ELECTORAL.

Temuka Leader, Issue 2585, 23 November 1893, Page 3

ELECTORAL.

ME RHODES AT FAIBLIE. Mr Rhodes addressed a meeting of Sectors at Fairlie on Monday evening. Chere was a large attendance, about 280 jersons of both, being present. Mr Doyle was \ oted to the chair, and briefly introduced the candidate. Mr Rhodes, in the course of his opening remarks, said that he had known and respected bis opponent, Mr Flatman, for several years, and he did not desire to say mything to his detriment during the flection, but he had that morning for the irst time been able to read Mr Flatman’s speech, and he felt some reference was necessary to it. In reference to the conversion of £500,000 guaranteed Imperial 4 per cent debentures, he said that he saw from Mr Flatman’s speech that he stated that Mr Ward’s figures differed from his (the speaker’s),and that he preferred those of Mr Ward. He regretted Mr Flatman had not looked up the particulars of the transaction, which were contained in Parliamentary papers, B. 22, where he could have satisfied himself that his (Mr Rhodes’s) figures were correct. The Government have given £580,000 in gold for the £500,000 Imperial guaranteed I per cent, debentures, and this would represent a sum of £ll7 for every £IOO debentures. To enable them to raise this money they issued £OIO,OOO worth of 3£ per cent debentures, selling them at a discount of nearly 5 per cent, only gcttling a little over £OS for each £IOO debenture. As a matter of fact, with brokerage, commission, etc., it will take over £015,000 to clear the transaction. By this conversion they released a sum of £250,000. A similar sinking t u nd, he believed, was producing 4 per cent, interest, and which the bank authorities state did not require to be added to, but which if allowed to remain and accumulate would have wiped out the whole of the £500,000 debt at maturity in 1913. The pale of the stock in which the £500,000 was invested might perhaps have produced a little over the capital sum. The next step the Government take is to appropriate £160,000 to public works fund, and to redeem £96,371 of sinking fund, 4J per cent debentures. Mr Ward now claims that he was paying in interest prior to this transaction li per cent on £500,000, £20,000; 4£ per cent on £96,371, £1,336; pv aijjogejihfer a total of £24;336. while now fro pays per centbu £61Q,000, which Amount i to £21,350, ora saving pf £2986 p r annum. But he fails to state that he loses toe 4 per cent, on the ’ namely £10,240 per ~„w o o, whole ■ -.m, so that on the 1 : „ *oa the colony has to bear a st** w " sorUb^'n n Bke £7454 per annum, lemuka he (the speaker) stated the ♦-’AVI7I had been used for a p-rfectly legitimate purpose, and supposing that there 'was u saving of 1 per cent, then be gave Mr Word the benefit of over £SOOQ J per annum on the whole transaction, and he (Mr Rhodes) was sure that there will be considerable charges in addition in the shape of brokerage, etc. It certainly Furpriscd him that a man in the position of the Colonial 'treasurer could have the audacity to state that the colony was

saving by this transaction £2986 per annum without also clearly showing that we are losing the interest on £256,000, or £10,240 per annum. As a matter of fact our position is this Our debt is increased by £115,000, we shall have spent £IOO,OOO on public works, and we have £7254 per annum less accumulating towards paying off our debts. MiRhodes latt-.r on in his speech said that the Government claimed to have passed the " one man, one vote " Bill. This as a matter of fact was passed by the Atkinson Government, although the Government did pass the Bill known by the name of the " one man one roll " Bill. Mr Rhodes also dealt in an exhaustive manner with the Alcoholic Liquor Bill, Woman's Franchise, Taxation and the colony's finance in manner similar to that of his speech at Temuka. A number of questions were answered in in Mr Rhodes usual ready manner, after which Mr F. R. Gillingham proposed a vote of thanks to Mr Rhodes for his address, and confidence in him as their representative. This was seconded by Mr Wilson. There was no amendment and the motion was declared carried unanimously. The meeting terminated in the usual way.

Mr E. G. Wright addressed the Peel Forest electors at the Scotsburn school on Monday night, when there was a fair attendance, and several ladies were present. Mr G. J. Dennistoun was in the chair. A vote of thanks and confidence was carried against an amendment of Mr Thew's for a vote of thanks only. Mr E. G. Wright addressed the electors of Rangitata at Rangitata Station on Friday evening last. There was a very good attendance, Mr R. N. Hawkes being voted to the chair. Mr Wright spoke for an hour, giving a resume of his speech at Geraldine, after which several questions were asked, all of which were answered in a satisfactory manner. The speaker received a vote of thanks and confidence, and a vote of thanks to the chairman terminated a very orderly meeting. Mr Seddon states that the telegram;from Hokitika, stating that he desired to make the Legislative Council elective,is incorrect. What he said was that Councillors should not be elected for life, but should be periodically brought face to face with the people, and their actions be thus reviewed. He is opposed to an elective Council. He addressed an enthusiastic meeting of about 1500 people at Lyttelton on Tuesday night, the meeting not concluding till nearly midnight. His speech was in the main similar to those previously given, but he foreshadowed the appointment of a Minister for Trade and Commerce. A vote of thanks to Mr Seddon and confidence in the Government was carried unanimously.