THE TREASURER AT AUCKLAND.

New Zealand Mail, Issue 1189, 14 December 1894, Page 35

THE TREASURER AT AUCKLAND.

By Telegraph. —Press Association. Auckland, December 10. The Hon J. G. Ward, Colonial Treasurer, addressed a public meeting' to-night in the City Hall, the Mayor, Mr J. J. Holland, presiding. There was a crowded attendance. Mr Ward, who on coming forward was cordially received, congratulated the people of Auckland on the opening of the Rotorua railway, which would bring crowds of Southern tourists to their city and province. He had come to speak at Auckland because he believed it to be the duty of Ministers to speak at the various centres. Their policy was misrepresented by the Opposition members and press, and therefore required explanation. THE FINANCIAL POSITION OF THE COLONY NEVER SOUNDER. It was asserted that the Government increased the public burdens, and were going on a borrowing policy for a sum which was given variously at from six millions to twelve millions. But the opponents of the Government ignored the purposes for which the moneys were to be provided. He could demonstrate without glamour that the moneys would be used to assist settlers to settle on the land at lower rates of interest than they .were now paying. Beyond question, not one shilling of extra taxation would be required through their financial policy, and the financial position of the Colony was never sounder. THE BOON OF CHEAP MONEY TO SETTLERS. Their only trouble was the lowness of products, and he could not understand the opposition to the aid to settlers. The property most valuable to New Zealand was population, and vested in. terests should not stand in the way of cheap money to intending settlers, He quoted an elaborate series of figures to show the saving in interest to settlers, that the moderate margin provided would be ample, and that if a fair valuation was made at first there would be =£6,650,000 represented by cash and land as against the loan of throe millions. Yet the opponents of the Government asked them to regard this operation as in the category of some of the wild-cat proposals of the past for political railways and other works which they professed were in the interests of the country. They said nothing at the same time about the proposal of the present leader of the Opposition to borrow twenty millions in one lump. It was said that private individuals would lower the rates of interest. That was what the Ministry wanted, and they did not care by whom or how it was done. (Cheers.) He confidently left the verdict to posterity upon their cheap money scheme. LAND VALUES.

Some remarks about the bedrock values of land by him had been, misunderstood. If values were low after careful valuation, values must. be at bedrock. Land should be valued upon what it would produce. If land values were not now at bedrock with the low prices of agricultural produce and wool, then the bottom was going to fall out of New Zealand. (Laughter.) Mr Ward then alluded to the scope of the Lands for Settlement Act, the Lands Improvement and Native- Lands Acquisition Act, and the Native Land Purchase Act, and as to the latter measure, said that active steps were being taken to acquire lands in Auckland, Hawke’s Bay and the East Coast, which would, yield at least 5 per cent. (Cheers.) They had purchased a million acres, or one-eighth of the Native estate, since taking office, while their predecessors had got 73,000 acres. THE BANK OF NEW ZEALAND. He would now take the two million Bank of New Zealand guarantee. Who would deny that this guarantee was not given to avert a national disaster ? That it did avert one was beyond question, and if it had cost the Colony the whole two million to prevent such disastrous results as overtook Victoria it would have been cheap. In his opinion, had it cost them three times two million it would have been cheap, whereas it had not cost this Colony J>l. They did not wait to lock the door after the steed had been stolen. But this guarantee was coolly included in the borrowing policy of the Government. He regretted that the shareholders of the Bank had to pay the call, but the fact that the President and Auditor reported to the Government that it was desirable gave the Government no option than to consent. He believed the course followed by the directors a judicious one, and in the best interests of the Bank, and the extinguishing of the heavy rate of interest payable on the Assets Company’s debentures was a step which must conduce to the prosperity and stability of the Bank. He felt confident they did the best in a grave emergency, and he shared the hope of all well-wishers of the Colony that the future may be brighter and better for that institution than the past, and he believed and hoped J that it would. A POLICY OF RENEWED LIFE. Reviewing the burdens the Government were said to have placed upon the people, Mr Ward pointed out that every pound, except consols and the bank guarantee, was for the settlement, the development and the acquisition of. lands. Not a shilling extra of taxation would be necessary to provide for fresh interest. (Cheers.) On the contrary, there was a very large credit margin. By this policy they would infuse life, hope, spirit and buoyancy into the country. He did not deny that the public debt had increased, but. the assets had also increased. The conversion operations were then described,' and he claimed that they would save in 40 years =£2,085,800. It was gratifyingto them that New Zealand stocks maintained a strong position. THE COLONV’S BALANCE-SHEET. Referring' to the National Association’s complaints as to the way in which the Colony’s balance-sheet was made up, he said the New Zealand Treasurer’s Budget was drawn up exactly on the lines of the

balance-sheet of a public company. With regard to the Cheviot estate, he said that the actual money received from the estate was =£50,540, and the expenditure =£44,430. THE CAUSES OF DEPRESSION. Complaint was made of the state of trade, and that the Government could not regulate the markets, but if they had remained inactive things would have been much worse. The demand of foreign countries would always regulate prices, and lowered values was the principal cause of depression. He quoted a return of the Post and Telegraph Department to show the steady and continuous progress of the Colony. THE RAILWAYS. As to the railways, the development of the country demanded a progressive administration. Freights must be lowered, and producers at a distance from ports should receive more consideration. MINING. The Hon Mr Cadman would shortly be in Auckland in regard' to certain mining proposals, and he hoped the Aucklanders would avail themselves of the proposals which would be submitted by him, as Mr Cadman was well acquainted with their requirements in mining districts. THE SAMOAN QUESTION. He had now to allude to the attitude of the Ministry with regard to Samoa. They were perfectly sincere in their proposals. If the Government had been treated with ridicule and disrespect, then it was not them but the people of New Zealand who were so treated. He desired to speak of the Secretary of State with respect, but that high official should have ascertained the facts before speaking or taking action or not have been influenced simply by statements in a newspaper. • THE WORK OF NEXT SESSION. Alluding to next session’s work, he outlined some of the questions to be dealt with—Local government, adjustment of the tariff, revision of the licensing laws and old age pensions. In conclusion, he said the Government were animated with the desire to further the interests of the country. Those opposed to the .Government should not be ungenerous, but should credit the Government with equal motives of loyalty and a desire for national prosperity. Chicken-hearted, pessimistic men were not wanted at the head of the State. Courage, vigour and determination were never more essential than now. Through these qualities, aided by cheap money, cheap freights, cheap land, the development of commerce, and vigorous land settlement, so surely as the stars of heaven shone so surely would the Colony rise, and rise until . prosperity pushed every trace or semblance of depressed times aside. Mr Ward concluded a speech of over two hours’ duration amid cheers. It was moved by Mr R. M. Hall, and seconded by Mr Wilding, “That this meeting thanks the Hon Colonial Treasurer for coming to Auckland and delivering the able address just heard, and expresses itsheaity approval of the general policy of the present Government.” This resolution was carried unanimously with further cheering.