The Waikato Times AND THAMES VALLEY GAZETTE. SATURDAY, APRIL 23,1892.

Waikato Times, Volume XXXVIII, Issue 3085, 23 April 1892, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

SATURDAY, APRIL 23,1892.

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

Tub Wellington Trades Review i< responsible for tho following state ment : " The Public Trustee ha: issued a circular inviting deposit: in sums up to £3000 for invest meut. Interest at tho rate of i per cent, free of chargo or deduc lion, and under guarantee of tu< jolony both as regards principa md interest." This is a new leparturs, and will naturally causi ■very man, who has taken any ntei*6st in the working of this department ot government, in the irst place to weigh the words careully, in the second to consider horc ho money is to be invested, and it ho third, is the Department justiied in pledging the credit of th'i iolony under any conditions thai mggest themselves? Tho recen' ixposures are calculated to make he public particularly desirous oJ ■nil information. It is quite underitandable that in !;he case of some »f the trust estates which have alien into its hands that borrowng may be judicious and legal in >rder to provide the means to place he properties in a position to yield •ovenues. But we take it that the department, in no greater degree hon a private trustee, has the powoi 0 pledge the public credit for suet 1 purpose. Manifestly the Publu Trustee has no right to give any iiich α-uaranteo unless the invest nent selected be the public funds Then comes the point : This busiloss is to bo transacted free of anj sharge or deduction. The bor ■ower therefore must pay the Trustee's fees ; it is more than dim suit, even in these days of socialistic levelopments, to'eelieve that the pa,ornal Government would do all tins Tork gratis. The inhnritors, how>ver, of tho hypothecated property voulcl have u<) room to complain as hoy would have enjoyed a lowei ■ate of interest than in the absence >f tho o-uarantoe they would hav< loue. We havo enlarged somewha >n tho abovo proposition, not bo >auso wo believe for a moment tha t is intended to so invest the money jufc for tho reason that in oui >pinion tho trustee has only th< •fj-ht to borrow for the improveneutof the properties in his charge : or which the properties solelj should be liable. But as the pub ic pockets the profits wliich accrue »rom the business it is right tha ;hey should bo liable for losses tha: nay arise from the dishonesty, care ossness or incompetence of th< they employ. Tho advance nont is also open to the interpret ■,ion that tho Department is abotr ■o enter upon tho business of a Loai md Investment Company, and ii jrder to give confidence to lender will pledge tho public credit, am is an excuse for tho irregularis plead that the country wouldbene fit by money to prosecute its indus tries being made cheaper, and fil the gap which tho companies havi left or contemplate leaving consequent on rocent legislation, or in i greater degree becauso of tha which they have been given gcoc cause to anticipate. It is, however impossible: to be believod that the Public Trustee would havo darec to issue tho circulars without specific instructions from Ministers, anc they, oti3 and all, on every possible opportunity assert and re-asser that money is not being withdrawi and that tho rtito of interest is fallin",. Under those conditions it wil be° difficult for them to logioallj dofond their officer on the floor o the House. It is possib'e that w< may have arrived at the true rcasoi for the movement, but there is von little probability indeed 'hat i 1; wil bo publicly urged. No Miuistn will willingly don the garb sytnboli cal of palpable inconsistency, whicl sve all know is elescribed as beiuf particularly musical about the uppei regions. We will make one more mess at the riddle and then give it ' ip Is this an attempt to raise a oau in ti new form ? Wo see one

looming in the not very fur distauco The Colonial Tronsuror lias infoviuod us that ho is favourable to raising fi loan wilhin iho colony at a liighor rale than we an; at l.rosont paying, rather tliaii pload our neci?ssit!Ps on the great money muiket of tho world, and is the investment proposed lor tho several £3000 to bo iu Government securities. Tho country has said that there shall bo no more borrowing, for the present at any rate, but if tho Treasurer could come down to the House with a statement that tho Public Trustee Department had tho command of a large sum which could be applied to the purpose, and that the interest would not leave tho colony, a modest proposal would assume a somewhat roseate hue, and be likely to be acceded to Command of money means power to a Ministry and Mr Ballance knows it. Any who tender their £3000, or lesser sum, will do so on the strength of the colonial guarantee, and, not oa the chance that the Public Trustee's judgment is sufficient, and having ttiis, they will not caro to enquire as to the application of their money. We await with some impatience the knowledge of the outcome of the circular, but this is not likely to reach us except through the portals of the House of Bepresentatives.