THE HON. J. G. WARD AT THE PUBLIC HALL. WATERBURY WATCHES ARE ALWAYS ACCURATE. THEY DEFY COMPETITION. PRICES FROM 13s 6d to £5 5s.

North Otago Times, Volume XXXVII, Issue 8003, 16 June 1894, Page 3

THE HON. J. G. WARD AT THE PUBLIC HALL.

WATERBURY WATCHES ARE ALWAYS ACCURATE. THEY DEFY COMPETITION. PRICES FROM 13s 6d to £5 5s.

The Hon. .7. G. Ward, PostmasterGeneral and Colonial Treasurer, de liver ed a political address in the Public Hall last night. Thoro was a largo attendance, and the upstairs was occupied by ladies and thair gentlemen escorts. lh« Mayor (Mr Waddell) prosided, and on the platform were the Hon. S. E-. Shrimski, Major Steward, and Mr T. Y. Duncan. The Mayor introduced the speaker. In doing so he referred to the administrative capacity which he had shown nut only as Postmaster General but as Colonial Treasurer ; the ability he had shown at the Conference ; and his being instrumental in reducing the chargos on cablo messages, which had resulted in great advantage to the mercantile community. Were the hon, gentleman's powers in address commensurate with his administra* tlvftcapacity, andhehadevery reason tobolieva it was, they would listen to a speech of much eloquence from the represen'ative — the popular representative of the GoYernment. He had much pleasure in introducing the Hon. J. G. Ward to them, and it was not necessary to bespeak for him an attentivo hearing : that the O&maru audiences always accorded. The Colonial Treasurer who, on coining forward, was received with applause, said he thanked His Worship for the cordial introduction ho had given him on the occasion of his Grsb visit to Oamnru, and if it afforded them any pleasure he assured them that the pleasure was mutual. When he was first asked by requisition to spoak at Oamaru he had made up his mind to comply. There had arisen difficulties which rendered it almost impossible for him to come, but having given an indication to Mr Duncan of his intention to speak at Oamaru he felt that it was due to him and to them that he should keep that promiie. The difficulty of delivering a ■pesch on the eve of a session of Par liamtn^ would be apparent. He was in n position of being guarded in his utterances, fcr it was scarcely to be expected, tnnoh M he might wish to, thab he would unfold to them the policy of the Government. Were he to disclose that policy much exception would bo taken to his doing bo. He would, however, touch npon the more import int matters dealing with the affairs of the colony, nnd would necessarily on others have to exercise discretion and silence. They would pardon that silence as to details while he gave them an outline of the policy of I ho Government in a general nay. He would first of all deal with

THE PUBLIC FINANCES. of the colony, in which every man, woman nnd child was intereRtod or ought to be interested to a greater or leas degree. Now there wan large divergences of opinion as to the condition of these finances When the Government said one thing there were those always ready to Bay that that was not correct. If it wore the duty of a Treasurer, more than than any other, it vu to pursue a policy of finance that was essentially of a strong and sound nature. A Treasurer cjuld not possibly please tho whole of the people, and that for himself he had never attempted to do so. (Applause). But wh*the ainud at was a wound and strong financp, and he h»d no hesitancy in stying that the finances of the colony were sound and strong. Since the present Government came into office the public debt per head of the population had rie« creased L2 6*. When they took office the net debt stood at L62 per head of the population, and in 1894 it stood at L59, a reduction of L3. In December, 1890, the public debt was L59 15* per head, and In March, 1894. it was L57 9s — • decrease of L2 fis. Now they had heard it said upon all sides that there was a ceitain amount of misrepresentation about their finances, and people were saying (hat their finances were not so strong as thoy were a fow years ago. Bat if thero was an increase in the payment of interest then tho debt would be increasing ; but if there was & decrease in the annuil payment of interest then thoy could rest assured that the public debt was being reduced. Now, vrben they took office the annual charge of interest per head of the population was L3, and in March, 1694, it was L2 lo-i, • reduction of 5s, and that fact spoke more eloquently than Any words of his could do for the financial strongth nnd aoundneea of the colony —(hear, hear)— and effectually answered all hostile criticism. (Applause.) If they wanlai

