The Ohristchurch Press on the Ward "Welcome.

Poverty Bay Herald, Volume XXII, Issue 7309, 19 June 1895, Page 4

The Ohristchurch Press on the Ward "Welcome.

" When ib is proposed, however, to get up demonstrations in Mr Ward's honor, to belaud him to the skies, and generally to play ' See here the conquering hero comes' for his especial glorification, we again say ib is well that we should stop to ask ourselves the simple question whether after all the colony has any good and valid reason for being particularly joyful at this precise juncture. Mr Ward, as we have said, has assisted to run us into debt. We stand committed to repay to the English bondholders the sum of L 1,500,000, and pending the repayment of the money the sum of £45,000 a year is added to the annual burden of our obligations to the English lenders. To read what some newspapers say the public might be led to believe that the colony, in raising the loan, was actually receiving L 1,500,000. It is quite true that we have incurred a debb of L 1,500,000 and an annual liability of L 45,000, bub the actual cash the colony will receive for this amount of indebtedness is quite another question. The average price at which the loan was floated was L 94 8s 9d, involving a discount of L 83.437 10s. This, with the cost and charges incidental to floating the loan, ■would leave the net amount receivable in New Zealand only about L 1,400,000. We shall have nevertheless to pay back L 1,600,000,, 600,000, and shall have to pay interest on every penny of that sum so long as the principal still remains due and unpaid. Let us not be misunderstood. In deprecating the fuss and excitement being worked up in preparation for Mr Ward's return, we do not want to depreciate in the slightest degree any business ability that gentleman may have shown when working for the colony during his visit to London. We are only anxious that iv belauding Mr Ward the people should not lose their heads, and above all that they should nob run away with the idea that the ability to borrow money is the highest form of statesmanship, or that loanmongering is a sound basis on which to attempt to build up prosperity. In reality the very case with which the recent loan was floated to our mind constitutes a substantial danger to the colony, and Mr Ward's services in flouting ib may turn out to be a very doubtful benefit co New Zealaud in the long run. If ib should tempt us to go on borrowing, ib will indeed prove a curse in the guise of a blessing. And yet there is too much reason to fear that this may be the result."