SECOND EDITION Wairarapa Daily Times. [Established 1874.] THURSDAY, OCTOBER 11, 1894. BORROWING.

Wairarapa Daily Times, Volume XV, Issue 4848, 11 October 1894, Page 2

SECOND EDITION Wairarapa Daily Times. [Established 1874.] THURSDAY, OCTOBER 11, 1894. BORROWING.

Tun member for Masterton in a recent speech in the House became the advocate of a borrowing policy. The following extract from Kamrd might bo taken as expressing the the views of a Mr George Beetham instead of a Mr A. W. Hog? Then the question arises, is borrowing a necessity '{■ If we take the theory of the Opposition, surely we must admit it is a necessity. Ever since the present Government came into office wc have been told by Unit great authority on financial matters that borrowing is indispensable; that, do what we like, we must borrow. And I think they ought to compliment us on the fact that ■wc are realising the truth of their assertion. I, for one, never denied that borrowing is a necessity, especially in the case of a new country. Ido not know whether I differ from other members on this side of the House. As far as lam concerned, I stand unpledged with regard to the judiciousness of borrowing, if wc find it to bo necessary to borrow for reproductive works: and that is the essence of the whole question. ' The fact is that the conditions of a constituency likeMnstertondemand a considerable expenditure of borrowed money. Mr George Beetham always recognised this, and MrHogg has come to the same conclusion, Mr Hogg would indeed have beou n fool to have taken any- other position. In his constituency there are a thousand settlers pressing him for roads and bridges, and a thousand working men who are in favour of active railway operations. Without borrowed money there is a poor outlook for both settler and working man, No doubt Mr Hogg . would like to see a direct loan for public works, but his loyalty to his party would probably prevent him from going this length. Still if the present Ministry remains in power, we shall expect to see it forced by its own followers to borrow in London for public Works, and we do not doubt that Mr Hogg would readily fall in with such a new departure. Like a sensible man ho recognises that the new country in his constituency must bo opened up. and settled, and in the long run this consideration .with hiin must be paramount. He has taken the first plunge by declaring that New Zealand must borrow,

In another portion of the speech which we have quoted ho further says:

Capital produces interest; but so long as we keep the interest in our own hands, and borrow from our own people, who will receive the benefit ?How can it impoverish tho country if tho money is expended in work that will fnmisu employment for labour in developing the resources of the colony ? Capital is tho food 011 which industry thrives. It is absolutely essential, not only to pubi lie works,'but; it is essential to thosp who are endeavouring to cultivate t]i6 industries on winch New Zealaud must be built up. and which will ovcntually mako her that great nation which Ihope glic ivjjij bp, . ; ..5 . \ It may seem strange to tint! Mi 1 Hogg eulogising capital awl as a

i natuial sequence paying homage' to cnpitalista, and.we might almost ask whether, thei'6 aro. ; iiot. iii him the makings of a good Conservative. But the fact is that the practical requirements of a.district like this and of the Colony generally aro so plain, and palpable that a "sensible man, whether ho be a Mr George Bcetham or aMr A, W. Hogg, can come to but, one conclusion upon them, Mr Hogg is evidently a little in advance of his party, but at the same time he is keeping himself a little back so that he may not become too much detached from it, We are, on the whole, glad to see a little common sense coming to the front amongst tho supporters of the present Ministry, and trust that it will have the effect of leavening its future operations.