Manawatu Herald. TUESDAY, MARCH 1, 1892. Is the Scare Over?

Manawatu Herald, 1 March 1892, Page 2

Manawatu Herald. TUESDAY, MARCH 1, 1892. Is the Scare Over?

"He did not say himself that aristocracy was essentially bad, but if there was anything worse than aristocracy it was an unscrupulous plutocracy, a party of wealth, who believed in nothing but money and what money will produce." These are the words the Hoh Mr Ballance is reported to have used at Palmerston. It must be evident, even to those blinded by party feeling, that the Premier, next to the objection he entertains to large landowners, has an objection to the capitalist. He prides himself on the steps his party are taking to knock one objectionable class on the head, but almost in the same breath asserts that the colonists were fast approaching the next objectionable class as "htey were aggregating capital themselves by their own industry." A very large section of the supporters of the great Liberal party are composed of men who are not aggregating, and never will, capital by their own industry, and thus ; it comes about that Mr Ballance is led into error when he speaks so lightly of capital leaving the country, because he had learnt that the banks had " four or five millions waiting for deposits, and they had three millions not bearing any interest." The Home capitalists have been alarmed, that has been admitted, but the New Zealand Timet asserts that the Agent General has smoothed

tliese people over and has restored confidence and " the scare may be now regarded as practically over." If the Times is authoritative, this only settles the English fright ; but how about the feeling of the Colonists who know the Premier and his party a little better? It is no ordinary fact that the banks are holding seven millions for investment, nor a matter of congratulation to the Colonists. It means that just this sum of money U lying idle, why ? Jn times of confidence these millions would have been expended in business undertakings employing labour and earninterest, whilst now, for some reason, the owners of this capital are willing to lose £360,000 a year, and the labourer has the competition for his muscle reduced by £7,000,000 ! The Premier, at present, states, they would not ask capital to pay more than under the property tax, but in face of the assault on one section of the capitalists, those who own land, is it surprising that the other section of capitalists, who own cash, should expect their day for progressive taxation will speedily follow? They therefore place their money in the banks to lie idle whilst they watch even ts. liy the actions and speeches of this Liberal Ministry is capital tied up, and all activity in trade and agriculture numbed. Yet the labourers fancy this Ministry is helping them to independence !