THE PREMIER ON THE POLITICAL OUTLOOK.

Evening Star, Issue 8815, 3 May 1892, Page 2

THE PREMIER ON THE POLITICAL OUTLOOK.

Oa the eve of bis departure from Wellington for the Sooth, the Premier gave an interview to the "special” of the* Daily Times,* and ipoke as follows i—We do not intend to make public the actual figures and details of the year’s financial operations until I disclose them fully in my Financial Statement. We follow in this respect the course usually adopted by the Atkinson Government. I may tell you, however, that there is a very substantial surplus—oonsiderab’y over Lloo,ooo—and this in addition to our bavins paid off LIOO,OOO of the floating debt; in mot, we have paid off L 150.000 of floating debt out of revenue, and L 50,000 more oat of the proceeds of loan conversions. You will remember I promised in my last Financial Statement to pay off LIOO’,OOO out of oonversions, which we have paid, but we have paid off Llso,oooout of revenue, and still have a surplus of over LIOO,OOO. I intend to deliver my Financial Statement within a week after Parliament opens, and, by-the-bye, I will open on the 23rd, and not on the 16th, the date originally ttlked of, as I want to have all my taxation returns complete before the Honse meets, so that I may be prepared to state our policy definitely when 1 know what revenue can be relied upon from the new taxation, And that reminds me: Have you noticed the relative prides of onr securities and those of New South Wales in the London market? Fifteen months agp our stocks stood per cent, lower than New South Wales stock, now they are both equal ; both stand at the same price, and yet we see all that nonsense written about the injury to the colony’s credit in London, caused by the Government’s policy. It is the most utter rubbish. Look at the relative prices of our securities. The facts speak for themselves, and they are worth a thousand theories. Again, think of all that talk about THE WITHDRAWAL OF CAPITAL, and look at the banks returning thirteen millions of deposits. Why, if a million or two millions should be withdrawn the colony would not even notice the difference, unless indeed in its making a little opening for the investment of some of the money now lying at deposit. And they say the rates of interest are being raised. That is absolutely incorrect, On the contrary they are falling. 1 have the means of judging as to that point. We have to lend out a great deal of money on behalf of the Insurance Department ana Public Trust Office, and we find it most difficult to get even 6J per cent, on really good security. There is nothing whatever in this cry about the withdrawal of capital and the raising of interest rate. The whole cry is a mere sham and pretence. A SELF-RELIANT POLICY. I may tell you that we (the Government) mean to do all in our power to wean this colony from that servile dependence upon the London money market and that constant timid fear of shaking our credit there. We want the colony to learn to be selfreliant and to stand on its own footing—to have a credit of its own. It is growing more and more into a position where this is possible. We shall do all in our power to inculcate such a feeling, but in auy case the present price of our securities is a complete answer to those who talk about want of confidence being felt in London. NO DISSOLUTION. There is no truth whatever in the report that Ministers arc desirous to bring about a dissolution this year. Of course, if we wore defeated on a question of policy or administration, we should in that case claim an appeal to the country, and we should not resign. We should have a claim to a dissolution. Or, again, if the Legislative Council were to reject or mutilate measures which we considered necessary or important ones, it is quite possible that in such a case wo might, in accordance with well recognised constitutional practice, appeal to the country on our policy before asking His Excellency to appoint a sufficient number of new Legislative Councillors to ensure the passing of measures approved by the country. There are other cases in which a dissolution might become necessary, but we do not anticipate such, and are not planning anything of the sort. Still, I may tell you we do not mean to have our poMcy defeated or our measures torn to pieces by the Legislative Council. On that point we are quite determined.

A BUSY SESSION. Aa for the Lower House, I think it will be a stormy session. Don’t you 1 I don’t believe we shall be beaten. But I think we shall have a good deal of hard fighting. We have unavoidably given offence to several, and they will be sure to attack us. SIR GEORGE GREY’S ATTITUDE As for Sir George Grey, if ho does attack, as he is said to intend, on the question of taxing improvements over L 3,000 in value, ho will simply make himself ridiculous. He might ally himself and hia party of “ discontents ” with the Tory party, but their very speeches would be mutually destructive. It would be purely in favor of the Property Tax and of those most violently opposed to the Government joining together to attack the Government because their policy was a moderate and a cautious one. Naturally we should be only too glad to do without that tax on improvements if we could do so safely, but above all things the colony must be safe in its finance, and I, for one, will never consent to do anything that will shake that safety. If we find we can dispense with the tax on improvements we shall be only too glad to do so; but is it not absurd for Sir George Grey to take up that ground ? Why, the only people whom that tax on improvements over L 3,000 would touch are the rich squatters and landowners. It is their battle he would be fighting, and not that of the masses. How would that fit in with all hia professions ? No ; if he attempts such a coarse be can be completely crushed by a few speeches, The thing is too preposterous.

NO NEW POLICY MEASURES, besides those already announced, have been prepared, but a number of Bills are in course of preparation and will be considered in Cabinet on my return ten days hence. One is the Civil Service Bill. I have given instructions for the drafting of a Bill embodying my own views on the organisation of the Service, and we have the Bill drafted by the Civil Service Association. We shall prooeed to oompare the two and endeavor to frame a measure that will be thoroughly effective, and that will be satisfactory all round. One point on which I have decided is as to the mode in which provision shall be made for retirement allowance or compensation. I shall not do it through the Public Trust Office as was at first proposed, but through the Insurance Department. The new scheme will not apply to officers previously in the service, but only to those who shall join after it comes into force. We propose that 5 per cent, of eaoh officer’s salary shall be deducted and paid in ae a premium towards the creation of a retirement or compensation fund based on a scale which is being drawn up by the department,

NEW PLYMOUTH HARBOR DEBENTURES. By the way, I may tell you that the Government have replied to Sir John Lubbock’s lotter relative to the claim of the Taranaki Harbor Board debenture holders. The Government absolutely repudiate all liability on the part of tho colony. Wo intend to appoint an officer (perhaps as a Royal Commissioner) to inquire into the question of the reserves, but that was not mentioned in tho lotter to Sir John Lubbock. In that wo simply disclaimed all liability whatsoever.