ANOTHER PROOF of the stability of the country and of how the financial men abroad regarded the position of New Zealand, they h»d only to look at the position of their stock ou the London market. How did they Atand? Theystoodhigherth»n);heyhadfor many year*. Their 3f per cent stopk stood at 103—an unprecedented high value. If th« finance* wera bad, and the actions of

the Government) were having a dotri1 monttil efieob upon the credit or the colony, and these notions were considered j bo by tho financial men abroad, thon do words of his or of any Minister, or anyono else, could elevate thnir 3£ per cent stock to the very high prico of 103, (Applause.) Ho never had followed tho animadversions of tho precs of the colony up, and he darnd my they had seen ifc in their local press, of the financial administration of tho colony during tho last 12 months ; hut in various parts of the colony, and by the local press, misrepresentations wore made in connection with tho important conversions mudo by the Government. He would show them briefly the effect of these conversion operations. Now why wore thoso conversions nocossary 1 Not for "collaring" tho milking funds as had beon expressed, but for relieving tho taxpayers of a certain amount of interest. They converted no loss a sum than L4,918,600, and prior to the conversion they had paid L261.945 per annum intoiost on tho-e loans, anc' after the conversion their, annual payment of interest on the same loins amounted to L208,463, or a saving of L53.482, That w a ft hat tho colony saved by that transaction ; and of sinking funds the total amount collared win 1,163,000. Now, whon it camo to a question of releasing that L163 000 for tho purposos of cirryhiK on the works that were neco»s»ry thoo ihey would come to tho conclusion that it w»s a vety good operation, and the result was satisfactory to the colony. (Applnusu). Were there more loins to bu convorted, and tho Treasurer did not take advantage of an opportunity to do so advantageously in tho interests of the taxp»yor-j of tha colony, then it could justly bi s*id of him that he would not bo fit for his position, and should not bo ullowod to retain office, (Hear, hear.) Aqain, the annual saving of interest had almost doubled by the loin conversions of the present Government, having last year reached the total of L141 000 of a decrease as compared with that of the preceding year of L7H,000. The next point of attick was that they bad isFued a larger number of Treasuiy bills. Now, what was the position of the Treasury bi'ls ? They had t«ke» advantage of the pans'ng through the House of a measure to legalise the usue of L26.000 more debentures than were illowed by l*w, but the issue of these was simply made in anticipation of revenue which would com© in shortly afterwards and thus redeem tho bill*. Much had beon made of this, but it was tho method adopted by thoso conducting Imperial finance ; and tho speaker showed how the Chancellor of the Exchequer having a payment of say LGOO.000 and only L100.000 availablo, would issue L500.000 in exchequer bills to that amount in anticipation of tho funds coming in it) a few days. Their treasury bills were also issued In anticipation of rovonuo which might not be forward at tho moment. It was not only n good thing to do but it was nocessary. Whon it was said, too, that tho Government wore issuing treasury bills for the purposo of carrying on works that thoy should not, the statement was incorrect ; for if money was required for th it their bankers had to provide them with L400.000 on short notice, but it had never been found necessary to take advantage of that arrangement. Tho Hon. speakor nett showed where the treasury bills issued wero invested, namely, L424.500 with tho Post OiHco ; L200.000 with the Cheviot Trustees— (since paid) — ; L227.400 wero hold hy the Public Trusteo ; L100.000 by the Colonial Bank; L140,000 by the Government Insurance ; L12,000 by the Public Debts Sinking fund Trust ; and Ll25,000 by tho Auckland Savings Bank, and all these treasury bills wero issued for tho purpose of carrying on tho works of the colony. Ho noxt referred to the system of conducting tho

