MR WARD ON THE GOVERNMENT FINANCE.
The Colonial Treasurer spoke at theBluff last night, demoting a good deal of time to reply to Mr G. ¥, Richardsoft's criticism, of tlie Government's finaflce. He said that one point was already forgotten T>y the Government's critics, viz, the Sayings by conversions ovef the whole period of the loans, which would be £2,052,380. He claimed that by the last release of the sinking fund securities the colonial debt had been reduced by £96,200. Mr Richardson's statement that the transaction cost £30,000 interest was incorrect, as there was a "balance of £305,000 debentures yet to be sold, Mr. Richardson 1 having assumed that all were disposed of- The sales so far had only resulted in a loss of £1400 trtider par. If all were sold at 96 the loss Would only be £15,000, not £30,000, as Mr. Richardson stated. He contended that the Government were justified at the course they took, as they had determined not to borrow, and money was wanted for public worts. To have borrowed would have cost the colony five times more than they were now paying. The interest payable on loans was now considerably less than when the Government took office. He denied that it was the intention of the Government to extract £100,000 from, the people free of interest "by the issue of postal notes, or that they had any intention to create a State Bank. A vote of confidence in Mr. Ward and the Ministry was carried by acclamation.
MR WARD ON THE GOVERNMENT FINANCE.
Northern Advocate, 25 November 1893, Page 7
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