The Rankest Absurdity.

Manawatu Herald, Volume III, Issue III, 9 February 1892, Page 2

The Rankest Absurdity.

<*_ Me Buick, the paid organising secretary of the National Liberal Association, and a member of the House of Representatives,' spoke at Palmerston last week, and during the evening said : — " If millionairies at Home picked up one of these real life Tory papers in which ifc was stated fchat Mr Ballance was sending the country to the dogs and Mr Seddon knocking everything kite high, then millionaires would very soon take their money oufc of the colony. Ifc was the rankest absurdity, however, to say that capital was being driven oufc of fche country, because it was nofc likely fchafc ifc would be taken away to be locked up in the banks. They would nofc take money to England where thousands were waiting for investment; they would not take it to Victoria where land booms had led fco failures, and financial institutions were constantly collapsing; they would not take it fco America where money was plentiful ; and they would not take it to Russia, where famine and destitution was spread over the land. If they were to ask these Tory papers where capital was going fco, they could not give a satisfactory answer." The paid secretary makes use of a very strong expression, " fche rankest absurdity," to sustain his assertion fchafc capital was not" being driven out of the country. Tit .would be mow.- satisfactory if he, or his council cauld show that mo ley was coming into the country. I is " the rankest absurdity " fco say 'it was not likely fchafc ifc would be "fca cen away fco be locked np in fche hanls." Those who have said that capita' is being driven oufc of New Zealand have nofc stopped simply afc thafc statement, but have mentioned the companies who aro actually withdrawing their money. It is indisputable thafc a very large amounfc of money is being withdrawn, and it rests with fche Government supporters, who ' keep on protesting fchat there is plenty of money to assist industrial enterprises, to show from what source that money is coming from. At present there is no doubt aboufc a very large value being withdrawn, and it would be of much encouragement did we hear of as much being brought in. Mr Buick does not seem to possess a great knowledge of the various opportunities that are always arising for the investment of British capital, as he asserts thafc ali the money with drawn from the colony would have to be locked up in a bank, if it was not invested in Victoria, America, or Russia! How much about fche British Empire does this gentleman know? The enormous enterprises in public works in Great Britain amounts to thousands of millions of pounds. The nbminal capital of the railways is 876 millions ! There is the public debt always open for investment at a price, which over the whole of the British Empire is some 1 142 millions. It is jusfc fchis question of the price, which Mr Buick fails to grasp. Onr colonial loans have been borrowed lately ac four per cenfc. The buyers bought under the £100, and therefore make a little more than four per cent. Laree sums of money, on first class security, were to be borrowed at five and a half per cent in this colony a year back. English consols are only quoted at £95, showing that money is not so plentiful as this gentleman would have us to believe, otherwise they would be up to £100. If a moneylender fears that the Government intend to tax him, which they say fchey intend to do, he understands fchat he will receive less interest, until he comprehends the mystery of Mr Ballance's" finance, and can charge accordingly. He therefore, "or a time, withdraws his capital from , ;he co ony, anoVrastead of locking it i ip in a bank will purchase consols. 1 >r other investments of undoubted ' security. The result of frightening he money lender,, if you want h_3 i noney, must be evident to all, he is \ >ound to charge borrowers propor- : ionately to the risk he believes he . uns, and thus the tax, invented to '

