The Waikato Times. AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, of whatsoever statu or persuasion, religious or political. TUESDAY, JAN. 4, 1887.

Waikato Times, Volume XXVIII, Issue 2260, 4 January 1887, Page 2

The Waikato Times. AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, of whatsoever statu or persuasion, religious or political. TUESDAY, JAN. 4, 1887.

*. It is our annual custom at this season to review the political events of the year which has just expired, and to do so in a manner as free from bias and prejudice as our frail human nature will permit. It is also, usually, not easy to do so within the limits of one readable article. On this occasion, however, our task although unpleasant, is almost too easy, so uneventful, not to say dull, has the past year been, so far as our colonial politics are concerned. Let us consider what they have been. The Government which ruled our political destinies in 1885 has done so also in 1886. During the past year, many, say, little harm has been done, and that for this somewhat, negative comfort we have to thank the Opposition. Even if this be admitted it must also be evident to all that very little has been done to advance the social or material welfare of the colony. To account for this the friends of the Government plead that they have not been permitted to carry out their policy. Here again Ave have either to thank or blame the opposition, as we may feel inclined. Certainly the members of the Oppo-' sition say that the Government have been compelled to fall back upon their policy, and indend the more philosophic of them also say that so long as that be the case they care not how long the present occupants of the Treasury Benches remain in power. We are, however, somewhat old fashioned in our opinions ou this point. We cling to the belief that principle should not be sacrificed to place, and that party Government is simply impossible when expediency becomes the sole controling influence. It becomes then simply a tight between the ins and the outs

Of the fact that the Government have adopted the policy of the Opposition, in its essential features, there can be 110 doubt. Therefore, we, as generally supporting that policy, should not complain, were it not for the fact that the present Government came into power on a totally different platform which they have abandoned entirely, and that they are now carrying on the policy of their predecessors at a very much increased annual cost to the colony. The Sinking Fund has been seized, the Customs and Stamp Duties have been increased, the charges ; for Hospitals and Charitable Aid have been saddled on the localities, 7 the Property Tax is still heavy, and our National Debt materially increased. We have have also the certainty of a large deficit in the revenue to face at the end of the financial year. Therefore, we think that whatever force there may be in the assertion that the Government have been compelled to adopt the policy of the Opposition, when used as a taunt, it is exceedingly weak, not to say mean, as a defence. Let us look again at the very few, but sadly important changes which have occurred in our position during the past year. Our debt has been increased directly by the new loan of £1,375,000, and by the purchase of the District Railways, say, £700,000 more. This is irrespective of the North Island Trunk Railway Loan. We have also ascertained beyond a doubt that the half of the new loan was practically gone when the House met last May. We have also been made painfully aware by the London Money Market that the extreme limit of our borrowing powers is not far off. Then internally, as regards progress, we are a great deal too much " as we were." Settlement is slow, our Customs and Railway Revenues are falling off, and confidence is shaken. There is still plenty money in the colony,. but every one is afraid to invest it in any enterprise. Of course for all this it would be manifestly unfair to blame the Government; in fact we are strongly of opinion that we, as a community, are much too fond of blaming the Government for everything and looking to them to drag us out of every mess into which our own extravagance, or even entirely unavoidably circumstances have led us. The only thing tor which they could be reasonably blamed in this connection would be that in 1884 in assuming office they undertook in the most jaunty manner possible to lift the colony out of the state of depression then existing, whereas the result under their administration has been decidedly the reverse. It appears to us simply that we are perhaps getting rather more than our share of the intense trade depression which prevails all over he world, and that wo can only hope to shake it off by industry and economy, exercised both publicly and privately. Times of inflation seem inevitable, and periods of undue depression are their natural consequence. As regards our future political prospects we can say but little, as we have not even the somewhat wild and contradictory utterances of Ministers to guide us, with which we were favoured last summer. Even on the question of Protection the utterances of both the Premier and the Treasurer are vague, if not actually evasive. There is, however, evidently a growing feeling in favpur of a protective

policy. However, we look upon this as simply 1 an indication of how apt people are to jump to conclusions ; and, in times of depression, to blame the existing order of things, whether that be protection or free trade. We would also remind our readers that our already heavy tori ft' is even now so arranged as to encourage local industries by admitting articles likely to be used in them either with a light impost cr entirely free. We have no hesitation in saying that 9.5 per cent, of our troubles are owing to tho over production of a few staple articles, easily produced elsewhere, low prices for produce generally, the high price of money, coupled with the unusual facilities afforded to us of borrowing privately and publicly, and thereby being tempted to trade beyond our means. A homely illustration of this contention is tho well-known fact that in the poorer districts of the colony, where borrowing upon their holdings was an impossibility, the settlers are in a much sounder and more flourishing condition than in Waikato, where, for a time, sales and mortgages based upon fancy values were only to easy. However, we look upon it as a healthy sign, and an indication of returning sobriety and honesty of purpose that the people are showing so very plainly that extravagant plunging must cease; that even the StoutVogel Ministry have at length openly adopted the policy of retrenchment and economy. By this course only can our affairs be put on a satisfactory footing, and not by plausible and attractive political nostrums. In concluding this somewhat dismal article we can only repeat what we said this time last year, that we have every faith in the future of the colony if we only put our shoulders to the wheel, instead of praying to the gods to relieve us. .