"CALAMITY HOWLERS."

Taranaki Daily News, Volume LI, Issue 186, 28 July 1908, Page 4

"CALAMITY HOWLERS."

TRENCHANTLY CRITICISED HY THE PREMIER. forcing"! PANIC. ' SO.ME EXTRAORDINARY ACTIONS. Sir Joseph Ward dealt in Parliament last Friday evening with oll'orts which have been made to decry New Zealands' financial position in" the eyes of the outside world. He prefaced Ins remarks with a quotation from a London financial journal which, basing its opinions on a letter from Mr John Dutliie originally published in»New Zealand, stated:—

What is wanted is tfie creation of a public opinion in New Zealand and heiv which will force the Administration to slow down, to cease to live upon loans, and so give the line country some chance to grow up into a healthy nation. Replying to some of the wild words of Sir Joseph Ward, Mr Dutliie's borrowing prospect of four millions a year for New Zealand is calculated to give our market the shivers.

OPPOSITION DEMANDS. Ihe leader of the Opposition, said Sir Joseph Ward, had stated that if the electors of the country did not teel inclined to put the brake on, it would be a good thing if the moneylenders did. Did the lion, gentleman realise the weight to be attached to these words 1 Could the leader of the Opposition name anyone of his party who had voted against the Government's borrowing policy or attempted to reduce it. Did they not support the £1,250,000 loan* Was there a member of the Opposition who had not publicly made large demands for 'his district in connection Willi pulic expenditure? Not one ot them cuuld say "No" to it. They were however, ungenerous enough to say he. had been talking wildly and showing temper and wrath. They were told the Government was absorbing money which private people ought to get, an absolutely unjustifiable statement. The people referred to had n right to oiler investments, but the country had never gone to them, and was never likely to do so.

OFFERS OF MONEY. The night the leader of the Opposition spoke an oiler was received from (Juecnsland of money at 1 per cent., with 2 per cent, premium, in connection ivilh the £1,250,000 loan. A day or nvo afterwards a very large parcel was invested of money taken across to fjueeusland for Hie purpose ot buying a (Queensland estate. Inis was invest ed in New Zealand securities at par, bearing interest, at -l'/ : , per cent. While the financial debate, had been going on he had refused Australian oilers totalling £,'180,000. As he had remarked a day or two agujie astonished the House, but he had never committed a breach of confidence, and would not do so, but he would tell members that there were people in the country, and had been for some years, always ready to invest in New Zealand stock when it became low enough for them. He would not go any further in connection with that statement. During the past week he had refused a quarter of a million of money in one instance because the people wanted it taken below par. He did not blame people trying to do their best, but it was the duty of whoever held the position of Minister of Finance lo resist any lowering of our stocks when loans were going upon the market. There were no liner securities in Hie world than the investments in New Zealand.

SUCCESSFUL RENEWALS. In connection with renewal opcr at ions, on August Ist in Australia am New Zealand the sum of £232,05S fe| due, but practically the whole amount

—all but less than £lo,ooo—had been arranged for without any discount or any charge against Hie country. (Ap~plausel. We had been wonderfully successful without running after anybody or grovelling. The leader of the Opposition had referred to the diminution of LSiuKIO in the Customs revenue for last ijuarter. Why did he, as a man occupying a responsible position omit to say thai for the first quarter, there was a net increase in the country's revenue, of £«800r The - answer was to be found in the mouthpiece of tiie Opposition in Wellington, used by them to disseminate information against this country within the Dominion and abroad. Their answer was that tiie Premier was too optimistic, and he would challenge them to put their lin-

ger on any one statement made by him in connection with the Estimates, which would show that he had underestimated the position. Thev could not do so. Look at their attempt that morning to discount the increase in the value of wool, but forlunatclv that increase had taken place. They were Irving to create the impression'l hat it was of no importance, using the staleinent of a man whose name was stilled, who wanted to buy wool in this country. These people were using all the means in their possession to Irv and I'ullil predictions which were absolutely wrong and baseless. A member: Thev were anti-New Zea landers.

