The Temuka Leader TUESDAY, DECEMBER 20, 1887. YOUNG NEW ZEALAND.

Temuka Leader, Issue 1675, 20 December 1887, Page 2

The Temuka Leader TUESDAY, DECEMBER 20, 1887. YOUNG NEW ZEALAND.

The bumptious young men who call themselves the “Young New Zealand Party,’’butare more frequently referred tj as “ those blessed kids,” are rendering themselves more and more odious and contemptible every day. There is not amongst them one man who has given any proof of ability, yet they are becoming offensively domineering and arrogant in Parliament. The following account of their doings is given by the Otago Daily Times ojE batup. day last:— The Opposition scored a piint this evening over the Young New Zealand party by a atrntegic movement, which ffjs oxc.uted with consummate skill, bir J. Vogel and l)is followers hold a caucus this aftsrnoon, at which they resolved to support the Government by for the Estimates as they stand. This action was dictated by the line adopted last night by ulUra.-e.conomistß in voting against Dr Fitchett’s amendment for reducing the

loan to half-a-million. The members of the Young New Zealand party appeared to take all the honor and glory to themselves for reductions, and the Opposition thought it desirable to atop their little game. Hence the “ plan of campaign” adopted. When the committee resumed at half-past 7 the members of the Young New Zealand party appeared in their places with beaming faces, chuckling over the cutting and slashing which (hoy were prepared to perform when on the Estimates. The members of the Opposition were also radiant-looking, and it was easy to discern that something good was in the wind. When Sir Julius Vogel joked on the question of main roads the oat was let out of the bag. He referred to the members of the Young New Zealand party as a few stupid boys, and informed them that if they imagined they could use the Opposition in order to gain “kudos ” for themselves, they mistaken. He reminded them that they had a grand opportunity last night to prove the sincerity of their economical principles. He stated that the gentlemen who were acting with him were determined to assist the Government to carry the Estimates through in their entirety, and he insisted that this would be a Issson to the young gentlemen who imagined that they could work their own sweet wills in the House. When Sir Julius made this announcement, the smiles vanished from the faces of the Young New Zealanders, and the leading members ef the party looked sad. “ The kids ” are evidently funny. It was not good enough for them to support the Opposition, but in their estimation the Opposition ought to support them. A week before they voted against the Government, and next day reversed their decision. Evidently no one can depend on them for 24 hours, because their ignorance of politics is such that they do not know their own minds for two minutes. They are guided by impulses, not principles; they are great economists, hut do not know where or how to economise. Through their vagaries they have made Major Atkinson absolute ruler, and now his estimates are being passed without opposition. They will not help the Opposition to reduce expenditure, and the Opposition refuse to play second fiddle to them, and the jealousy thus existing between the parties plays into the hands of Major Atkinson, He is carrying all before him; he is making rapid progress with the Estimates; not an item is struck out, hardly a penny has been taken off; he is to get his £2,400,000 loan, and probably much more if he asked for it, and he can spend it as freely as ever. During last election political reformers insisted on nothing more imperatively than that borrowing should cease, but the darlings of their choice have got into power, and they are borrowing at as mad a rate as ever. During the three years the Stout-Yogel Ministry were in power they borrowed only H millions ; now the gallant Major will at once borrow nearly millions. Yet we are told the Stout-Vogel Government were extravagant. Of' course they were, because they held peculiar views on the land question; they did not believe in it falling into the hands of a few, and this was the reason they were so extravagant. The present Ministry are playing into the hands of the large landowner —at least so they they think—and they are all right. A day of reckoning will come, and when it does the large landowner will not escape it. He will regret the day he turned statesmen out and placed b eys in power. RETRENCHMENT. Major Atkiksok has promised to retrench expenditure to the tune of £300,000, but this year he can only save £71,000. “Wait,” he says, “ until next year, and we will retrench to the extent of £360,000,” and on the strength of this promise he is kept in power.- All the retrenchment he has effected is £71,000, while the late Government had saved £85,000 ; aud he has added £2,400,000 to the debt of the colony, the interest on which will amount to £120,000 a year. Thus while Major Atkinson has effected a saving of £71,000 he has increased expenditure by £120,000. This is Atkinsonian economy. His admirers ought to feel proud of him, but he has knocked the Land Acquisition Bill on the head, and has facilitated landsharking, and that covers all his other defects. The late Government prevented landsharklng, and they were bad. That is the whole secret.

THE WORLD’S MONEY MARKET. It is claimed that London now yields to New York the proud distinction of being the great money centre of the world, since the total exchanges at the bankers’ clearing house for the United Kingdom last year amounted to only 29,589,606,487 dollars, while those made up by the New York clearing house were 33,676,820,612 dollars. The difference is thus over four billion dollars, or £800,000,000 in favor of the latter. This fact becomes still more telling when we recollect that it is not so long ago since America had to go to the London money market whenever she required a loan, and also that at no very distant date the English money-lenders refused to lend co that great continent the small sum of £1,000,000. It was this very thing that made America’s greatness. When she found herself unable to borrow the money she issued paper money and protected her industries, with tffe result tjiat she holds now‘ the proud position of being the world’s money market, This is tlp< pesiilt of protection. Not many yearn ago America was exporting enormous sums of money annually to England to pay interest on her borrowed capital. Now, thanks to her fiscal policy, the gold is Rowing into Ire?

coffers at a rate that must eventually drain England, and make America the future moneylender of the world. England buys from America annually close on £100,000,000 worth of goods, while America purchases in England less than £30,000,000 worth This means that there must be about 70 millions of English gold going annually to America, where it is accumulating. The result must be that England must sooner or later bo drained of gold, and when that takes place her greatness will be at an end. America shuts up her ports against English products. She buys nothing in England which she can make herself—no matter what the price may be; England on the other hand buys everything and anything from America, and does not reflect on the ultimate result of it. Freetrade persisted in for another 50 years would reduce England to a miserable pettifogging little bit of an island, but we feel sure that within the next five years she will see the error of her ways and give protection to her industries.