SINKING FUNDS SEIZURE.

Hastings Standard, Issue 153, 23 October 1896, Page 3

SINKING FUNDS SEIZURE.

'['•> THK El>lTi >K. Sik. — Wlicn Sir Julius Yoijel came oil the last occasion into power ill New Zealand as Premier there was as usual in this ci'lonv j."reat shortness of cash in the Kxehei[Uer. lie .-aid that he would find money for the ii.«eej.sarv public works easily and at vt-vy little expeiw. He was laui:tud at by his opponents, who could only see one way of <;«-ttiiilt the money ami that was by borruw iiiL.- at the rates of interest that thin prevailed. iSut after the elections Sir Julius quickly obtaineil the money that lie had spoken about, am! it was simply by means of making use of the sinking funds. Then there was a complete somersault of his opponents, notably one of the Napier journals, which saitl that anyone could have obtained the money in that way. and that "he had found somebody's old stocking ; hut it was like Columbus with the cpji—Sir Julius was the mail who first thought about it. I have had a slight dispute with a friend as to who this sinking fund seizure and would like to know how far what I have said is correct. It may be wrong to take the money of the sinking funds as ji i.vn.ril principle, but it may occasionally be necessary to strain a point to save the credit of the colony, and when uuies become good again tUiu

' tiii- --n'siiig funds should be le ft alone and | i!!•»<«• ilt it have been borrowed should i.v I replaced. Whether it is for pood or for ' evil I think tliiit Sir Julius was the man i uln> lir.-t aciiiitllv earned out t ! u; seizure j <>f certiini of thi.-e funds in New Zealand. j :i!id I |-e!ii(-!iii;.-r tin- iteveJHip'-rs at | that tune Miid be w.i- laving down f very [ dan■ p;v-" dent. - I am. &f.. I S. j We believe Sir .Iniii'S Yo ;el Mas the j l'v.-t Nt X<i. l Trt- i..-.ir< .• to " borrow '* j from the sinking funds. - KJ. U.S.