PATRIOTIC SPEECH

New Zealand Times, Volume XXXVIII, Issue 8647, 4 February 1914, Page 4

PATRIOTIC SPEECH

MR. MYERS IN LONDON

LIBERAL FINANCE DEFENDED

Further details of tho speech delivered by Mr A. M. Myers, MVP., in .London on December 22nd at, too Royal Colonial Institute’s dinner, came to hand by yesterday’s mail. The “British-Australasian” states that the "Speech, given without notes, was admirable in its clearness, and its fine delivery added greatly to the interest which the matter of it must have aroused. So far as New Zealand was concerned, said Mr Myers, the question of Government interference with private enterprise was thrashed out twentyfive years ago, and tho fact that those who formerly opposed what was then generally considered as advanced Liberal legislation would not now fool 'justified in repealing almost any single Act was sufficient for him to make tho statement that this advanced Liberal legislation was recognised to be in the best interests of tho people. Ho made ..that remark advisedly, because they must differentiate, in making a contrast between Now Zealand and other countries, especially in regard to finance when considering this question. It was necessary to remember that tho New Zealand Government owned their railways, telegraphs, telephones, and other activities. They carried on life, fire, and marine insurance, while tho municipalities owned tramways, electric light installations, and the water supplies generally, which in other countries were .sometimes carried on by private enterprise.

“ALWAYS IN THE MARKET.”

Since he had been in London, Mr Myers continued, ho had been ashed several times “Why aro you always in tho market for money? Your debt is a large ono, and what are you doing with it?” To these inquiries ho replied that notwithstanding the _ fact that New Zealand owed ninety millions of money, a large proportion of that money had been borrowed for purposes of establishing railways and other productive works. On railways tho capital employed amounted to thirty-threo and a half millions. Then tho Government also or,mod telegraphs and telephones. Further, they had advanced fifteen millions to settlers, workers, and local ’ authorities, so that'no less than fifty-jivo. millions could he stated to be reproductive. Further, another eleven to twelve millions could justly be considered indirectly reproductive, having been spent on such matters as j’oads, public works, and emigration. Consequently, when this question of hoyrowing. was discussed it was’ well to recognise the various activities that were being carried on by the 1 New Zealand Government, and the largo amount of money which had of necessity to be raised for such purposes. Then the. inquirers said, “But how can you pay the interest of £3,300,000 a year ?" Well, ho admitted, this was a largo sum, but it was not a serious platter for New Zealand. They .raised a half .million-ft year for old age pensions, another million for education, and three-quarters of ■ a million for naval and land defence. There was every justification for his Dominion in taking upon her shoulders those responsibilities* Ho would point out that last year their revenue amounted to eleven and three-quarter niillions, while in tho course of the last ten Jrears their receipts from railways and telegraphs bad- nearly doubled, which was a sufficient proof of the prosperity that New Zealand had enjoyed during that period. Further- than this, their loans carried a sinking fund, and would bo paid off:in'7s yeij/rs. Every care had been taken to allocate the necessary amount for each year to enable that to ho done. AMPLE SECURITY.

In 1912 there were sixty-four millions of money duo in London,: four and three-quarters duo in Australia, and fifteen and a half millions due to the people of New Zealand, which showed clearly that as far as the people of New Zealand were concerned they fully appreciated the security of their own country, and that they were in the very happy position of finding their Government a very largo sum. These figures boro comparison with those of ten years ago. In 1903 the proportion of the New ' Zealand loans raised in London amounted to 84.68, in 1912 to 75.88. The proportion raised in New Zealand in 1903 was 13.33, and last year 19.13. • Of loans raised in' Australia, the respective figures were 1.01 and 4.90. Ho thought that these figures showed conclusively that New Zealand was hearing a largo proportion of the money which she had required from time to time. He might tell them that last year the railways earned £4 Os 9d por cent. New Zealand ‘•had been frequently on the ‘ market during tho last year or two, and Would probably he so for some time to come, because she required money for tho development of the country, and oven of tho money obtained, a considerable amount was for maturing debentures. Ho said emphatically that tho money had been spent judiciously and wisely, no matter what Government had been in power. As to New Zealand’s capability to repay her debts, ho could tell them that the, capital value of lands and improvements, in 1912, amounted to £315,000,000, while the deposits in tho banks reached twenty-six and three-quarter millions, and tho 460,000 savings banks depositors had between them seventeen and three-quarter millions. These figures' spoke voumos for tho wealth and prosperity of tho country. (Applause.) In addition to actual monetary wealth, Now Zealand had an abundance of those raw materials wdiiph wero tho foundation of tho prosperity of the country. The host asset of all, however, was her virile, strong and patriotic people. PREFERENTIAL TRADING. They recognised that they had a wonderful country, and they fully realised their responsibilities in that connection. Above all, New Zealand was desirous of dealing with her kith and kin, and the preferential trading established in favour of tho Mother Country had resulted in increased trade with British possessions, and diminished trade with foreign countries. He could say that 95 per cent, of exports went to British possessions and 85 per cent, or imports came from British possessions. Ho thought that those figures went to show that New Zealand believed in deeds rather than words. She really wanted to deal with her kith and kin across tho seas. She wanted to keep the business in the family, and" tho

title of “John Bull and Co., Ltd.,” was quite good enough for her. (Applause.) LOUD PLUN NET’S SPEECH.

Lord Plunket, in thanking Mr Myers for ids -address, waid he had known that gentleman for several years, and although Air Myers’s name was at the present moment better known in New Zealand than in tho Mother Country, yet ho foresaw tho time when •it would bo equally well known in both. (Applause.) Ho could tell his London friends' present that there was no man in New Zealand who commanded inoro respect than Air Myers, who was a safe, fair, and absolutely' honest .man. During the time that ho was in New Zealand he was harried by remittance men from Home, but ho was never once asked for assistance by a New Zealander. ' There was practically no poverty in New New Zealand*. Every man was capable of paying his share of the public debt, and a great deal more if necessary.