The Taranaki Herald. PUBLISHED DAILY. THURSDAY, MAY 14, 1896.

Taranaki Herald, Volume XLV, Issue 10614, 14 May 1896, Page 2

The Taranaki Herald. PUBLISHED DAILY. THURSDAY, MAY 14, 1896.

The old saying that " one story is good until another is told" must have occurred to the minds of many of those who heard the Colonial Treasurer's address on Tuesday night, for there were doubtloas mauy upon whom the persuasive eloquence of Sir Robert Stout, a week or two previously, had made a distinct impression, and who were prepared to beliove that the Ministry of which the Hon Mr Ward is so able a member had actually been guilty of such corruption as Sir Robert had laid to their charge. Mr Ward was able, however, to place quite a different complexion on the actions of the Ministry, and piece by piece to tear the charges so utterly to shreds, that by the time he had finished thero was nothing left for him to repel. Commencing with Sir Robert Stout's complaint of the difficulty experienced in the House in obtaining returns, he showed conclusively how the present Government had actually supplied a greater proportion of returns asked for than their predecessors, the Atkinson Government. He next disposed of the assertion that the Government rushed the Public Works Statement through the House in an unprecedented manner without giving membersj the opportunity to discuss it, showing h«w the Premier had actually offered each item for discussion in Committee, and contrasting the procedure in 1882, when a very much larger vote was passed in a few hours. Then an to the seizure of sinking funds, the issue of debentures, and the system of drawing bonds, he showtid how he had ample warrant, in the opinion of the permanent law officers of tho Crown, for what he had done, and that Sir Robert Stoat was, or ought to have been, aware of this. Equally effectually did he disprove the charges of favoritism regarding the Press and the Civil Service. To the matter of the " unpledged securities " Mr >Yard devoted considerable attention, anvd fairlyjustified his actions by showing how urgent was the need for providing by every means the Government had in its power against a financial panic such as swept over the Australian colonies some three years ago, and which but for the prescient forethought of our Government would in all probability have had equally devastating effect in New Zealard. Passing on to the charge of manufacturing bogus surpluses, he showed how it waa a mere quibble, and cited the Stock Exchauge quotations for New Zealand securities as proving 1 the confidence our sound finance commanded. Again, as to tho public debt of tho colony, Mr Ward asked how it was, if Sir Robert Stout's assertion that it had been increased by £8,000",000 was correct, that the interest paid during tho last financial year was £33,000 less than during the previous year. How can it be claimed that a contingent liability, and with ordinary luck bat a remote contingency at that, increases the public debt of the colony ? And surely it is legitimate and sound finance for the colony to borrow for purposes which give an actual profit to the Treasury over and above the interest paid by the colony. Else, indeed, the conversion of local loans into colonial loans must be condemned as unsound, for it will enormously increase the colonial indebtedness. For instance, suppose the colony were to take over tho Net/ Plymouth Harbour loan when it becomes due, the colonial indebtedness, as distinct from local, would be increased by £200,000, but the ratepayers would be relieved to the extent of £4000 per annum, and the colony still make a profit on the transaction. Would a Ministry that caused such a conversion be condemned for increasing the public debt? Yet that is how some portion of Sir Robert Stout's £8,000,000 has been made up. Of Ministers' connection with commercial undertakings it is only necessary to say that it has never been laid down as a rule in Hew Zealand that Ministers are not to engage in private enterprises, neither has fault been previously found with them for doing so. Regarding the banking legislation and the purchase by the Bank of New Zealand of the Colonial Bank business Mr Ward had much to say, and he said it emphatically. Sketching briefly the history of the whole transaction, he showed the extremely difficult and delicate task the Government had to undertake, and claimed that by their bold measures they saved the colony from a financial disaster, the extent of which it is impossible to realise. He warmly and most distinctly denied that he or any other member of the Government had anything to do with the arrangement of accounts in connection with the transfer of the Colonial Bank business, or had used his position aa a Minister to further his private interests. It was unfair and unjust to make big private buginess a subject of attack, so long as he did not u&e his position as a Minister to further id, and that charge he characterised as wilfully and delibe- , rately untrue. Theso and all other accusations brought against the Go- i vernment's administration by Sir Robert , Stout Mr Ward successfully combatted, and carried conviction to the minds of the great majority of his hearers that the administration of the present Ministry has been at least as pure as i those that have gone before. What now have the Opposition to fall back upon ? They have distinctly disclaimed any intention of reversing the present policy, should they succeed in reaching the Government benches ; and it has been shown that as iar as purity of administration is concerned, matters would not be improved by a reversion to the Conservative party. We cannot agree with everything the Government has done, but we feel sure that we are voicing tho sentiments of the people, when wo eny that they will look for some

sounder reasons before placing Sir Robert Stout and Ills friends in the position now occupied by Mr Seddon and his colleagues. Mr Ward truly said that the present Ministers have been forced to submit to an amount of unfair criticism such aa has fallen to the lot of no previous Ministry. Charges of corruption have been continuously brought against them ; charges such as would, if substantiated, have long since caused their downfall, but which discredit only those who make them. Insinuations, harder to meet than specific charges, have been made against their public and private characters such as ought never to have been made unless some proof was forthcoming. Yet, in spite of all, the colony, in material wealth and progress, continues its onward march, and itself refutes tho constant assertions of those opposed to the present Ministry that we are driving j headlong to disaster. "With their policy we must deal on another occasion.