VISIT OF COLONIAL TREASURER.

Taranaki Herald, Volume XLV, Issue 10613, 13 May 1896, Page 2

VISIT OF COLONIAL TREASURER.

ADDRESS IN ALEXANDRA HALL. The Hon. J. G. Ward, Colonial Treasurer, gave a political address in the Alexandra Hall on Tuesday night to a large audience, a good proportion of whom were ladies. His Worship the Mayor was in tho chair, and tho Hon. T. Kelly, M.L.C., also occupied a soat on the platform.

Mr Roy introduced Mr Ward with a few remarks, and bespoke a fair hearing for the Minister.

The Colonial Treasurer, who was greoted with hearty applause, assured the audience that it gave him great pleasure to have tho opportunity of addressing them. He would not indulge in any preliminary remarks of a high falutin nature, but would at once enter on the subjects on which he intended to talk. He would, however, mention first a matter of interest to thorn, and that was that the Government had received a cable on Monday from London intimating that their member, Mr E. M. Smith, had deliverod an address boforo the Iron and Steel Institute, and had received a good reception, his samples of Taranaki minerals had been admired, and there wero good prospects of Mr Smith floating a company to develop the resources of this district. (Applause.) He regretted Mr Smith's absence that night, buc at the same time commended him for tho energy ho was displaying in going to England to raise capital to develop the mineral wealth of the district, an object which, if successful, would not only benefit Taranaki, but the j colony as a wh«le. (Applause.)

puiilic mkn and criticism.

Mr Ward then proceeded to state that public men must expect their actions to be criticised, and he, for one, did not object to fair criticisnij-wbich was essential to keep public men in order. He had come in for a full share of criticism, in fact ho was a prominent target for the darts of political opponents. He did not claim to be infallible ; mistakes ho might havo made, but he would say that whatever errors had been made wero errors of judgment, and that he had hever knowingly done anything that should reflect on his honor as a public man of this colony. (Applause.) In the first place he would deal jrith the remarks made by Sir Robert .ttout some few weeks ago from the platform on which he was then standing. That politician was one for whom tho Ministry had vory kindly feelings. Aa far as ho was concerned he did not believe in reflecting personally on the integrity of any political opponent, but believed in dealing with facts, arguing on them fairly, and let his audience arrivo at their own conclusions. The speech of Sir Robert was rough on tbe present administration, but he would read to them an extract from tho Evening Post on September 19, 1887, m which it was stated that Sir Robert was an effective speaker, and carried his audience with him so long as his statements wero not contested. [Extract read]. He would admit that it would be a happy position for a public man if he could make statements without anyone to follow him and contest them. Sir Robert had told them certain delinquencies of tho Government, and he would now follow him and deal with them.

SIR K. STOUT'S CHARGES.

