THE FINANCIAL POLICY OF THE GOVERNMENT.

Hawke's Bay Times, Volume 16, Issue 803, 11 July 1870, Page 3

THE FINANCIAL POLICY OF THE GOVERNMENT.

THE INSTRUCTIONS TO THE COMMISSIONERS. [From the Auckland Evening NfaWS, July 4] It would not be easy, we think, to find, within the same eon. pass, a bit of more inconclusive writing, than the instructions of ministers do Messrs -Feaherston and Bell " relative to immigration," contained in their memorandum just leid before parliament by command of his Excellency the Governor. l?or this, some allowance is, we suppose, to be sought in the difficulty of the suojeet itself, especially when viewed in connnexion with its surroundings, in iheir bearings on ourseivcs, A whole page is taken up with a passage from the Treasurer's financial statement of last year, iu which we are rather shown "how not to do it," than " how to do it," and what follows only proves how readily the infection, of this sort,of writing maybe caught. The commissioners are informed in this memorandum, bearing date December 20, 1869, that the government are pledged to the Assembly " to propose next year a

comprehensive plan, which, without violat* ing constitutional conditions, will extendi the benefits of regular and systematic immigration to the colony throughout its length and breadth," and that a promise had also been made to invite,,"not only every information but. also a number of specific offers and proposals forcarrying out a continued scheme ; of immigration allied with 'settl' and : of bringing them before: the Assembly next session." At that point, for all practical or useful purposes, the memorandum halts, and stripped of its high-sounding phrases 'about the non-violation of "constitutional conditions" and the like, it does not ap«« pear to us to amount to much. True, a hope is expressed that the commissioners will see their way to obtaining the information sought. But so little U left to their discretion as to make the thing next to impossible. .

We pass over the various schemes or proposals, which Mr Fox apparently sets up for no other purpose, than that of showing how dexterously they may be knocked down, or, at the very least, what formidable objections there are to their adoption, and come to the only tangible point in the memorandum, which is to be found j ust at its close. And we seize upon this because it seems, vague as it is, to be the only authority the commissioners had for entering into negotiations for the raising of a loan for immigration and public works. Ministers say to the commissioners to their memorandum: —"It is not im« probable that the Assembly may be favorably disposed to sanction an extensive system of railway construction, and you should endeavor to obtain proposals combining assisted immigration, the establishment of settlements, and the construction of railways." Even here, however, the commissioners are told that they must not " enter into any final agreements not subject to ratification or rejection in the colony." Of course, this applies as much to any negotiations into which they may have entered for raising a million sterling for immigration and public works, as to any oth.rs, and this loan, therefore, must only be looked upon as a thing in posse, not in esse. No distinct authorisation of any such loan has been given, nor should it oe given, under ministeria 1 pressure, by a moribund parliament. The country should be allowed a voice in the matter at the approaching gene.al elections, and although its decision would probably be swayed by motives of self-interest, we should then have the satisfaction of knowing that we had proceeded constitutionally to work. If another mill-stone is to be hung round the neck of tli9 colony, the colonists should do it themselves.

THE COLONIAL TREASURER'S PROPOSALS. . [From the Evening News, July 6.] All honor to Mr T. B, Gillies and to iir Header Wood for the prompt and decisive way in which they spoke of the Treasurer's financial statement oil the evening of its delivery. The latter might well say "he had never listened to a scheme so wild, so visionary, so unpractical, and, he inusta dd, so impracticable, as that propounded by the hon. the Treasurer" in the speech he had just delivered. And the former might well follow this up with the declaration that "he endorsed the remarks of his hon. colleague the member for Parnell," and must Bay, if the House was prepared to carry out that scheme, the proper course for any man in possession of property to pursue " would be, to get rid of it, and quit the country." Thi3 is plain speaking, and more perhaps than was expected from one or other of those gentlemen. Yet they were both right. It is perfectly monstrous either to sup. pose that a country like this, already burdened with a debt of upwards of seven millions sterling, could bear the addition of another six or seven millions indebtedness, or that it would be possible to raise such a sum on any security we might have to offer, if it were even attempted. In the event of any such attempt receiving the sanc« fcion of the House, in what direction would the Treasurer for the additional six or seven millions? With a government guarantee, we might obtain another million on the London (Stock Exchange, about winch so much has been said of late, but where should we look for six or seven millions without such a guarantee ? Or even supposing it to be obtained, whac should we do with it? We have made "ducks and drakes" of too much money already, to think of further persistence in that unadvisable and extravagant course.

The House might well be taken by surprise, as we were told it was, by the Treasurer's proposal, by his " spinning millions on his hn-ers' ends like a juggler" after this fashion, —but when the amazemnfc wears oiF, it will doubtless meet with many admirers, and we shall have meetings got up to scramble for this six or seven millions, just as we had to scramble for tha one million, without knowing whether it would ever be borrowed or not, and if so, on what conditions. But we trust to tho good sense of tbe House and the country, not to allow us to be plunged further into debt without knowing why and wherefore, as also where the interest is to come from. While we write, the discussion on the Treasurer's financial statement is'probably going on, and we shall soon know, tha result, If opposed to the sense, of the Houae, the Treasurer docs not intend to insist on the adoption of his proposal, but he intimates his deteiminatioa ot going to the country upon it at the approaching, general elections. With view, it waa doubtless got up, and if the country accept it, so much the worse for the country, But we shall not allow ourselves to Relieve that it v will, until we gee it,