SPEECH BY SIR JOSEPH WARD.

New Zealand Herald, Volume XXXVIII, Issue 11840, 18 December 1901, Page 5

SPEECH BY SIR JOSEPH WARD.

THE FINANCIAL POSITION.

HOPEFUL OUTLOOK.

THE DISMISSALS FltOM RAILWAY

WORKS.

[by TELEGRAPH. —press ASSOCIATION*.]

Goke, Tuesday. In' accordance with a promise made the In accordance with a promise made to the Mayor of Gore, Sir Joseph Ward arrived here this morning to lay the foundation-stone of the new post office. The occasion v.-as also made the opportunity for the delivery of a political address, and a banquet w;-.s held in honour of tin; occasion. Lady Ward was also present. A large crowd assembled at noon to witness the function at the post onice, but the people did not manifest any marked enthusiasm.

In the evening the Town Hall was crowded to the doors, and the audience listened attentively to an address lasting for two hours. Sir Joseph said there were a great many people who cried aloud to stop borrowing, but- they did not realise that this country could never be carried on without Ingrowing. Th o population was small, but the railway and telegraph facilities were '-•re for thousands more, who would come •-s time went on. Ho predicted that great as the progress had been, the next 25 years would sot> an even greater transformation, ilic debt had been increased in the hist 10 years by £10,000,000. hut this had been utilised as follows: £2.700,000 for the nurchase of land, £1,205.000 for loans to local rS £2,943,333 for advances to settlers, ijd,boo,ooo for public works, -107,700 f ov the sinking fund. Six hundred settlers had availed themselves of money placed at their disposal, and over £85,000 had already been repaid by excess of interest, alone, anil there had not been one loss made in the whole colony. The expenditure of the last year had been abnormal. The war, the visit of the Duke and Duchess of "V ork, and grants ro education, amounting to over £500,000, were non-recurring. 110 predicted that the year ending March, 1903, would show an excess of revenue over expenditure of £500,000. lie referred to the statements made concerning- Government's action in discharging workmen engaged on public works, and said the icason was that they found that they were spending the amount v.-ed too quickly, and the only proper course was to reduce the rate of expenditure. .Kverv penny of the amount voted for public works would be- spent in the allotted -imo. Sir Joseph referred to the fall in wool and frozen meat, and said thai the samo spirit which had brought the people through similar reverses in years past would enable them to overcome, this one. The fact that, New Zoalar J had floated a loan at 94. while two millions of the New South Wales loan was still unplaced, showed that a high opinion was entertained of the colony's securities, and the loan having been raised at an unfavourable time was equal in moral effect to having been raised at par under normal circumstances. Ho protested against the absurd statement that nothing had been done for the settlers, and, after enumerating various direct, remissions made, said they totalled £243.000, outside of the benefits of the advances to settlers. Sir .Joseph also mentioned the holiday question, and said he had received notice that an Ordor-in-Counoi! was to bo made temporarily dealing with the matter, and he hoped one day would be fixed for the colony. lie touched on the Federal tariff, and said thev must find further markets. £60,000 had been provided for the erection of cool stores in South Africa if their Commissioner reported favourably, and £30,000 had also been voted for subsidising a direct line of steamers if they could get them. He said the revenue for the eight months of this year was £3,387.500, as against £3.287.000 for the same period last year. A. vote of thanks to Sir Joseph Ward and confidence in the Ministry was carried by acclamation, and with some enthusiasm. The banquet' was largely attended, and a very pleasant evening was spent.