SIR D. MONRO AT WAIKOUAITI.

Star (Christchurch), Issue 1568, 28 February 1873, Page 3

SIR D. MONRO AT WAIKOUAITI.

Sir D; MoDro addressed, three hundred per3ns in the Mechanics' Institute, Waikbuaiti • le-Mayor in^tlie chair. ' : He spoke about : t-9fb ours/ and explainedthat the cause of his not urlier Visiting Waikouaifci was private busi-: ess, and i^tmg friends in marriage. . He )ngratulated the. province on the prosperity, hichi he'; considered was /greater there "than sewHe^e in New Zealand ; this: he attributed • the price of wopl and the yield ;of gold. !e shewed that the gold export of the colony, id fallen off nearly one million, while .that [ : Otago had increased. The Public ; Works >ficy had contributed to the prosperity, but he It it his duty to point to the danger of borwing, as apparently t%6 interest on the debt as likely to exceed the .income. In 1867 the ineral and provincial debt was £5,781,193; in me, 1872, the funded debt was £8,375,991 ; if dnded debt," consisting of Treasury bills, sflciency bills and bank overdraft was $s,bbo, together £1^160,000, on 28th -p£ pfc £9,985,336. Tho annual charge was 116,895, while ; the Customs duty was Only H3;279, leaving only £196;889 for the cost Q-overnmen^. The Assembly had authb'- : i £ bqrr6wiiig of 'five/ inillidns of iici^^2^o(TO:waß "used.r^ut tJbiV coat of Iways : would largely exceed the d if the lines authorised were made and tho inks filled up, the total debt in fo'uFyears ; be'l?«millioiis, and the/^interest 'at' six r 'cent, would be £1 ■62()#b(J. Unless the ■ncr was turned and the receipts increased, j prospects of the country were alarming. Be construction of railways Was 'not a ques■n of political economy, but of business and Rnmon sense, and the simplest way to judge Sjs to consider the colony ;as a joint stock ■npany with an: .unimproved estate, when ft 'proprietors before mortgaging would esti■to ite^""yalu'ei: '': Thie^ result would : deBid' on the, ..accuracy of the calcuHon, and if too sanguine expectaBib were entertained it would *ho H>le to 'disappointment, r ah'd- ruin - r ' would Hue. When Mr Yogel proposed the Public Hrks scheme he knew very little abput.the Stter. His calcukitions had not beenrealisedMs colony, according to . them, should now &ive: a revenue from railways, but none. had In received, except from the Ohristchurch n Eatigiora line. The Public Works sch'enie B merely _.a party inovei Victoria . discussed H plan for two years in pamphlets, the Hers, and in the legislature, before adopting Hrailway system. MrVogel's scheme .was wed by a moribund Parliament, and with Sfcared bills, without public discussion, and Bout the consent of the owners of property. Hfr Vogel's calculations were correct,- the Bme would be a great success; if they Be over-estimated, the country was pro9sing to a fine mess, and to a debt too B r y for its industry to bear. He believed

in railways Tfhere the district was favourable. He advocated one in Marlborough in 1861 which, was opposed by Mr Fox, not on the purest reason?, and the. Act was disallowed by the Home .Government. He was one of the few who had a hand in railway.construction at Dun Mountain, which failed, and the rails were sold. He was convinced that the country should creep until it was able to go, and common roads were cheapest: until the traffic justified railroads^.. . r He thought he was justified in saying that a line ; from the North to Invercargill -would ;pay.' ; : The principal feature '^t- session was 'the great party fight. 'During tie recess. Ministers'; did not attend to their duties. Mr Yogel liked diplomacy, and wjent to Australia. Mr Fox visited the diggers and the glaciers. The Public Works in !the North Island were handed to Mr Ormond, and those in the Middle Island to Mr Reeves ; the latter had created a favourable impression by straightf orwardness. The arrangements with Mr Brogden were not favourable to the colony. The indifference of Messrs Fox and Yogel had disgusted many. Mr Stafford consequently moved ■ resolutions; and he became Premier, but was. unseated .by.means not honourable to the Treasurer; his promises to Mr Shephard, of Nelson,. were an example, if the-telegrams were true. . •'■ ■■■'■' ; • ; A vote of thanks and confidence was carried, nem. con. ""' " " : - : '""\^.('^\V^'. t ]