Evening Post. TUESDAY, SEPTEMBER 3, 1895

Evening Post, Volume L, Issue 56, 3 September 1895, Page 2

Evening Post. TUESDAY, SEPTEMBER 3, 1895

HOW TO DEAL WITH SOCIAL PESTS. No on* forgets how the members of the Ministry UBed to denounoe land monopolists —in the caustic language of the Minister for Labour, they were "sooial pests." Tho phrase passed into our political vocabulary, just as " boyootting" was added to the English langnage by an incident in Irish life. These so-oalled " sooial pests" were to be foxed ont of existence. No mercy was to be Bhown them ; and any reforence to tho terrible future in store for big landowners oould always evoke applause from the unthinking who cheered the Minister for Labour. Well, during the past week, we have had an objeot-leaaon that we hope the supporters of tho present Ministry enjoy and appreciate. The largest land monopoliser in the colony was the Bank of Now Zealand Estates Company. It held over threo mil. lions' worth of land. Suoh was the prioe that had been paid for its estates. It held areas greater than many an English oouoty, and if the phrase " aooial peat" could ever bo uhed, it wonld have been applicable to this oompany But land fell in value. 'Ihis was no doubt partly brought about by the fall in prices, whioh inevitably affected the price of land. But it will also be admitted that the Land Tax, in its graduated form, and the continual threats breathed out against large landowners — against "social peßta"— also had their influence. Who would buy a big blook of land if he knew that a Party in power, with an allpowerful majority ready to applaud and support any schemes, however wild, that the Ministry proposed, was prepared to ornsh out of existence large landowners ? The Estates Oompany oould find no capitalists to buy its lands. Capitalists sought avenues for their capital in other countries. The stations could not bo sold. No one would buy. And as prices were low and taxation heavy— about half th« net roturns of last year wont in taxes— the Estates Company could no.t pay dividends on its shares, and as a consequence the Bank of New Zoaland, its sole shareholder, suffered It held .£1,850,000 worth of Bhares, and it had guaranteed its debentures amounting to £1,500,000 more, and it had also granted it banking accommodation, and the Estates Company could pay littlo. What was to bo done? Was this " sooial pest " to be extirpated ? Hero was an opportunity for tho Minister of Labour pntting his — shall we say principles, or bis utterances— to tho teit; and he did put thorn to the test. He said thia " sooinl pest " must bo saved. Instead of "hewing to piocos" this enemy of humanity, he and his colloagues have rushed to its assistance, and have got the colony to guarantee first £2,800,000— £2,000,000 prin-

cipal, and .£300,000 interest —for ten years. | Not content with thia hnsje apsistanoo, it has given tho colony's money and guarantee to an extent if about moro-inall nearly X7,00j,u00 pledged! Tho JB 1,000,000 is thus made up :—.£500,000: —.£500,000 for shaios in the Bank, and £2,731,000 and interest at 3V per cent, on that Burn, say in all £3,500.000 It is true tho colony has had security given to it agaiust ita guarantee, and if the Bank suoceeds the colony nmy yot get all or most of ita money back. But tho fact that this guarantee and money amounting to £1,000,000 have beon given, is undeniable. And thia is how to deal wi^h a " social pest." Was there ever a bigger fiasco? All the boastings, all tho bragjjadooio, all the blußteringa, all tho wrathful outpourings of Messrs. Skddon, Reevks, & Co., havo oome to this, that they have had to assist tho biggest "sooial pest" in the colony, and by long speeches to defend their action. It is a poor ending to the valiant and violent speeches of the past four years. How small they must feel, if they know what self-roapeot means. It has beeu a bitter experience to thorn, and it is a | five ending to their policy. No Ministry iv Now Zealand has evor hud to so pledge tho publio credit. With thoir borrowings and guarantees, the increaao of liability of the colony, direct and indireot, will — since the prosent Parly took office —at tho end of the year oxoeed eleven millions, and the lato Mr. Ballance was not to blame. And it was to Bo a selfreliant, non-borrowing Govornmont! Now Zealand was not to come under pledges to tho foreign money-lender—to the capitalist ! And behold the end! If over men should hide their heads in shame, siuely tho presenc leaders of the present Party iv power should do so ! This is the consummation of the polioy that they trumpeted from every plattorm. The credit of the colony, tho taxpayers'money, pledged to an extent of eleven millions! As we have said, we do not anticipate suoh a loss ; but what tho end will bo ten yoars honce no one oan predict. We aro more concerned to point out tho new method of dealing with " social peats. It is, we need not say, novel. It has, so far as we are aware, never been followed in any other country. Ideas are, we beliove, allowed to be patented. Both Premier and Minister for Labour are proud of their schemes: might they not patent this one? The Registrar of Patents might advertise aa follows:— " Application lor a patent—for a new way " of dealing with ' social posts' —first in- " vented by Messrs. Seodon, Wakd, and " Rebv£S—objections to bo lodged at Patent " Office before the paßsinsrof the Appropria- " tion Bill." Would anyone oppose tho patent ? We think not. Its novelty could not be questioned. That they were tho true and sole inventors waa claimed on a dozen platforms during tho| recess, and who evor ventures to doubt any statements made by these gentlemen in a political campaign P