The Daily News FRIDAY, JULY 10. THE GOVERNMENTS POLICY.

Taranaki Daily News, Volume LI, Issue 171, 10 July 1908, Page 2

The Daily News FRIDAY, JULY 10. THE GOVERNMENTS POLICY.

Il i-, doubtful wliciJht'during its sovi'iiU'uu years of ollicc, any Colonial 'J ' siuc'i- uf tin- yi-osont UovciniiK'm mis muuiU'fl in out* M.itcinvui iiitniibiii' U gisiation uf wider, inuri: jmpul.ir. .u' more (.•omiiu'in-usivv siUjw

outlined by Mi' -loseph Ward in Finaneial Statement. ..Notwithstanding unit Now Zealand ua> ventured iartliei into tlie region of e-Npenmejilal, i>tu practical, social reform than any omei country oil tlie Premier cleally shows his belief that iL i- s possible venture inueii iurlher without uangei Lo tile economic and social Inline. mm without portending the advance of Inal revolutionary socialism wJiicli some uclieve to he "darkening the horizon. The past year'-has demOns"iraien unmistakably that the purchasing power of tlie people has not diminisned. but on the contrary, and despite remissions in rates, customs, railways, and stamps, show an aggregate increase over the previous year of nearly half a million sterling. Our revenue increased by jCCjO.OOO over 1006-7 ,juhi Uie im-rcase over that of IUU3-4 was £2,034,500. Ju the light ol »uen indisputable proofs of material progress and prosperity, the Minister of finance has been well advised to take full advantage of the present, high standard of our Own credit, aifu'su iar as possible arrange for maturing loans.

Tile alarmists will no doubt make tun mo.nl of-the fact that during Uic vi-ar I lie public debt of the Dominion lias been inereasod by £2.274,8.">7. and consequently the debt per head of the puJatiCn, alreauy, We are told, groaning under tins so-failed fearsome bunn-n. The fact remains, however, that ui«annual interest liability of Iho .Dominion has not been increased by the new debt, practically the whole of it being directly interest-bearing. fcu long as Uie borrowed money is devoted to revenue earning purposes, and not eaten into by maUuuuinistration, the borrowing policy cannot lte taken exception to. At l no time since its inauguration by the Liberal Government lias the advantage of the Advances to Settlers' Department been more fully appreciate'! by the farmers of the Dominion. \v lule financial institutions have i'i*erywheri« been limiting llieir advances and raising the rate of interest, the Advances to Settlers' Department has stood by ihe farmers, whose applications for aei-om-moaatiou are constantly increasing in volume. Tlie government is ln»nwM to borrowing live millions for Advances to Settlers, T»ut the demand I'Or cheap money is such that the necessity »*• making provi-ion fur extending the borrowing limit to six millions has impressed itself upon ttic Wovernmem. and Parliament is to be asked for iue necessary authority. The annual repayments, to the Department Jrom hor- : rowers now amounts 'u £BOO,OOO, ;i im the .Minister tuoks fonvaru to being able to carry 011 the -whole of the fresh requirements out of the annual payments, wilh'Out Ine nei'ti for any uorvowing beyond the million now for, should occasion demand its raising. Sir Joseph i> of opinion, and justifiably so, to our thinking, Unit it is unfair that the total borrowings oi the Advances to Settler.s Department sh'wuiu be included as part oi the public dent, though, strictly speaking, it is so. As Hie moneys arc used for the purpose ot advancing upon land >ecur'rty. an hunks thai the vtfiolc loan should be transferred Co the Advances to Uoaru, Che £UUe guaranteeing tile repayments.

The great success that has attended the operations of tlie Advances io Wo,sfe Act—no less 'than 1171) homes having been built last year by workers Willi cheap money 'obtained from the jJcpartment—warrants the l.io\ernmcat in seeking to further break down tile rent, racking monopoly. It is now proposed that the amount authorised for this purpose be increased to liall'-a-mililou per annum. The National Superannuation proposal, the novelty of which lias worn oil', appears for the lirsL lime in concrete form. Until the liill is available, it is impossible to thoroughly appreciate the proposal, but enough is indicated to show that tlie measure has been well thought out, and moreover appears i|Uite practicable. As a sclt-r--lianl people, the opportunity of par-tuo.'-iting in a pensions scheme on a co:n. : butory basis, as against the nonconiri .u'.ory old-age pensions scheme, should nc.tird with public opinion, provision for old age, even if it lie made compulsory by the State, is one society owes to ifseU. We believe that were it possible to make if, obligatory on the part of every wage-earner to maKe provision, assisted by ihe Slate, ior Ins old age, we would soon have Ule sati: ; ~ faclion of awing our charitable expenditure steadily decreusiii^.

