Hawke's Bay Times. Nullius addictus jurare in verba magistri. MONDAY, OCTOBER 9, 1871.

Hawke's Bay Times, Volume 18, Issue 1141, 9 October 1871, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri. MONDAY, OCTOBER 9, 1871.

Als attempt was recently made in the British House of Commons to cause measures to be taken for effecting the gradual reduction, of the National Debt pf the Empire, by devoting ten millions sterling per annum to that purpose. There are some curious facts connected ■with that debt which, considering that New Zealand is preparing her shoulders for a similar burden, are of some interest here.

At the time of the conclusion of the gteat war, and the establishment of Pontinental peace in 1815, the debt of preai Britain .stood at its highest point, amounting then to nine hundred and eighty millions sterling, .From that date to 1830, a period of 15 years, the debt was reduced at the rate of about five millions sterling per annum, and, during the reign of William IV., as much as seventy-fiye u-ill'.ons was paid pff, leaving the debt, at the commencenicnt of her present Majesty's reign, at seven hundred and eighty-seven millions. During the whole of the latter period, however, the debt has actually Increased, and has at the present time reached the amount of eight hundred and one millions. This increase has come about notwithstanding somo attempts at reduction by nieans of terminable an-

nuities, and is mainly owing to expeditions to Russia, to Abyssinia, and to China. The war in the Crimea alone added some thirty-eight millions to the debt and it now stands much at the same point as it did forty years ago. The Government did not approve of setting apart any such sums for the purpose, but while keeping in view the object of the gradual reduction of the debt, was more inclined at present to reduce the taxation of the country, persevering in the system of terminable annuities and getting into its hands as much stock as possible to cancel and pay off. The Chancellor of the Exchequer said that during the past year as much as between three and four raillions had been paid, beside another million which had been employed in paying off advances from the bank. He considered the debt reduced to seven hundrad and ninety three millions at the present time. The means proposed by the mover of the resolution (Mr Candlish) to raise the ten millions per annum for the purpose was the imposition of an extra 2d on the income taK, but tho people of Great Britain would not patiently submit to this additional taxation, while if the Government were only alive to the disgrace which attaches tp it thiough the immense permanent debt, it would devise means for its extinction without resorting to any such course. There is in fact plenty of room for retrenchment in the expenditure of the country, particularly in the army and navy department and non-effective service, while the beneficial results that would flow from the setting free of so large an amount of capital to find its proper sphere in stimulating the industries and commerce of the country, cannot well be estimated. The objections which some 150,000 interested parties may have to the disturbance of their investments should not weigh anything against the true interests of a community numbering some thirt}' millions of souls, equally interested in the other aspect of the case. The difficulty experienced by the mother country in effecting any considerable reduction to a burden that has pressed for so long a time on the energies and resources of the kingdom should act as a warning to younger communities such as ours, buL the feet is, it is much easier to take up such a burden than to lay it down. There is something so tempting to capitalists in Government securities, that they are as a rule anxious to invest in them, and willing to accept a much lower rate of interest from a Government than could be derived from other sources. Our own Government has not found the difficulty that might be expected in floating a portion of its proposed debt, but we much question if our posterity do not feel its pressure even more heavily than has been the case with the public of Great Britain.