COLONIAL CONSOLS.

Auckland Star, Volume XXV, Issue 226, 21 September 1894, Page 2

COLONIAL CONSOLS.

Thk opposition which the Bill authorising 'ha. isWeof a million sterling of New Zealand 4 per cenb consols within the colony has excited shows thab there is a genuine feeling within the House of Itepresenfca' tives againsb indiscriminate borrowing. The chief objection! urged against the measure are that 1b would diverb money from the ordinary channels of privabe enterprise, place a large sum ab the disposal of. the Treasurer without specific appropriation, and change the floating debt of the country in the shape of Treasury bills into a permanenb debt. The last-mentioned objections were undoubtedly Serious ones, and we are glad to notice that the Treasurer, upon the representations of a number of Government supporters, has agreed to place the money raised by the issue of oonsols under the sflfiae restrictions as those which are enforced wibh resp'eeb to the funds of the Posfe-offico Savings Banks. Although the charge of reckless borrowing has been made againsb the Government in connection with the proposed advance of cheap money to farmers, the distinction between a measure of that kind which, if successfully worked-, will impose no burden upon the people, and the issne of a million loan upon which the Governmenb will have to pay interesb, is clearly recognised. • We have no doubt thab" any Objectionable features in the Bill will be eliminated during its passage through Committee. .F.bi* our own parb we believe it would be preferable to raise money within the colony; ab -four per cenb., Under proper safeguards, for such purposes as the pur6hase of native lands and acquisition of estates under the Land for Settlement Bill, than to obtain a loan ab l\ per cent, from a foreign creditor. The worst feature of our national debt is the enormous drain it entails upon our resources. If the millions paid annually for interesb were distributed among residents in the colony, the employment afforded bo labour of all kinds would mibigate many of the evils that arise from our heavy indebtedness.