MR BRYCE AT WAVERLEY.

Temuka Leader, Issue 1557, 24 February 1887, Page 2

MR BRYCE AT WAVERLEY.

Mr Bryce addressed his constituents at Waverley on Tuesday evening. He first dealt with the proposed Representation Bill, which he said would have the effect of taking three membra away from the South Island, and a iding that number to the North Island. The legislation of last session was then touched upon, and the native question followed. He said Sir R. Stout claimed credit for the Government getting five millions of acres of land in the King Country through the Land Court, but he withheld the fact that the land was put through the Court pursuant to an application made while the Government of which he (Mr Bryce) was a member was in office, and the Chief Surveyor, Mr P. Smith, had negotiated with the Natives for the survey, and the survey was within one week of completion when he went out of office. The Native land purchases he did not consider good ones—much of the land was not suitable for settlement. After defending the Parihaka demonstration, of which he held they were now reaping the benefit, he said he had something to say on the JINANCIAU PO9IVION of the colony, that is regarding revenue and expenditure. The indebtedness of the colony at the present time was £34,000,000 in round numbers, the annual interest of which was £1,790,006, He might go on to point out w}*at thtj

general position of the colony is with regard to private and pub io indebtedness, which, including harbor boards and public bodies, was not less than 75 millions.' The interest to be paid in and out of the colony would amount to 3£ millions per annum, and this amount of interest having to be met without any additional borrowing would haye a great effeot upon our exports and imports, which are to a great extent determined by the amount of money borrowed from Home, and would be curtailed ty the cessation of borrowing. The question was too large to go into at present, but be should like to say that out of 34 millions of bor- i rowed money only 14 millions had been expended in railways. He would point ont what he meant by borrowed money having gone in aid of revenue. A Library was about to be built in Wellington which was to be paid for out of loan, as loan mosey had been taken to aid the revenue. Sir R. Stout said borrowing was to stop, and was heartily cheered for it. He said the same thing a year before, but now said distinctly be would do whhout borrowing in 1887. He would i iheir attention to this statement, as S.. Stout said it was with a desire to economise, but this was not so. The reason was that ample provision had been made last session to carry them over the year 1887 out of loans. He hardly knew, therefore, how to account for this statement of Sir R. Stout, when he made out his desire to economise. Perhaps it would surprise them to hear him say that after all there might be a loan next year. He put the question himself, and Sir J. i Vogel said it would not be necessary to j raise a loan, but they might have one authorised, which would mean the same thing as a loan—money being borrowed out of trust funds, or from other sources, ■o that virtually when authorised it was practically raised. Sir B. Stout said borrowing must cease for public buildings at once, and yet only yesterday he laid the foundation stone of the Sunnyside I Asylum, which was to cost some £28,000, 1 to come out of borrowed money. Wh» f ] could he mean t Ha held in his hand a aummary of public works appropriations, chargeable on the fund to 31st March, 1987, such as immigration, poblic work*, railways, roads, water-works, purchase of Native lands, and others, which would require £1,041,000, He gave thea n figures to show that borrowing could not stop instantly, that a gradual tapering off was the only method possible. The revenue of the colony could not provide for the purchase of Native lands, and subsidies to local bodies, and the erection of necessary public buildings. It was not necessary to go back to the beginning of the public works policy, which was now seventeen years old. When Sir J. Vogel returned to the colony some three years ago he (Mr Bryee) though) be had misconceived the financial position of the colony very seriously, paying the penalty of his misconception, and would have to pay in a still greater degree than it was now doing. [Mr Bryce read an extr ict fronra speech by Sir Julius Vogel in 1884 to the effect that he (Vogel)then thought that they had a right to look forward each year to a large natural increase in revenue, and that with reinstated finance and diminished expenditure the country would rouse itself and spring forward in leaps and bounds of progress.] Sir J. Vogel had mistaken considerably the position of the Colony. Mr Bryce then referred to Sir J. Vogel’s action in seizing the sinking fund, which he considered was open to grave censure. He (Mr Bryce) was of opinion that Sir J. Vogel’s action in this matter was one cause of the depression. The effect was that proper emigrants were deterred from coming to the colony, as before coming to the colony emigrants who were anxious to escape taxation inquired into the circumstances of the colony, and seeing taxation was considerable, and likely to increase, many had not come. There was likely to be a deficiency this year, notwithstanding the seizure of £240,000 of the Sinking Fund, both on the Estimates and an actual deficiency. One of two things must be done to set matters right, either by retrenchment on a scale hardly thougnt of, cr an increase of taxation. He apprehended an increase of taxation. Sir R. Stout spoke of reductions having been made in the public service, but this was talked of before last session, and it was then found no reduction was made. Probably it would be the same next session. Mr Bryce then referred to the borrowing Bill of last session, and adversely criticised the action of the Government in not accepting willingly the reduction of £75,000 made by the House, After speaking briefly on “ Ministerial differences,” and the abandoned proposals of the present Government, Mr Bryce concluded by expressing himself confident aa to the future of the colony when once the present difficulty had been removed, and be bad no doubt the colony would be a grand country for their children if properly governed. Before resuming his seat Mr Bryce said it might be the last occasion, if the Representation Bill passed next session, on which he would appear before them as a member or a candidate.