NEW ZEALAND BUDGET “AS IT OUGHT TO BE.”

Globe, Volume V, Issue 561, 5 April 1876, Page 3

NEW ZEALAND BUDGET “AS IT OUGHT TO BE.”

To the Editor of the Globe. Sir, —In order to make myself fairly understood on so great a subject, it is necessary to recapitulate some of the points raised in my previous letters, and in my public speeches. L New Zealand ought not to be under the thumb of any Bank. 2. Be your own Bankers. Enforce Bank Reserves. 8. A New Zealand Consols available through a branch of the London Stock Exchange is required, in order to invest Savings’ Bank Funds, Trust Funds, Reserves of Companies, Legacies, &c. 4. As posterity will derive the greatest benefit from the Railways which we have made so very cheaply through a country so sparsely populated, re-issue the accrued Sinking Fund to Trusts and other purposes as shown by me. 5. Railways cannot be managed as they are now. 3 6. Large Reserves of land should be made, by means of which the school buildings wanted all through the country can be easily erected ; these reserves can be let in small holdings, and funds raised on security of the rents and lands so set apart, 7. Western Australian and Nelson split on the rock of “allowing large land holdings.” I find it is not generally known that at the foundation of Western Australia a grant of half a million acres was made to one man, who took it of course near the landing place, then two other large grants were made of about a quarter million acres each ; thus a million acres passed into the “ Dog-in-the-manger ” —the owners could only see each other at the end of a day’s ride—they could not work such estates, the labourers were kept out of the land—which was not used properly by any one, and thus the Colonial Office in Downing street ruined a fine colony. For, unless land is settled by people, the country goes to the dogs. Bat in- Nelson the same silly policy has been acted upon, and hundreds in Canterbury who know St Leonards and the adjoining estates will back me when I say “ The dog is in the manger in Nelson with a vengeance.” Land sold for a song, locked up in large holdings, useless to anyone, or to the State, lam pleased to recall the noble action of Mr Rolleston last session in taking up the question of the large land dealings, but I am equally sorry to recall the disgraceful Bill of Indemnity brought in by Mr Bowen to forgive those who had broken the law in these matters. A culprit forgiving his own crimes. That law is a disgrace to our Statute Book. It should be repealed, and the whole three land jobs, Piako, Tairua, and Murimotu should be thrown open to the public at free selection with sufficient price, the Road Boards being allowed to issue licenses to occupy, subject to survey. I would even go so far as to propose a law to resume all large dog-in-themanger blocks, and so to let the land be settled properly. Railways can only pay through population, and poor immigrants must be allowed to select and pay for land. It is upon these financial principles that I base my Budget,

BRANCH BANK OR ENGLAND, By charter to one of our own Banks. Receipts. Expenditure. Deposit in Govern- Issue one million, meat vaults, one Guaranteed Bank million billion notes FUNDED DEBT, BRANCH STOCK EXCHANGE. Issue sinking fund, Savings Bank de£l,loo,ooo posits, companies’ reserves BAILS. Leased by contract Inspection and control Accounts weekly Profit to central account LAND. Divide New Zealand into Road Boards Localised Let Boards sell land at Minus rail losses Free selection and School reserves sufficient price Reserves, deferred Immigration payments EDUCATION BY THE CABINET MINISTER,WITH THE HELP OP UNIVERSITY COUNCIL. Rent of reserves School buildings to Property rate as gene- be vested in muniral fund cipalities Children to pay small Management fees Loans on security of Education civil serrents if required vice CENTRAL AUTHORITY. Taxes, food, clothes, Fixed charges &c., to be lowered Property tax Endowments to new Boroughs Sheep and Run tax, Subsidies to old Road as assessed Boards, where reAbsentee tax, 26 per quired cent

Receipts. Expenditure. Wild land tax Interest on loans Income tax Rail and telegraph profits Consolidated fund Royalties on minerals ROAD BOARDS Rates, land sales Boads, bridges, &c. Grants for excep- • tioual works BOROUGHS, Rates, loans on works Civic and harbour works BANKRUPT PROVINCES. Loans on security Treasury kites Debts, impositions CIVIL SERVANTS, Land for compensation if required Thus I should have a million of gold to back the State, and yet that million would be issued by the Bank in notes, so it would be used, though saved ; that is the principle of the Banks of France and of England. I should have another million through the issue of the sinking fund already accrued. The property, absentee, income, run, and sheep taxes, the education, land reserve rents, the deferred payments and general revenue, would give me another million Three millions, without going out of New Zealand begging to Rothschild. I could afford to talk about free trade,, to take the taxes off the poor man’s jacket and boots, and put it on to his rich neighbour’s land. Besides there is the one and a-half million lent to the Bank, and the unraised balance of the ten millions, that is, £BOO,OOO ; but you will not see me spend it in rails to Nelson, or to the Maories, or through those lonely deserts of snow, where the thunder of the avalanche startles the stray sheep, as it crashes to the valley below. A short line in extension of the White Cliff’s branch, up the valley of the Wilberforce, a short tunnel under Browning’s Pass with its terminus ad quern, the first accessible spot west of the range ; look at Bradshaw ; that’s only fifty miles. The whole West Coast trade that at present falls to Melbourne would fall to the Malvern and Rakaia farmers. The terminus, a quo populous, the terminus ad\qneni supplying timber and gold, and the evening Christchurch West Coast train may yet rattle in with the gold down the Lincoln tramway, round the river reserve to the City Council yard, close to the new Government offices in Cathedral square. The Civil Service would find so much new work to do that instead of dismissing them, or putting private friends over their heads, we should want more of them, and promotion, not pension, should be the order of the day. This country is of course richer than England and France put together ; the climate alone makes our 78 millions acres equal to double the acreage of the miserable climate of Britain—by virtue of the winter growth. Gold of course is not wealth, but only the exponent of accumulated industry, and gold in it self is of small value. But coa), iron, tin, copper, graphite, state, marble, limestone, timber, land, silver, &c ; these worked by labor are useful, and constitute wealth of which for the time being gold is the exponent. In all these we are rich-—richer than France and England—yet by bad Government we beg at their doors. Mr Montgomery said at Akaroa, “ A politician should never tell his thoughts, or expose his policy.” A very good rule for dummies that have no policy to tell —and indeed all that I have made out of his Akaroa speech was, “that having been in the timber trade so long he was afflicted with boards on the brain.” Here are my thoughts, my policy, my best wishes too for those who have the wit and pluck to do. Oh ! give us deeds, not words. And my farewell to the public, who have read my letters, is—

Dare to be, aud not to seem to be, Core to do, if e’en in doing you must die.” Yours, &c, J. W. TREADWELL.