The Gisborne Times PUBLISHED EVERY MORNING. GISBORNE, NOVEMBER 24, 1903. PREFERENCE TARIFF.

Gisborne Times, Volume X, Issue 1055, 24 November 1903, Page 2

The Gisborne Times PUBLISHED EVERY MORNING. GISBORNE, NOVEMBER 24, 1903. PREFERENCE TARIFF.

A' good deal o£. dissatisfaction lias been expressed all over the colony., at the rushing o£ the tariff proposals through Parliament. That dissatisfaction is not of those who are against the principle, or those who are in doubt as to what course to., take, but of those who strongly affirm the principle,, although they are, not in favor of sucli an important • matter being rushed, through before the people have had time to realise the effect on different channels ol industry. One chief objection (remarks the Auckland Star) to this hurry-scurry legislation is indeed not so much that it is unreasonable and unwise as that in this case it has to .some extent defeated one of the main purposes for which the Bill has' been carried. Doubtless the news that preference has been offered by New Zealand in fulfilment of the Premier’s promise .will aid Mr Chamberlain in his campaign, and will check his Little Englander critics. But ii this bill had been brought in at the right time; and in the right way, Mr Massey and his followers would not have been furnished with such a valid excuse for lessoning the value of our offej: to England by opposing it. 'Continuing this line .of apology for Mr Massey, who would have acted with more tact had he receded from his position when the matter was treated as a no-confidence motion, the Star expresses the belief that the Opposition, in their action, simply represented the feeling of a large; section of the public in protesting that though they favored preference to' England, they objected to the way in which it was being given. We do not have much sympathy with this view. The truth appears to be that there seemed to be a good chance‘of scoring a party point, and the temptation was too great for the new leader of the Opposition. In other words, a very important matter has been rushed through at the fag-end of a session that had been frittered away. The Governmejit offered ‘ a weak explanation of the reason for the proposals being brought down so late in the day, and the debate ’esolved itself into a matter c£ tactics between the two parties. The people generally would have preferred to see a non-partisan discussion, in which the need for delay would have been set out in a'proper way,, and then, if possible, to have secured a unanimous vote.

PREMIER AND THE BANK

Fuller reports of the speech by the Premier on the subject of the Banking Bill are of considerable interest

to the mercantile community. Mr Seddon explained that when the first hill was received the House was at fever heat, and there was grave anxiety in side and outside the House. The first undertaking involved practically five millions, and the position had improved year by year. The goodwill ol the Colonial Bank had been paid for out of profits, as had the depreciation account, and the conditions imposed by the colony had been observed. The Bank had a clean balance-sheet and had paid off no less a sum than £IOO,OOO. Looking forward to an increase in th.e.va-

lue of properties, he felt that the Assets Bo and was in a good position. Within five years the assets could be handed to the Bank, the Board cease fto exist, and the Bank would go on its way prospering. The liability of the colony would he reduced ' to three million pounds, as compared with £4,650,000 in 1894, with the addition of another half million jtn the following year, The recovery ot the Bank was, lie said, a wonderful one. Up to 1836 there had been

financial crises, but since then things had gone steadily upwards,. and with the increase in ihe value ui property and careiul management, the Hank had reached its present satisfactory position. The halt million shares to be taken under the Bill .would be a permanent investment, so that there would be a continuous investment Dc■tween the Bank and State. Some urged tnere should be uo partnership at all, while others went tne length ot saying there should be a Stale Bank, The shareholders would have no cause to complain, because the State partnership would give stability to the institution, and would give satisfaction to those connected with it, A wise and prudent ciicumstance was that the colony lntd a voice in the appointment of those who were to manage the Bank. The Government had done nothing, and would do nothing which would ne inimical to the other institutions in the colony. The Premier then went on to state that the proposals had •been agreed to by the directorate o£ .the Bank, and had been well received throughout the colony. Some might think that the shareholders did not receive as much as they should, but nothing was claimed for what the colony had done in the past, and when the interested parties had come to an agreement, he thought the House should ratify it. Although we complained with others that such an Important measure should have been brought down so late in the session, it will be highly pleasing to learn that the Premier’s predictions have 'been verified in regard to the future of the Bank. The increase in the price of the land held by the Assets' ■ Board has the one objectionable side that it means producers must pay a , higher price, and the tendency all over the colony is for prices of land to rise to a higher poipt than is justified by the productive capacity of the land.