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New Zealand Mail, Issue 771, 10 December 1886, Page 22

It is freely rumoured that one result of the long Cabinet meetings whiehhave been held every day recently is an important modification in the general policy of the Government. According to this rumour, Ministers having observed with deep concern the unfavourable result of the last loan, and the large and persistant falling-off in the revenue, have come to the conclusion that a policy of strict economy in administration and of resolute abstention * from further increasing the debt of the Colony • must be carried out until matters .improve. It is said that even those members of the Government who have hitherto consistently been most favourable to what is commonly styled a “ progressive” and “courageous ” course, now recognise the advisableness of “ putting on the brake for a time.” If thiß report be true it will give general satisfaction. Everyone feels that the Colony cannot stand increased taxation just now to pay interest on fresh loans, and people have learned through hard experience how fleeting and illusory is the seeming prosperity that results from the mere expenditure of borrowed money. The “ big boorrowing ” policy mooted last year was emphatically condemned by the thinking portion of the eommunitY, and was virtually abandoned (or deferred) even before the session. Further experience has no doubt Shown the Government plainly that a careful and economical policy will be the one most likely to meet with public approval at the present

juncture, apart from the serious nature of the financial emergency which has arisen ; and Ministers will act wisely it they give practical recognition to this feeling in the policy they are framing for next session and the subsequent general election. AVe are convinced that if they rely for public support on fresh loans and more expenditure they will be entirely disappointed, hut that if they make economy their watchword, and carry it out in sincerity and good faith, they will not only deserve biit obtain a large amount of support which otherwise would rightly be withheld.