The Evening post. SATURDAY, MAY 4, 1895

Evening Post, Volume XLIX, Issue 105, 4 May 1895, Page 2

The Evening post. SATURDAY, MAY 4, 1895

J A WEAK DEFENCE. I ♦

The semi-official defence put forth for Mr. Ward's extraordinary statements and denials in England is very weak. In the first place, it consists of throwing donbt upon the aconraoy of the cable messages. This doubt will in all cases be resolved by time, when the full text of Mr. Ward's statements comes to hand. In the meantime, however, we may point out that in regard to one of tho most important misstatements oharged to Mr. Waed— his denial that he had Btated that the Land Tax had to be colleoted to provide money to meet engagements in London— the oharge does not rest merely on tho evidence of the cable message. The mail brought information to the same effect, and preparing people for the public statement subsequently cabled. Mr Waed, on his arrival in London, was met by tho correspondent of the Christohnroh P/eaß, who informed him that his statement had created a "score" in financial ciroles in London Mr. Ward's reply was an emphatic denial that he had ever made the statement, and an assertion that he" had been utterly misrepresented by cable. On this the correspondent, on the 23rd March, wrote-" I hope he will take an early opportunity of saying this as pubholy as possible, and I believe hs intends doing so." Tho Bpeeoh sinoe reported by cable was evidently the opportunity thuß predicted. The cable has only confirmed from a different source what was stated and predioted by the correspondent a month before. Against Mr. Ward's denial of his words, first to the correspondent and since in a public speeoh, it is only needful to re-quote the following words from hia utterances in the House of Representatives on tS. $?i *? stl !? moyin e the reading °* the Bill to authorise the collection of the Land Tax.— "We have not, and we shall not have on 31it October, sum. cient money in England for tlit paynie»it of intereit " We may remark that according to Mr. Ward and hia friends, a malignant fate would appear to pursue him in regard to cable meesajfes from each end of the world. What is sent from New Zealand always utterly misrepresents him. except when it is aent Ministerially, and what is sent from England to the oolony is also invariably wrong. It i 8i 8 VO ry unfortunate for Mr. Ward that the oable Bhould so perversely misrepresent him. The second defonoe put forth i B that the Land Tax cannot have been roqnired in August to meet the October interest in London, beoause the Government could have issued Treasury Bills. This defence is in tho true spirit of Mioawber finance. A bill or an IOU will settle the aooount. On that system the oolony shonld never be short of money as long as it can find paper on whioh to write bills. But there is a limit to kiteflymgi even by a Government. It is neoessary to find someone to discount the bills when they are written. There might have been some difficulty in floating Treisnry Bills, except at a heavy discount, to meet the October interest. The Government must have pretty well exhausted the local funds at its command from Post Office, Insnranoe, and Public Trust funds, in providing money for purchase of native lands, lands for settlement, road construction, &o. Between Maroh and September, Treasury Bills to the extent of £124,000 wera issued, making the total current £935,100. Thin left scarcely any margin, and in view of a then rapidly falling revenue, it would have been most reokless finance to have issued a further batch of Treasury Bills, even if they oonld have been satisfactorily cashed, in order to meet the interest due in London in October. The early collection of the Land Tax was imperatively and urgently necessary to enable the oolony to meet its London engagements. To say that default might have been avoided by raising a loon to pay interest on the money already borrowed, ii no reply. Money ' for meeting the interest was not legitimately available. That under extreme pressure it might possibly have been borrowed at a Baorifioe on promises to pay, in no way detraots from the acouraoy of the statement, now denied by Mr. Ward, that the oolleotion of the Land Tax in August, instead of in ?? e r oß^V r ! w " urgently needed to avoid default being made in London. It may not

have boen the only pocsible or extremo expedient for avoiding such default if the worst camo to tho worst, but it waß the only straightforward uud legitimate means available.