The Wairarapa Daily. WEDNESDAY, MARCH 12, 1884. NEW ZEALAND BORROWING.

Wairarapa Daily Times, Volume 6, Issue 1632, 12 March 1884, Page 2

The Wairarapa Daily. WEDNESDAY, MARCH 12, 1884. NEW ZEALAND BORROWING.

| •—- ' In the' Saturday Review' of the 12th January last there was published an able and temperate article on New Zealand borrowing. The moral of it was that this colony would act wisely if it were for the future more moderate I in its applications to the Loudon money market. One of the most telling of the arguments advanced in support of this recommendation is the fact that the effective immigration to New Zealand is so small and that the condition ot the colony is not thought to be favorable by immigrants from • Europe. The outcome of, our public ' works policy seems to bo that we frighten immigrants from omvshores . by the extent of our indebtedness and the increase of our taxation. That the climate and soil of New Zealand are ' moro favorable for small farmers than 5 the soil and climate in any other part of the world is undeniable, but the • small farmers won't come to us, Is it then, true that the political condition 1 of this colony keeps them away 1 We are- afraid that it is, and that the course i. tho colony has been pursuing for the last dozen years lias been a foolish one.: j Our railway speculations have necessi- , tated a land tax, and though this pill . is now disguised under the general • title of a property tax, it tends to, keep 5 the' British yeomen ,md farmer from Bottling here. Even now we believe it [ would'pay to sell or let our railways . to a syndicate, reduce the debt of the colony, and so do without ' either Land or Property Tax Than men from Europe, from America, and J from neighboring colonies would be ! tempted to cast their lot amongst us, to bring their money into New Zealand, f and spend it in buying and improving 1 our wasto lands. A policy which frightens desirable immigrants from this country cannofc'bo a wise one, and the Booner it is reversed the better. ' Land, Property, and Income Taxes are j a mistake in a young colony which I looks for its supplies of men and money .to older countries. Is it not to escape such liabilities that the immigrant in most instances breaks-up his old home and seeks another country 1 We have always opposed both Land , Tax and Property Tax.' We have had some experience of both in New Zeaf land., They catch'the rich man, but i they also catch the poor man and the

man'ot moderate means. No Ministry, however, would be now willing to cany on the government of the country without one or the other, unless they were compelled to do so, arid then tiiey would do it fast enough, For the last few years we have had two political parties; one preaching up a land tax and the other a property' tax. What \ve want is a third party to knock both on the head; and(bring the colony into such a condition."that it,will attract and not repulse the British farmer.