"AUSTRALIA'S NEVER, NEVER POLICY."

Otago Daily Times, Issue 11936, 9 January 1901, Page 3

"AUSTRALIA'S NEVER, NEVER POLICY."

TO THE EDITOR". Sin, —May one earnestly request a careful perusal of this somewhat barb'cl inspiration in tho London Times of the 13th November; | also the "leader thereanent in the issue of the 16th, with our.Agent-general's remarks in the issue of the following day, the 17th. The J question should bo approached with the financially inclined and judicially balanced. The gravamen of Mr Aiekin's premises, or population, seems to he that no provision by way of sinking fund is made for the repayment of our loans; or in other words, without prosperous seasons and pood markets the interest payment could not be continued without ,furthor borrowing. English financiers premise that no loan is reproductive unless redeemed by a sinking fund in 30 or 40 years. New Zealand financiers, by their policy, allow this sinking fund to fructify in the pockets of the people. Which is correct ? Unquestionably we are building up a tremendous burden for posterity, because without good seasons, good markets and easily getatable, nothing is not even the precious metals. Mr A. is quite correct in saying wo only get about £95 for £100 3 per cents. Thanks to our insular position, sturdy and progressive producers, coupled unth magnificent pasture and climate, WO hold premier position; but this question of borrowing outside the colony (and our own capitalists are shy of lending within) must sooner or later bo faced by Parliament, and some provision made, even at 50 or 60 years, for repayment by sinking fund. Much as wo may admire the careor, altitude, and ampfitude of tho Eight Hon. the Premier, ho will tell us he cannot bo made productively omniscient, even for payment of some £27000,000 annually for our interest to the British capitalist.—l am, etc., Fjvedk. Maixard.