MR NATHAN REPLIES. (BY TELEGRAPH.) Wellington, May 1.

North Otago Times, Volume XXXVII, Issue 8173, 3 May 1895, Page 3

MR NATHAN REPLIES. (BY TELEGRAPH .) Wellington, May 1.

Tho following i-< a pioeH of tho aildros* d» liverofl nt Palimp.ton North thiH afiernnnn by Mr E. J. Nathan in reply to tho criticism? oflorod upon his Rohcmn for tho Amalgamation of tho frozen meat companies : Tho two points c msidored most vulnerable by tho critics of tho paper were ihoae roln'iug to tho proposed sheep tax and State guarnntoo debentures. It whs hi lil tha' tho tax of 31 p-T heid on tho flocks of tho colony would be ruinously high, and would prao'ically amount to 2a 61 por head on the she >p imported. It was »lso contended that whilo the tix of 31 might not bj un ■ reasonable on freez rs, on stores and culN It would bo absutd. To those ar^um^nt* Mr Nathan replied thn the rUes of values as between frecz r->, stores, and culls remained the Barne irre'-poo ive of current prices for fmzr-»; in other w.>rds, r»ise the prico of feeders, and the price of nil grades of sheep would bo r.iscd. With regard to the proposed Stato guarantee of debentures, assuming the compmy wero able tora'uo its m«'n»'y at 4i per cent intero3t without a Stnte guaran'oe, the annual coat for the two million of debentures would bo L 90.030 ; with guirnnteod debenture at s y 3J per cent it would bo only L 70.000, or a swing of L 20,000 a yea-. Ha did not think this L 20.000 per annum wou'd be too much of a bonus for the Government to give such an industry, even if they were called upon to vote it ri"ht out, which, undtr hisFcheme, thoy were not. It was no* CB«cnthl to tho success of hisschemp, as the money could be raised without it, but not so ch'Mp'y. Th« freight on »no>t carried frani Australian por is wns lower thin in New Zeahnd, iind if tho proposed company reduced the rites in this colony io the level of the Australian, it vvould result in a gum of tho amount required tv cover the interest on the debentureß, and to advertise and ex'oiul the tr-idf. Another important and highly nec-ssary eflect the compuiy would have on the trade was in relation to the griding of sheep. lie dwelt strongly on tho ad* vantages tlut would accrue if the Government assisted the trade with a bonui, and pointed out that in other parts of tha world na'ionnl industries *erj assisted by substantial bounties. Tho fhx industry in New Zoilind would never have fallen so low if it hid been assisted in this way. It was contended by some writtTa tlut the proposal would in time becomo an enormous monopoly, but Mr N<than failed to sea how s his could happen, as the scheme provided for co-operation amnno; farmers and other interest in its widest sense.