Capital and Land.

Alexandra Herald and Central Otago Gazette, Issue 698, 20 October 1909, Page 5

Capital and Land.

Not the least interesting feature of the Prime Minister's speech on the Address-in-Reply was that in which he referred to capital being driven out of the country. The point he made was with reference to the A.M.P. Society. The directorate of that institution were opposed to the Government, but the general body of the shareholders was favorable to the present Administration. It was remarkable that the whole of the £225,000 lent to the Government was paid out of the company's funds in Sydney, andjiot out of New Zealand funds at all ; yet it was suggested that the New Zealand Government were collaring the chairman and directors and everybody concerned. He had heard this statement of capital being driven out of the country until he was absolutely sick of it. The only people who were,taking capital out of the country were a few who had made money out of the efforts of other people, which had increased the value of their land. Take the Hatuma Estate, for instance. It cost originally 10s an acre, and the Government paid or it at £5 8s an acre. The increased price was made by the railway passing through the property, and by. the erection of public buildings of various descriptions. As a matter of fact, the Government did not, receive a modicum of fair play tor their policy. Even the member for Wairarapa (Mr Buchanan) urged the Government to purchase an estate in his electorate The purchase would have benefited one man only, for it was a grazing run. The Government were not buying small grazing runs in the ordinary course. They would have the whole question threshed out and settled this session But the Government would not go on purchasing landed estates from these landed proprietors at the enormously increased prices put upon them. They would not go on buying land at a price which meant too big a burden on those who entered on it by way of occupation He believed that the system to be established would enable small men with small means to go 4ipon small areas and make a reasonable profit.