PUBLIC ACCOUNTS of the colony. They had, perhaps, aeon tho publication issued by the Auckland Branch of the National Association of Now Zealand. It was in consequence of u stiitomant issued by this irresponsible body that he would have to give unduo prominence in his remarks to the National Association of New Zealand. He would do so to show how the Government suffered, and how gro38 injustico was done to public men by peoplo who had not the requisite ability and the necessary information when they sat down deliberately to inakt statements unfair to a public officer, prejudicial to the Government, ;> 'id calculated go na abroad to injure the rredifc of the colony ; and ho deemed it his duty in the interests of the colony to refor to one or two things, and to point out the fallacios and gross misrepresentation of the statements made in the ciroular of the National Association of Auckland. Tho last paragraph in their report read as follows : ' Can any objection bo raised against applying in its entirety the system of double-ontry book-keeping to the trusr, insurance, postal and telegraphic business of the State, and to the •dminlsTition of its lands and r nil nays? The opening of a capitil account in these various businesses presents no superhuman difficulties. The perusal of their annual balance-sheets, setting out in a business-like way the record of their profits or losses, And a statement of their assets and liabilities, would, under proper audit, give the people such a real grasp of financial affairs as would free them from helpless dependence upon the statements (often questioned) of interested politicians. The debit and credit baltnco from these sub-accounts would bo transferred as euch to tho Consolidated Fund Account, which would then assume the form of Mr Fitzgerald's balance-aheots. The present systemlees style of accounting must bo put an end to, unless it is desired to abandon the finance of tho country to a caste standing apart from the rsst of tho people and possessed of a sort of occults learning. Such abandon* mint might becomo an enslaved, but never a free people. In the interest, therefore, of public liberty, tho National Association desires to enlist the aid of colonists in dotnnnding tho annual publication of an intelligible balance-sheet, and the release of the public accounts from fcheir present mystification. The balance-Bheer, prepared by the National Association, shows an excess of expenditure of L393.478 8s 7d ; whereas, tho offtcial returns for the same year give a surplus of L283,779 lls. Public judgment is invited." Ho was going to givo that statement a little public judgment. (Hear, hear). Now there was no getting away from the fact that Mr Fitzgerald, the AuditorGeneral, was an able man, having tho Urgent experience at the present time in finance of apy man iu the colony. Ho was a responsible public op]cer, uncontrolled by tho Government or any Minister of the Crown, and higher than tho Treasurer of the colony. Tho Treasury aocounta wope audited by him, and certified to bs being correct year after year, and Mr Fitzgerald has put his declaration to the accounts of the colony, and slated them to be correct. Yet, in the fane of this, the National Association asked the unthinking of tho colony, and expected thejn to believe, that inite»4 9( • wplttl of I499iff9

there w«s an excpss of expenditure of L393,478. On tho f.ioe of it it was absolutely incorrect, uttorly misleading, and chIcu atod to do vast injury to I ho interests of Now Zealand. It was ft very common thins; to say : Why woro the ao~ cunts of the colony not kept m a com■nercinl firm's or a publto company's ? But tluso nccountn were regul »ted by law, arid could not bo set forth in the s*me way as tho accounts of privato firms or publio companies. While tho Treasurer's FnnncUl Statement focussed the financial condition of the country there were tables attached to the Statement itself showing the state of e<ioh fund ; And no publio officer or Minister could induce the Auditor-Goneral to put his iinmo to » dooumonfc (hat whh ikic correct. If n million loan v?nn borrowed for tbo North Island Trunk R-ulwty, tho statute provided I hit tiny mus f chow how that loan was 8pt*nt, and thoy could not borrow from that million to spend on other works, Tht>so ntaiomonts did much injury to tho colony abroad, and tho mon who wont to i ho expense of Issuing them and giving thorn the fr%'su Rtamps of authority by printing theso statements could only be stigmatised by ono namo— Traitor. (Applause.)

CO-OPERATIVE LABOR. This system of carrying on works was established by the present Government. Thoro was a vast amount of misconception respecting this system. People behoved that under tho existing system of cooperative works tho Government wore not doing a bad th'iig, but wero actually carrying on tho works of tho colony on an expensive plan, and leading tho working classes to bolieve that they could get higher wages from the Government. Ho showed how in connection with the Wanganui-Kamo railway metalling had ben done 3s 6d per yard cheapor than would have been done by contract, and in tho face of loan funds being unavailable for tho porsuance of public works under the contract eystem, the co-operativ« system offered an opportunity of prosecuting tho work just as funds wero available, and when largo contracts could not be let under the contract system of prosecuting pub'ic works the unemployed aotually in receipt of Government moneys wero greater than the total numbor of those now engaged in carrying on tho co-oporativo works of tho colony. The total numbor of unemployed in February, 1894, was 1986, and tho wages earned rangod from 6s 5d to 10s 8Ad por day. Tho Government under thin system had absolute control of the expenditure, nnd mon wero opposed to tho system before its inauguration have written to tho Departmont Btating that it wan working bettor than tho old contiact system, and the results, which ho w»s more concerned ahnuf, wrro highly FaMsfao'ory.

