SIR WILLIAM FOX'S VIEWS.

Evening Star, Issue 7290, 15 August 1887, Page 3

SIR WILLIAM FOX'S VIEWS.

At a political meeting in Auckland recently Sir William Fox said that he had been in the Colony since 1542, and had seen very varied times. He then touched on the old times and the difficulties that bad been encountered. They had been just as serious as the present crisis. Coming to tho remedies, he said he had read the various political speeches, and he had found something wanting in them all. They all had some remedy for the distress, but he could not see any allusion to the causes of depression. How could they do away with the depression without knowing the causes? The fact was that they were only taking their share in the depression which existed all aver the world. The immediate cause was the great fall in value of all products of all nations. He believed this was due to the er.ormous armies kept up by European nations, who hoped to wipe out their debts with a bloody sponge. Our difficulties were caused by depreciation in the value of commodities. About seven years ago this depression set in in the South Island. Our leading product was wool, of which we exported to the value of three millions sterling a-year. Next to this came gold, and next timber. As regards wool, about six or seven years ago a depression set in in the price, which cost the farmers a million and a-quarter sterling per annum. In 1883 they exported 1,1,200,000 worth of breadstitffs to England, but the next yen England was flooded with corn from America and India, and this state of affairs continued to this day. Another million might be set down for that. Gold had fallen off—not in price, but in amount of production. At the time of the Long Drive they were exporting three millions, and now only one million was produced. The timber industry was also keeping Auckland going, and then it went down suddenly, and the companies ceased to pay any dividends. From these four items alone there could not be less than five millions of income lost every year. In the South a rise had taken place in wool, which would, it was hoped, set them on their legs again. Five millions of money had slipped through their fingers. No art of financial skill or law-making could remedy this; it was all fixed by the London market. Nothing they could do could revive these industries until this dark cloud of depression had passed away. None of our statesmen had drawn attention to this fact. Major Atkinson had said we were a noble ship, bnt a rivet was loose and required fixing. But if a captain found 6ft of water in his hold he would not send his crew down with pannikins to bale it out; but ho would try and lind out the leak and stop it. The statesmen had been trying to keep the ship of State atloat without tinning where the loose rivet was. Was not the loss of five millions a-year sufficient to account for the depression ? He thought he had made out a case and shown them the leak. How were they ;o stop it ? No legislation could remedy it, and all they could do was to wait till the black cloud rolled away. There was another leak, and a very big one, that they could walk through. He referred to the amount of money spent on alcoholic drink, which was L 2,300,000. That represented the interest on forty millions sterling. That was a leak which would seriously affect the prospects of the Colony. If one-half of that money were spent in reproductive employment it would be better for the Colony.