POLITICAL ADDRESS.

South Canterbury Times, Issue 6233, 4 June 1890, Page 3

POLITICAL ADDRESS.

MR FERGUS CRITICISED,

(Bs Tbusqrafh.)

FBIDDING, June 4,

Mr Macarthur, M.H R. for Mans watu, addressed the electors last night. Dealing with Mr Fergus’ speech he pointed out the danger of the colony interfering with the present or future indebtedness of local bodies, and he showed that out of six millions of local bodies’

debts, eountv councils and road boards owed only £320,000 principally to tho Government under tbe Government l oans to local Bodies Act, on exceptionally easy terms, so that Mr Fergus’ proposals was totally in the interest of harbour boards and inunicipalilioL With regard to acquiring and reading lands by debentures issued in the colony, Mr Macarthur pointed out that whereas Mr Fergus' first proposal was an attempt by means of a colonial guarantee to reduce the rate interest of local bodies to 3J per cent from tho present average of 5J- per cent, his'second proposal involved the absurdity of tho same Goverment borrowing in the colony for itself at 5 per cent and upwards. Mr Fergus’ idea of the Goverment —with crown lands for salo—buying up bad investments of mortgage companies at fancy prices was condemned ; also his reference to a bursting-up tax as a possible alternative. Ho approved of the continuation of the primage duty for a school building fund rather than borrow for tho purpose. Mr Macarthur expressed hia profound disbelief that any snob policy as that set forth by Mr Fergus had been agreed to by tho Cabinet. A vote of thanks and confidence was carried.