THE DEPARTMENT OB' LABOR. Now it was somewhat surprising to find the misconception that existed rebooting this department. A gontloman had ex~ pressed to him tho opinion that tho Labor Department was not a satisfactory institution and that mon ran to fcheso buroaus and the Government took them on. But what were tho facts'! Tho numbor of persons assisted by the Labor Department whs to March 31st, 1892, 2593, and tho numbor of persons dependant on them wero 4729, and of theso 2593 assisted 1730 wero sent to private employment During 1893, 3874 had been assisted and of these 2513 had been sent to private employment, and 1350 on Government works. The Labor Dopartment was therofore doing oxcellent work and doing it, too, during very troublesome times. (Hear, hear )

TUB POSITION OP THIS COT.ON"\ . In dealing with this, he ask»d thorn to turn with him to consider the state of the private and pub'io wealth of the colony. This was the truo tost of tho colony's progress and development. Any increase of private and public wealth must bo regarded as a healthy state ; and notwithstanding nil that pessimists declared to the contrary the colony was pro^porous. Now, tho public indebtedness of Now Zealand to foroign capital stood in 1885 at L32.572.492, in 1889 at L37,162,891, and in 1893 at L38,901,330 ; tho local bodies' indebtedness in tho samo years atL4,437,500, L4,[)07,310, andL5,074,loO respectively ; while tho private indebted ness to foreign cap taliats was reduced from L28,375,00O i.i 1885 to L24,313,000 in 1889, and to L23,000,000 in 1893. Tho total foreign capital thus ongagod in the colony was in 1885 L65,384,992, L66.383.201 in 1889, and L66,975,480 in 1893, a reduction in four years of nearly L600.000. Of colonial capital thoro was loaned to local bodies in 1885 L604.010, and in 1893 it had increased to Ll.676,168 ; while the private loans had dflpr eased from L23, 8 10,002 to L21.000\000 Tho tot4 colonial indebtedness, public and private therefore stood at L89.799.004 in 1885. L90, 497,788 in 1889, and 89,651,648 in 1893. In tho same time (eight yoars) the liability per head of tho population had been reduced from LI 13 13s 4d toL99 8s 3d on foreign capital, and on private from L42 8s lOd to L34 9a lOd. The total public and private indebtedness por head was L156 2a 3d in 1885, and in 1893 L133 18s Id. The evidences wore, therefore, that they wero not in so bad a position as they thought they wero j but rather the roverso, and that their position showed that tho country was prosperous. The people were becoming bottor off, and tho private savings wero increasing, whilo the indebtcdneis was decreasing, and tluit publicly and privately they wero making what tho colony waa intondod to be, a great and glorious one. (Applause) Tn touohing fcho subject of

INTKRNATIONAL KKCirKOCITY, the spanker said ho was a firm believer in a reciprocal tariff. There were difficulties in the way, namely, the indisposition of the neighboring colonies to meet thorn in a f<iir way, as they had an impression that New Zealand had Tory much the best of the trade ; but this was not no, for the other colonies in 1893 had H36,7f)5 more of our exports than we had of theirs, and thero was on excess of L72.781 in the first quarter of this yo^r in 'heir favor. Ho did nod believe in a rot-ilia* 01 y policy, bub when tho othor colonies declared their intention of placing other barriers to Now Zaaland's progress by putting on prohibitive tariffs ho as to prevent New Zealand's products reaching the people of Australia they must of necessity rotaliate to protect themselves, nnd when they landed wheat into New Zaaland's ports it was the Government's duty to protect their own people. The Colonial Treasurer next proceeded to show the position of the exports of the colony ex ending over tho last nine years, in all of which there j was an iucroase of exports, but in Oamaru there had beon a falling off of L22.000 in her exports for list year. In connection with the decline in exports from this distiicb antl other agricultural districts ho noted that the bad harvests r.nd tho general fall in prices wero two potent faotors [n purring the condition of tho farming community unonviablo. There were besides thoso over-product tion, the rapidity with which commodities could be carried had a deprechting effect upon values, nnd there was the appreoiation of gold, which was one that was ong»ging the attention of the world's financiers with a view to changing the ourrenoy, for the appreciation of gold was oeriomlj ftStotlpg thi soomeroi of tin

