The Waikato Times AND THAMES VALLEY GAZETTE. TUESDAY, JAN. 19, 1892.

Waikato Times, Volume XXXVIII, Issue 3044, 19 January 1892, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

TUESDAY, JAN. 19, 1892.

Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political.

The taxation proposals of tho Government continue to form the subject of adverse comments, not only in New Zealand, but also in the neighbouring colonies and at home. The Premier and his colleagues have from time to time complained, with some bitterness, of the almost unanimous oppose tion of the newspaper press. This is a serious admission for any Minister to make and becomes all the more serious, when, as in this instance, it is literally true. The opposition of a single newspaper might be easily explained by personal vindictiveness or interested motives, but when the policy of a Government receives the almost universal condemnation of the press, both within and without the colony, it reflects little credit on the wisdom or justice of tho measures proposed. The press is to some extent the guide, but to a greater extent, the reflection of public opinion ; it

ia to public opinion that Ministries have to bend. In a recent interview with the Wellington correspondent of our contemporary the Herald, Mr Ballance made a statement, which was evidently intended as a justification of his policy and a reply to his critics. We cannot discuss tlie Premier's statements at any length, but the prominent features of his remarks call for some comment.

Mr Ballance begins by propound-, ing the question, has capital been attacked ? And this he answers in the negative. We prefer answering this question from the existing state of affairs, rather than I) 3' accepting the baro assertion of the Premier. There can be no question that the profitable outlay and influx of capital has been chocked by the legislation of last session and the threatened enactments of the future. Capitalists have undoubtedly been alarmed at the proposals of the Government, anH not without reason, and there is a marked disinclination to embark in any enterprise. This state of affairs must be detrimental to the colony, as it is only from the expenditure of capital and the development of the resources of the country that the colony can hope to meet its engagements. If everything is to remain at a standstill the end must be disaster. It does not affect the position whether statements are made from purely political purposes or not, the fact remains that capital lies dormant and unproductive. Mr Ballance next remarks that if capital should not flow into very large estates in the future that is what he desires to bring about. We contend that any obstruction to the flow of capital no matter in what direction— must re-act upon the prosperity of the colony. If the expenditure of !ar<*e sums in material and labour is suddenly stopped, there is obviously less money in circulation, and a curtailment in the employment of labour. In this instance it is the working-man who will be the sufferer. The Premier proceeds : •' We say that the work of building up enormous estates in a few hands is work that should be stopped." Assuming that in some instances lands could be now more profitably occupied and carry a larger population than in time past, yet Mr Ballance should remember that groat advantages have been secured to the colony by the expenditure that has been necessary _ to bring these large estates into a high state of cultivation. The employment of labour and the expenditure of monoy has done substantial service to the country. As the colony becomes more settled, and the value of land enhanced, these matters will adjust themselves in the ordinary state of things, without any State interferencei The law of primogeniture does not obtain in this colony, and upon the death of the proprietor of a large estate its sub-division would bo almost inevitable. Hero would bo the bursting up of ft largo estate in a perfectly natural manner. In all pioneer settlements it is neoossary to take tip country in large blocks, in oider that the occupior may ryiako a living. The only uso to whici* land could be put in its natural state ir, this_ country was tho depasturing grazing of Ciittl'j a.U'l It was not

then a question of the number of sheep to the acre, but tlio number of acre? to the sheep. From these primitive stages of settlement the country has now ton great extent emerged, and land which cost but little in former days has now increased considerably in value. We have endeavoured to show that the sub division of these large estates will certainly be made in the course of nature without any vindictive or class legislation. The

law of supply and demand has also an important bearing on the land question. As the demand for land increases, so the value of land increases with it; and land changes hands at higher prices than was formerly the case. It is altogether unreasonable to contend that large holdings will remain locked up for generations in this country. People are willing to sell, and as the occupation of land becomes more profitable, people with money will be equally ready to buy. In attempting to burst up large estates by excessive taxation, the Premier is simply trying to hasten by a gross injustice what will naturally occur in the ordinary course of events, and at no distant date. The consideration of the remaining portion of the Premier's statements we must defer for a future occasion.