A BIG LOAN.

Hawera Star, Volume XLVIII, 3 July 1924, Page 6

A BIG LOAN.

SIR, JULIUS VOGEL’S £10,000,000. “Fifty-One” writes: In your yesterday’s issue the following local appeared, doubt copied from an exchange: '.‘The^announcement of his notable Pnblic Works poliby of 1870 was made by Sir Julius Vogel 54 years ago last Saturday. The scheme, as formulated in the Financial Statement, involved the borrowing of' £0,000,000. Eventually the amount was reduced to, £4,000,000, and in this modified form the proposals were agreed to by Parliament. . . u-{P U1 * ie war when the ictory Loan” was being raised in the Dominion, I dealt, with Sir Julius Vogel’s £10,000,000 immigration and Public V orks loan, claiming that it was the largest loan ever floated by a New Zealand Government. laW pointed out that during the expenditure of the loan money was so plentiful that banks woulo ask people if they did not want an byerdralt. Rut the time arrived when money became tight, the banks put the screw on, and quite a number had to face the bankruptcy court. It leminds me of the recent land boom in South Taranaki and what followed. The paragraph quoted above is incorrect, as , ovn,lK from the Year Book of LUI7 shows: In 1870 the General Government brought forward a public works and immigration policy, by which it was proposed to raise a loan of £10,000,000 tor the construction of main trunk railways, roads and other public works of impoitance to the country as a whole as well a s''for the promotion of settlement on a .urge scale, the expenditure to be spread over a period of ten years. I lus policy was accepted In- the Legisla.iire and embodied in the Immigration and Public Works Act,!,'-!7(). ' ” I might say, in conclusion, that under Lins policy over •:(),(]()() immigrants were introduced into New Zealand in 1874 and ISi 5.