world. Mr Ward next dealt) with the Depar'ment df

mnnu'i.iES and commerce. It had boon brought into exintenoj for the purpose of enabling colonists to find eaahr nnrki-ts for thoir produce, And tha Government would nob be doing their duty to the commercial world wore thoy not to endeavor to tind fresh market*, and fry and reduco tho omi of transit, of product, and it wan th.object of tho Department by Hooing t h •» t products wore properly gr»ded and stamped with the impr.muur of the Government to obtain hotter values, and generally improvo »ha omyins? on uf i th* commerce of the country. It was for this purpose that Mr Valentino had been despatched to London and he hud no doubt the rosult would be favorable to tho producor in New J5oaland. Thoao products would bo soon to and pushed into new markets. He also pointed out that the ooal industry coull be largoly dovoloped, together with tho fishing, fruit culturo, jam making, and frozen meat industries. Mr Ward «avt» statistics showing tho quantities of tho former products which wore imported into tho colony when thoy could vory woll bo produced to tho absorption of tho abundance of labor ; and with respect to tho frozen moat industry he thought that a market could bo opened up tor it among the white population of India, whor-, in the principal cities, cool stores might bo erocted for its reception prior to use. It was the duty of the Govormnoi.t to asiiit tho producers to tho best of their ability. They were determined to see that no stone whh loft un'urued in this direction, and to obtain, wherever possible, a quid pro quo from other countries. For this purpusa thoy were hondttig ropresenUtivos to those countries witb which New Zea'and did * Urge import trado to ondeavot to establish ttn oxport trado of tho t-atnn magnitude. If those countries could not bs induced to take an equivalent amount from Now ZeaUud, thon we should have to try and draw our supplies from countries that would reciprocate by taking our produc's. The Government realised that the d»iiyinn industry was ono which was not to bu played with. Thoy iutendud to app>iut four additional exports in this depait men*; to aiatst producers, and through them tho colony. Th« exports would help the producers to send away a more uniform article, and one which would consequently command a more uniform price. They thought thab in thus assisting the producer they wero assisting everybody.

NATIVE LANDS. He would niw say a few words anont the land legislation of the Government luring tho past sossion beforo passing on to matters of local import. Some important departures had been made hat session in tho matter of rutivo land legislation. It had baon docidod that nacive lundH shoulJ be tuxcil. The Govornmont had come to tho conclusion that it was not dosirablo to have nativo lands in a different position to thoso held by Europeans. Tho natives wore reaping the bonofit of tho unearned increment through tho improvements effected by their neighbors, and it had, therefore, been decided to tax them half rates. One result h .d been to cause tho natives oithor to uso their land or to poimit Europeans to occupy it, and thero had thus been a desirable increase of soltlement. Tho Govern' inont had acquirod considerable areas through this legislation wherewith to increase settlement. Th© lands wore no longer locked up and lying idle, and tho Government, recognising its benefits, intended to follow up this course In the future.

