LAND AND MONEY.

Dominion, Volume 2, Issue 550, 3 July 1909, Page 3

LAND AND MONEY.

Sir, —I noticod an interesting letter in jour issuo of June 26 by a New Zoalandor, entitled "The Financial Problem of New Zealand." 1 agree m general with the writer and desiro to supplement the same by showing that in addition to the State indebtedness .there is a largo sum owing to outside and inside'lenders by the various local bodies throughout the Dominion, which, if'oil, including the State loans, wore added together, would come to over £130,000,000. It is a matter of interest to everyone and of deep concern as to' whether we are going to continue the insane borrowing policy or not. think what our present indebtedness means. I am creditably informed that the brokerage and other expenso on every million borrowed averages £70,000, which, multiplied by 130 millions, equals £9.100,000, which this Dominion has paid away in brokerage, saying nothing about renewals or extensions of loans. Then comes the annual interest, which is more liko i per cent, all round. This item amounts to tho annual payment of £5,200,000. Yet we aro going in for more i borrowing, more exploiting of the land by i selling it to gamblers in place of aiding legitimate settlement by manufacture of our own currency. No, that don't suit the avaricious, sohlsh seekers who masquerade in .false garments in order to gain their own purposes. % It is this insane course of procedure which both in the past and present has caused the unemployed difficulty. How long will tho industrial army allow it'to continueP Will they, like wise people, pot aside their petty differences and be one in regard to ending the E resent, state of things, and. got back te Bal- _ inco's policy, or will strife and petty joalousv]cs oontinuo to divide and play havoc? If bo, then it serves us right to burn in. the furnace a little longer. What a land of plenty, peaoe, and happiness could this country become if tise interests of the masses were considered by the development of its resources for the .people's good, in place of continuing tie exploiting policy which has produced the present; 1 , Whore are the agricultural schools promised many years ago for the purpose of educating the young on scientific linos to make a proper use of land, thus encouraging both sexes to become profitable settlers on the land, which is the most healthy, happy, and independent vlife :to 'follow?.- How has the State farming beeuidealt with? Such institutions have only boon used as a Mind, and not with real intent to make them' what 'they should and could 'be. Is it, therefore, not clear that personal and self-ag-grandisement, mudTmoro than the general welfare of the people,' has been 'the policy of our,boasted Liberalism?, ,'Come welcome change quickly.—l am, etc., , ■ « - DEMOCRAT. , 'June 29. , ,