INTERVIEW WITH THE COLONIAL TREASURER.

Otago Witness, Issue 2085, 8 February 1894, Page 14

INTERVIEW WITH THE COLONIAL TREASURER.

Taking advantage of the Hon. J. G. Ward's presence in Dunedin, a representative of the Daily Times interviewed him yesterday in order to ascertain whether he would, as Colonial Treasurer, afford any information in connection with the financial position of the colony. The hon. gentleman expressed his willingness to give as much information as would be considered prudent — it would depend upon the nature of the reporter's queries. The interview which ensued was to the following effect : —

Reporter : Can yon tell me whether your estimate for the financial year will be realised P

The Colonial Treasurer : Yes, I am glad to say that my estimate will be fully realised. The course pursued by the Government during the year has been a cautious one, but at the same time all the matters which it was necessary to execute have been undertaken. It will be remembered that last session some of our opponents stated that the financial position of the colony was a weak one. I am pleased to say that results have clearly shown that their evil prognostications were inaccurate. At the present time our position financially is strong and healthy. The revenue has kept up splendidly, our stocks are high and, I am assured, actively sought after.

Reporter : May I abk if it is the intention of the Government to ask for authority next session to obtain a loan P

The Colonial Treasurer : I hope it is not your intention to ask me to reveal the Financial Budget at this early stage ; but the question, as you have put it, is such an important oue that an evasive answer on my part might be misconstrued. I may say that neither the necessities of onr finance nor the circumstances of the colony at present, in my opinion, call for the aid of loan moneys, and it is not the intention or policy of the Government to ask for loan money. Reporter : Then how do you anticipate being able to carry on public works P

The Colonial Treasurer : Our public works expenditure will be provided for as at present, partly from the consolidated fund and partly from the public works fund. There will be a sufficiency of money to carry on all legitimate public works in the colony. I may say it was the opinion of our opponents, when we first took office, that we could not cany on without a loan ; but this opinion, so freely expressed, has been belied, and I am equally confident that we can, without starving the necessary public works of the colony, still pursue a vigorous policy without borrowing.

Reporter : What about providing monejß for the purchase of estates P

The Colonial Treasurer : Of course I need hardly say it is not the intention of the Government to take all the estatea that are being offered. The Minister for Lands is dealing with this branch, and I think it is very unlikely that any large sums will be asked for for this purpose. On the contrary I expect that, in addition to the present system of cash for purchase, further provision will be taken for payments being made in debentures bearing a low rate of interest — say 3£ per cent. ; and the Minister for Lands is also considering the propriety of obtaining authority for leasing in perpetuity from those desirous of parting with land to the Government, the Government in turn sub-leasing under the existing system to tenants. These two systems— debentures and leasing — would of course dispense with the necessity ■ of providing cash for the acquisition of such lands. My colleague the Minister for Land is fully alive to the whole position. He is, of course, responsible for the land administration of the colony, and any information with regard to it should be obtained from him. I may say that the Government are determined to vigorously promote land settlement, believing that to a large extent this will help to absorb the excess of labour that, from time to time, in a young and growing country, must necessarily occur.

Reporter : It is said that some of the banking institutions of the colony are restricting trade by calling in advances and sending moneys out of the colony. Has the Government had this matter under consideration P

The Colonial Treasurer: Yes, it is an important matter, and one that has been carefully considered by the Government. At present the subject is receiving a considerable amount of attention from the Government.

Reporter: Have any representations been made on the subject of deposits, received here, being sent out of the colony ? The Colonial Treasurer : Yes, strong representations have been made. This is regarded as one of the chief causes of the tightness of the money market.

Reporter : In what way can you prevent it ? The Colonial Treasurer: We will make representations to such institutions as are found acting in this way. We have no desire to interfere with the conduct of any institution in the colony, but if, as appears to be the case, a course is being pursued that is calculated to weaken trade and injure the colony, we will most certainly take decisive steps to remedy it. At this moment I am not prepared to say what course we will take. There are several open to us, but I cannot give you the particulars of them. If the revenue and trade of the country, however, are found to softer, you may depend upon it that steps will be taken to effect a remedy.

Reporter: May I ask why the customs' revenue was not furnished at the end of the month, as usual, in Wellington P Have you any special reason for this P The Colonial Treasurer : The only reason for this change is that it is not desirable that the financial results of one department should be collected at Wellington and telegraphed unless the results of all the departments are wired. The customs revenue at each of the ports will be supplied to the local press as usual. It is quite obvious that at time? a wrong impression might be formed of the financial position of the colony by the publication of the revenue rtc»'ived hy one department only. I may cay that the information was not withhtl* in cons-queuce of afrll of revenue, because there is no fall up to date. The change has been effected merely to preserve uniformity. The results of the "financial position of the colony should be furnished from the Treasury, not from any one department. There is no other reason lor it ; and I may add that the same instructions have been given to all departments as were given to the customs department. The interview then ended.

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