THE PREMIER AT HANMER

Otago Daily Times, Issue 12606, 9 March 1903, Page 5

THE PREMIER AT HANMER

A POLITICAL ADDRESS. . HALT? A MILLION SURPLUS ANNOUNCED. CHRISTCHURCH, March 8. (By a Special Corjiesfondent.) On Saturday evening the Premier apok in tho now Town Hall, Hanmor. Mr ii ' W. Rutherford, M.11.R., presided, and tlior ' was a good attendance, tho Premier bein heartily received. The Premier said that tho meeting wn unique, and ho believod ho couM claim t be tho first Primo Minister of tho colon that had spoken at Hanmor. Ho would nc go into tho question of good governmeni but would only claim that his Governmen had given equal opportunities to all and ha endeavoured to adjust taxation on fai basis. Tho Premier then quoted statistic to show the prosperity ot tho colonj There had been a dccreaso in our import during tho past year of 4.26 per cent. Til exports iaei year wero £13,633,557—an ir crcase over tho previous ywv of £752,15; or 5.84 per cent. Ho would like to boo_ further decroaso in imports and a stil greater increase in our exports. Mr Seddo then gavo detailed figures as to tho popu'.n ; tion and finance of the colony, and sai i that tho investor nnd tho capitalist simpl ; judged tho colony's capacity to buy or bo: row by its population; gauged by that ntani 1 ard, with a largely increasing population ■ wo were decidedly in a hotter position t pay interest on tho moneys borrowed- Dui sng the 11 months of the present iintincin yoar tho rovenuo had been £5,551,366, am taking tho estimates for March a.fc £741,630and ho folt sura that estimate wns a loi cno,—tho result would bs that on Mare' 31 tho colony would have a surplus o £266,000, and it was with ploasum that In announced that tho finance; of tho colon; of New Zealand were all serene ami fha thoro would bo tho'usual surplus of half i million. He would toll them another liti.h secret: there lmd also been a doorcase ii expenditure. Sound government mean keeping down expenditure to tho lowest pos siblo point. This yoar he believed tho Go vernment would bavo underspent unauthor ised moneys by at least £40,000. That woulc show tho Government was not carried awaj became the colony was enjoying a pro? perotis timo. Referring to tho rccont loan Mr Scddon said that the Government, aftoi careful inquiries nnd acting on the adviM of exports, had placed the loan on tho Loin don market at a timo when everything had 'been favourable, but the recent attacks on colonial finance had had a prejudicial effect, Tho article in tho Daily Mail had been directed against Australia, and people were 60 ignorant at Home ot" the separation between Australia and New Zealand thai fhe result was that our stocks fell from £95 10s, which they wore when tho loan was anuouncod, to £94, and afterwards they wont down to £93 sa. Since tf.on he believed they had had a recovery. Tho Govornmout had, nothwithstanding tho "bearing" of those who deliberately tried to injuro tho credit of the colony, 320 people who hail subscribed to the loan; in addition there was an amount taken up which brought it up to over 8 per cent., but tho point to whioh he wished to draw attention was this: A oable message bad ccmo out from Home saying that tho net result of tho loan would bo under 91. It ceomcd to him reprehensible in tho highest degree that, without waiting for it, or asking for correct information, somo papers seized upon that and wrote articles and said this was tho result—" Iws than 8 per cent, applied for, 91 not roooived. ' Tho last loan was floated at 94. Tho Government had given tho samo charges and same commission for underwriting, and tho not result of the previous loan was £91 4s. The result of Hie prcaont loan was £91 14s, so that instead of tho price being less, it was greator than the Government received for tho last loan. Mr Seddon went on to say that tho colony's credit had novc-r stood higher, nor its securities bettoi\ and there was no reason whatever for a fall in Now Zealand securities. It was only temporary, and was, in his opinion, brought about for a given object. Tho scheme failed, however, becausd tho Govomment fixed the minimum at £94 10s, and no money-lenders in tho world should dictate a policy to the peoplo of Now Zealand. Tho Government had spent out of tho consolidated revenue over millions on publio works, and tho country had scarcely over felt it. That meant ft saving of £100,000 a yoar in interest, and he did not wish to give too much to the outside money-lender. Tho Government had got, lie believed, £9,000,000 on deposit m the banks of tho country, and it was quite Lpossiblfl, if tho'moneylender attempted to dictate a policy to this country, there was a way out of tho difficulty, and the moneylenders would havo a losson taught to them that they had better leave New Zealand alone. Ho did not believe in using l harsh terms, but tho Bimple fact was that <the Government offered to the public a loan, and it declined to bo a customer at tho prico, and there the matter must ond. They had got the money all tho Eaino, and tho country would go on just tho same, The critics, of course, would say it was the writing on the wall—they had Been saying that for tho last 12 years. Many of iho newspapers of tho colony had dono more to injure our credit than over Mr Wilson had dono in tho Daily Mail. Wo were in a, hotter position as regarded paying interest on money actually roquired for ordinary public works purposos than in 1890. Last year the interest amounted to £1,722,819, or £30,000 less than 1890. He excluded the interest paid on moneys borrowed for purchase of lands for settlement, advances to settlers, and tho purchase of Cheviot; yei Mr Duthie had taken him to task and said there was tho Prime Minister going through tho country and misleading the Mr John Duthie was one of the "bears" of New Zealand, and in his place as a member of, Parliament it was more reprehensible of him than the conduct of Mr Wilson, of

