THE COLONIAL TREASURER AT OAMARU.

Clutha Leader, Volume XX, Issue 1039, 22 June 1894, Page 3

THE COLONIAL TREASURER AT OAMARU.

The Hon. J. G. Ward addressed a large meeting in the Public Hall at Oamaru on Friday night, ih*» Mayor being in the chair. The Trea&it-er met with a good reception Mr Ward said that the fact that he had to speak on the eve of a session would not lead thorn to believe that he would disclose the policy of the Government and he would have to use a certain discretion in dealing with certain matters, They were all interested in the finances of the colony and he might tell them that these were thoroughly sound. The net public dftbt per head in 1890 was L 59 9s, and in 1894. L 57 3s, a saving of L 2 6s per here. There was also a reduction in the interest as follows : — ln March, 1890 it was L 3 per head, and in 1894, L 2 15s. These were the facts of the matter; if they wanted further proof of the buoyancy of the colony there was their stocks which they had now undoubted evidence were at 103 in London. The Government had been misrepresented in many of the newspapers ; much bad been said about the sinking fund but the conversions were not made to collar the sinking fund. Tn the conversions, loans amounting to L 4,9 18,600 had been converted and there, had been a saving of L 53.482 in interest by the transaction and the released sinking fund was only L 163,000. This surely was not done to collar the sinking fund. The whole transaction was a saving of interest made by the Government of L 141,000 up to the end of *- l Ms year. The speaker, then dealt with the question of Treasury bills. The Government had not taken advantage of their position to use Treasury bills in a way not stipulated by law. He referred to the balance sheet issued by the Auckland branch of the National Association and as copies of that statement had found their ivay to places outside the colony he would refer to it, as the statement was calculated to do harm

to the colony and was a gross misrepresentation. The National Association said their accounts were made up on a form used by Mr Fitzgerald but the same Mr Fitzgerald had put his signature as correct to the public accounts of last year and that statement showrd that there was a surplus of L 273,000. Mr Fitzgerald was the Auditor and Controller-General yet the National Association said there was a deficit of L 393.000 odd. The puMic accounts could not be set out in the same way as a firm or company would set out theirs, as erery account was set out according to the law. The ordinary revenue and the Consolidated revenue had been mixed up in order to get the extraordinary result of a L 393,000 deficit. The hon, gentleman then referred to the system of co operative labor and upheld the system as a good one. The system had enabled the Government to deal with a greafc labor difficulty. Referring to the private wealth of the colony he said that in 1885 it was L 125.000.00 0; then in 1888. L 120,000,000 ; and in 1893, L 155,000,000. This showed that thoy were not in such a bad way as they tried to make out. In 1885 the public and private debt of the colony was L 65.385.942 ; it had increased in 1889 to L 66,382,291, and in 1893 it was only L 66,975,480, the private debt decreasing considerably. In the same time the debt per head was decreasing and the wealth per head increasing. He was in favor of reciprocity with the other colonies, but the other colonies was not so favorably inclined. He was not in favor of a retaliatory policy, but he had learnt that on the other side there was an intention of raising still further barriers against our products, and it would be their business to see if they could not protect their people against it. The low prices and a bad crop had brought many of the producers to their present position, Overproduction was the cause of this, and another thing was the appreciation of gold, which had had a certain effect. He was not prepared to provide a remedy, but a change in the currency was fast pressing itself on the attention of the nations. Britain just now stood in the way. A department of industry and commerce had been establised to help the producers to find fresh markets antitoimprove themeans of distribution. They had sent to England a produce commissioner, and they believed he could assist them greatly in this direction and greatly improve the system. The coal, fishing, and fruit industries were referred to to show that these should be fostered. The frozen meat trade had not developed to its utmost ; it was in his opinion but in its infancy. In India there was a market, and by getting the Imperial army to use frozen meat they would greatly help the trade. It was their duty to see. that the industries of the Colony were advanced, and if ifc was his pleasure to be in office next year he would do his best that these industries were advanced, and if those countries from which they received large quantities of goods did not reciprocate the commercial men of the Colony should assist the Government by shifting their trade to other places and the Government would assist them in doing so. Referring to Oaaiaru as an example of a place where land was held in large areas he said the remedy for this state of things was a Compukory Land

Acquisition Bill. He was not in favor of wresting a man's land from him at other than a fair price. They would be just to everyone, but the country must be settled, The speaker referred to the land purchases of the Government and said the Cheviot estate was a most successful transaction, and the. Pomahaka, Teancraki, Pareora, and Studholme. Junction purchases were similarly successful. The Minister of Lands bad placed on the land since he took office 7044 settlers. Referring tc the policy of the banks he said that if that policy were hurtful to the. people of the Colony it was thyir duty to try to get it altered. Large sums of money coming inio the Colony helped its industries, aud the contrary was the effect if money was withdrawn. There had been falling off in the customs revenue during the past two months, and this they attributed to the withdrawal of the capital of the Colony. If the country was to prosper it was essential that the people should have money, and the 'Government intended that they should have money and at cheap rates. He was not prepared to say just then what the proposals were, but they were well matured. They would not hurt anyone, and would not create a financial disturbance; the banks would be able to continue their ordinary business without being affected by the proposals of the Government. In a fortnight or three weeks they would know what these proposals were. It would also l»e the duty of the Government to provide opportunities for cheap postage and cheap telegraphing. Referring to local matters he said he thought the Oamaru Harbor Board bondholders had not gathered sympathy to themselves by putting in a receiver as they were before receiving all they could now get. He condemned the differential railway tariff between Dunedin and Oamarn, for a public body had no right to carry on a system that, practically ruined a community. If the rate was fair In Oamaru's case it would be fair all over the Colony. He would do all he could as a member to assist their member in securing an alteration. The speaker epitomised the policy of the Government, but said there were certain features he cauld not disclose to them at the present time. The Government we.re desirous of advancing the best interests cf the Colony ; they were only mortal and made mistakes, but they asked to be judged by results, and they wou'd stand or fall by results. — (Cheers.)

Mr F. Clayton moved, and Mr J. Wansboroiiirh seconded, a vote of thanks to Mr Ward for his address and of confidence in the Government, which was carrier! unanimously.

The proceedings terminated with a vote of thanks to the mayor for presiding.