MINISTERIAL STATEMENT.

Taranaki Herald, Volume XLIV, Issue 10291, 25 April 1895, Page 2

MINISTERIAL STATEMENT.

THE FINANCES OF THE COLONY. A COKRECT REPORT OF THE PREMIER'S SPEECH. On Friday last the Premier delivered a political address at Marton. The following are the most important public questions he referred to: — THE TARIFF COMMISSION. Revision of the Customs duties was absolutely necessary. Since the last change many important and new industries had sprung into existence, which made readjustment imperative. It was a matter in which no tinkering could be permitted. He was sure the result of the present Commission would be the adoption of a tariff in 1895 which would remain equally just and satisfactory in 1905. (Applause.) THE BANIt GUARANTEE. The action of the Government in guaranteeing the Bank of New Zealand was ably and eloquently defended by the Premier, mid applause. In connection with this, question} Mr Seddon said the Opposition Press, not satisfied with having attacked Ministers, even made the fair fame of Ministers' wives the subject for adverse comment. He thought they should avoid such tactics. There wai a distinction between attacking Ministers and their wivos, and lie did not ihink sugli a toursi would hi anpreci ited by the men ami ivoim n <,£ the colony. (Hear, hear.) J-t j (the Pr_rtii'.r) fou<;iilihard,butial\vaysfairly. (Ap|AiUo".) An uitack had been male by a Napier journal upon Mrs Seddt;-i and himself. In tl'.e early pavt^of 1892 .Mrs Seddon purchased some Bank of .Nc-u Zealand sh.u^s, v/hioii bhf sold ayjuiu luiough brokers m tho curly v,)>ail of Septcr.ib.si. 181.). Twelve months subsequent tha Gove; n ment passed legislation to save tho Bank from disaster, and the Premier was accused of knowing the unsound condition of the Bank and getting rid of his wife's shares. In telegraphing hid refutation the Press Association carefully refrained from stating that only 20 shares wore involved — a paltry value of £83 - and the i'aot that the sale took place in 1893. Ho had bean absolutely ignorant of the position of the Bank at that time. Its state only was communicated to the Government a few days after the commencement of the last session in 1894 It was degrading to the preßs of the colony introducing matter of this kind. He was sure the majority of journalists would repudiate such tactics. tf nothing else could be urged against him (Mr Seddon), his record would be without a blemish. (Loud applauso.) The action of the Government in pressing on banking'legislation last session averted a. grave national calamity. AN IJirOKTA^T ANNOUNCEMENT. Mr Seddon said ho was now about to make a mo3t important announcement, which would bo hailed throughout the colony with unanimous delight. He would give them the result of the financial operations for the year just closed. The people of the colony had had been told by tho Opposition three months ago that there would be a deficit of over a half a million Subsequently this amount came down to a quarter of a million, and recently it dwindled to something less. ' Sneaking at "Wanganui, Mr Hutchison said there must be a deficit. Mr Seddon would leavo his audience and the people of New Zealand to judge by the actual figures —published now for the first time. Tho actual receipts for" tha year ending March 31st, 1895, had been £4,406,515, and the actual expenditure for the same period £4,"2G6,722. The excess of receipts over expenditure was £139,793, and the: balance to begin' the pear on April Ist, 1895, was £290,233. The gross surplus for^the New Zealand year 1894-5 was no less thau £430,031 (loud cheers and applause). Of that amount they had paid to the "public works fund £250,000, which therefore, left a net surplus at the end of the year of £180,031 (Loud applause). It was well known that the cuatomß revenue has been falling off for some time past. The actual loss under the amount estimated was £30,000, and the railway rovenue did not come up to expectation by £17,000, |J the , latter chiefly owing to f tiling off in the grain export. Under otlu r heads the revenue nioro than compenvited for these losses, and at the end of the year, the net revenue exceeded i he estimate by .£47,000. This was a matter for general congratulation (Applaueo.) During tho year tho public works expenditure under Part 1 had been £317,000, which had been the lowest expenditure since tho Public iWorlw policy was inaugurated. Out oCthe not surplus of £180,000, thore would bo AVAILABLE FOR PUBLIC WOUKS for tho current year £150,000. The unexpended balance on the 31st March, 1895, was £350,000, fc that, with £160,000 from the consolidated fund, they would have over £400,000 for expenditure during the years, 1805-6. Of course it-would be necessary to take into consideration liabilities existing at tho close of last year, but, with the present system of 'co-oporative works, these liabilities werd very small comparod with those of former governments, and were always oi manageable dimensions. This is a satisfactory position ef the Public Works Fnnd. Part 1 showed thero would be no nece»Bity-' rfor asking for a loan for ordinary public works purposes this year. This announcement would dispel the groundless feara of those who had for some timo r&st stated it would be impossible for the Government to go on with public works without a loan for 1895-96. He. asked where were those who prophesied h,alf-a-million deficit ? The Opposition wero only a million out in their calculations _[ Yet tho opponents of the Government asserted they knew all about the finance of tho Government. After this their opinions would be worthless. They had been wilfully deceiving the people: This SPLENDID RESULT OP THE YEAIt'B OPERATIONS would go forth to the world, and would prove that, the administration of the Government had been careful and economical {applause), notwithstanding the low priceß for staple products aud the depression under which they laboured the financial results were highly successful. He showod that the statements made ro deficits were entirely fallacious, and said they should never have boen made. (Hoar, hoar.) False statements had boon cabled Home to the detriment of the credit of the colony, simply, therefore, injuring the Government. Those who wore gnilßy of Buch nraotices wero not fit to take part in publio life. ('Applause.) They should retire, and allow more patriotic spirits'to guard the welfare and credit of New Zealand. (Loud applause.) lUKDOUR BOARD MOND3. < " Referring to tho Now Plymouth Harbour Board bonds, the Premier said thdy could sea by recent cables that the bondholders re'fusod to allow the now Government loans to be quoted until the Government? could bo made responsible for interest; It had boen Raid that tho refusal o£ tho Government to agroa to this would in jura the credit of the colony, but ho might say that tho Government would never consent to allow tho credit of the colouy to bo pledged in this fashion. (Loud applause.) It was simply an attempt to blackmail. ENCOUKAOEJIENT OP NEW INDUSTRIES. Hereferred to theassisfcauce tho Government were extending to saw-millors ; in order to develop tho timber trade with Great Britain and foreign markets. In connection with thU scheme, he thought thero wao a good opening for New Zealand horses at home, lb was timo graziers hud something elso to turn their attention to than sho«p aud oattlo, and in order to initiate this, movement aud encourage industry,,the.Government would bo propared to grant some concessions and assistance to breeders in sending a trial shipment of horses Homo, auoh as wore rendered in the case of timber consignors. He considered there was every prospect of the esUblfohmaot of a iiwrativo trade in horses Iwtween &w Zealand, and tho

Old Country, and he hoped the matter would be taken up. THANKS AND CONFIDENCE. Mr Seddon concluded an extremely able, lucid, and forcible speech, amidst great applause and cheering, which was renewed with increased vigour when a vote of thanks to Mr Seddon, and of confidence in the Government was unani rnously carried.