The Press. THURSDAY, JANUARY 27, 1887.

Press, Volume XLIV, Issue 6660, 27 January 1887, Page 2

The Press. THURSDAY, JANUARY 27, 1887.

The Premier's eoeech to his Dunedin constituents, delivered on Tuesday night, is perhaps the best address he has ever given from a public platform. In it the various public questions of the day are discussed vigorously, and, on the whole, with an evident desire to treat the subjects referred to from a lofty standpoint. We do not mean to say that we are prepared to agree with all that Sir Bobset Stout has to say, for we differ from him entirely on many points. Neither are we prepared to admit that he has given ns the information on every subjeejt that we have a right to expect. JJgt, on the

whole, the Premier’s speech was an interesting ore, and there is nothing whatever to complain of regarding its tone.

The early part of the address was naturally devoted to an exposition of the legislation and policy of last session. Into a discussion of the points raised in that part of the speech we do not intend to enter in this article. We are a great deal more interested in what he had to say about the future. The two great questions, in this connection, which naturally come np for consideration, are borrowing and taxation. Nothiug cculd be more satisfactory than what the Premier bad to say regarding the former. “ I am convinced,” he said, “that if we are to provide not “ merely temporary prosperity for this “ colony, but act as colonists intend- “ ing to live here, and individually “ have it as our home and the home of “ our children—if we are to have per- “ manent stability of our finances, and " permanent stability of this colony, “ our borrowing must cease. . . . “ I believe that next year we ought “ to try to do without borrowing at “ all—l mean the year 1887. We “ must take a new departure in New “ Zealand finance, and though it may “ cast upon us hardships, even though “ it may cast upon us additional taxa- “ tion, we must face our liabilities, “ and not depend on the foreign “ money-lender for assistance.” The Premier even ventures to hope that if we are careful in our administration, if we are prudent and economical, we may be able to save sufficient out of the present revenue to pay for the completion of the railways to a fair working point “ without going to borrow “ money at all.” It is with very great pleasure, ndeed, that we find the Premier speaking with such evident earnestness and sincerity regarding this most important question. This “ new departure in New Zealand finance ” which he promises to take, will be heartily welcomed by those who have for years struggled against the improvidence and recklessness which have so long characterised our financial arrangements. Sir Robert Stout said nothing new or original on the subject. But his remarks were nevertheless not only true, but vigorous, and coming from tbe head of the Stout-Vogel administration they are quite fresh and encouraging. What could be more to the point than th< following passage“ I do not be- “ lieve the prosperity of this colony “ will come from borrowed or paper “ money. 1 believe if it is to pro- “ gress, and it will, it will be by the “ work of the colonists and the thrift “of the colonists. That is the only “ way any colony can progress. No “ country in the world can live always “on borrowed or paper money. They “ are the same thing in a different “ form. The mly way a colony can “ get on is, as with individuals—ly “work, care, economy, and thrift .” This is precisely what we have been saying for years in these columns; and it is with no small satisfaction that we find the head of the present Government enunciating similar views in such nnmistakeable terms.

On the subject of taxation we regret to say Sir Robert Stout's remarks are much less Although he was able to assure his audience that the Government had been economising in all directions, and that they would be able to show very large reductions when the financial yesr closed, he announced that next session the House will have to consider the Customs tariff. In other words Ministers, it would appear, do not see their way to retrench to such an extent as to avoid tbe disagreeable necessity of increasing our inoome, and they think, we gather from the speech before us, that the additional revenue can best be obtained through the medium of the Customs tariff. Tbe announcement of the probable intention of the Government to revise the tariff in the direction of protection will be received generally throughout the colony with regret. We believe that if they raise that question in a practical shape they will meet with the most strenuous opposition, and it is a thousand pities that Ministers have thought it desirable to associate a policy of protection with the policy of self-reliance so vigorously proclaimed in the Premier’s Dunedin speech, nightly understood—as we shall show in another article—these two policies are mutually antagonistic. It is jußt possible, however, that the Government may yet see their way to avert a struggle over the great question. The first point to be ascertained is: Can taxation possibly be avoided ? If it can, Ministers are not likely to precipitate a great political contest when, on their own showing, the tariff should only be revised in the direction of protection in the event of more revenue being required.