THE Temuka Leader. TUESDAY, MARCH 1, 1892. MINISTERIAL SPEECH.

Temuka Leader, Issue 2325, 1 March 1892, Page 2

THE Temuka Leader. TUESDAY, MARCH 1, 1892. MINISTERIAL SPEECH.

The Hon. W. P. Reeves made a brilliant speech in Christchurch last Thursday evening. It was a masterpiece of platform oratory : wit and humor and facts and figures being dovetailed into each other with telling effect. It was the mnst crushing reply so far made to the numerous critics of the Government. With regard to what His Excellency the Governor called the “ shriek of panic” raised by capitalists that money was leaving the colony, Mr Reeves pointed out local facts which completely annihilate this- capitalistic theory. He took up the local papers and read advertisements offering money at annum. If capital had left the colony, he said, the rate of interest would have been raised, but instead of that money was as cheap and plentiful as ever. It was true the capitalists were trying to raise the rate of interest by playing the game of “ bluff,” but so far their efforts had failed. In Wellington certain gentlemen went aboard the Hinemoa with the intention of going to sea in her, and as the weather was very rough they went below and

did not come up any more that night. The wind moaned and the steamer

rolled, and they had a fearful night of it, and every moment they felt afraid lest the next would be their last. When they crawled on deck next morning they found, to their astonishment, the vessel still made fast to the Wellington wharf, the captain having decided on not going to sea, as the weather was too rough. Those who felt terrified about frightened capital were going through a similar experience, but they would yet find their terrors only imaginary. He also proved that the land tax had not affected the price of land by referring to some local sales. He said that on the 16th of last October 70 acres were sold at Leeston at from £45 to £SO per acre, and 20 acres at Prebbleton at £2l ss; in November 1000 acres at Springston at £lB 10s per acre, 500 acres at Halswell at £25, 700 acres at Irwell at £22 10s an acre, and so on. These facts give the lie direct to the alarmists, who made very bad attempts at prophecying, and consequently were unworthy of belief. Mr Reeves next defended the appointments to the Legislative Council. He showed it was the custom with the English political parties to put sufficient number of their own supporters into the House of Lords to enable them to carry their measures. The Government had a perfect right to be fairly represented in the Legislative Council, but they were not. The division lists would show that they only had four or five supporters, and in one division the whole Council voted against them with the exception of the Hon. Mr Buckley, the Colonial Secretary. How could they carry out their policy in the face of a hostile majority in the Upper House ? With regard to retrenchment he showed that the Government had during last year saved £44,765, and proved beyond doubt that farmers would greatly benefit by the change from the Property Tax to the Land and Income Tax, and, in fact, crushed many arguments brought forward against the Governmeut policy in a manner that will make it difficult for the Opposition to answer him. Not only that, but he reviewed the articles which had appeared in English and Melbourne papers, and showed that the writers were entirely ignorant as regards the matter they were discussing. The speech was, without doubt, the best Mr Reeves has delivered ; it was crushing as regards argument, convincing as regards facts, and in every way wortthy of the occasion and the man. Young New Zealand may well feel proud of Mr Reeves.

GRADUATED TAXATION

The ignorance of some of the critics of the policy of the Government is appalling, One says: “The graduated land tax is an entirely new feature.” It is nothing of the kind; it is nearly 500 years old. In 1435 the following tax was collected in England. From £5 to £IOO 6d in the £., £IOO to £4OO 8d in the £,, over £4OO 2 shillings in the £, Professor Thorold Rogers says this graduated system of taxation agrees with Adam Smith’s “ First law of taxation.” Now Adam Smith and Thorold Rogers are amongst the foremost authorities on the subject. In 1450 the tax was graduated as follows £1 to £2O per cent,, L2O to L2OO 5 per cent., over L2OO 10 per cent. Says Thorold Rogers; “The Lords f agreed to this extraordinary tax, declaring it reasonable. They seem to have had fairer views on taxation in the fifteenth than in the nineteenth century.” But long before this, taxation was graduated on the clergy on the ground that they “ subsisted on the produce of other men’s labor” A very sound and sensible reason this, but does it not apply to money-lenders of the present day as well as it did ' oriests of the 13th century who ° i 4. "'■'ms from their docks ? exacted t.. s ; s a oM in , Graduated taxat.. „.jdely stitution, and it is bom. - ' adopted before long.