• make him dispone, will have .to bi ' paid by the unhappy borrower. Thi i p o_e3S can be beat understood ty • imagining yourself in his place, i before Mr Buick spoke at Pal m* rston the cablegiams announce, that Russia, Germany, and an.>the: i European Power w<n\. about to raisi i loans, so that money from this colonj would find an outlet there it nothing better offered. But America, Aus tralasia, and Russia are not the onb fields for profitable investments There are our Indian possessions, ou Eastern possession-., our North ant South America, Africa and the Wes , Indies. Portugal also means to rais< . five millions, and in all probability , will sell her property on the eas coast of Africa. Therefore, thougl a heavy amount of British capita i is invested in this colony, borrowec : by settlers to assist them in develop ing the country, there are many othei portions of the world calling out foi the necessary money to open up new ' enterprises, and if the suicidal policy of killing the goose thafc lends th. golden eggs is persevered .in, tht settlers will either be sold out oi have tc pay more for the loan thar they hitherto have had to do. Thi. is nofc a pleasant prospect, bufc ifc is . true one, and therefore every mar interested in country pursuits, oi who derives his living by their trade is bbund to determine to oust tht men who claim to be '< Liberals ' but who act so illiberally. Tht view put forth by Mr Buick on th e question of capital is " the rankesi absurdity " thafc has as yefc been published. Mr Washington Stewart B.A entered in charge of the Foxton State school or Monday morning. The Chairman anc Seoretary of the Committee introduced hitr to the teachers and scholars Ihe chair man informed the scholars tbat the Committee would endeavour to give similar prizes for the examination passes a3 thej gave last year, as well as good conducl passes. The committee trust that parents will exercise more supervision over theii chi dren and see that they attend school instead of merely leaving home on the pretence of so doing, so that it need not bt necessary to take steps that they are boun c to ,do, in case of neglect, by the provisions of the compulsory clauses of the Act. The Secretary of the Education Board not ties the annual retirement, of one third of the Board's Members. An information has been laid by the constable against a man supplying a pro hibited person with liquor, contrary to the Act. Ihe case will be heard on Saturday There wi 1 be Mass next Sunday at St, Mary's at 8 30 and 10 30 a.m. The rain wh eh fell at the end of las' week b came so thoroughly impregnate wiih the smoke wh ■ h was in the air, thai the water in all the tanks has a most un pleasant flavour. The tram will connect with tho Govern* ment railway at Carnarvon to-morrow, thus - giving an u[jpu. lim'i.y to visit' Sanson am retuin the same day. At the meeting of the Wanganui Jockey Club on Fiiday evening the programme foi the Foxton Racing Club's Autumn Haci ltace Meeting was approved aud passed The disqualifications incurred at the the Himatangi meeting were removed. XT ?tif p ie f."' nn t1 '"' "'" ■i' l^^^"" *»■"■ year, due to the Manawatu County Council, is now payable, 'lhe Town Clerk will accept the fee for the Awahou Riding, and it can also be paid at the Oroua Downs. The programme for the Foxton Racing Club's Autumn meeting is advertised in this issue. Mr Eden George has lost his petition for the Christchurch seat, the Judges stating that, the petitioner had claimed the seat after a tolerably clear expression of opinion by the constituency that it did not want him, and if under such circumstances a person chooses to nse, of what is little more than technical legal ground, to endeavour to force himself on the constitu ency as a representative, and fails, he ought to pay the cost of the proceedings, and an order will be made accordingly. Mr H. Batt, fruit grower residing at Wakefield (says the Ne son Colonist), has been fortunate c ough to discover an enemy to the leech blight, which is proving so destructive to the foliage of pear and plum trees, as well as to hawthorn hedges, ihe enemy is a small ladybird, having a trunk which it thru_ts into the body of the leech, and sucks out the entrails. In Mr Bat t's garden several plum trees had been completely cleared of the leech. The Manawatu Times says :— This afternoon we had the pleasure of inspecting several photographs, executed by Messrs Billens & Bunting, of views on the homesteads of Messrs Oliver and Ellis, of Motoa. The views may be said to be really beautiful, and the photographs, which will be dis layed in the show window, are excel ent specimens of the photographic art Me srs Oliver and Ellis are so well pleased with the photos that they have decided to send a number of them to friends in the Old Country. Several specimens of opalette work, p oductd by the firm, were also shown us, and are equal to anything we have yet seen. Messrs Ross and Sandford, of the Bon 'Marche, elsewhere direct the attention of cash purchasers of general drapery to the advantages to be secured by making {.heir selections during the present clearing sale at the Bon Marche. The goods being disposed of are all fresh and new, and the differenoe between present prices and ordinary prices is considerab c. A large quantity of stock has already been disposed of, but there still remains a good choice <.f thorough bargains in Cotton Stuff, Dress pieces and Remnants, also Calicoes, '•heetings, Shirtings, Flannellettes, and House hold Drapery, while Mantles, Millinery, Dustcloa s, and Sunshades are being disposed of! at nominal prices to effect a complete clearance The Summer Sale commencing on Saturday, January 30th, and intended for the disposal of the balance of the Seasons Stock promises to be one of the most successful ever held at Te Aro House, Wellington. The Summer Sale offers substantial reasons why country residents should pay an early visit to Te Aro House. By bo doing, they would have an opportunity of purchasing some of the greatest bargains c er heard of in the, Drapery trade in New Z. aland. We would remind the puhlic that this Summer Sale is limited to 15 days only and the last day will be Saturday, February 13th. AU orders, if accompanied with the Cash, will be instantly attended to and promptly forwarded from Te Aro House. Wellington, .->

c : Sir Morell MacKenzie died of syucopc, j * c ' following upon influenza. y I The Summer Sal-.s will present to all visitors a w.nd rf al array of bargains in al departmen-.s. We do not believe in tht policy of earning over goods from one 1 s* ason to i.iotlier. We would rather cjear r them out r • -ry season. Hence the reason for lhe nn nistakeable bargains that will I be offer. <1 at, nhe ..ummet Sa.e .Te Aro V House, Wellington.