THE Temuka Leader. SATURDAY, NOVEMBER 25, 1893. OUR LOANS.

Temuka Leader, Issue 2586, 25 November 1893, Page 2

THE Temuka Leader. SATURDAY, NOVEMBER 25, 1893. OUR LOANS.

On the 27th of August, 1889, while Sir Harry Atkinson was still An office, Mr Saunders, in the House of Representatives, moved; — “ That there be laid before this House a return showing the amount of loans raised, or of money borrowed, in each year since 1861; also the amount expended during each of the same years for interest, sinking fund, conversion, brokerage, or any other expense connected with such loans.” This motion was carried, and the order to supply the required information was made, but for some unaccountable reason it was not fully complied with, and a partial return, beginning with the last year of Sir George Grey’s Government and ending with the last year of Sir Hairy Atkinson’s, was given as follows■ Loans Haled or Year. Money Borrowed. & s. d.

Now this return is to be found in Parliamentary paper 8—18,1890, and can be seen in the office of this paper by anyone who likes to take the trouble to look at it. It shows that Sir George Grey raised a loan of millions, and yet in the following year the Hall-Atkin son or Continuous Ministry raised another loan of nearly 4| millions. The loans were raised as follows : 1878-79 Grey £3,502,200 1880 to 1881 Hull-Atkinson £8,853,300 1881 to 1887 Stout-Yogel £5,210,310 1887 to 1890 Atkinson £3,663,796 Now this shows the money each Government put, through its hands, but a comparison between the borrowing since 1884 and before that would not be fair, for the very reason that since 1884 a great deal of what appears to be borrowing is not borrowing at all. Up to 1884 there was nothing but solid borrowing, but in that year the conversion of loans system was instituted, and a great deal of the borrowing since then has been absorbed in that way. It used to work as follows: Say that an old loan of £1,000,000 was beaiing interest at 5 percent., and the Government found that they could get the money at 4 per cent. In order to save the colony 1 per cent, they borrowed £1,000,000 at 4 per cent., and paid off the 5 per cent, creditors with it. .Now this is how the Stout-Yogel Ministry and the late Sir Harry Atkinson appear to have borrowed so much, but in reality it was not borrowing at all. We are not, however, in a position to say what was the exact amount each borrowed and spent, but in the return above quoted we get an idea from the following table, which shows the increase in the annual payment for interest and sinking fund: —

This showed the rate at which the animal payments for interest and sinking fund increased, and it tells its own tale. By looking at the return the following results will be seen : Interest and Ministry. Sinking Fund ■ £ s. d. Hall-Atkinson increased by 383,670 3 6 Stout-Vogel increased by 76,888 7 8 Atkinson increased by 254,7,36 10 9 These are no cooked figures. We again ofler to show anyone Parliamentary paper 815,1890, and if that paper, which prepared under the supervision of a ''-bison Government, is correct, the Aw -vrrect. And now what is then we are c, Hall-Atkinson the ultimate result I -- i BB4 and Government between InoU anu . the late Atkinson Government between 1887 and 1890, combined together increased the amount we have to pay annually in interest by £638,558 11s 2d, the Stout-Vogel Government increased by £76,888 7s Bd, but the present Government decreased it by £76,500. Now, could anything be plainer than this. The Governments which were borrowing increased the annual sum we have to pay for interest, the present Government, which did not borrow, decreased the annual payment for interest. The present Government paid £200,000 off our floating debt, £IOO,OOO out of the surplus left by Sir Harry Atkinson, and £IOO,OOO out of loan conversions. That would account for about £IO,OOO of the saving, and the bala: ce is made up of saving in interest and sinking fund due to loan conversions. Let our Conservative friends prove that these figures are wrong, but before they can do so they must prove that Parliamentary paper Biß, 1890, prepared under the supervision of the late Sir Barry Atkinson, is wrong. If they cannot prove this, then they must admit that the present Government has produced the grandest financial results that it would bo possible to produce. Wo leave our readers to judge for themselves, but wo again invito anyone who doubts our figures to come to this office, and see Parliamentary paper 818,1890,

