THE NEW LOAN.

New Zealand Times, Volume XXXIV, Issue 5642, 30 April 1879, Page 3

THE NEW LOAN.

10 THB EDITOR OF THE NEW ZEALAND TIMES. Sir, —Certain portions of the Press, well known as Ministerial organs, have on sundry occasions of late been amusing themselves by throwing mud at the former, or Atkinson, administration and their supporters, because of their conduct in relation to the last public works loan, their object in this little innocent recreation being no doubt to force the present administration to look a little less dirty, by comparison. , : • It is quite true that the Atkinson party did, and I think wisely, oppose the £4,000,000 loan proposed by the presdnt Ministry in 1877. The primary ground of that opposition was that they, as is well known; intended asking for £2,000,000 only, which they believed to bo sufficient to steadily ahd successfully further the public works of the.colony. Holding, as they did, that opinion, they were most certainly justified in their conduct in refusing the £4,000,000. They were further justified in theirrefusal to grant the larger amount by the; consideration that the parties then in power did by no means possess the confidence of the. majority of either chamber of the Legislature. Under such circumstances it would have been, recklessly impolitic to have trusted them with unnecessarily large suras. Subsequent events have proved the wisdom of the course then adopted. Had the full or any other larger amount been authorised, it would not (inly have been borrowed, but ere this have been spent on the principle of securing the greatest amount of support and general popularity. I had the curiosity to make some enquiry of one of Sir George Grey’s suite when on that, ever memorable stumping tour, as to the amount it would require to meet the demands consequent upon the promises, made by the Premier. He stated that he thought £50,000,000 would go a good way towards it, but that that amount would by no means complete it; and this, it must be remembered, was at a comparatively early stage of Sir George Grey’s promises. In all seriousness, where would the colony be landed by this time, bad not their borrowing powers been limited ? In the advisability of our now raising another loan X fully agree, and have no doubt but that it is a view that will be accepted by a large majority of the members of our House of Representatives. And I also agree that the raising at an early date of another public works loan would do a, great deal towards, relieving the

present monetary depression, and that the sooner ibis done the better. If, as the present <aJVlinistry profess, they are so very anxious to serve the public, “why do they not call Parliament together at once, as it has been again and again suggested by some of the most independent and influential portions of' the Press. Parliament could at once not .only authorise a new loan, but the Maori difficulty, which they have done so much to create, could be also placed before the people through their' representatives.

As the delay of monetary relief to the colony will thus partly depend on the delay of the ' meeting of parliament—and as a delay of the meeting of Parliament depends on the ‘will of Ministers—it follows that the continuance of the monetary depression which would certainly be relieved by the. floating of another public works loan, can be greatly checked it 'Ministers do but choose to summon Parliament as soon as possible.—l am, &c., ... . . Fair Plat.