TIIK OAM A UC DISTRICT, ThoOamaru district contained 2, 025,000 acres of land which wns hold in 948 hold* in«s inclusive of D8 pastoral runs, com prising 1,308,200 acres, and leaseholds and freoholds amounting to 710,500 ncres. His opinion wi\s that what tho Oamaru district suffere 1 from whs that it had not got iv fair proportion of Bottlers on tho land round and about tho district. They ought to havo and must have more people on the land. (Hoar, hear.) The district, the port, and tho town could not possibly be prosporous until tint was brought, about. He wiw nob an agitator, and never had boon, but ho would say deliborately from that platform that if the land in the district which horepresonted was allocated as tho laud in tho 0*m*ru Histiict who, instoad of a prosperous district, ho would oxpect to find it the exaot opposite. And wh t wuB iho remedy % Tho remedy wns tho Govornmenl'HCompulsory Land Acquisition Bill. Ho was nob one who urged tho wresting cf the land from the people at an unfair price. He would never countenance such n course, but ho wan otto of those who realise 1 that tho set'lemont of a district must not be imprded because thoso who hold tho 'laud there would not Uke a fair price for it. It was the people's duly to assist the Government to obtain tho lands which wore locked up in ,vari iu« parts of the colony — to obtain thorn by fair and equitable means. The Government had difficulties to faco in obtaining lands, and the worst difficulty of all was that of tho exorbitant prices asked by holders. To illustrate his meaning he would quote k telegram which he had jusb received from tho Mmiptcr of Lands since he entered the hall. The tolegrAtn ran : Strnngcase for right of resumption. One party offered Government 17,000 acres of land. Tho price askad is LJj 5s por aoro, The land tax valuation of this property is returned at LI 6s per aero. Ho writes a letter to tho Government asking L3 198 per acre inoro than what he pays tax on. Tho Board of Commissioners roporb that tho land is unsuitable and not worth more than the land tax value. This gentleman then says tho Government are nob in oarne»t because ho does not got his fancy price of L5 6s per acre.— Jno, M'Kenssie, Wellington* That telegram had been sent by the Minister for L<»nds, aud they might depend upon it that every statement contained therein was absolutely correct. A voice : Where is the land 1 Mr Ward : That's juit what I've telegraphed to find oub. (Lnughter.) I shall be happy to hand the reply when J get it to the press. When the Government first proposed tho compulsory nc» quisition of laud tho idea was generally condemned. The opposition was based mainly on tho prevalent opinion tlul it would be impossible to obtain a fair return on tho original expondituro in thus purchasing tho land. Well, what happened ? The first transaction was that of the Cheviot, The Government had not jumped at thjs ostate or voluntarily rushed in to purchase it. $t had simply btqn taken over by them, in pursuance of their policy, on account of a difforonoo of opinion as to its value for taxation purposes. And what was its position now ? It was paying L5 7s 9d on tho original purchase money, calculated on the whole of tho estate. It had on ib a churoh, a number of schools in process of building, threo post offices, a telegraph office, 308 aoloc> tors with homes for 1500 people. This wai in place of one owner with ono family and a few enioloyoea,. ' He' \VouIcl ask 1 them calmly which was the better 'condition of things, and whother tho Government wore not, in tho light of tho success Attending this purchase, justified in the course they had pursued. Then there were the Pomahaka and Teaneraki estates, whioh were piylpg tbtiff wny, m hit collogue, tjbo

Minister for Lands, had reoontly nhown in a speech at Pulmoriton. The Paroora es'ato was paying L5 4s on its original cob , with 30 aorcn s ill 10 dispose of, and th« Sturiholmo Junction t-stute was pay ug L5 12i 2d. [Some disturb -no^ was here created by Mr R. Mitchell endeavoring to mnko himself heard apparently in dissent, but he vra» cried down.]

HETTLKMENT ON THK LAND He would now give them tho ratur«s of tho number of settlors settled upon tho land. In 1891 95 fowor than in tho preceding year had boon Bottled ; in 1892 3141 moro than in tho preceding year ; in 1893, 1544 more than in 1892, and in 1894, 2529 more than in 1893. Altogether since tho Hon, John M'IConzio took office as Minister for Lands, ho had Bottled 7044 now Bottlers on tho land. With regard to village homostsad settlements there had been 1166 selectors of 27,708 acres, tho annual value of which was L3786. L2830 had already beon paid. Against this the (liovornmont had advanced in loans L13,316 for dwellings, and L12.002 for bush felling and grassing. 'Ihe total already paid by way of ront was L9458, and by way of interest L3895. Now, tho value of the improvements on thoso properties was L70,000, bo Against tho 1j25,000 advanced by tho Government they had the security of improvements to the value of L70.000 in addition to ront and lnterasb already paid amounting to L13.353. This year thoro had heon 293 selectors of 5530 acros, and since 1891 tliore had beon 475 selectors of 8284 acres. The Minister for Lands assured him that the system had boon in ovory way most successful.