Sir Robert Stout had told them that no opportunity was given members to get returns in the House. Now in tho first place there never had been an administration in the past or present that would concede to a minority the right to dictate to them as to the procedure of tho conduct of the public business of the colonj, yet thoso who ware in a minority would like to do what thej would not allow others to do if they wert in a majority. He would contrast the number of returns asked for and presented during the previous administration's terras with the number asked for and presented during a similar period of the present administration. These figures showed that the number asked for and not presented during the three years of Sir H. Atkinson's Government was 48, and during the present Government's term the number was 39, which gave four in favor of the present Government The Government had also been charged with rushing (he Public Works Statement through last suasion without prone'r discussion, a matter that Sir Robert Stout had likened to tho despotism of a Czar of Russia, and had stated was unprecedented. Such was not the case for in 1882 the statement was pushed through with great rapidity, and on that occasion the money voted was a million moro than voted in tho Statement last session. With reforence to tho chargo that the Government had rushed the statoment through without discussion he would mention that the Premier had offered to take the debate in Committee of Supply, which offer was not accepted by the Opposition. On the night when such an important matter should have been attended to Sir Robert Stont was reported in a Wellington paper to havo been making presentations at a musical society's concert. [A voice : — Give the reporters a show ; you are so very fast. (Laughter). Mr Ward replied that he would try to go slower, but he found it was rather difficult to do so.] Thea as to the charge anent the issue of £145,000 worth of debentures which had been described as illegal. Tho Public Accounts Committee had fully investigated the charge, had taken the evidence of the Auditor-General, tho Secretary of the Treasury, and the opinion of the Solicitor-General, and had found the action was legal and in accordance with law. [A Voice : Who were the Uommitteo? Mr Ward read the names]. It had been telegraphed all over the colony that he committed an illegal act, in that the seizure of tho sinking fund was illegal, yet when the matter was fully and impartially investigated it was found that it was a perfectly legal operation. He contended the reflection that was made should never have been cast on him in view of subsequent facts. The speaker than went lully in to the system h« had inaugurated of drawing bonds, and in this respect the charges levelled at him had also fallen to the ground on the matter being gone into. The Government had also been charged with a Bystem of spoils, to the victors in distributing the Government advertising, but the figures be would quote would show that there was no foundation for such a charge. [Mr Ward then quoted figures showing tho amounts paid by the present and previous administrations to papers in the various centres] . The Government was further charged with favouritism in Civil Servire appointments by not selecting those on the head of the lists. The rule of selecting cadets in this way was a bad one, for it favoured those who lived in the four large centres, who had better opportunities of qualifying themselves. A better system in order to give all the youth of the colony a fair chance wasrequired,and if the Government had acted in this direction there was no reason why they should be blamed for it. He would contrast their action with what the Stout- Vogel Government had done in making an appointment from outside, an appointment with £ 1 250 a year, and placing the appointee over the head of competent and deserving men in the service. He contended that the Government had always treated the Civil Service fairly, and this would be admitted by civil servants throughout the colony [A member of the audience wanted to know who the gentleman alluded to was. Mr Ward said the gentleman was a competent person, and in a matter of this kind ho did not think it was fair to mention names.] ,THE UNPLEDGED SECURITIES. They had heard a great deal about the unpledged securities. He was accused of taking the trust funds in order to carry on the general affairs of the State. [A Voice : You can't do it now. Mr Ward : And who is responsible for the " can't do it now"? I am. (Applause).] His opponents were going to dance a hornpipe on him over this matter, but he was able to make them look foolish. He would i give them the history of the affair. In

