The Increase of the Public Debt.

Opunake Times, Volume III, Issue 143, 15 November 1895, Page 2

The Increase of the Public Debt.

There have been many controversies as to the exact amouut of our public debt, and of its increase during the past years. We presume it was because of the various statements made as to its increase that the Hon Mr Bowen moved that a return should be obtained from the Audit Office showing the inorease of the public debt. The return is now before us, and it is very interesting to read the record of a " non-borrowing Government." The present Ministry took office in January, 1891. We propose to take its record from 31st March, 1891, till the 81st March, 1895, and the following shows the net debt of the colony for the past five years:—

Tt will be noticed that in Mr Ballance's time the increase was small. For the two years of Mr Ballance's Treasurership it was £704,147 ; in his successor's the increase in two years was £1,577,477 —more than double ! Tbe total increase was £2,281,624 ! not a bad record for ft non-borrowing Government! And we have not included the £1,500,000 borrowing for advances to settlers, nor is there included the £2,000,000 guarantee to the Bank, nor the further guarantees given dnrin the past session. Were all these added together, we would have tbe followiug : Increase public debt, 1891 to 1895 ... £2,281,640 Guarantee Bank, 1894 2,000,000 Advance to Settlers Loan 1,500,000 Guarantees and purchase of shares ... 3,231,000 Total £9,012,624 Besides this, up to date there have been more borrowing, of at least £soo,ooo—in purchase of lands, roads, &c. The Consols also have not been added. Up to date, then, the liabilities of the colony have been incrersed by a " non-borrowing Government " by about £9*500,000. It is no answer to say there are assets. So there were in every borrowing. If the colony borrowed for railways there was an asset—the railways—and an interest-paying asset, too ! What we desire to point out is the vast increase of our public liabilities by a Ministry whose platform was " non-borrowing." We invite the attention of our readers to the figures we have given. The report from which we have quoted is No 3,1895, Legislative Council. And after it is perused, perhsps the most ardent follower of the present Ministry may see the wisdom of not again mentioning tbe non-borrowing proclivities of the present Government. —Welllington Post.

1891 .... ... £37,670,408 1892 ... ... 38,272,906 1893 ... ... 88,874,555 1894 ...' ... 89,166,491 1895 ... ... 39,952,032