THE ELECTIONS. “ England expects that every man this day shall do his duty.” How often since these words were uttered at the battle of Trafalgar, have they thrilled the hearts of Englishmen, and incited them to deeds of valorous daring. On next Tuesday the electors of the colony will be called upon to do their duty, and we trust that they will do it. Let them remember the brave words of the hero of Trafalgar, and consider that they have been addressed to themselves. New Zealand expects that every man, and woman too, this day shall do their duty. In Pareora the issue is plain. On one side we have a most amiable and popular gentleman, representing the political faction which nearly reduced this colony to bankruptcy. The people have not yet forgotten the panic caused by the words of Sir Frederick Whitaker in 1889, when he said that unless certain arrangements were made the colony would be bankrupt. In our articles on loans in this present issue, we have show that the Opposition Party’s policy from beginning to end consisted of profligate borrowing, and extravagant expenditure. During the last three years of their power they increased our debt by over millions, and taxation by over £391,000. Mr Rhodes is unfortunate in having to carry the sins of this party on his shoulders, but he has elected to do so, and cannot complain if the people decline to support such misgoverument any longer. Representing the other side we have Mr Flatman. That gentleman is a genuine farmer, who understands and sympathises with that class thoroughly. He is a man without a stain on his character. His worst enemies cannot utter even a. word against him. Twenty years he has been in public life , and, though he has done his duty faithfully and well, no one can say he has ever done wrong. He is one of the most conscientious, the most straightforward, and the most reliable men in the district, and his word will be accepted as his bond by every man who knows him. The issue in Pareora therefore is plain. We have two gentlemen who as regards personal character are, like Caesar’s wife, above suspicion, and the only question is, Government or Opposition ? It is a fine, straight, honest issue, and we must compliment both gentlemen on fighting the battle like gentlemen. We therefore leave them in the hands of the electors, glad to feel that when the battle is over all can shake bauds and look each other boldly in the face without any feeling of regret as regards the way the election has been conducted. As for Rangitata, we regret to say that it is not a fair stand-up fight between two candidates, but we have again to remind the Liberals that they have nothing to vote for except MrMaslin. He has been accepted by Mr Seddou, and ought to be acceptable to all Mr Seddon’s followers.

THE PREMIER. The Premier’s speech at Timaru, which we publish as a supplement this morning, will, we hope, be read by all. It was a powerful exposition o' the policy of the Government, aud the enthusiasm with which it was received showed that the people were in thorough sympathy with him. The Premier is a man \uth a marvellous capacity for work. On the previous evening ho spoke for over three hours at Gore, which is 100 miles south of Dunedin, and he must have travelled for a good part of the night to catch the express, which left Dunedin for Timaru at 11 a.m., and yet he was as fresh and as vigorous as ever when he went on the platform in the evening. He spoke for exactly three hours and twenty minutes, keeping a packed house spell-bound all the rime, and at the close his voice was as clear aud as mellow as when ho began. In one week in the North Island he travelled 500 miles aud made six speeches, and attended at the same time to departmental business. Even while speaking in Timaru about half-a-dozen telegrams were handed to him, but he said they must wait until he had finished speaking. One thing is certain, aud it is that Now Zealand has at the head of its Government a real, live, working man, not only in name but in reality. He combines a vigorous aud powerful intellect with a constitution of iron, aud is undoubtedly capable of great things. He has authorised us to say that on some future occasion he will pay a visit to this district, and will be glad to make the acquaintance of its inhabitants.

1878-79 Grey 3,502,200 0 0 1879-80 Hall-Atk'nsou 4,449,500 0 0 1880-81 1.139,000 0 0 1881-82 270,500 0 0 1882-88 705,300 0 0 188:5-84 1,289.000 0 0 1884-65 Stout-Vogel ... 2,033,700 0 0 18;o-86 1,370.500 0 0 1886-87 1.806,116 17 4 1887-88 Atkinson 2,105,584 0 0 1888-89 1,201,012 12 1 1889-90 357,200 0 0

Year, 1878-79 Interest and Sinking Fund Paid. £ s. d. Grey 1,182,317 10 11 1880-1881-82 1883-Hall-AtkinLon 1,006,397 3 8 1,470,214 0 11 1,500,988 12 8 1,566,759 11 5 1,565,987 14 5 1886-Stout-Vogel ... 1,575,639 19 10 1,689,346 10 6 1,642 876 2 1 1889Atkinson 1,765,811 8 6 1,833,553 9 7 1,897,602 12 10