Public Works Statement.

Manawatu Herald, 26 September 1893, Page 2

Public Works Statement.

In the course of a leading article on Friday the Post makes the following strong statement : — The statement opens with a congratulation on the fact that, although it is six years since the colony authorised a loan in the London market, funds are still forthcoming for public works on a reasonable scale. Yet, although no loan has been authorised, the startling fact remains that the net indebtedness of the colony six years ago, including the million loan then authorised, was £32,688,349 and on 31st March last it was £38,---144,070. In other words, without any authorised borrowing in the London market, the net debt of the colony had in the five years increased by £5,455,721. This sum has, it seems been increased by at least another £160,000 within the current year, so that indirectly the colony has been borrowing at the rate of nearly a million a year during the six years for which Mr Seddon deceptively represents us as pursuing a policy of self-reliance and paying for public works mainly or largely out of revenue. Was there ever greater humbug ? It may be asked where the money has been obtained from. The fact that six years ago the accrued sinking funds represented £3,276,873, and that on the 31st March last this account had only £1,113,770 to its credit -since reduced by a further sum of £160,000 — insome measure explains this. Our self reliance has consisted in using money accumulated for the purpose of paying our debts, and extending both the sum and the currency of those debts. We are, however, getting near the end of this source of revenue. At the close of the present year the Public Works liabilities will probably amctmfc to

more than the poor £54,560 set down as the probable final reraanent of all our borrowed millions and aids from revenue. Are we then to go to the London market ? If so, we hope the appeal will be made by a more honest and capable Government than the one now in pOWer";