(WITHIN FdU TI.IF. OTUKII FF.U.OW. Th.' Premier nt on 1,, state that l'"'iiL;b tin' (mintit's expenditure had gone ii|j. in consequence of increased I null' and revenue, tlic revenue was bey I tin, expenditure. If these critics linri found the. revenue w:il,nun less I hey would have had some justification for crying caution. Tho member for \\ :ik:iti|.u had publicly urged a new railway in his own district', which would cost .lMfl|i,ooo. and asked l'or other large works. He did U(JC pcca.-ii caution! (i/nughteiW How did the leader of the Opposition help the poli:-v of caution? Almost the lirst petition piv.soui.cil this session .was hy- tin' leader of the Opposition asking for* a new railway. •' Why, I have, been resisting their demands." declared Sir Joseph jocularly, "until I've worn out half a dozen suits of clothes standing against them with inv back against the, wall. Hungry, hungry, hungry! They are all the time hungry if they would own it!" XKKDS OF TUB FUTUKK.

To demonstrate that railway development must go on, Sir Joseph referred' lo the facilities for transport enjoyed in Ireland. The Irish railways were 3,340 miles in length, in a territory three and a-'third times less than New Zealand, and the capital invested there in railways was C 44.000.0011. Did the House imagine Now Zealand enjoyed all the trans--port facilities necessary for its development? Would it not be more honest for everyone to realise, the position and not cry out against borrowing a reasonable amount for our railways? SllllTl.Nli OliorND.-

The Opposition talked of the increase in taxation, but voted for increasing the graduated land tax beyond the £40.001) limit. When Ihey found thev could not stand on this ground tliev said the valuations had been forced up! As a milter of fact, was there a mall who would sol! his property at the valuation? ]f'they looked into the instructions to officers of the Valuation Department thev wouhl find that they were told not lo'do anything; unreasonable. He held in his hand live or six circulars out of numbers which had come to him. One he quoted was sent out in January, when the financial troubles oulside were very great. It asked if the mortgagor was prepared to agree to an extension of his mortgage at a large increase in the rate of interest, adding. -If such extension of the mortgage is not arranged the company must be compelled to 'call it the mortgage at once." (Members: Oh!) The Advances to Settlers Department advanced 11,400.(1110 t„ June 30th of (his year, and r.31,04!) had been authorised for workers' homes. There wore certain institutions in Wellington which dhl all in their power to injure the (iovernnicnt by creating a 'financial panic. A DISfiKACEKT, CASiS. lie could prove this. There was a case of an unfortunate woman who fame from Mutt to the. Department and wanted a small loan. She had been called on to pay Vk per cent, interest or the loan would bo called up at ouce. The Hoard advanced all it could, and to the credit

ot Hi,. Supci-iiitt-iul,.nt o£ the Department lie it said, Uc and u few friends l cot. together ,ej() J 0 m . lk( , „,, (|„, ),.,]. ] anee. ami the woman was saved. (Applause.) lie could prove oilier cases where certain institiitious'-wcrc asking lor payment of money, not liccause of shortage of funds. Imt to force extensions at high i-iitns of interest. He knew of some of Ihesc institutions which, when they knew the Advances to Settlers Department had taken up the loan, iuvilnl lln, people to lake up the inoncv again on-the old terms, hot they slooil h.y Ihe Drpai-lincnl.. He asked the H0i,,,, wlml would have happened if duiinv, lln; recent Irving times lie had, taken tin, advice of an Opposition organ.

, auo ai u eniirai time shown a want 01 courage and fear of.the position! What would have happened if the Advances lo Settlers Department had keen told il miis(- do less liu-inc-s. In the Financial Slatcmenf On- Administration suhinit|e,| proposals of ~,■,.„t advaulin.',. to Hi.funnels. ||i,. yorkes. and the l.usincss men. Could any niemher ,laiv tell him I lull, with our railways unfinished and more to lie. made, always prudently conducted, that in- proposing for further money for roads and railways, and giving assistance to settlors and \vorkcr,s, they were departing from their strong | position?. (Loud applause.)—Jimes,