The Temuka Leader TUESDAY, AUGUST 28, 1888. HOW THE MONEY GOES.

Temuka Leader, Issue 1782, 28 August 1888, Page 2

The Temuka Leader TUESDAY, AUGUST 28, 1888. HOW THE MONEY GOES.

The extract from Hansard which we publish elsewhere, shows how Recklessly Colonial Treasurers spend money. “When we hear that the Government has issued deficiency or treasury bills we receive the intelligence with and regard it as somevery easy and economical way of raising the wind. We never; take into consideration that for thesebills we pay interest at the rate of six per cent. Sir Harry> Atkinson also made a very interesting disclosure in reference to the sending home of money. He said it cost- £6OOO, or two per cent, to send £300,000 home to England. He also said be was not certain whether or nob he paid exchange to the Colonial Bank for sending money Home. In this he admitted himself guilty of culpable ignorance. He borrowed half a million of money from that bank, but he did not know whether he paid exchange or not. Will anyone believe this? W® feel certain he did know, but was ashamed to admit what he paid. He boasted in the beginning of the session of the very favorable terms he made with the Colonial Bank, and does not like to show up i the transaction too openly at present. The discussion elicited a fearful state of wastefulness, and while this is going on retrenchment will prove insufficient to put the colony on a - sound financial footing. According to ;the remarks made by Dr Fitchett—which Sir H. A. Atkinson admitted to be correct—when a man pays a cheque to the Gouernment in this town it is 1 remitted to the account of the Government in Wellington, and exchange paid on it by the Government. When, again, the Government sends a cheque down to pay a postmaster or some local civil servant, exchange is again paid on it. Thus whether the Government is paying away or receiving it pays exchange. The discussion which took place may, however, lead to some remedy. Mr Seddon , showed how a change i might be effected which would result in benefiting the diggers, saving exchange, and yielding profit to the Government. We have frequently pointed out exactly the same thing, and it pleases us to see that the idea has not been entirely lost sight of. It is to be regretted that Mr Yerrall did hot adbere to the resolution he then formed, and allow the matter to stand over until next session. His amendment intercepting supply last Thursday was very foolish; he brought ridicule on himself and on the Slate Bank, and did more harm than he could remedy in a life time. However, we do not suppose it matters a great deal. We do not think that a State Bank will be established whatever else will be done. We do not live in a free country; we are the slaves of monopolies and old prejudices,' and must crawl like slaves where our masters lead. ,