At once tile least expected and me most pleasing proposal in the Statement is tile entirely novel provision for accelerating land-scUlcnicill under tne conditions of the Land lor .Settlement Act. Urielly, it is that ll a. curiam number of intending - settlers obtain an offer from a private land-owner to sell his estate at a certain price, and the Land Purchase .Hoard is satisfied that the land is suitable for close settlement, terms are reasonable, etc., uie liovormnont will obtaini'dllie money to purchase the estate, giving the lender, as security, a mortgage over the estate in the name of the settlers, the (iovernnient at the same time guaranteeing the payment of interest and capita:, lu Other words, it is intended that farmers taking up such land should up able to get the money at a rate possible only for tin- Stan- to secure. The proposal is a complete answer to those who endeavor to convince the farmer that the Government i s oppo>eil to tile freehold. Sir .Josejili staled lhat under this spec'ial land settlement -eheme nc intended to provide lor a redemption Junil which the settlers would repay hoi li principal and interest in 3:2',!, years. In conjunction wit the openinj; of the State lauds and native lands, an.l Land for Settlement lands. Urn new proposal .i,o:,id combine in making for nir era of genuine land sctllciiicn'l unprecedented in f' tu . Dominion. „\'ot only directly. Inn indirectly, would the operation of itie nen proposals be oi immense j,„i„ to I lie primary producers 111 exercising a sle.-idying influence or. the money 'market.

11l tin; mutter of roadni<r. tlie Covern meiit proposal, slrankl go a Inns- v»v I 0 sotvmjr tiiu difficulty tlii.it liinili'il hor-i-owiiiff powers created. Provision h io b.; made whereby loeal bodies mav l,ori'ow outside tlic Cnvfi'iimciK, Departments, I lie State ivi nt s'Pinj; lmetiv; ill order thai I In: terms po=sibl.' may lie .secured. 'J'lie (lovernmenf. lnrtlier. will assi-f by paying half <,} i;,e sinking fund of mie per'cent. to he Jivovided in connedion Willi every SluUvguaranleral loan. homes are also to l,e assisted l,y 111,, tiso. at a charge for interest and' depreciation, of Government-owned stone-criishero. worked by 11,,. loeal bodies. fs; r j„. sepli WariHcdiisiduis Oiat much luouev wasted by local bodies who emleavo'r to carry out, I heir" works wiiiiout tne services of an engineer. ami is of opmKill that. Hie employment, of a local engineer should lie made compulsory, '! o 'liclp this. a. reduction 0 f •>:, per cent, on tlic haulage of lu'clal |'o r loeal bodies Will lii' made liy (lie Hallway Departmi'iit, "No less a Mini limn Cliollrtiin of wllicll ' ti-iD.OOl) will I,e spe-iallv devoted to file backbioeks. is lo be p t[J . j "tSfli'd fin* *■*>:! els ;iiu! Ihi.s sum. fjir in 4 , of jiuv nmonui. hitlicvio ilovohNl iii this. Ml-inijiorhni! purpose, \< siinirieiit 'pn.uf of Hi.- r ;,> vrnu-H-nl V inrn.-J int rnf i«mi !<> ~I VI. on a fomprnliiMKivc r'\n]in«/ po!i<-v. Willi Midi muling, jind rnihvny propolis' a? Sit* p'nt'-n} hptV P 'ln- .-mm. fry, iiTc-pfcf ivc of f!i (; pnrolv I ti'Ou I j Ht'M, tin* pf-ojilo of ilu> Dominion Imv »>t'rn jiivrn :ui outhnr of as vigorous Jtinl n policy as hns over Ijooh ufTwvil 11 f;*111 f"r k«ji- j - j