THE FINANCIAL DEBATE.

Gisborne Times, Volume VIII, Issue 475, 16 July 1902, Page 3

THE FINANCIAL DEBATE.

SIR W. RUSSELL CONDEMNS THE GOVERNMENT'S BORROWING POLICY. (By Telegraph—Press Association.] AVollington, last night. When tho House of Representatives mot at half-past sovon this .evening, Mr J. W. Thomson, member for Clutha, opened tho financial dobate. In the course of his spooch ho urged upon tho Government tho necessity for strict economy being observed in regard to public expenditure. Borrowing should, ho considered, bo limited to half a million per annum. Mr Withoford (Auckland City) strongly advocutod tho opening up of iand for settlement in the North Island. Sir Wm. Russell, in a forcible speech, condemned tho borrowing propensities of the Government, and said that if tho colony wont on spending money at tho sarno rate as in the last few years it was his conviction that bankruptcy was tho inevitable occurrence. Ho contended thut tho prosperity of tho colony doponded on borrowed money, and said if England had borrowed at tho same rato por head as New Zealand had dono during tho past year her national debt would havo increased by £173,660,068. Tho dobt of New Zealand now stood at £60,023,797, and taxation per hoad had increased from £57 9s 9d in 1895-96. to £66 in 1901-02, Ho also eondemnod the method of railway expenditure of tho Government, The debate is proceeding. Mr Napier ridiculed the contention that the colony’s prosperity was built up on borrowed monoy, and quoted figures to show that our assets were enormously greater than our liabilities. Mr E. M. Smith, who was the last speakir for the evening, cordially approved of tho Government policy and administration, Ths House rose shortly after midnight.