The Bruce Herald. TOKOMAIRIRO, JUNE 27, 1905.

Bruce Herald, Volume XXXXI, Issue 50, 27 June 1905, Page 4

The Bruce Herald. TOKOMAIRIRO, JUNE 27, 1905.

The adage that one has to go f om home to hear news is somewhat aged, but nevertheless it is as true to-day as when it was first uttered. Especially regarding politics is its truth manifested, for anyone anxious, to find out what is really the true opinion of party politicians of each other, has only to read what they say . when they are away from home. Lately we know Captain < Russell eulogised Mr Seddon in Perth,: as ""the- strongest man we ever had." Yet while Captain Russell can honestly and candidly praise up Mr Seddon in Perth, he, will, as a party politician probably denounce him next week in Parliament in the strongest terms. That, however, as Rudyard Kipling would say, is another storyi In New Zealand, for years, the Opposition, like a political Jeremiah, has been, predicting all •sorts, of evil things for this_country; For I fourteen years these, lamentations have rung through this' Session after' session, year after year, almost" week after- week, the people of New Zealand haye been warned that the administration and legislation ot the Government would cause widespread ruin ; disaster. would follow fast and folldw faster, and British capital would take unto it-, self wings and fly away. The years have gone by,: and New Zealand, .'instead of progressing backwards, has gone ahead by leaps and bounds in a manner unparalelled in the history of almost any other . country with so small a population. Still, to-day the croaking voice of the' Opposi-

tion party hoots out, like some illomened bird, in mournful tones that the colony is being ruined ! But going from home to learn the truth is always wise. The other day in London Lord Ranfurly gave a very interesting address on New Zealand, and at its conclusion Mr T. A. Coghlan, the new AgentGeneral for New South Wales, made a number of remarks, in the course of which he gave high praise to New Zealand and its Government. Now, praise from Mr Coghlan is praise indeed ; for he is one of the most noted statisticians in the, 'British Empire, and knows more about the statistics of New Zealand and Australia than any other man living upon this planet. ■ Hence his remarks are worthy of the best attention of all New Zealanders. Now the Opposition has maintained that the Government legislation would drive British capital out of the country, and it would be ruined. Mr Coghlan points out that during the past 14 years -r-the time of the present Government— there has been a reduction of eleven millions of money lent by non-residents to this colony. In IS9I there were 20^ millions of British, capital invested privately in New Zealand, but these investments have now fallen to 9I millions. Under ordinary circumstances, says Mr Coghlan, this withdrawal of capital would be considered, a very, serious ..matter, . and there were not wanting persons who pointed to it as a fulfilment of the prophecy that the social and industrial legislation of New Zealand would ultimately drive British capital out of the country. But he goes on to say that New Zealand's achievement in wiping out such a large private indebtedness was a most notable one, He further pOiritS OUt that "in the year 189 1 tile value of property in New Zealand was 150 millions sterling, and of ; this 20% millions, or nearly 14 per cent, belonging to British, investors. At the present time the valuation of property was 222 . rhilliohs, arid the amount of British investments only 9^ millions, or less than 4^ per cent. Here, then, they had the extraordinary position that during the short space of twelve years the New Zealand people had reduced their indebtedness to outside investors to such an extent that what remained of it was now an insignificant portion of the accumulated wealth of the country, and "while 1 that process of repayment* had /been going on the value of property had increased by/72 millions, or 50 per gent.— this is to say, from 1 50 to 222 millions." After this speech of Mr Coghlan's, it is to be hoped that New Zealanders will hear no more of the parrot-like cry— that capital is being \ driven out of the colony and New Zealand is being ruined in consequence.