LIABILITIES OF THE COLONY.

Patea Mail, Volume VI, Issue 528, 3 June 1880, Page 3

LIABILITIES OF THE COLONY.

The public debt amounts to twentyseven millions, and the interest thereon to one and a-hal£ millions. Assuming that every man, woman, and child in the colony numbered 500,000, the debt would be at the rate of £54 per head, and the interest on that amount would represent £3 per head, or at the rate of Is 2d per week, or 2d per day. Now consider that although this twenty-seven millions is a large colonial debt of itself, yet that does not represent the total indebtedness of the the colony. There are various local debts —harbor boards’ and borough councils’ debentures, &c.—and the time has come when we should consider whether it is advisable not to go on so fast at borrowing. The time will come when wc shall not be able to pay our liabilities. The Government should, therefore, determino not to increase the expenditure, for they will not be able to meet it. There is no doubt that the present financial possition of the Colony calls for the strenuous efforts of the Government to mend it. With a prudent policy we can tide over all our difficulties, and can look back with satisfaction on the money that has been spent on railways, roads, and bridges. By the exercise of self-denial in not asking for a large expenditure, we may help to tide over the present crisis, which -will take the best energies of the Colony.—Mr. Kelly’s address at New Plymouth.