THE FINANCIAL POSITION.

New Zealand Times, Volume XXXIV, Issue 5791, 21 October 1879, Page 3

THE FINANCIAL POSITION.

TO THE EDITOR OP THE NEW ZEALAND TIMES. Sir, —The great questions now agitating the public mind, and which are calling forth such opposite' opinions in the public Press are : First, is the statement lately made to the House of the finances of the country true; and secondly, was it expedient to make it. With reference to the first proposition, I think fewwili have any difficulty in coming to a conclusion after, the speeches of Mr. Callance and Sir George Grey, the two treasurers who held office prior to the advent of the Hall Government. Both in reviewing tho Financial Statement from opposite standpoints were compelled to admit the accuracy of the figures given, contenting themselves with a denial of the results likely to follow. ■ This being the case I will not take up your space in proving what must be so palpable to all, but will content myself with endeavoring to show not only that expediency but that actual necessity compelled Major Atkinson to adopt tho course pursued by him. It is argued by those opposed to him that he was not justified in disclosing the wretched position the late mode of dealing with the finances was leading the country into without proposing a remedy. On this I will join issue. On Major Atkinson assuming the office of Treasurer, wo have no reason to suppose, in the absence of anything like a fair statement of the finances having been before the country for upwards of fifteen months, that he was not as much astounded as was the public at the state into which the recklessness of his predecessors had brought the country. Having a bare majority in the House, he was compelled within a few days to investigate and make his statement, or again resign the Treasury into tho hands of those who were bringing about the lamentable crisis, and who in all probability would continue their rash or ignorant course to the ruin of the public creditor. Under ,these circumstances, I say, Major Atkinson was bound to show the country the true state of affairs, notwithstanding the impossibility of his being able in so short a time to bring dawn a well matured plan of remedying the oviL It was only natural tor the Government to assume that after the House having heard a plain statement of facts from a man of the recognised ability in finance of the Colonial Treasurer, that they would allow him time to show the country the way in which he proposed to provide for the future. All in any degree versed in the temper of the House and colony must know that had Major Atkinson at once brought down proposals of large increased taxation, his Financial Statement would haye been the death-knell of the Government, and would have at once defeated or at all events delayed the opportunity of reviving a healthy and sound system of finance, which he will no doubt shortly submit. Tho statement advanced by the supporters of the late administration that the disclosures of the utter incompetence of an erstwhile Colonial Treasurer to manage the finances of the country would ruin our credit in the London market, is too absurd to be accepted by men who give the subject the least attention. The money lending British public are too careful of their own interests to have been parting with their money so freely to this young colony without having made themselves acquainted with its vast resources, and without a full knowledge that the blundering of a Colonial Treasury can but result in a temporary inconvenience to the tax-paying colonists, and not in any way affect the ultimate stability of one of England's most promising colonies.— I am, 4c., NIL DESKRANDtrit.