ANOTHER ACCOUNT.

Otago Witness, Issue 2561, 6 May 1903, Page 29

ANOTHER ACCOUNT.

THE COLONY'S FINANCES

WELLINGTON, May 3

The demonstration held m the Opera House last night in connection with the Right Hon. Mr Seddon'u 10 years' Premiership was attended by an anormous crowd, the building being packed in e\ery part. The proceedings were mo=t enthusiastic throughout, cheering and applause being frequent.

Mr W. H. Quick, senior member of the bar in New Zealand (who presided), said he did not believe that after all these years the confidence of the> people in Mr Seddon had abated cne jot. Tho Pienner's de\otion to the country and his high services io the Empire merited for him a very high place amongit the brilliant statesman ■niio conducted the duties of the Crown throughout the British dominion I*.1 *.

Mr T. Kennedy Macdonald then moved: — "That this gieat gathering of Liberals, in public meetm? assembled, herewith tenders its congratulations to the- Right Hon. R. J Seddon, P. 0., L.L.D.. Prime Minister of New Zealand, on the conclusion of his 20 years' continuous office as Premier, and desires Ins acceptance of the accompanying address." This address set forth Mr Seel don's achievements during hi^ occupancy of the Premiership, and expiessed a hope that the policy of progress would continue- and be strengthened year by year. Mr Macdonald, in a epeech supporting this resolution, which was received with applause, eulogised Mr Seddon's <-.erviees to the country, laying particular emphasis on the legislation in regard to the Bank of New Zealand.

Dr Findlay seconded the resolution, and remarked that there wa« a great human side to the Piemier's character that had won admiiation and affection Below everything — his succes^ea and failures — there remained that tru& man, which had boon unspoiled by prosperity aud unembittered by abuse.

The Premier on rising was received with a tr&mendou- o\ation. He expressed the honour he felt at rec^i\in« such a great reception, but felt diffident in speaking of himself or what he had done, for he had not grown egotistical. On the contrary, ho felt more humble and less capable of doing justire to the people than he did on the day he assumed the Premiership. There was a time when he (the speaker) had i ailed against the continuous Mmistery. but time was having its revenues. If they only

looked at some Hansards and read what wsa said against continuous Ministries by gentlemen who had now occupied the Government benches for 10 years, he did not know what he would a-nswer, except that he was there by the will of the people. Mr Seddon went on to read telegrams of congratulation he had received, including the following congratulations on the completion of 10 years' arduous services: — "Prime Minitter of New Zealand. My best wishes for many years' life and happiness to yourself, and for the continued prosperity of New Zealand. — (Signed) Chambselain." He then went on to review his career in Parliament and services in the Liberal cau<=e under various leaders, reading, inter alia, s> message he had received at Mr Ballar.ce's death from Sir George Grey urging him not to shrink from going on with the formation of a Ministry, and counselling braveiy, unselfishness, gentleness, and a resolution for good. He then went on to announce tho revenue results for the year just closed. The estimate for the year had been £6,026,000. TII3

actual receipts -were £6,3»6,609, and the excess of revenue over estima'e £360,609. The increase in the receipt* over the previous year amounted to £333,539, and the result of the year's operations was to leave a surplus of £303,905. This surplus -\vas made up a« follows: — There was a balance last year of £270,489. Of this amount, £200,000 was tranfif erred to the Public Works Fund, and this Mt a balance of £70,489. The total receipts for the year were £6,44-7,435, and the total expenditure £6,214,019, the balance in favour of receipts being therefore £233.416. This, added to £70,489, left after the deduction of £200,000 for public work?, gave on March 31 the surplus of £303.905 he had referred to for 1883-54. The Government started with a- net surplus of £256,459. Tho surpluses in 10 year 3 had amounted in the net to £3,195,143, and in the gross to £3,769,419. Those who apserfced that finance v.as a weakness of the Liberal party he would refer to theee 10 years' surpluses. He added that, f-o far as ho could see, there would be another surplus at the end of the current year. What had been kept from the people by critics of the Government finance wae the fat that during thei-e 10 years the Government had transferred to the Public Works Fund for development purposes a sum of £3,175,000. Then, as to the credit of the country. In 1£93 our 4 per cents, stood at 103^. Last month the tame securities notwithstanding the depression of the money market, were -at 107. In 1893 cur 3j per cento, were at 97^. Last month they were at 103. He then quoted the following figures showing the increases under the headings mentioned in 10 years from 1892 to 1902 :— Population (besides Maoris), 157.496: land in cultivation (acres), 3,643,955; land (occupied bolding-s). 22,266-: railways (miles open), 4Q5 ; railways (reeeipV.), £792,516; exports .of New Zealand produce, £4.132,731; imports. £4.383.667; bank df posits (average), £4, £61. 116; savings banks Ut credit), £4,296,533: notes in circulation, £453,300; shmpms: (inwards, ton*), 413,956; coal output (tons), 659,387; gold output (ounces), 270,459 ; gold value, £999,463. Included in the exrort« of New Zealand produce are two items which show a marvellom increase — namely, frozen meat, from £1.033.377 to £2,718,765: and butter, from £227,162 to £1,205,802. Wool, though largely increar>ed in quantity, js'iows a fall-ing-off in value of nearly a million, through a decline in prices. The following comparative .statement, showing the- receipt* of the Consolidated Fund for 1902, compared with those of 1892-1893, were quoted: —

3902. 1892. crease. Cvstonis „. £2 335.043 £1642.590 £893.033 Ra-hvpv-j .. 1,982 551 1.172 099 808.452 Stamps .. .. 978,939 658,-124 320,a13 Land and income tax .. 490,746 381,674 115,072 Beer duty .. 70,400 39,388 31,012 Registration .. b3,BSt 44 952 38,929 Marine . .. 32 968 20,354 12,614 Miscellaneous 133,233 47,735 85,468 Territorial leverma .. 252,298 300.675 *45,397 Totals .. .£6 386,609 £4,329,891 *Decrease. Total increase, £2.105,115: leso decrease, /.45,357, net increase, £2,056,71f. Mr Seddon thea parsed on io ioiew the legislation of the past 10 year 5 , his remarks under tins hr?.d bVing couched in languagesimilar to that employed in rf>c«nt speeclie. q . He remarked that laut year old-age pon&ion« cost £203.000. This year they might cost another £5000 or £oood. Branching off into the question of land fettlement, he said the

subdivision of large estates must continue-, ;<nd w.tii increased rppidny. People must be put on the land und»r such conditions as would give them a fair division of profits as between theinsplvea and the State, •wliio'i vas tho land'erd; and as for security in re c peet to land for settlement, ho maintained that if the Government had ndopted another policy and a lending board had be-en established, there would never have been a word about it. Under the present control was in the hands of tho people, whpre it must remain At the conclu-ion of bin address Mr Sedc'on wbk loudly cheered by the gathering.