LATEST SPECIAL TELEGRAMS.

New Zealand Herald, Volume V, Issue 1400, 13 May 1868, Page 3

LATEST SPECIAL TELEGRAMS.

MB. STAFFORD'S SPEECH AT NELSON. (From the own correspondent of the Wellington Independent). Thb following telegram was received from our Nelson correspondent on oundav night. A similar telegram bus also been forwarded to a contemporary from tlv; Colonist office. — ITelson, May 3rd, 5 12 p.m. Mr. S.ifford addressed his constituent? Isiat night. There was a crowded house, but ho inet with a cold reception from those present. After eompluining of certain strictures of the local press ha alluded to his presumed saving of two hundred and forty thousand pounds, and declared that he had saved two hundred and iifty-flve thousand, explaining that his figures relerrod to savings on ordinary estimates as first sent down by Mr. Weld, the subsequent supplementary estimates having been roduced by Mr. Weld's Treasurer, and that he (Mr. Stafford) had saved the above sum after four mouths of the finaucial year's expenditure hud been spent by bis'predecesaors, leaving him only eight months in which to economise. Ho referred to blue books and returnß in proof of his statements, adding that he took office untrammelled, and not because he made any.promise to effect ouch a Baving. He made no promisb, but had only indicated his opinion. In reply to various questions from the Committee of the .Reform T.oague, ho stated—

"l. That the land fund of one province would no be liable for the deficiency or defalcations of ani other province. 2. The pensions to retiring officials were abou £1000 a year at present, but might ultimately rise ti three or four, or even seven or eight thousand t year. 3. The revenue for the year was perfectly ample We paid our way ; there -was no overdraft; the pro vinceß had been paid what was due to them, anc though the Customs revenue was falling off to thi extent of sixty or eighty thousand pounds ; yet, ir consequence of Government having saved money b) keeping within the estimates, he believed the wanti of the Colony would be fully met. 4 The Public Debts; Act had cot been satisfactorily explained. He referred to the Southland case, when tho Government undertook hex liabilities and im pounded her land revenue, which course receivec praise, while the Public Debts Act, impounding lane and general revenue, in security of interest, wai censured. All the colony undertook by the Act w:i! tojp,y 20s in the pound for tho debt of the province; When their debentures fell duo, the colony darcc not refuse to meet their engagements. The Genera Assembly, through its Ministers and the b'overno.was responsible for the debts of the provinces. Th< colony was a party to provincial loans, and could no dure refuse to guarantee their debts. The fact tha debentures sold below par, was nothing; thej fluctuated, but each promised to pay 2Us in the £ 'he colony was bound to pay if it wished to retail its credit. Whether the debentures were sold belov or above rar, thoy were bound to pay the value the] promised when due. He denied that the Bank o New Zealand benefitted by the act. It took deben tares at par, and he'd about £300,000 when the Ac was passed. The Act was quite voluntary on botl Bides. It was quite optional for the agent of thi Government and for holders of stock to courert oi not, as they cliose. If no action took place under thi Act, the country waß exactly in the same position a; before the Act was passed. lie then referred to the doings of tho committee o: the Nelson League, and p aißed the four papers pub lished by its memberß, but if it was to he useful 1 must do something more practical. He alluded tc the reductions he had made in the Departments. Th< peopie did not like economical Governments ; thej Liked and wrote about them, but liked extravagance He charged Wellington and Canterbury with having forced the Fanama route on the colony, and accusec the Governments, which had succeeded his formei Ministry, of extravagance in steam communication. He advocated levying an Income Tax, and saic though there -was only one successful member -wh< it the last election advocated this impost, and onlj two newspapers throughout the whole colony yet thingß wero now changing, and members ant papers were becoming more favorable to the Income fax, and he hoped his Government would introduci i measure imposing it next session. Of tho Local Government Bill he said that moil ar.^a 1 1/ a bill with a similar purpose would bo in traduced next session ; for it was absurd to expect ti stop the demand of outlying localities for self-govern inent. Auckland and Southland were recovering ant orogressing, but the finance of the colony would be i rery difficult task for four or five years to come. Mr liuckie, editor of the Colonist, then addresse< the meeting, and was warmly received. He opposei Mr Stafford on the Public Debts Act, shewing thati Loss to the country had accrued through it operation. The state of Provincial Debentures u Ihe market a year ago proved that capitalist lid not consider that the credit of the colony wa Dledeed for them. Auckland debentures were at tha time unsaleable. Thoy wore worth £70 last year md were now selling at £106. The public of Ne« Zealand, by the operation of the Act and mismago nrnt as to conversion, had lost the saving by the Act >f thirty or forty per cent, beyond the previous martet value. He referred to Mr. Stafford some years lf ro calling Mr. Fitzherbert as unfit as a new-born mbe for a Financial Treasurer, and yet Mr. Stafford rave him that office, ondsent him home to negotiate i bill, tie (Mr. Luckie) also referred to Mr. Mat'ord's promise of securing three-eighths of the Cusoms which was followed the same year by Mr. Toilie's proposal to take away the Customs from the Provinces. .. ... . . Mr Stafford did not carry the meeting with him, md it broke up without even giving him a vote ot hanks. This was one of the largest meetings ever leld in Nelson.