A FEW FACTS

New Zealand Times, Volume XXXI, Issue 6964, 2 November 1909, Page 7

A FEW FACTS

rro the Editor ”N.Z. Times/') Sir, —For. many ysors past it has been the practice of the Conservative party, bached up by their subsidised press, to decry, belittle, and demean the Dominion of Now Zealand. When the occasion suits them they tell you (and have been reiterating it for years) “that the country is rotten,” “that it is bankrupt, “ “that its securities stink in the nostrils of the Loudon moneylender, and a lot more in the same strain, and yet. Sir, the country goes on paying its way in spite of these political “Ksaus/' Its securities are in greater favour in 1-rondon than ever they were before, and the investor is prepared to deal with us on bettor terms than ever, but still the same old gags are perpetuated by the party's mouthpieces, probably in the hopes of frightening the timid investor for purposes of their True to hi& party's instincts Mr Allen, on Tuesday evening last, endeavoured to magnify tlie awfulness of our x ni blio* debt, and at the same time decry the value of our public assets. Ho cast an undoubted slur upon our reproductive works, and as these misleading statements are causing a large amount of unrest within the Dominion X think it only right that they should be refuted. Our national system of bookkeeping lends itself to such statements as that the “public debt is being enormously increased. Now, if tile accounts for reproductive and non-productive works were kept separate such a statement would at onco appear a myth. Whilst our indebtedness to-day stands, roughly, at sixty-eight millions, the real position may bo readily gauged from the following table showing how some of it has been expended :

."Railways ... < 29,053,432 Lands for settlement ... ... 5,599,678 Advances to settlers 5,118,011 Advances to workers ... ... 603,800 Loans to Local Bodies • 3,501,372 Bank of New Zealand ... ... 500,000 Telephones 591,760 Telegraphs ... ... 394,649 Reserve Fund ... 500,000

Total ... ...■£46,161,732 (If I had the same accede to Government returns that Mr Allen has, I should probably show even a better statement than this). Now the whole of this money’is interest-bearing, and if a slight loss is made in some places the country at large gets the benefit of it. Put our' Railways, Telegraphs, and Telephones into the hands of a private company and the rates, would be immediately doubled. Withdraw the 31 millions lent to settlors and local bodies, and they would have to pay 21 per cent, more than they do now,-which would mean a loss to the country of nearly a quarter of a million annually. Taken one with .the other, these services are returning 3 percent., lif not something over. Now, these figures leave 22 millions to account for, and it is this amount that the taxpayer has to pay interest on. Our return for this money consists largely of public buildings, roads and bridges, schools, hospitals, colleges, native lauds, and numerous other benefits which the public are continually clamouring for and would not bo without. Mr Allen also made the statement that wo had to pay our sinking fund out of loan. Now in this he is either painfully, ignorant or, what is worse, wilfully so, for it is plain to anyone who can understand figures that we arc quite capable of paying interest and sinking fund too, without the aid of loan money, but this latter course, would mean a very restricted public Works policy, .which would suit Mir Allen and his friends just as little as it would the rest of the community. .Why cannot these men treat the business of the State as they would any other commercial concern? But, no, the green-eyed, monster points to the seats opposite, and suggests .that they ai'e more comfortable than the ones they occupy, and the, consequence is their vision becomes obscured, thenviews distorted, and their utterances bilious in the extreme. And the public, seeing and knowing this, keep them in their place.—l am, etc., MATIHANA. Wellington, October 30th.