MR BUDDO.

Rangitikei Advocate and Manawatu Argus, Volume XXXIV, Issue 9459, 31 May 1909, Page 8

MR BUDDO.

SPEECH ‘AT CHRISTCHURCH, j Per Preua Association. •Christchurch, May 29. Speaking at tbe annual dinner of the North Canterbury A. and P. As- £ eolation on Friday nigbfe the? Hon. X) Buddo discussed several matters of public interest. Referring to Native lands he said that during tlie past year 266,000 acres had been purchased by the Government, much of which could be out up. into email areas for those with little capital. He was of the opinion that the recent stringency in the money marfeet had no doubt been caused by the banks advancing money to make deposits on the purchase of land. There was not the slightest doubt that the banks had departed from what was legitimate banking business, that is to say, they had Invested in land and left their liquid assets inanmcient to carry on the business of the country. He denied that there was any slump in land values and stated that sales 'were reported from day to day at prices which have been current during the last two or three years. There had been an agitation in some parts of the North Island for land to be valued on its productiveness. Such a system would be more unfair. There* were farmers who seemed to have lack, and farmers who apparently had none, farms that always gave a good yield and others that never did, and he was certainly averse to taxing the results of a man’s ability. The present system, calculated on tbe basis of the selling value, was the one which h 6 intended to carry ont, leaving an ample margin to provide for fluctuations. With regard to some assertions that had been made that a depression existed, he would say that from inquiries he had made that day in Christchurch he believed that business was sound and labour fairly plentiful, and the only thing that militated against the nsnal turnover in property was the snoitage of capital for mortgages. He believed that there was good reason to hope that money would very soon he cheaper. A Westralian loan of a million and a half had just been floated at per cent, on a minimum of 96%. This was certainly cheaper than anything raised for sometime, and would put the cost at £B 16s 7d per cent. , . .. Dealing with the growth- of the German Navy, he said that one had to lobk behind the scenes to understand the meaning of Germany’s action. For three years she had had an annual deficit averaging £12,000,000, and it seemed quite evident that nothing hot the instinct of self-preservation warranted such a careful nation in throwing millions of money into a fleet that could not possibly be intended to defend the German Empire. Along four-fifths of her borders Germany was surrounded by Great European nations with powerful armies, and Germany could only have one purpose in view in establishing a great fleet, and;that was to demand favoured nation treatment for the producers of her industries in the British Empire and other nations who purchase largely from her. It is difficult to find any other reason for it, and his own belief was that Germany was determined to be in a position to demand that no preference shall shut out her produce from tbe British Dominions. Justifying the offer of a Bret anought, he said that in the event of the British fleet being defeated tins Dominion of ours would, for the time being, be practically r> A year ago we sent some £16,000,000 Worth of produce over the sea, .This year we will probably send to the value of £14,000,000, and it was absolutely essential that the highway to the United Kingdom should be controlled by the British Navy.