The Star. TUESDAY, SEPTEMBER 28, 1880.

Star (Christchurch), Issue 3884, 28 September 1880, Page 2

The Star. TUESDAY, SEPTEMBER 28, 1880.

The sword of punishment has been so long suspended that we were beginning to hope it would never fall. We bad almost succeeded in persuading ourselves that the strict law which governs finance with a more rigorous hand than that of any mere Executive, was about to fail in its application in the case of this Oolony ,* that all our anticipations and predictions were happily to remain without verification. Though the inevitable has long lingered, it has come at last ; and fche laws which control commercial and financial transactions with the righteousness of nature itself, have been vindicated. Since tbe Hall Ministry came into office, they have never ceased to cry — to use a vulgar but exceedingly expressive phrase — " Stinking fish ! " The members of the Hall Government upon every occasion — important or unimportant, financial or otherwise — have never ceased to depreciate the financial and industrial resources of tbe country ; and now, though it has been long in coming to us, we have the fruit of their policy. They had a party purpose to achieve in order to secure themselves in power; and, with the recklesß unecrupulousness which has distinguised their party at all times, they set dilligently to work aboat it. They sough 5 to persuade the people of New Zealand that the Government was in a condition of hopeless insolvency ; that the administration of affairs prior to their advent to office was in the highest degree rotten and corrupt ; and tbat nothing but ruin awaited the Colony if they were nofc maintained in power. They obtained office by tampering wifch the honesty of the representatives of the people; they have succeeded in keeping it by the Bame unworthy means ; and — all the while they were audaciously playing this game — fchey were hurling charges of the meanest and most paltry description impugning fche honesty of their opponents. Ministers were incapable of looking beyond their n^ses. They did not see, or if they Baw, were perfectly indifferent to the consequences which their conduct would bring down upon New Zealand from the great world beyond to whom our colonists are so largely indebted. Ministers, for their own selfish purposes, desired to keep power, and they trampled over tvery consideration of decency and right in order to maintain it. Their policy was to convince the people that they were a necessity to the safety of the Oolony ; therefore, they have persistently traduced its character, careless as to what effect their language would be certain to produce upon the credit of the Oolony abroad. As we have Baid, they have been persistingly howling " Stinking fiab," and neither Government nor trader can pursue tbat course long — as every child knows — without leaving themselves utterly deßtitu:e of a vestige of financial credit.

Though the inevitable Consequence has long tarried, ifc has come at hst. Yesterday we published a cablegram that :—

" The financial condition of New Zealand has excited grave alarm among our bondholders. Frequent attention has been called in the Press to tlie excessive borrowing of the Colony in comparison with its population. There have been persistent sales of Now Zealand bonds, which have fallen heavily."

This is one of the results of the brilliant Hall " Stinking fieh " policy, and even the organs whioh support this ruinous combination, and — upon unfitting occasions — indulge in rbapsodieß about tbeir "dauntless courage" and characterise them as "men of spirit" axe constrained to publish tbe damnifying fact. There was no " grave alarm " in the mindß of British capitalists when, two years ago, the Grey Government proposed to borrow the last Five Million Loan. How, it may be asked, does it happen, that, at a time when the Colonists of New Zealrnd have no intention of applying for any further loan, and the condition of its finance in relation to the outßide world is perfectly quiescent, all this " alarm " should be duddenly excited witb, as a natural consequence a rush — almost amounting to a panic — to get rid of our stocks, which — again as a natural consequence — have fallen heavily ? That it is certainly the result of the " Stinking fish " policy of the Hall Government, must be obvious to the most dull comprehension. In consequence of the constant depreciation of the financial resources of the Oolony which the party in power have indulged in order that they may be regarded here as the patriotic saviours of this young State, and granted along lease of power, the attention of tho British bondholder has been at length aroused, and Le ha 9 rushed to tho columns of tbo Press to give venfc to his excited feelings. " Frequent attention has been called in the Press to the excessive borrowing of the Colony in comparison to its popuI rion." It is scarcely necessary to

point ont that the time to discuss the j excessive borrowing of a youmg colony iB j when it propoees to tfloat a fresh loan. New Zealand haß got all the money it has asked for, and upon pretty favourable terms too; it is not proposed to borrow now, and all the soribbling to .all the papers in the world cannot undo what has been accomplished. The truth is that, if our Ministers had discreetly held their tongues this panio and alarm would never have been created, but, as we bave pointed out, oar *' pilotß " were determined to attempt to wreck the ship in every way conceivable. They have absolutely not done one single act calculated to develope the resources of the Colony; the report o£ the Industrial Commission remain a dead letter in their hands; they have oppressed and crushed labour almost beiow the point at which exißtencs is tolerable, and it is being driven from the land. The labour which cost £16 per head out of our loans to the people of New Zealand to import, is being driven out by this reckless but wonderfully capable administration ; and now we have presented to us the effeots of of their " Stinking fish " polioy upon capital. The language of reason and fair caution was thrown away upon this Government of pure-moralities. What could the great statesman from the wilderness of the Hororata, or the Honorable and gallant Major, be erpected to know cf the sensitive nature of the Stock Exohange P What cared they for the credit of the Oolony in England, so long as they were permitted to draw their official salaries here ? If capital is choked off by their stupid cries, it can still be open to them — with an audacious effrontery, to lay the responsibility on the backs of tbeir predecessors — about the only string they ever had to their political fiddle. The Hall Ministry, and the party in tbe St ite which it represents, never pretended to represent the claims of labour or to have any regard for the interests of labour. They were Conservative — peculiarly Conservative — in their sympathies, and disposed to advance the rights, as they held them, of capital. Truly oapital and labour have about equal cause to regard the Hall troupe with gratitude. If labour has been crushed and driven forth, Oapital has been affrighted and had the Colonial door shut in her face. There is but one d fference, and it is this : Labour knows tbe hand — the hand which never was friendly — that crushes it, and ,<*ill not forget the blows and insults to which it has been subjected ; whilst Oapital is blind and still fawningly kisßes the hand that has smitten her.