The Manawatu Standard. (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. TUESDAY, APRIL 20, 1886. THE BORROWING, POLICY.

Manawatu Standard, Volume XI, Issue 1689, 20 April 1886, Page 2

Manawatu Standard. (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. TUESDAY, APRIL 20, 1886. THE BORROWING, POLICY.

MrF. J. Mosb, M.H.R., sends the following, m the form of a letter, to the Auckland Herald : — • "In connection with the new loan policy it is important to consider the course of borrowing m thephst. The policy of 1870 did not fairly got under way till 1872. Tho following seven years (1872 -8) were years of plenty. During those years we •pent 14£ millious of borrowed money, and 8^ millions of land revenue— that is to say 3£ millions a y«ar. Wool and all onr produce brought hi eh prices. The population was only 280,000 when this expenditure began m 1872, and only 430,000 m 1878, when it ended. Can one be surprised at the universal activity that followed this expenditure among «rt> small a cumber? From 1879 to 1885 we had seven year* of comparative famine. During that time we have spent ten and a half millions of borrowed money, but received only 4 two and ahalf millions of land revenue. We have borrowed at tho rate' w^ : . million and a-half por annum, but it has left the greater part of the colony m a aUte of depression more serious than that of 1870, which it was designed to remove. Th<j dispute between our political leaders I seem to be confined to tin's: Shall we 'borrow at the rate of a million a-year, or shall it be two millious ? I would ask what reasons have they to believe that the future will be different to the past ? How will the borrowing m itself remove the depression ?"

The Post hears rumours as to the existeno of serious differences between the Visiting Justices and the Minister of Justice as to certain gaol arraugeinenla. A vice little row appears to be browing:.