PREMIER’S SPEECH.

Gisborne Times, Volume IX, Issue 836, 10 March 1903, Page 3

PREMIER’S SPEECH.

FINANCE AND POLICY,

HALF A MILLION SURPLUS. Per Press Association, Christchurch, last night. On Saturday the Premier, at Hanmer Springs, delivered an important policy address. Referring to taxation he 3aid that anomalies existed which he would like to see rectified. If there came the necessity for adjustment it would not be in the direction of increasing indirect taxation, but calling upon those paying directly to contribute a little moro.

Ho had announced a decrease in the

imports of 4'26 per cent. The exports last year were £13,633,557, an increase over the previous year of £752,153, or 5-84 per cent. The value of gold exported last year was increased by 1P27 per cent. The export of wool had increased in weight 9-26 per cent., although there was a decrease in the total value of wool of £1,709,000. The outlook was now bright. Frozen meat had increased 15 9 per cent., and butter 36'65 per cent. The population had increased by over 20,000 souls during the last three or four months. The population was increasing at the rate of about 2000 a month. The difference between arrivals and departures was in marked contrast to what it was when the present Government took office. During the 11 months of the present financial year the annual revenue had been £5,051,366. Taking the estimate for March at £740,630, the result would be that on tho 31st March wo would have a surplus of over £266,000. It was therefore with pleasure he announced not only to them, but to the colony, that tho finances were " all serene," and that there would be the usual surplus of over half a million.

Thero wore thoso who thought that becauso the Government’s financo was sound and they had a surplus, on that account they wore extravagant, They never made a greater mistake. Whenever he had seen the possibility of cutting down expenses he cut them down. This year the Government would have under-spent the amount that Parliament had given them power to spend by £40,000.

The Government recently asked for a loan of a million and a-quarter after making careful enquiries, and taking the advice of experts. The loan was put upon the London market at a time when everything was favorable. A few days afterwards an attack was made by Mr Wilson, of the Daily Mail, upon Australia. 3o ignorant at Home were they of the separation between Australia and New Zealand that the result was that stocks foil from £95 10s, which they were at when the loan was announced to JE94, and afterwards went down to 93J. Since that they had recovered, notwithstanding the “ bearing ” of those who deliberately tried to injure tho colony. There were 320 people who had subscribed to tho loan. In addition, there was an amount taken which brought it up according to the Agent-General’s announcement to over 80 per cent. At the present moment there was doubt because he believed there was more than 80 per cent, subscribed by people at Home. A point he wished to draw attention to was this. A cable message had come out from Home saying that the net result of the loan would be under 91. It was reprehensible in the highest degree that without waiting or asking for correct information the papers seized upon that and wrote articles. The loan was floated at 94. The Government had given the same charges and the same eonimission for underwriting. The net result of the previous loan was 4191 4s, and tho result this time would be £9l 14s. He held in his hand an extract from a communication received from a reliable source, stating that aftor the loan was announced “ bears ” announced Now Zealand 3 per cent, stock from % to 1 per cent, discount. The loan only fetched j£93 10s, and the underwriters lost nothing because they were getting 1 per cent., so that the Government were not losers.

New Zealand’s credit had nover stood higher. Our security was never better. There was no reason whatever for tho fall in securities brought about with a given object. However, the scheme failed, because the Government had fixed the minimum at £9l 10s. No moneylenders in the world should dictate the policy of the people of New Zealand. The Government spent out of consolidated revenue over 3A millions on public works, and tho country had scarcely felt it. That meant .8100,000 a year saved in interest. The Government had got nine millions on deposit in tho banks of the country, and it was quite possible that if tho monoylenders attempted to dictate tho policy of the country thero was a way out of the difficulty. The monoylenders should have a lesson taught them. They had better leave New Zealand alone.

It had been said that two millions of public money had been appropriated for public works last year. That was quite right, but the fact was kept back that on the 31st March the Government would not have spent more thon 50 per cent of the money Parliament had granted. The .public works expenditure this year would be considerably less than last, and designedly so. They could not afford to borrow and spend two millions of money on public works. He had said so before, and he intended to repeat it. It was better to go slowly on public works making satisfactory progress. This non-expenditure left the Treasurer with a credit on March 31st on public wopjfs accounts of over one million pounds sterling. He had that day received a cable message from the Agent-General, stating “ Wellington correspondent Times telegraphs that cabinet-makers have locked out all their men, and firemen on Union Steam Ship Company’s liners struck in body.” That was the class of cable mes--1 -wtjes that went Home from New Zealand, mg ~* v 'e gentleman cabled a very incorIhe sa- -i fcgai’ding himself some rect statemen. --4 hVC( .y opportunity months ago, and \ jjj B p to decry tho colony, deceiving _ «. wag at Home by telling them that thic, what all the Government legislation had done. Under the circumstances he did not hesitate to say there were traitors in our midst. Had it not been for the AgentGeneral, he should not have had an opportunity of repelling the unjust accusations. Three times the London Times had had to apologise to the colony, and if it did what was just it would apologise for the wrong-doing of its correspondent in our midst.

Referring to the Land Department, he wanted to say to the people of Canterbury, Hawke’s Bay, Otago, and Waikato that some large estates must give way to closer settlement. It was in the best interests of the country that it should be done. The country must have population. He forecasted a vigorous application of the land settlement policy.

The San Francisco mail service terminated shortly. The question was asked why they had a contract with a San Francisco company, and he asked them to allow it to go on until the service expired, when the two services, Vancouver and ’Frisco, would be dealt with together. While at Home he had a conference with Sir Wilfrid Laurier, Sir Edmund Barton, and the Prime Minister of Newfoundland. The question was discussed of a British subsidised line of mail steamers going from England to Canada, and then right on to Australia. New Zealand representations were made to the Imperial Government on those lines, and he stated that New Zealand could bo put down for a £ 20,000 sabsidy. He had no intention at the same time of doing away with the San Francisco service, which, as a mail service, the Government could not improve, but there must be an extension so as to connect and have a Federal service. Referring to the Islands, Mr Seddon said the British Government ought to acquire French rights in the New Hebrides, and let the Islands be a British colony.