THE PBEMIER AT FOXTON.

Temuka Leader, Issue 2623, 20 February 1894, Page 3

THE PBEMIER AT FOXTON.

* The Premier addressed a public meeting at the Foxton Town Hall on Friday ni»ht. There was a large attendance and the Mayor (Mr T. P. Williams) was m the chair. Mr Seddon said that the time ■was now opportune for him as Premier to speak to the people. Tho colony, it was Baid, was suffering from a temporal/ depression, aud after going carefully into tho matter he found that there was, in reality, no reason for this state of affairs. Export* and imports still kept up. There was no falling oil" in products, and tho

population was still on the increase. As there was, therefore, no reason in the ' country for this temporary inconvenience, they must go further afield for the causes. The fact was that tho people were now suffering owing to tho extravagance and mismanagement of the other Australian colonics. He also blamed tho financial ittStittttiivus. to pome extent, Those iu-

stitutions were financially sound, and -were in a splendid position, in spite of what had occured in the other colonies. Still he must say that they had shown a want of judgment, which, if carried to excess, would do great injustice not only to themselves but to the commerce and interests of this country. What he took exception to was the discrepancy between the deposits of some of the banks and their advances. He quoted extensively from the bank returns in proof of his statements, and pointed out that in 1888 the advances received by the banks exceeded by £240,775 the amount held by way of deposits; while in 1893 the deposits exceeded the advances by £1,244,403. From the 30th June to the 31st December last year the advances made by the banks had decreased by £122,000 ; a feet which he contended militated greatly against the trade and commerce of the country, for it showed that some of the creditors of the banks had been hardly pressed to meet the demands made on them. During the same period the colony was poorer in specie to the extent of £120,769, and adding to this the amounts called in, the total reached nearly £250,000. Mr Seddon conlanded that there was no necessity for this line of action on the part of the banks, and it was wrong that the people of New Zeatand should be called upon to find this money. The figures that he had quoted showed the Government that the people of the colony could no longer continue to be in this position. The time had come when the Government must advance money on real estate to settlers, and not leave them to the mercy of these institutions. This proposition he knew would be strongly opposed, but in order to see the settlers remain on the land the Government must come to their assisj tance. The Post omc9 and Insurance Departments had been advancing money for years past, but because the Government had decid9d to give a similar concession to settlers, the proposal met with strong opposition. Leaving this subject the Premier explained that taking the whole of last year the banks in the colony had imported £112,717 more specie than they had exported, but it was the state of the figures for the last six months that he took exception to. Referring to the export and import returns for the colony he combated the statement that the exports for last year showed a falling off, and said that according to the report of the chairman of the Wellington Chamber of Commerce, taking the years 1892 and 1893, and up to September 30th last, if the same values had been obtained there should have been an increase for the year ending September 30th of £221,446, If, as reported, the calendar year be taken, there is a falling off for the year 1893 as compared with 1892 ; and this to some extent may be attributed to the lateness of the wool shipments. Taking the exports separately there had been an increase in timber, cheese, mutton, sheep, skins, tallow, and wool. The falling off in the value of exports last year was solely due to the falling off in prices, and the prices were entirely beyond the control of the Government. It must also be remembered that the home consumption had increased consequent on the increase in population, and he was glad to see this. He explained at great length the loan conversion operations of theGoverninent,and denied that they were borrowing on the sly. These operations decreased the amount of interest to be paid by the colony, and did not, as was frequently Btated, cause an increase in the net debt of the colony. He pointed out that in 1890 the total indebtedness per head of population of the colony was £6O 5s 4d, while in 1893 it was only £SB 2s 7d. Referring to the flax industry, he said that Mr Lee Smith, who had agreed to represent New Zealand at the Canadian Tariff Conference, would have particular instructions to make inquiries with regard to this industry with a view to securing the best markets, and if possible avoiding the middlemen. He spoke very highly of Mr Smith's fitness for the position. Continuing, the Premier thought that if the temperance party would be more moderate in their demands they would get on better. Clause 21 of last year's Act, about which there had been a large amount of controversy, was inserted in the interests of the temperance party, and without it the Act would simply have been a nullity. The Loans to Local Bodies Bill will be reintroduced next session, and Parliament would be asked to give the local bodies power to I exempt improvements under looal rating. In conclusion he said that the financial position of the Government was impregnable. The Customs returns were iip to expectations, and the surplus at the end of the financial year ought to be equal to tint of the preceding year. At the close of the meeting the following resolution was carried unanimously : "That this meeting accords a hearty vote of thanks to Mr Seddon ior his able address ; while congratulating him on the triumphant success of the Liberal Party at the last General Election, further de- | sires to express its continued and unabated confidence iu the present Government."