ESTABLISHED 1875 The Manawatu Daily Times The Oldest Manawatu Journal Published Every Evening. WEDNESDAY, AUGUST '28, 1901.

Manawatu Times, Volume XXVI, Issue 7276, 28 August 1901, Page 2

ESTABLISHED 1875

The Manawatu Daily Times The Oldest Manawatu Journal Published Every Evening. WEDNESDAY, AUGUST '28, 1901.

WiiJiM Sir John Dufchie iiLal one of tho Wellington seats in the House of Representatives he was admitted to be one of the ablest opponents the Government had to meet, and his criticisms of Mr Seddon's finance were always read with great interest. Mr Duthio's views on this year's financial statement have been published in the Dunedin Star, and there is no doubt that the ex-senior member for Wellington has placed his linger on some weak spots in the political armour of the present Government. Mr Dufcbie says that as he read the Statement he gathered that the Government wertf leading up to a contract with Sprockets' line Vancouver was certainly mentioned but was dismissed as a branch calling at I the Premier's proposed dependency oi! Fiji. , Evidently no contractor can i now be found to co.me direct from Vancouver with our mails, competing for the small passenger and cargo J trade against the two existing sub- j J sidised lines to American ports, j i except on prohibitory terms. Mr | | Duthie points out that while it is not! | our business to subsidise prospective ' i American cruisers, it is our. business !

to assist colonial shipping for tha benefit of our own people. At present the Federal mails via Australia take forty-two clays, which ■ could bo reduced to thirty-six if brought on upon arrival at Sydney. Our intercourse with Australia, should be improved by the employment of only first-class steamers, which depends on our Government being prepared to pay a reasonable subsidy. In respect to the threat to withdraw the San Francisco steamers from the New Zoaland service, Mr Duthie points out that as half tbo passengers carried by that line are New Zealanders, and since the steamers are so heavily subsidised by the American Government, there is probably very little real intent behind it. With regard to the Government proposals for a direct service with South Africa, Mr Dufchie says that it may placate our producers, but it scarcely means anything, as the idea of runningvessels to South Africa and to return in ballast is too ridiculous. He states that if the Government had had any real intention to break through the existing shipping combination both to England and the Cape, they had very liberal overtures from independent owners about last September, before they even advertised for tenders (nearly a year Lugo), but nothing came of it, and probably the Government would not now be more in earnest than they were then. It is two years ago, Mr Duthie says, since an attempt was made to obtain a quotation on the London Stock Exchange for the conversion of the colony's debentures into 8 per cents., but it failed, with the result that £650,000 worth of colonially issued loans were saddled vi the Government Life Insurance Department—a burden which tbat department still Carrie-, to the loss of its policyholders at the present time- The treatment of 'the half million repaid by the Bank of New Zealand is, says Mr Duthie, ar interesting sidelight on Mr Seddon's system. In the Act of 1895 he took power to borrow this money, providing that in the event of its being repaid the Public Trustee should hold the debentures until the debt could be paid off. Promptly, however, on January L;t, 1896, he converted the loan into part of the permanent debt duo in 1940, and so when the bank a few months ago paid off the half-million, he borrowed it again from the Public Trustee. Mr Duthie also comments on the Defeuce vote, and contends that Mr Sedilon is proposing to commit the colony in his Imperialistic zeal to unlimited obligations.