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THE SUGGESTED LOAN.

That slow-going journal which is published in the Empire City under the sounding and ambitious title of " The New Zealand Times," but which is irreverently spoken of by the pseudonym of " granny " by its Wellington contemporaries, has come out with a series of articles which for once have created a considerable sensation, not because of any wonderful literary ability therein displayed, but because their aim and object has been to show that New Zealand might, could, and should go in for another loan. Like the errant damsel, the evidence of whose straying from the paths of maidenly virtue being in question, demurely pleaded that it was " only a little one," granny justifies her lapse from the stern doctrine of nonborrowing by the self-same excuse, arguing that though we have for sworn the intoxicating delights of borrowing and spending, yet we have shown ourselves such good boys that we may now indulge ourselves just a little in the forbidden pleasures —not for building railways; Oh dear no! certainly not, but for the purchase of land from the Natives so that settlement may proceed in the North Island, It is argued— and we accept the argument —that settlement must be pushed on, and it is shown that the money spent in buying land will soon come back again, and that not only directly but indirectly. That is all very true, but it is not a new truth, It was just as true when the present Ministry went into office as it is now, and if notwithstanding all these considerations they were right in declaring then that they would not borrow a penny more they must be equally bound to stick to that declaration now. Only one or two papers in the colony have endorsed the view of the "New Zealand. Times" that thejCircumstanccs have so widely altered as to justify the resumption 1 of borrowing for the specific purpose of pushing on. settlement; and no in>

portance whatever, therefore, would attach to its suggestion were it not that it is well-known that that journal is usually " inspired " in the political sense, and that" the inference is . naturally that this borrowing idea has I been thrown out merely as a" feeler " at the wish of Ministers, with a view to enable them to so shape their policy as to meet the popular wishes. It has been roundly said that this is the case, but we notice that Sir H. Atkinson denies all knowledge of the matter. A telegram to the Auckland "Herald," dated Wellington, Monday says :—" A member of the House waited on the Premier this morning, for the purpose of ascertaining from him whether there was any truth in the report which has been published, namely, that the Government would be prepared to advocate i the raising of a new loan for special purposes, amongst others for the ' promotion of land settlement. Sir H. Atkinson gave an absolute denial to the report. The notion of raising a new loan for any purpose has never, he said, been entertained either by himself or his colleagues. The rumour was stated to have proceeded from a certain newspaper which is known to be an active supporter of the Premier and of the policy of his Government. He considered it would be very hard if a Government were to beheld responsible for what appeared in the leading columns of a particular newspaper, for no better reason than that the paper in question gave a general support to the Government. The report was without foundation, so far as the Government was concerned." This Avill be satisfactory to those of our readers who dread a renewal of the old policy of borrow and spend, and may we suppose be taken as conclusive as to the intentions of the Premier himself, and if so it may be regarded as certain that no loan proposal will be brought down next session. Yet at the same time we are quite prepared for the discovery, which we venture to think will be made some day, that some of the Premier's colleagues have been the monkeys who have been utilising " granny," as the cat to pull the chestnuts out of the fire. If so the monkeys can afford to laugh, as their fingers are unblistered, though " the harmless necessary cat" has burnt her paws in their service.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AG18900429.2.14

Bibliographic details

THE SUGGESTED LOAN., Ashburton Guardian, Volume XII, Issue 2413, 29 April 1890

Word Count
727

THE SUGGESTED LOAN. Ashburton Guardian, Volume XII, Issue 2413, 29 April 1890

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