the Investors' Review, or of Mr Wilson, t tho Daily Mail. It had been said that tw millions of publio money had been a[ propriatecl for last year; and ilint wn quite right, but this fact was kept backthat on March 31 tho Government woul not havo spent more than 50 per cent, r the money that Parliament lind grantct The .public works expenditure of this yea would be considerably less than last yoru and designedly so. About three millions ha> been advanced to settlers, and tho Govern ment had security far four millions. Titer was 110 doubt as to tho security, and n interest was unpaid. Public works wor making satisfactory progress, and no on had felt this non-expenditure, and it 'of him as Colonial Treasurer on March 31 ii the publio works account with over a millioi sterling. And now would they believe i statement such as he was about to read ti them? Ho had told them wo had in on midst those ,who were not true to tin country. That day lie had iccoived a cablc gmm from the Agent-general as follows "Tho Wellington correspondent of Thi Times telegraphed from Auckland: 'Cabinet makers Jiavc locked out all their men, an< firemen of tho Union Steam Ship Company'; steamers lmvo struck in a body.'" That wa' tho class of cablo that wont Homo fron New Zoaland. The same gentleman, In thought, it was who cabled a, very incorreei statement regarding himself some month; ago, and seized c-veiy opportunity to decn our colony. Thcro was a cablegram sen! Home with the avowed object of casting i reflection on our laliaur laws, and tryinc to mako out they had not accomplished tin object in view. But the worst feature o! tho whole thing was that there had beei: no dispute, bo far as he could learn, at all be tween the fircmon and tho TJ.S.S. Company, Yet the British public wcro told that the firemon had all struck. Ho had mado inquiries that aftwnoon, and lie was told there was not the slightest truth in ths statement. Under thcoo circumstances lie did not hesitate to say that thcro were traitors in our midst. Had it not been for tho Agent-general, lie (Mr Seddon) should not havo had tho opportunity of repelling an unjust accusation. On several occasions the London Times had had to apologiso to this colony, and if it did what was just it would apologise to tho colony for tho wrongdoing of its correspondent in our midst. Tho Premier then said ho wanted to say to the people of Canterbury, Ilawko's Bay, Otago, and Waikato, that more of the largo estates must giro way to closer settlement, and it was in tho best interests of tho colony that they should do so. The country must have population. There would bo 110 departure from the Government's land for settlement policy, and there would probably be in some districts a very vigorous application of that policy. In regard to the 'Frisco mail service, which would be terminated shortly, the Premier said ho did not like the idea of subsidising steamers that wore to lie used under the original terms of tho contract as crui?«rs in times of necessity. Tho Vancouver servicc was taken from the colony without the slightest warning because the shipgwnors and the people in London wanted to got Queensland sugar over to Vancouver and the Klondyke goldfields, und the tho Queensland Government gave them tho subsidy. They had just established a very niee trade with New Zealand, and tho Canadians regretted the change morn than we did. We'bad a contract with the 'Frisco Company, and ho would ask them to allow it to go on till the two services expired, when thoy would So dealt with together. While at Home he had a conference with Sir Wilfrid Lauijer, Sic Edmund Barton, and tho Prime

Minister of Newfo-indland, when they discussed the* fiucriion of 'a Jiritish-subsidosed lino of mail steumevs jjoing from England to Cinada, and (hen right on to Australia and New Hp/presentations WOl'O road? to the Imperial Uoverimicnt on these linen. 'There were many reasons why ho \voxtl<l like to spo rtcijirooitv witfi Ca.nada ( and lie knew that the Government had the support of the people of New Zealand in that respect. Ho had at tho same time no intention of doing away with the San. Francisco service as a mail service. He was satisfied it would not be improved .on at the present time, but Mie-re must be an extension, so as to connect and have a. federalservice with Australia A vote of thanks and confidence in the Government was carried by > acclamation. Mr Seddon arrives in Christchurch. on Monday evening.