1893, whon the financial cycloue was pass- ] ing over Australia, a cyclone that would ( leave a black mark for many years to s come, the Ministry had a grave and serious 1 responsibility in the matter of maintain- i ing the colony's financial position. There i was a grave financial crisis. They had two ] weak financial institutions in the colony at a time when bigger institutions in Australia were toppling over like tin soldiers, and the Ministry had to prepare for any emergency. The Agent-General communicated with the Govoroment, and nuggested that the securities should be sent to London to prevent a panic in New Zealand finance. This course was followed. This gave the key stone to what followed. The Government wero accused of bolstering up the general credit, and various charges wero made to prove this was so. He was, however, able to prove that it was really done to prevent a financial panic, and the subsequent bill for tho appointment of custodians of these funds emanated from himself. He had been charged with making certain remarks before the London Chamber of Commerce with regard to these securities. When he went to London, ho found that statements that had been made broadcast were doing the colony harm, and he then acted in the interests of tho Colony to prevent its credit being ruined -by these reports being circulated. If the credit of the Colony had been ruined, the trust funds of tho colony must aIHO have suffered. Mr Ward oxplained at ■iorno length that the Government had had a grave responsibility placed on them in the crisis, and by acting as they had done they had enabled tho colony to weather tho financial storm. One Conservative paper in the colony ha I overstepped the mark in criticising hia action in this matter, and when he had a writ served on the proprietor for £5000 damages for libel, the paper, Christchurch Truth, published a full and ample ppo'ogy. bogus surpluses. The Government had also been accused of making bogus surpluses. They were told that they should not include in the surplus at tho end of the year the balance brought forward from the previous year, but he would show them that by applying this rule to ordinary business affairs that it was a fallacy. The speaker then used comparisons to show his meaning, and said as a matter of fact that until recent years there had bpon very few surpluses to show. The people in London were satisfied at the colony's sound position as was evidenced by the high rates ruling for their stock. He condemned Sir Robert Stout's assertion that the book-keeping was wrong, as it amounted to a reflection on the officers of the Treasury. The accounts were done independently of Ministers, and there was not the slightest cause to fear any misleading entries being made. I.NCKEASE IN DEIIT. Sir Robert 3tout had also told them tho public debt had been increased by eight millions. Now, if this were so, there would bo a corresponding increase in the interest charges; but, as a matter of fact, on March 31st, 1896, there was an actual decrease of JE33,')00, as compared with the period euded March Slat, 1895. Sir Robort Stout made up bis eight millions by adding the guarantees to tho Bank, advances to settlers loan, and several other items, which could not be called increase of public debt. The speaker then went exhaustively into figures to show what the actual increase was, and how it was bo allotted as to be reproductive in the way of earning interest. He contended that Sir Robert Stout's figures were wholly unreliable so far as the increase of debt was concerned. TUE BUTTER MAN. The Government had also been accused of wasting money in connection with the engagement of Mr Valentine, the butter expert. He admitted the correctness of the figures given, but added that inolnded in this amount was Mr Valentine's expenses in visiting Sweden, Norway, Denmark, Oanada, and United States to make observations and report A charge was levelled against Mr McKanzie and himself that Valentine's services had been improperly utilised for their private ends, but this was as groundless as it was unjust, The speaker then osplainod that Mr Valentine had nothing to do with the formation of the Company of which Mr McKonzio and he wore directors, and contended that they had a right to act as directors under the existing system of politics as previous Ministers had done. ASSETS REALISATION HOARD. Exception had also been taken to Mr Seddon's appointment to the Assets Realisation Board, and he contended it was necessary that any Ministry now or in the future should bo represented on the Board in view •£ the groat interests to tho colony that were involved. HANKING LEGISLATION. The next subject touched on was the banking legislation, and on thij matter Ministers had been seriously attacked by anonymous letters and inuuendo, by men who shot from behind tho hedge, or struck like an assassin in the dark. He challenged them to come out in the open and mako their charges. The imputation was that in the banking legislation there was a deep laid scheme to have the Colonial Btnk business bought by the New Zealand Bank, and the whole matter of acquiring was to enable people to have large concessions made in their accounts. All this, it was insinuated, had been done by prearrangement. He was going to deal with this statement. Let other people speak for themselves; he was going to speak for himself. (Applause). Sir Robert Stout told them hero that he took the word of the Government as to the firat guarantee reauired for the Bank of New Zealand, and" that ha w.is surprised when further assistance was asked for. As a matter of fact Sir Robert knew the whole circumstances connected with tho Bank of New Zealand in the first place. The Government acted in the first place in guaranteeing the Bank in tho interests of the colony, for hirge interests wero at stake. There might have been mistakes, but under the same circumstances as they knew at the time he could not see how the Government could have acted differently. The speaker then quoted figures to shqw what the suspension of the Bank would have meant to us. Had the Government not come to the Bank's assistance, but allowed that institution to go to the wall like Victoria did then we might suffer the same experience as thatcclony, whose losses in revenue amounted to millions ; and one Melbourne merchant, who had stood aloof from the boom, had given an opinion that the Government not tackling the matter in Melbourne had cost that colony of Victoria 40 or 50 millions of pounds. TheGovcrument had taken on their shoulders the unknown future. They had been blamed for not knowing more of the Bauk's affairs, but how could they be expected to know in a fow weeks or days, what it subsequently took appointed Bank officers a long period to do. It was a humau impossibility to have known all the information on the first guarantee. Then as to the purchase of Colonial Bank through the infiuonce of the Government, forcing the Bank of New Zealand to do so. [The speaker here read a document showing that the new directors recommended the purchase in order that the earning power of tho Bank of New Zealand could be increased]. It was not the Colonial Bank that it was first sought to attach to the Bank of New Zealand, but anothQr institution, and strong efforts were made in this direction, but did not result m success. The purchase of the Colonial Bank Tfas on the recommendation of the Bank of New Zealand directors, and had not been forced by the Government. There was also the imputation that some people were in the know, members of tho Government or members of the Housp, and that pecuniary benefits accrued to them over the purchase business. He could assure them that he did not know any conditions of the agreement, and did not know in what list any accounts were to be placed. The imputation levelled at him was grossly and wilfully untrue. (Loud applause). He had bis own troubles and difficulties,

he would admit, but if the private affairs of a public man were going to be the subject of attack, then let all public men be treated alike ; don't single out one. (Loud applause). If any man, director or officer, would say that, ho had brought pressuro to hear for pm.ne gaius, he would tell him before the whole woi'ld that he spoke falsely (applause).

COUNCIL OF FOREIGN BONDHOLDERS.

