THE H.B. TRIBUNE. FRIDAY. NOVEMBER 10, 1911. REPRODUCTIVE FINANCE.

Hawke's Bay Tribune, Volume I, Issue 276, 10 November 1911, Page 4

THE H.B. TRIBUNE. FRIDAY. NOVEMBER 10, 1911. REPRODUCTIVE FINANCE.

Till. I’iiiiic Minister, in hi, eiifir i'.our to rebut the crilicisms of the Opposit i"ii. piners before us figures w inch, u helf'i r correct <>r not. wc nitty <• rtai’ih a-sinne tire given tin aspcc! no! unfavourable to his own ohjirl. XX c (hi rcfi ie i tuilist be accused i f injustice to him if, for the purpi-.-e of furl ii"r ci it Hi-in. v.e lake his own data. IX c merely vary them to ihe extern <f adopi ing. for ’simplicity’s sake, approximate round iiiiinbi rs in preference to the more ( xa-'t figures which in political ad dir.-scs : ccpi t i be given chit fly to bewilder the audience. Our uiodifi cat io':s in no case operat e against the Premier's eimtt nt ions. Sir Joseph. then, toils us that during the last five years, while the finance of the Dominion h:is been praclicttily utlder his own control, the ptilihe debt :i.is been incrca'ed by s-.,n.' nineteen million pounds. Of this

aim tint, he say s. about fifteen an I a half millit if; have been expend 'd.

or im <•’.<!. mj as to be either direct iy or indirectly productive. This leaves a balance of. sax. three anti a half millions admittedly bearing interest against the Dominion. Me will assume that our borrowed money- after allowing discounts. H’limiisdi ::s and other expenses r.f flotation costs us in interest four per cent per annum. This, for our present purpose, is a very substantial <-om<ssio:i in favour of .Sir I Joseph's i cprcscnlat ions. The iti.t< <-t payable oh that portion of the loan money unproductively invested ! is. there fore, we may sax . four per >c< nt on three' and a half millions. I L'l lo.tNio. The contribution to sinklmg funds on the whole nine-teen indium will not exceed £‘l9o.immj—this is a gene-roiis allowance under ! that head. Thus, on the Premier's | figures, the total extra annual burelm imposed upon the people by the* loan floated by him should not Ibe i iore than £3.‘tn.<m<>. What do we > find on the other side of the medal .’ - Act ordinu to the official figures th" yi-ady taxation levied timing the period mentioned ha* gone up from : £l 7 - per head ■ n a population <>f - oou.ooo t" £.5 5 . per head <m a population of hot i.ooojh'o a gross in- , < rc:i*.' of more than £ I. pm. duo. i What lias become of the difference ! between the .£33<>.(itMi, which should l>c the contribution from the public fund* towards the annual outgoing upon the ban*. ami the exlrn eI. P•< i.oi >• > raised by taxation ’ It can milady be said that it is tide i pl. .iit'-d by im t e.i-'-d ‘ |.ul-h.- i X ice ami freilit !•■* ami L.

f.r. Iccti* •> 111 the «ay ot tlelem-r. it call only l-e accounted for by ex-

travagant expend it ure on the par! of flic ailiuinistration and by una<-kiKiwh-dged leakages in various !■- rections. The only sane eone'i-ion

to be deduced is that the pre sen! adniinist rat ion is grossly mismanaging the affairs of the country, and taking advantage of the public apathy, born of a long era of unexample,l prosperity, to make guod its own position by a prodigal and corrupt application of public funds. It is cpiitc time the electors of the Dominion awoke to a sense of 'lie:r responsibilities to. themselves ami to their children, who will hat- to hear the burden now lining heap-; upon them. That the present administration will care to retain office and h-lp to stem the tide of adversity which should always lie in contemplation. is scarcely to be expected. They will then, but not until then, lie glad to abandon the overladen craft to the guidance of stronger and more reliable men. and leave to them the ungrateful task of steering her until the tide again changes. In the meantime, it will be ’-difficult to shift the hog with his snout in the swill,” and this is what the electors have to do.