HOUSE OF REPRESENTATIVES.

Evening Post, Volume L, Issue 39, 14 August 1895, Page 4

HOUSE OF REPRESENTATIVES.

Yesterday's Afternoon sjittino. the financial dbb»te. Mr. Millar approved the polioy generally, but strongly disapproved tho provisions ol the Canadian treaty and the tariff proposals. Mr. Crowther condemned tho new tariff, which contained more anomalies even than the old. He also condemned the provisions of the two treaties. Mr. J. G. Wilson said the Statement waE like a " Btockpot." into which each Ministerial cook had thrown an ingredient. He condemned the dealings with the trust seenritioa. The House should insist on the seenrities being placed on a better basis, and especially those of the Savings Bank, which was so largely used by working men as a depository for their savings. A Commissioner having knowledge, if possible, of the Savings Bank systems of England and other countries should be appointed to look into the matter. The Government security which Ministers appeared to consider so all-sufficient was not sufficient. If there were a European war in which England were involved, onr stocks would fall, and if, according to the Treasurer's statements in London, the securities of the Department were to be used to meet the liabilities of the colony, where would the security of" the depositors be? The position was very 'unsatisfactory. The Post Office also should issue its notes without charge, as other financial institutions were glad to do. As to the loan, it was very questionable whether the floating of a loan below par at 3 per cent, on a long term was better than floating at 3§ per cent, on shorter terms at a premium. I ong before the term of the loan was expired we would have to pay a heavy premium to buy back this loan— some .£25,000 probably — and convert to 2J per cent. Even small Knglieb municipalities were getting loans at 3 pei cent., and a country with sucli poor credit as Chili was able to borrow now at 4 per cent. The colony should seriously consider the setting aside of a sinking fund to extinguish the debt. The distinctive feature in the Glasgow municipal finance, which had proved so successful, was the sinking funds, which would provide for the paying off of the cost of the g«s, water, electric lighting, and so forth, in 50 years. The Government tariff proposals, instead of reducing taxation, would tend to increase onr taxation, whioh was already the highest per head in Australasia except that of Western Austra lia, where the population was small and the oiroumstances exceptional. Tn New Zealand the Customs taxation per head was £2 10s 9J ; Queensland, £2 9s lOd ; New South Wales £1 ISs ; Victoria, £1 9s 9d. Other taxatioi showed — New Zealand, £1 0s Sd ; Queensland, 12s 9d j 'New South Wales, lls 8d ; Victoria, 13s 4d. An effort should be made to reduce this excessive taxation, instead of increasing it. As to the treaties, he preferred Australasian Federation, but if we were to have reciprocal tariffs, let them be with ooloniea with which we had already relations. Mr. W. Hutchison condemned the tariff proposals, and considered Government would be better employed in reducing the cost of administration than in adding to the burdens of taxation. Mr. Saunders objeoted to borrowing, and strongly condemned the Protective tariff proposed. Such tariffs put enormous burthens on the people in increasing the prices of goods, but a tariff on certain lines for revenue would raise all that was required -with less waste. There should be administrative retrenchment. The new tariff was cruel. New Zealand would never be prosperous till it was a Freetrade community. Labour colonies should be established to relieve tho aged and destitute unemployed. Mr. Massey condemned the tariff and the treaties. The tariff simply overtaxed settlers already heavily taxed. The native polioy had been a failure, and the Maoris should be allowed to deal with their lande on equal terms with Europeans. Mr. O'Regan referred to the deficits in the Customs and railway revenue for the year, showing decrease in the spending power of the people. He condemned the prinoiple of the Land for Settlements Act in including in the purchase money of estates the value given by public improve ments. The Cheviot experiment had been snccesßful, yet each settler there had cost the colony £1000. The railway administration and the cantion shown under the Advances to Pettlerg Act were to be commended. The Protective tariff would fall very severely on the mining industry Take such items as " boots," for instance. For the sake of 3000 bootmakers in the colony, the 12,000 miners and the 60,000 persons directly dependent on mining had to pay dearly for their boots, and would have to pay more dearly still The House had done well in throwing out the large gambling proposal of the Assets Company, and he did not see why the Government should step in to assist the Estates Company as was proposed because that company deolined to write down its estates from the spurious value it plaoed on them. Government claimed to have rednoed the. rate of interest, but that was beyond the control of Government. Interest , had been falling throughout Australasia for some time, and it would recover to some extent there as here with the return of prosperity. Protection in New Zealand had been a woful failure. It did not raise wages in any country in the world. We should give up Protection and get the revenue by taxing absentees, taxing large estates, and abolishing exemptions under the Land Tax. Direct taxation was the only final solution of the tariff question. Mr. M'Lachlan strongly opposed tho Canadian treaty, and wan doubtful if the South Australian treaty would be of any use to this colony. Duty should be taken off artioles used by agriculturalists. Mr. E. Thompton thought the speeoh of the Minister for Lands bad dispelled any came for uneasiness in regard to the increase in the public debt. He opposed both treaties. He contended the Land for Settlements Act would be a failure but for the strong individuality of the Minister for Lands. Mr. Flatmnn disapproved of the working of the Advances to Settlers Act, and condemned the tariff. The debate w»b adjourned oi the motion of Mr. Mills, and the House rose at 2.50 a.m.