The Treasurer's Speech.

Manawatu Herald, 13 December 1894, Page 3

The Treasurer's Speech.

On Monday the Hon. J. G. Ward addressed a meeting at Auckland. He said : — It was asserted that the Government increased the public burdens, and were going on a borrowing policy for a sum which was given variously at from six to twelve millions. But the opponents of the Government ignored the purposes for which the moneys were to be provided. Beyond question, not one one shilling of extra taxation would be required as the financial position of the Colony was never sounder. Their only trouble waa the lowness of products, and he could not understand the opposition to the aid to settlers. The property most valuable to Nsw Zealand was population, and vested interests should not stand in the way of cheap money to intending 1 settlers. It was said that private individuals would lower the rate of interest. That was what the Ministry wanted, and they did not care by whom or how it was done. Some remarks about the bedrock values of land by him had been misunderstood. If values were low after careful valuation, values must be at bedrock. Land should be valued upon what it would produce. If ! land values were not now at bedrock with the low prices of agricultural produce and wool, then the bottom was going to fall out of New Zealand. They had purchased a million acres, or one-eighth of the Native estate, since taking office, while their predecessors had got 73,000 acres. He would now take the two million Bank of New Zealand guaran* tee. "Who would deny that thisi guarantee was not given to avert a national disaster ? That it did avert oue was beyond question, and if it bad cost the Colony the whole two million to prevent such disastrous results as overtook Victoria it would have been cheap. In his opinion, had it cost them three times two million it would have been cheap, whereas it had not cost this Colony £1. He regretted that the shareholders of the Bank had to pay the call, but the tact that the President and Auditor reported to the Government that it was desirable gave the Government no option than to consent. He believed the course followed by the directors a judicious one, and in the best interests of the Bank, and the extinguishing of the heavy rate of interest payable on the Assets Company's debentures was a step which must conduce to the prosperity and stability of the Bank, Reviewing the burdens the Government were said to have placed upon the people, Mr Ward pointed out that every pound, except consols and the bank guarantee, was for the settlement, the development and the acquisition of lands. Not a shilling extra of taxation would be necessary to provide for fresh interest. On the contrary, there was a very large margin. By this policy they would infuse life, hope, spirit and buoyancy into the country. He did not deny that the public debt had increased, but the assets had also increased. The conversion operations were then described, and he claimed that they would save in 40 years £2,085,800. It was gratifying to them that New Zealand stocks maintained a strong position. As to the railways, the develop ment of the country demanded a progressive administration. Freights must be lowered, and producers at a distance from ports should receive more consideration. Alluding to next session's works, he outlined some of the questions to be dealt with — Local government, adjustment of the tariff, revision of the licensing laws and of old age pensions.