MR DUTHIE AT THE OPERA HOUSE.

New Zealand Mail, Issue 1262, 7 May 1896, Page 30

M R DUTHIE AT THE OPERA HOUSE.

Mr J. Duthie, M.H.R., one of the representatives for the city, addressed a mooting' of the electors at the Opera Houso on Tuesday. There was only asmallattendance, butthis was no doubt partly due to the inclc nent weather. Mr J. Beck occupied tho chair, and briefly introduced Mr Dutliio. Jn opening his address Mr Duthio said that coming events cast their shadows before, henco tho desire of the people to know the policy of the Opposition. Kven if the Opposition came into power he did not think they should alter the present legislation until it had had a fair trial. CRITICISM OF THE GOVERNMENT POLICY.

In criticising the policy ho was not attacking individual Mini-tors. Mr Seddon had told the people at I'&tono that there had been an increase in the national wealth of cloven and a hilf millions, hut there was no real evidence of tho increase. Tin Government bad also claimed credit for tho present mining boom, but the real reason was tho cyanide process and the accumulation of idle Knglish capital, owing to tho Transvaal trouble. land administration. He next attacked tho land administration of the Government. They had every mode of settlement that could be devised, and all the money required. It had been said that tho Government had put 11,000 or 12,000 settlers on tho land, and if that was so why did the depression exist, ': Yet the cry was, and it was a fact, that land could not he got. The town populations were increasing, while the country was stagnant. The Minister was in a despotic position in tho House, and no one attacked his land administration _ because they could not afford to quarrel with him. He (Mr Duthie) held that settlement must proceed upon such blocks as would reasonably support a man and his family. The present mode of settlement was not successful, and that was the reason why the country was stagnant. Under tho present system of settlement a settler's life was not as pleasant as it was, ami ho was treated in an overbearing spirit. Tho Minister, however, was entitled to great credit for introducing tho Pastoral Tenants' I Relief Bill. Tho Government land adminis- , tration was not a success. THE 'IARIKK. Tho Treasurer and Premier wore fond of telling them that taxation was decreasing per head, but Now Zealand was paying 30 per cent, higher taxation than any of tho other Australian colonies. The Government had brought in a revised tariff, and under it every necessity of life was added to, and ho hopod they felt grateful for it. (Applause.) There was no principle in this tariff. Tho plea they had got the tariff through on was on the cry of Protection. The extra money they wore paying under thocry of Protection was for the capitalist. If the Government had these surpluses, why should they have put these crushing burdens on tho people ? He deplored tho suppression of returns, and ho pointed out that in the English Parliament returns could be procured in 11 days, but in this country they had to wait four months, and they had not got tho public accounts for 10 mouths. THE BANKING LEGISLATION. As they were aware, he had always taken a great interest in tho banking legislation. (Applause.) After referring to tho guarantee to tho Bank of New Zealand, he said that beforo tho session of 1801 was over attempts were mado to effect an amalgamation of the Colonial Bank- and the Hank of Now Zealand. Events left it beyond doubt that the management of both these institutions, and probably others, knew in 1814 of their condition at that time, and much plotting had been necessary to successfully transfer the enormous losses of these institutions on to tho Colony. Tho Hank of Now Zealand was first driven to admit loss in IBS7, when £IOO,OOO was written off. Tins was billowed in 18-8 by £BOO,OOO, in 1800 by £137,000 more, and asraiu last year by tho hugo sum of JE1,350.000, or a total of .£2,717,000. Beyond this there was a deficiency admitted of £852,700 in connection with the globo assets. For a bank with this history tho Colony became guarantee for £2,0C0,000, last se-sion it sabscribed .£500,000 in preferential shares, ami it had undertaken to make good and pay out of colonial funds any deficiency arising on the £2,731,700 bonds'issued by the Assets Realisation Board, as well as the interest accruing on those bonds for nine years. Against this £2,731,700 tho Assets Board took over properties valued by Mr Foster at £1,839,000, but what those would realise was most uncertain since evory fresh valuation reduced the estimate by hundreds of thousands. The scheme was hero very ingenious. Although, as Mr Foster states, the average annual net profit on these estates for the last four years had been only X If,HttS, the Board was made to undertake to pay to the Hank for nine years j6!*!>,(>oo per annum, being til per cent, on the £2,731,700, and it was empowered to use tho proceeds of tho sales of these properties to enable it to do so, and so by eating Us own vitals the | Ifcmk had from litis source .securedan assured ,