Then again he had been attacked as acting the mean man before the the Council of Foreign Bondholders in ragard to the New Plymouth Harbour bonds. Statements were published aud spread broadcast that he had made certain promises with respect to the 200,000 acres of land taken out of the harbour area. What he had dorm he would do again, and that was ho expressed himself in favor of referring the question of this land to arbilration, and thus settling the matter once and for all with the bondholders (applause). His opponents made much that at the time he was in London he held a confidential cable from Mr Seddon, who, as a matter of fact, told him to exercise his own judgment so far as this matter was concerned. The speaker then referred to the threat of the Couucil of Foreign Bondholders to prevent the quotation of the New Zealand 10311 if he did not come to terms over this 200.000 acres of land. Ho was not going to be coercfid in that way, and made it plain that he was not. When he came back he carried out his premise, and urged his colleagues to refer the question of tho 200,000 acres to arbitration, but the majority of his colleagues would not consent, and he- had to submit to the ruling of that majority. Whatever ho had done was honorablo and straightforward, and he contrasted his action with the proposal of Mr F. McGuire, who, in 1893, submitted a 6chemo to keep back certain information from the bondholders and buy up the harbor bonds when they were very low. The speaker dwelt fully on the details of the proposil.

DRIVING CAPITAL AWAY.

This charge had been levelled at the Government, but contrast the price of their stock with the statement, and again the increase of £12,500,000 in their realised wealth during the Government's term of office. If this was driving capital away, then he would say go on' in the same way. They were told that the country was galloping to a deficit, that blue ruin stared the country in the face, yet after all they found a substantial increase in the wealth of the colonists. Again New Zealand had at present the highest average wealth in the world, the amount per head being £41, and Victoria was next with £40 2s, while Russia was lowest with £11 ss.

TUE GOVERNMENT PARTY

were characterised by the Opposition as dumb dogs, and this he took was more a reflection on the people who returned the representative than on the member himself. The speaker also referred to other terms Used by the Opposition.

INCREASES.

He pointed out that the tonnage of shipping had increased, bankruptcies had decreased, and wealth had accumulated during tho Government's term of office. He dwelt on the necessity of developing the colony, of getting cheap freights in order to compete with other countries in the Old World markets, even if the State went is far assubsidising steamers. Ho contended the Government policy tended to raise the people. CUSTOMS TABIFF. Mr Ward next dealt with the alteration* in the Customs tariff, and showed that the' actual results proved his forecasts to be in the right. ELECTIVE EXECUTIVE. He was opposed to an elective Executive, and maintained that we should adhere to the Constitution of the country from which we sprang, rather than imitate a small and non-progressive country like Switzerland, He believed, however, that it would be wise to introduce the referendum system. GAIN IN PROSPERITY. Mr Ward then quoted figures to show that general prosperity had attended the Government policy, not ouly in this district, but all over the colony. WHAT THE GOVEItNMENT HAD DONE. They had abolished the property tax, stopped the increase of large estates, passed n Land for Settlement Act, and passed ths Advances to Settlers Act. '1 he rate of interest had been reduced on the average by two per cent. The Government had also fostered the fruit, dairy, timber, and encouraged the development of the gold industry. They had also settled nativo troubles. Then again they had sottled the Midland Railway difficulty, the whole credit of which was due to Mr Seddon . Mr Ward said there were many subjects on which he had not touched ou account of the lateness of the hour, but which he would refer to in other centres in the district. He then resumed his seat amidst loud and prolonged applause. Mr J. B. Connett then rose and proposed a hearty vote of thanks to Mr Ward for his able address, coupled with a vote of confidence in tho Government. He said that he had heard Sir Robert Htout and now Mr Ward, as he believed in hearing both sides, and he had come to the conclusion that they had the right men in power. (Applause). Mr R. Cock seconded the motion. He considered Mr Ward's explanations wero very satisfactory. Mr W. Bewley then rose and proposed as an amendment that the words in the resolution relating to confidence be omitted. Mr O. Murphy, who was endeavoring to be heard at the back amidst a chorus of remarks, was taken by the Chairman as the seconder of tho a.m.endm,ent. Mr W. A. Uollis, who. had risen from the audience, half-way qp the haU at the same time, eventually came up to, the base of the platform and. wished to. speak. I The Chairman said he was. too late. Mr Cqllis; We don't want a repetition of the Nelson business.

The Chairman : You are too late, Mr Collis. I can't allow you to speak. M? Murphy his seconded the, am.endm.eftt. The amendment was th.en put a.nd lost, and on the original motion being put it was carried by a large show of hands, amidst enthusiastic cheering. Three cheers were then given for Mr Ward, foil iwed hy three more for Mr E. M. Sm \h Mr Ward briefly returntd thanks. The meeting terminated within a few minutes of 11 o'clock.