Wairarapa Daily Times. [Established 1878.] THURSDAY, AUGUST 9, 1894. THE BUDGET PROPOSALS.

Wairarapa Daily Times, Volume XV, Issue 4795, 9 August 1894, Page 2

Wairarapa Daily Times. [Established 1878.] THURSDAY, AUGUST 9, 1894. THE BUDGET PROPOSALS.

Tiiwie is (v National Association, which lias its head - quarters in Auckland, which is trying to figure out tho Budget Proposals. Accovdiusr to the view taken by its President tho real surplus for the past year wns £6,454, but as the revenue included £'284,500 of liberated sinking fund, it is obvious that the lcgiliinato expenditure was far in excess of the legitimate receipts. Then again the public debt of the Colony lias increased dui iiig the year by. £730,431 nud during the past three years by £1,531,183. The . Council of the -Association holds tlnit the fresh loans contemplated in] the budget must be followed by in- j creased taxation, With respect to tho. Government mortgage proposals it disputes' Mr Ward's contention that the present selling value of real estate is at " bed rock" unless it can be shown that'the prices forproduco arc also ftt "bedrock," amlniaintains that Mr Ward's project may hamper the Colony with immense "globo assets." The consols proposal is also objected to on the' ground .that it will deplete tho open money market in order to swell the resources of the Government, According to the Association, the Government, in its proposals, fails to grasp the situation, It trusts to legislation to remove the existing depression, and lead to a return of prosperity; whereas, in the opinion of persons who are qualified to judge, the interference with, the harassing of private enterprise, only jnako.s matters worse, and prevents theft-op use of capital in tho employment of labour, While the attempt to concentrate the currency, of the colony in ' tho hands of. Government, tends still further to restrict enterprise and destroy confidence, iu tho future of the colony. . 1 • . .