TUB l'OLICV OK TIII8 BANKS. Ho would have to pass over many matters upon which he htd intended to touch us he noticed that time vrni getting on, and would pass oti to a subject of groat importance to them all. They vrould all at onco admit that it was necessary to have n plentiful »upply of capital to make the colony prosperous or otherwise. There was a feeling abroad thab at least one Australian bank, in this connection was pursuing a polioy not calculated to improve Uio goni'ial well-being of the colony. It was not for him to prosumo to dicUto to any institution how to conduct its business, but it was his duty if | 10 f 0U nd gouoral injury was being done to the colony to point out that this nas so, and to endeavor to have the mischief averted. If largo sums of money were deposited by the people of the colony in tlio b^nkn, unless those sums were properly used it would readily be seen that consequent injury to tho community would result. If large sums of foreign capital wero : freely circulated here all would admit ! thnt it would have a salutary effect on trado and commerce in all their branches. Por contra, if tho money of the pooplo of Now Zenland wore circulated elsewhere it must harm tho colony. Ths absoucoof tho necessary capital to carry on with would have a bad effect on tho colony. While the surplus was absolutely and essentially correct in every particular, and tho revenue had kept up surprisingly in tho faco of a kocn wuvo of depression there had boon a decroase duiing the last two months in tho revenue returns which ho would not sook to hide. Tho Government woro nob going to indulge in any wild schemes for tho purpose of rectifying this. Thoy bolieved that somothing must bo done at onco. It was essential, if commerce wero to develop and trade improve, that tho pooplo of the land should ho able to got a liberal supply of money at a fair rate. The Government would soo that they got this. (Applause). Tho subject wns a very do'icito one to handlo, and its solution must of necessity creato differences of opini in. Ho was nob at liberty to disclose tho policy of the Government, but he would say that tho Government thought they could see thoir way to assisting tho colony on this matter, and would proIjoso a solution of the question, which, 10 believed would bo both Bound and acceptable to the people Tho proposals had beon maturely and carefully con> sidered, and their inception was not calculated to do anybody any injury. Tho Govornmont dosired simply to promoto the welfare of tho colony, <md come to the assistance of tho people by enabling ovi*ry financial institution to carry on its business in its own way on a -sound and healthy basis. This much ho would say : th «t the proposals of the Govornment wero sound and nob mischievous, and wero calculated to rentoro conli- , deuce iu tho colony, and do a vast amount of good. COMMUNICATION.

Ho desired, m tho chairman had intimated in his opening remarks, to soo this colony have cheap communication, not only by cablo, bub irv the matter of freight, wi'h other countries of the world. In thin connection they might rest assured that ho and his collongue.i would do everything th.at lay in tin ir power to increase the facilities for intercommunication, r< cognising, as they did, tho impr>r'ant factor such communication was in the colony's wo'fnte.

LOCAL MATTERS. Ho would now deal shortly with local matters. He understood that Oamaru hid a grievance or two. Well, eho was not singular in that reapers. Most j)J»cea wore in tho samo case, and whororer tho Government found th>fc they could legitimately step in and offer assiRUnco without doing an injustioo to tho colony at large it wan alwaya glad and willing to do so.

TUB WATER QUESTION. First of nil as regards iho Oamaru water supply. The (own hid n very aotive member in the House, who in a quiet but firm and judicious mannor was continually pressing her ohims in this matter, and he was supported by a member of the Upper House who dij likewise. Well, tho Government reoogniaed no responsibility in this matter of the pollution of tho water supply, but as they did not think it deniable that the people should have to drink muddy water they had de ■ termincd to contribute L75O towards the new works, (Applause.) Ho would also offer a«i a Biiggosfcion for the people tQ denidu looilly thnb tho L760oQtH'ed for a clook tower be ulao put to the wutor. works fund. Tho Government woro pre« pared to do thi* if tho pooplo wished.

THE OAMAltU HARBOR. With regard to the harbor ho know too woll what grave difficulties had besot the Board, and tho vast amount of trouble, which through no fault of their own, had landed them in in th.e \nu^. viable position of ha.v|nK to aflmjt ft robojver, Hfl was qprry for this, and |io thought a great mistake had boon uvtdo by the bondholders, who had not bettered their position by thoir action. They had not gained the sympathy of tho people nor of the Government by appointing a receiver. They had, indeed, estranged the sympathy of tho Govornmont. The Government did not think that people who entered into ropponsi* bilities with local bodies with their eyea open should, malp a.p'pea,ls, \q t|io (V vernmont, aq the bondh'olcier8 In question 1 ha4' recently done, through the Agent-General for assistance. Tho ap* polntment of tho receiver had depreciated the valuo of their own stock, and they hud no ono to blame but themselves. The Government did not feel disposed to oome to their assistance and were not going to do it. They were quito propuM to wiiib 0»m»ru, b^c

commit the colony to obligations for the sake of peoplo who contracted liabilities at their own risk with local bodios. The bondholders had been fairly treated, and wore getting nil they could get and the people had boon doing their be6t to pay their way. (Applauie).