present income. To make »ood this admitted existing deficiency of XS.">-',OHO, the liability of shareholders wa-to he exacted to the uttermost farthing. Haifa million was ealled up by the Act, and the Treasurer was empowered to call up the balance, and would do so. iait no <ano man would expect that over five or sh hundred thousand would ever be got from this source. Ki'i'ili r. they saw ! In' band I'llpdl I e Hoard reject ing t he-c prom r:i.\s a* the A --"I-- Hoard'* (ear,.. M \ !•, ~•!■' tin' si,an Ire.l,as of I lie Hank of ;■ .-'v /. .il.ni I did not own a cent of capital in iliu bank. After tie y had paid the utter- .,.,-; fart bin- ih.il n.u'l.l bu ..(|ue,-/a i out of li.cm there must, under the n.0.-a tavoiirable icall".-atien and payment of calls, aii-e a deficiency i f anywhere from half I" two millions to bo first tiiiflc eood. cither out of profits or by lie h capita! found by the remaining shareholders. The trading capital ol the Hank w.i - now uu rely a class of public debt, and the Colony had not even the control it would have over a .itate Hank. Complications of the most embarrassing nature, HUeh as new emitted over rates of interest mi..it be continually recurring, both in this Colony and in Australia. Financial crises were recurring; war, as they had recently seen, was not a remote possibility. In cither event a deeply-indebted eo'.ntr.y. villi so weak a bank leaning upon it, was a, spectacle to sadden the most sanguine. No disaster that was deemed to have been avoided could justify the perilous position in v, Inch the Colony stood. (Applause.) THE OKIIMAN SYNDICATE. Tin Premier had put himself on the Assets Board. Was it not a most undesirable thing that any politician should appoint himself to such a position? An to the Premier's explanation us to his connection with tho German

syndicate, was his defence a true one ? Ho (Mr Duthie) would not accuse him of being "a rebel and untrue to his country." He did not dispute that tho Premier was a high authority on mining matters. (Hear, hear.) He (the Premier) had full access to all Government information, and all the Government staff was at his disposal, and he (Mr Duthie) denied that he had the right to place that information at the disposal of any foreign syndicate. (Applause.) Baron Hirsch made his 30 millions by his wits, and it was men of this stamp who wore coming to us. Ministers allowed their official position to intermix with their private business. (" Give us some politics." "Tell us something you have done.") Was it desirable that Ministers should be directors of these companies r Was that pure government? ("They till do it.") Mr Ward's position with tho banks needed some explanation. Ministers, while professing to bo the friends of the people, had become slaves to capital and capitalists. ADVANCES TO SETTLERS. The advances to settlers scheme had not been a success. The scheme was unsuitable to the settler, and. loaded with complications, it was not attractive. He had sat for five years in the cold .'.hades of opposition, and they had had a very hard time of it in exposing the sins of the Ministers, and he had endeavoured to do his share in the exposure, of the misgovornmont of the country. In conclusion, he stated that he felt it was a great compliment to bo elected when not one of the associations wanted him. (A voice : " No one wants you, John.") Ho had stood independent of tho* whole lot. (Applause) He had informed his committee that he would not be a candidate at the next election -(hear, hear)— owing to his health, but they would not take no for an answer. The matter had been left in abeyance, but so far as he was concerned he would only bo too happy to stand aside for a candidate whose views would be acceptable to them.

Mr Duthie having answered several questions, he was awarded a vote of thanks and confidence, on the motion of Mr J. Robertson, seconded by Mr .1. Richards, and a vote of thanks to the chairman brought the meeting a close.