The Daily Telegraph. FRIDAY, FEBRUARY 12, 1892.

Daily Telegraph (Napier), Issue 6377, 12 February 1892, Page 2

The Daily Telegraph. FRIDAY, FEBRUARY 12, 1892.

iIVKUY mnil from Melbourne, nnd aim' st every mail from Sydney, brings us news "f trade and "labor 'distress. We heur oi'. o iimny thousui.us of men out of

employment in Melbourne, and .so many hundreds of poor people sleeping out in tbc opon-air in the Domain at Sydney. Is it any wonder, then, ths,t all who can leave Victoria and Now liuutk Wales are deserting

those colonies, and are drifting over to New Zealand? The fact is, pays ttio Wnik-ito limes, there are thousands of the unemployed in the large cities of Sydney and Melbourne who are reduced to a stute of desperation, and they must leave or Miiivi?. | Mr Hiillimco Ins einloised the priticip'.v lllHt i: is Ihi duty of the State t" tind ea,j.'i.y'T.o'.vt f,.r nil who sir - iim:i>Ht to n> -o for tin mstlves No oilht iv-jioti -ibli poliiician in tiny other portioa cf the >.'!obe li.irt <uivauc;.'<i tis far iv il.is li-.roei ion o/'j.iiiv i Wiciaiipm ; what: more minimi, i !>ov/tor<\ th'iii that tile u.'u-mploy.ra of Aiists-t;!ni -h"uhl listen t.» j.liiru rlnii,-.,4v,s and. rii...' ni.uviml wings uf Mr Baliaucu mid majority. The working clauses who support bin party are the most stenu-mf, opponents of any fortr? of assisted or free immigration, it is for them to consider whether the Socialistic principle we have noted above, in cor;juucti jti with the results that are following, is not calculated to do more harm in the wny of reducing the rate of wages, than any system us yet pursued to bring , population 10 our shores. Sir Julius Vogel's tclieme was in conjunction with the borrowing of large sums of money for the erection of public works. He imported the men and the money to find them in employment. Mr Bulluuee, on the contrary, is attracting population by the promise of employment, and this in the

face of the fuct that his policy is 'tending to

a serious diminution in capital and iv confidence to employ that which sill n-mains.

The largo balances in the hands of the banks are evidence of the latter siufemeuf. In a young country like fhi-, peopled by an enterprising population, wlu-v.j the banks are in the aggregate indebted to their customers, clear evidence is afforded that there is something wrong somewhere. The something in this case is unquestionably the attack already made upon capital and in a greater degree to those which are promised. It may be true that the depo.-'ts iv the banks are in comparatively small amounts, and that small iuvea ments, except in the shape of shares in a company, are not as yet exceptionally taxed. But we pointed out in a former article, there is no guarantee

of finality in the form of taxation adopted,

neither is it reasonable to suppose, if Mr Ballance and his pftrty can work thtir will, that it will bo reached till all freeholds are

practically confiscated. The Premior has deliberately stated that he hoped there would not, bq a freehold in the country in twenty years. If he hopes this and is patriotic, ho must only do so because he believes that the country would benefit by this end being arrived at, and on the same supposition ho should make every effort to give effect to his opinion. Hβ has shown tho cloven foot, tind no matter how cunningly he has, by implied repudiation of former statements, attempted to hide the unshapely appendage, it is still vicible to those wlio would otherwine withdraw their money from the bankfc and either personally enter into occupation of lauds, or lend their capital to those who would. In the latter case, freehold tenure, with a tolerable certainty that no attempt at confiscation will be made, is absolutely necessary, otherwise the would-be farmer has no security to offer, or at the beat only one of an unsuitable character. The land nationalisation fad meaus that only the capital of the occupier cau be employed iv tbe development of his holding. We may appear to have digressed I from our subject—the influx of labor. The question, however, of probable employment, except that provided at the expense of property owners and of those working for their living, is intimately connected with the question. The facts are insurmountable that capital is leaving the country and that, a large number of unemployed aic already on the hands of the government, at thin the bu-iest time of thi; year. What thu wosition may be in the. middlo of winter in not pleasant contemplation, more particularly if the starved out of Australia ilock ovi-r in largo numbers. What the colony wants is a policy that will attract both population and capital. That of the present Government is repelling tbe latter, and attracting the former by the promise of employment on public works. The money capable of application in this direction is extremely limited, and if the policy is to be carried oat of finding employment for all, in the face of withdrawal of private capita], a loan will bo a necessity There are unquusiiouiil!y many works that might bo undertaken with eveiy prospect of future advantage. Tho country his, however, rightly decided that there shall be no more borrowing, there is therefore only one probablo result from it hngb influx of penniless p ijiu'ation. Those wlm huve the management of tilt; charitable aid nyattirn will have t.'ieir hands Uioru than full. Let us not bo mi.-iiudei'stui'd We believe that this country i« capaiit!. , cf supporting ten times the posiulatiuii at jj.-h, ,-tifc within its borders, but it. uaii only do s.i l>y nuflicient capital being appl'rd to the development of its reSources. This can never be the caso so long as i hi: paraiiion-.it party pursues the policy of discouraging its investment iv the country. This policy is laid down by Mr Ballance's own expreasion : "New Zealand for the New Zeilanders." Under exintiag circumstances the advent, is to ue the contrary of cheering. We can conceive no possible reason for congratulation at tho fact, until the people awaktn from their error and insist upon a reversal of the policy implied in "Now Zealand for tho New Zealanders."