The Daily News. FRIDAY, JUNE 23, 1905. NATIONAL SELF-RELIANCE.

Taranaki Daily News, Volume XLVII, Issue 7856, 23 June 1905, Page 2

The Daily News. FRIDAY, JUNE 23, 1905. NATIONAL SELF-RELIANCE.

At the Colonial Institute recently Lord Ranfurly, our ex-Governor, dc : livered an address on the subject of "New. Zealand and its Dependencies.' It is not our purpose to comment

on the valuable facts and figures relating ,to this CCl'bny aSjifct 1 forth jby his Lordship, nor to the highly eulogistic terms in which he dilated upon the climate and scenic beauties that have rendered this Colony famous. Coming from one who has so [lately held the high ott'Xfi of Governor of this colony, there is no doubt that ithe unstinted praise bestowed on its natural- attraotion'i', its general prosperity and its increasing trade, will do much good. Inasmuch as the speaker had no axe to grind.

but was merely expressing opinions which were the outcome of close personal observation. It is, howover.thc remarks of Mr T. A. Cog Man, Agent General of Is'cw 'South Wules, that we propose spcciully commending to tho attention of our readers lor they come as „ timely tribute of praise

to 'the policy of self-reliance and activu governmental encouragement of industry and enterprise inaugurated, and steadfastly pursued, by the Liberal Administration that has held of. I lice for the past fourteen years. It' sometimes, but not often, happens that a discussion which ensues on the delivery; of an important address contains more matter of striking import than that which forms the chief occasion of the gatheriog. From apolitical point of view the remarks with which Mr Coghlan amplified , Jjord Ranfurly's address have a special significance in New Zealand at the present, when the Opposition party arc so industrious in their endeavours to mislead the people as to the effect of the progressive legislation of the government of the Colony. One of their persistent contentions is that the advanced legislation of tho Seddon Government has driven foreign capital out of tho country to the detriment of trade and industrial expansion. It is universally admitted that Mi? Coghlan has a considerable reputation as a .statistician and economist, and it would be a mere superrogation to point outi that as Agent General for Now South Wales, ha certainly had no interest, beyond that which attaches to a fair-minded statesman, in lauding Now Zealand without just cause. In tho first place, Mr Coghlan Candidly pointed out what we all' admit! is true, that the pas* fourteen years, hovering l the period of advanced legislation.' has been marked by a large decrease (n tho amount of private capital invested in Now Zealand by non-residents. Tho figures quoted by Mr Coghlan are vwy striking. Ho showed that in 1891 itficrc was invested in this country a total of twenty and a-half millions sterling .of British icapital in private enterprises, whereas- now the amount so invested is only nitw and a-half millions. So far the statement is one tfiat might well oyoke fr«m the Opposition tho unanimous chorue j>fv "Wo told you so ! " Hut the s*ory is only half done, The best part as usual comes towards the close. If it stopped where we broke off there would for assuming that our legislation, which is being watched and imitated in more tjhan onequantcr of tlic globe, had driven capital from our siioires—that the inevitable, aa prophesies by thp Opposition sooth-sayers, had come to pass. The remarkable fact that stands out above all others lis that this very self same prpecssi that has ca«s*l foreign capital to find fresh fields «nd pastures new for its 10 and 20 per cent' 'interest, has been demonstrating that the Colony is' out of leading strings and has emerged from the thraldom of iiae money lender. Mr Coghlan went on to inoint out that , coincident with *his depletion, the Value of property fir X«w Zealand had increased from iUSO,OOO,(K>O in 1891 to £222,000,000 ;n 1004. Ifpio we have the remarknJ>Uj fact.' made clear that, in fourteen years of legislation that

was to prove ruinous to every interest, the people of this country have reduced theif outside indebtedness by eleven millions sterling, .While at the same time .they have increased their own wealth toy sev-(enty-two million pounds. Nothing Jpouid be plainer, or more coanocusg

than this aspect of the question. It affords another powerful illustration ' of the wisdom of looking on both sides of the hedge. The importance ° of this conclusive proof ol the bone- E ficicnt effect produced by the present t administration cannot be over-rated, j It should l,e brought home to every man, wonu-n and child in the Col- ( ony. The simplicity of Mr Coghlan's solution of the true meaning of the ' figures o; ly adds to their effectivej hess. " It is a case of the voluntary paying of debts by people as I soon as lh;<y were able to do so." It is just the policy which a new country Wis New Zealand needed foists successful policy fostering Iho grand principle of self- ' reliance, and if history, in dealing with our legislation for the past fourteen years, omita mention of this prominent feature, it will be impossible fjr future generations to uti- . derstttnU 'hojW the' marvellous progress was attained'. The same policy is still being pursued, and it will be an evil day for the Colony when, if I ever, it is no longer in vogueON THE FOURTH PAGE. The Storyteller. Genera! Items.