MONDAY, MAY 3, 1909. THE PREMIER'S SPEECH.

Bush Advocate, Volume XXI, Issue 256, 3 May 1909, Page 4

MONDAY, MAY 3, 1909. THE PREMIER'S SPEECH.

Much interest must necessarily attach to: the speech delivered by Sir Joseph Ward at Invercargill on Saturday evening last. New Zealand, in common with all other countries, has been affected by the wave of depression now passing over the world, and which dates from the financial cataclysm which so seriously involved .finance in America two years ago. That New Zealand has been seriously prejudiced by the financial, stringency has been painfully apparent for the last twelve months, and it is, therefore, of special' interest to know to what extent the revenue of the dominion has suffered. Taking all the circumstances . into consideration, as by the Premier, it is evident that the country has come through the time of trial remarkably well. The large surpluses to which we in the past have become accustomed have now disappeared, only temporarily, we hope, but in their place the Premier has a respectable little balance to credit on -the year's transaction of £184,000, which must be considered particularly satisfactory, especially when the huge shrinkages in some of the Australian States are considered. The Opposition critics will, of course,' have something to say in reference to the surplus, but we feel quite sure that the Treasurer's figures may. be accepted with confidence. The fact that the operations for the year have resulted so satisfactorily is 'very encouraging. The position might' easily have been much worse. . It is to be hoped that the corner of the depression has now been turned. There are indications that an improvement is being manifested, aud vi'ith the government being carried out on safe and prudent lines and with an entire absence r of anything approaching a fireworks policy, the future need give no cause for alarm. Sir Joseph Ward's remarks upon the banking resources of the dominion will attract widespread attention. A very large number of business people hold the idea that the time has arrived when more ■capital is needed in the country, and no more desirable method of attaining this object can be suggested than that of abolishing the monopoly which the existing institutions now enjoy. The question is one which must undoubtedly be. handled with caution, but it is encouraging to know that Hie principle of the desirability of

an extension of the. banking business of the dominion is i a pliroved !! ljy Sir Joseph Ward. .