The Feilding Star. Oroua & Kiwitea Counties Gazette. Published Daily. FRIDAY, JULY 24, 1896. POLITICS AND FINANCE.

Feilding Star, Volume XVIII, Issue 21, 24 July 1896, Page 2

The Feilding Star. Oroua & Kiwitea Counties Gazette. Published Daily. FRIDAY, JULY 24, 1896. POLITICS AND FINANCE.

POLITICS AND FINANCE. In order to show bow the Seddon Ministry has failed to carry out the original policy of " non-borrowing and self-reliance" we quote the following figures from the Financial Statement. The public debt of the colony in 1891 under the Atkinson administration was £38,830,350 in 1896 under Mr cieddon it is £43,050,780. To this amount it ia proposed to add another £1,000,000. Whether this is called borrowing or not does not matter in the slightest. We have the solid and unpleasant fact before us that during the term of olhce of the alleged Liberal party the indebtedness of the colony has been increased £4,220,430, of which amount Mr Seddon is responsible for £3,792,940. This has nothing whatever to do with the indebtedness created unier the banking legislation of the last two sessions, nor with the absorption of the sinking funds, which is not called borrowing but " hypothecation." Each million added to the public debt of the colony means that the people have an additional sum of £35,000 a year to provide by extra taxation. In round numbers, since the advent of the " Liberals" to power an additional yearly burden of £165,---000 has been put on the shoulders of a struggling people. It may be said that this money has been expended on reproductive works, but that excuse has been made for every loan since the i policy enunciated by Sir Julias Yogel.

In this connection the Napier Telegraph pertinently says : " The question is not why we borrow, but whether we can afford to borrow. Five years ago Mr Ballance concluded that further borrowing would mean ruin, and he took office determined to do without borrowing. He did not succeed quite — as witness his expensive debenture conversions to get cash — but he did fairly well. Mr Seddon followed him, and has brought us within jumping riist-armfi nf national insolvency."