The Taranaki Herald. PUBLISHED DAILY FRIDAY, JUNE 1, 1894.

Taranaki Herald, Volume XLIII, Issue 10018, 1 June 1894, Page 2

The Taranaki Herald. PUBLISHED DAILY FRIDAY, JUNE 1, 1894.

* It was the will of the people at the last election, that the Government then in power should retain office for at least another term, for by large majorities the peop,lo decided that the supporters of the Ministry should be returned instead of those who declared themselves in opposition to tho Government policy. The fight wa3 a fair one, and nearly all the prominent' leaders pf the Opposition were defeated. Under tho present Government the colony is making steady headway. Our securities at Home are higher than they were ever known to be. This is no doubt owing to the Government having declared its policy wa3 a " non-borrowing one," which policy was approved of at the last election, for nearly every candidate, whether returned or defeated, gave a distinct pledge on the subject. The borrowing policy of past administrations was the means of many a Government retaining office long after the Ministry had ceased to be popular. Tho present Government retain power and are popular without such aid. What, then, is the reason of their success? The question is easily answered. The present Ministry represent the people. They represent those in business, the middle class, and the ' working man. The reason the Government objects to going intD the money market is because it is not to the interest of thoi3 in business, the middle class, or the working man to do so. Amongst those who are advocating the raising of a new loau is Dr; Newman, who boldly advocates that *' a two million loan should be floated in London to be spent," he should have said wasted, "on ordinary reproductive works." The phrase " reproductive works" is a rather hackneyed one. Colonial works in the past have proved to have been far from "reproductive," and this the unfortunate taxpayers know only too well. Dr. Newman advocates that a million should be borrowed to complete tbe Main Trunk Railway from Auckland to Wellington with a branch to Taranaki, and another million on the Otngo Central lines. Dr. Newman says :—"I: — "I hold that such a policy wouid be of incalculable benefit to the colony at tbe present time, and that it is better to borrow now than delay the inevitable loan until a more distant time of hypothetical prosperity. The time is opportune, and such a loan could be floated at 3£ per cent at about par ; whereas if our stocks fall a loan could only be placed at foimer extravagant rates of discount." Dr. Newman does not hint at who will benefit by these loans. The railways are not .neeied, and would certainly not be reproductive. It would not be those in business, the middle class, or tbe labouring men who would benefit by the money being spent"; but the manufacturers and capitalises at Home. The money would not come to the colony ; but goods of British or foreign manufacture. For a time some of the cities — " whore people do congregate " — would boom, bnt for those living in the smaller towns and in the country districts, their share of the fun. would be the v paying an additional tax, which the interest on the new loan would entail. The Taranaki people would have the pleasure of hearing how tbe cities were prospering, but the trade in their own towns would be very slack. The " non-borrowing " policy of the present Government is, therefore, a wise one, and the people will prosper far better by continuing in the same line than by swallowing the " golden pill " the Wellington political doctor would have us take. The Oamaru Mail, commenting on Dr. • Newman's borrowing scheme, says :—": — " A tonic, or sugar and water, is the sheet anchor of the medical charlatan weak of resource. ' When in doubt, play a trump,' is a rule in whist. ' When in doubt, pky a tonic,' is a rule with those pathologists who have a case beyond their capacity. Hence, when Dr. Newman prescribes a tonic for Miss Zealandia, bo does tho only thing that is open to him." Our contemporary goes on to say " the Opposition arc so progressive and virtuous, they have no right to remain outside the ranks of the Government supporters. Instead of looking over the fence and snarling, they should step within the enclosure /and help the Government to evolve from New Zealand all the wealth and national happiness which she is capable of conferring- — in short, to effect those reforms which they, as new converts, now profess to agree with the Government are necessary for the good of the colony. As to tbe resumption of bonwying, the country has not been consulted about it, and wo Would havo thought that tbis fact would have been fatal in the* estimation of a patty which insisted that no additions should be made to tho Legislative Council without an appeal being first made to the country for its sanction. One thing is plaio, and that is that if there be any supplementary Public Workd policy, the party now in power will take very good care that railways are not made for the benefit of private lauded proprietors unless they be made to pay the share of the cost. Our own impression is that tbe Government will fight shy of any borrowing and expenditure which will not tend to increases settlement and production so substantially as to warrant btich a departure from tbe course which thfiy from the first laid out for themselves." The session will be opened in a few weeks, and it will not be long, therefore, beforo the Government will make tbe public acquainted with the policy they intend to pursue. The affairs of tho colony are still in the hands of the people, and if we aje not " booming," it cannot be said we are in such a bad condition a3 those in the Australian. Colonies. There may be a few hundreds unemployed in tbe largo centres, but it was the same in tbe day 3 when millions were being spent in tho colony on what Dr Newman calls " reproductive " works. The colony is prospering fairly well, and it is far bettor to go on slowly and surely, as we are doing, than by borrowing, to make such a mess of it as they have done in Victoria and New South Wales, when we should have to repent at leisure, as the people there aro now doing. • Tho School Commissioners met tbis (Friday) morning, when it was unanimously agreed not to discuss tho Courthouse site' cjuestion till a reply was recciyed fi'oni tbo' Government. Messrs E. Euilot anxj G. Brown wero the contractors for the alterations, and painting respectively at Mr Alorey's shops. Those mentioned yesterday were the subcontractors," To-morrow Mr Newton King will sell a .quauiity of second-class timber at his yards ou tb.e reciaiigetl land, commencing at half-past eleven o'clock. , Quo of tbo most important foptbull matches of tho season will ber played on tho Racecourse to-morrow (Saturday). All players are requeued to bo on tbe ground at J o'clock, gb^rp.