of what had occurred in other colonies. Still he must say they had shown a want of judgment, which, if carried to excess, would do a great injustice, not only to themselves, but to the commerce and industry of the country. What he took exception to was the discrepancy between the deposits of some of the banks and their advances. He quoted extensively from Bank returns in proof of his statements, and pointed out that in the year 186*8 the advances received by Banks exceeded by £240,775 the amount held by way of deposits, while in 1893 the deposits exceeded the advances by £1,244,403 from 30th June to 31st December of last; year. The advances made by Banks had decreased by £122,000, a fact which, he contended, militated greatly against the export trade and commerce of the country, for it showed none of the creditors of Banks had been hardly pressed to meet demands on them. During the same period the Colony was poorer in specie to the extent of £120,569, and adding to this the amount called in, the total reached, nearly a quarter of a million. Mr Seddon contended there was no necessity for this line of? action on the part of the Banks, and it was wrong that the people of !fcfew Zealand should be called upon to find this money. The figures he had quoted showed the Government that the people of the colony could no longer continue to be in this unfair position. The time had come when Government must advance money on real estate to settlers, and not leave them to the mercy of these institutious. This proposition, he knew, would be strongly opposed, but in order to see settlers remain on the laud Government . must come to their assistance. The Post Office and Insurance Department had been advancing money in certain channels for~yeurs past-, but because Government had decided to give similar concessions to settlers, the proposal met with strong opposition. Referring to export and import returns for the colony, Mr Seddon said that according to the report of the Wellington Chamber of Commerce, if the prices had been equal to former quotations, there would have been an increase of £22 1 ,446. The falling off in the value of the exports last yaar was solely due to the falling off in prices, and prices were entirely beyond the control of the Government. It must also be remembered that the Home consumption had increased consequent on the increase, of population. Mr Seddon explained at length the loan conversion operations of the Government and denied they were borrowing on the sly. These operations decreased the amount of interest to be paid by the colony and did net cause an increase in -the nett debt of the colony. He pointed out that in 1890 the total indebtedness per head: of population of the colony was £60 5s 4d, while in 1893 it was only £58 2s 7d. In passing allusion to the liquor question he said he thought if the Temperance party would be more moderate in their demands they would get on better, Clause 21 of last year's Act, about which there bad been a large amount controversy, was inserted in the inter. est of the Temperance party, and without it the Aot would simply have been a nullity. The Loans to Local bodies Bill would be re-introduced next session, and Parliament would be asked to give local bodies the power to exempt improvements under local rating. In conclusion he said the financial position of the Government was impregnable The Customs returns were up to expectations, and the surplus at the end of the financial year ought to be equal to that of the proceeding year. At the close of the meeting the following resolution was carried : — unanimously " That this meeting accords a hearty vote of thanks to Mr Seddon for his able address and while congratulating him on, the triumphant success of the Liberal party at the last general electiop, further desires to express its continued and unabated confidence in the present Government." — Standard.