TUB RAILWAY COMMISSIONERS. With regard to tho Railway Commit sionera ha would tell them oandidly that ho felt ifc w»8 » wront? thing, hh » niattiT of policy, for tho Railway Department, in order to o-ptura thn H.irbor B -ar.l'fl triulc, t. jh'ic telly tuin tho comnuury. Hu hud n< fccii orticully on tho pincrRin onnoc ion with "lu» m»'tor, which lio li ul o*r«lu<ly pomi' hrotiiii In-- opinion tint no S'Rto (tt-p.r inon' «h »n *cl puiHiie sucli •i Cuiiixu Ki ilitt ruin nf tin? f 1 < ■ l> r t hm us th 7 •!< u'ltl »< kut>\,tl.o R»>lwny CmimisstoneiH wcri indup lulent o the Iloufl ' »'if1 c rne I on •h-Town pulley. An a pu hi c limit. li>> wfnild «ay dm' ho 'honglu iln' p 'licy wrung unjust, uofitir, anrl otio w'jich shiuld nut be pursued. Ho c mid »'•' «po«k fcr Mi« G'lveviimciit, of which ho wis only »n individutl inembor, bur ho could s;iy for/ himself that ho would rtlw+ys dnwhit ho could to a sist i he mi'inhor fur (he district in having the ur<flf nltuioJ mid tho harbor trado r* stored to its original baeis. (Applnutc.)

CONCLUION. In conclusion, hj would jufit.Btim up tho fcaovernmeiit't intentions. Tho Government thought that it-, wah desirable to obtain native lands for ReitliMnent pur-' poaos in thi; North Inland, xnd to resume privuto ImidH for h ntiml.il purpnso in tho S tutlt I>lund, and to ln»e both r muled. Thoy ii'oogniHi'd that it was i-sm-ntial to do nil that they could to improvo tho condition (if ir^do. That i' was also ossenti-tl to improve v h» social c mdii ion of the workers, and to find woik for rnon tthou'vor reproductive works co tld bo started . Tlmt it w m nece^s iry to improvo the standing oidoiH in nuuh -t in tuner us to allow of the iiv>ro expeditious conduct of business For the roat of w haf tho Govei uinont bulicvt'd tli^y imist limk to tho Finanoi%l St-tMiiont, whio.i wou d ho in their hands 111 iIid uouisu of u «vim k or two. This wni is much -is In* was nt libetty t<> unfold of th«» 0>>vtr iineut'H policy, and he hoped those preifiit would be helped by vrlut he hid said to form » hotter judgment of tho colony's position than perhaps they had bofoio possessed. Tho Govcrnmniic recognised that they were only mortal, and were liable to en, but nt ltMst their errors were only errors of judgment. Thoy were trying to do thuir beut for the wolf urn of the colony, 4nd when thoy ceased to have tho puoplo at thuir back they would ghvUy uftign. In conclusion, he would amply n.sk them, in judging the Givoruiuont, lo judge them in the only fair manner — by their deed*. Tho Chairman, on tho Hon. Mr Ward concluding his address, said ho (the chairman) had mentioned in introducing Mr Ward that if his abilities as a speaker woro equal to his administrative abilities they had a treat in storo, and thoy must all admit that Mr Ward had delivered a capital nddrus**. Mr F. W. Clayton rose to movo a voto of thanks to Mr Ward and of confidence in tho Government. Owing, howovor, to another porson being on his legs at the same time, his remarks were but imperfectly heard. Ho said probably no Government had recoived more hoRtilo criticism than had the present one. He belioved for their land policy alone they deserved tho thanks of the peoplo of tho colony. Mr J. Wnnsbrough seconded the motion, which was carried by acclamation. A voto of thanks to tho chair, moved by tho Hon. Mr Ward, concluded the meeting.