SPEECH BY SIR WILLIAM RUSSELL.
Manawatu Times, Volume XXVII, Issue 7588, 19 November 1902, Page 2
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SPEECH BY SIR WILLIAM RUSSELL.
(Per Press Association.) Bastings, November 18. Sir William Russell addressed a very large meeting in the frincess Theatre to-night.
He said that Ministers, by their reckless expenditure of money had been placed in a most inimical position, and the policy earned out now was vastly divergent from that enunciated when the present Government took office. Ho quoted opinions of three Colonial Treasurer? (Ballance, Ward and Seddon) in support of his contention, and said that although Mr Seddon had last year advised them to " go Blow," they had this year added to the public debt of the colony £3,375,202. The colony must stop such excessive borrowing, or disaster would surely result. They were celd that the works to be constructed would be reproductive, but he had heard that urged in the case of every loan that bad been raised. He pointed out that the Government had power, in addition to 1$ millions authorised last session, to borrow no less a sum than £4,562,667, and he appealed to them to say whether they could possibly stand this reckless extravagance. Tbe enormous sum of over £2,000,000 was sent out of the colony for interest every year, which could be more profitably spent in developing the country in making roads, etc. Not only was tho public indebtedness increasing, but the departmental expenditure was also increased to an alarming extent. There was an increased expenditure this year o f £91,000, and they bad all to bear that There was also a loss on the railways of the colony. Concession after concession had been granted, co that the railways only paid. 3 per cent. They had cos* £20,000,000, and if they paid only 3 per cent on the cost of construction they were losing 1£ per cent. He spoke at some length on the r ilway question, and quoted figures to prove that his contention of bad management was borne out. In advocating that they should concentrate their efforts in pushing on the North Island Trunk hne, he said that in U years that line had only been constructed at the rate of one mile aoda-half per year, which was a fair speciwan of the manner in which their mlways had been managed He instanced ?he Makohine viaduct, which £48,000, but owing to Ministers' desire £70 nnny ~l>ibour> tad actually cost condemned the manner of raising tb{ last loan, and although he accepted Mr Seddon s statement that he had not approached the money markot during bis recent visit to London, he thought Mr beddon would be wanting in his duty « ne had not taken some steps to ascertain whether the presant was a favorable opportunity for raising the loan author, lsed last session,' Ho said that although Parliament would not accept bis proposal for a contributory system of old age pensions, he was glad to find now that his proposal was being adopted, bs they had a police and railway superannuation fund which he should liketosee[extended so as to inolude school teachets, wbioh was a more deserving body. He advocated borrowing only £1,000 000 a. year for reproductive works. He strongly believed in the freehold tenure, and had no sympathy with land nationalists. Ho contended that he had always replied courteously to any letters sent to him and had done his best in the interest of the disttict, which had prospered durina 25 years he had represented them A hearty vote, of thonke to Sir William Eussel:, proposed by Mr Wellwood n^ very euloß lS tio speech, was L? iB l unanimously, Y*a Cdrne<-
