The Star. TUESDAY, JULY 17, 1888. THE ASHLEY ELECTION. CANDIDATES ADDRESSES.

Star (Christchurch), Issue 6292, 17 July 1888, Page 2

The Star. TUESDAY, JULY 17, 1888. THE ASHLEY ELECTION. CANDIDATES ADDRESSES.

Mr J. Miles Verrall, and through his courtesy, Mr J. Ollivier and Mr M. Dixon, three candidates for the Ashley seat, addressed the Oxford electors at the Ea3t Oxford To«u Hall last night. There was an attendance of about 200. Mr Paeish -was voted to the chair, and in opening the meeting eaid he understood that three candidates would address them tbat evening, and he trusted all would be accorded a respectful and patient hearing. ME MILES VERBALL'S ADDEESS. Mr Vebeall, who was the first to speak, and was well received, said it seldom rained but it poured. Before leaving his home for Oxford that morniDg, he had not seen his daily paper, and on reaching his destination he found, he might say to his pleasure, that he was to be opposed by no less than two gentlemen, who would address the meeting later on. Mb Pearson's death. He had only decided the previous Thursday to come forward, and he would here take the opportunity to express his deepfelt regret that occasion had been given him in so painful a manner as, by the death of Mr Pearson, to so soon present himself again as a candidate for their suffrages. No one felt more regret than he did at the untimely decease of their late lamented representative. (Hear, hear.) AN IJTOBPBNDENT : HIS VIEWS. He (Mr Verrall) judged by Mr Ollivier's published address that he belonged to no party; but as for himself he would have them to know that he came before them as an independent. The present state of the the Colony waa very serious, and he believed the real difficulty under which they laboured was bad finance, the influence of the banes and the money-lending fraternity, such as those who inhabit Hereford street. One of the strongest proofs of the first-named cause was the extent of Colonial borrowing, this Colony being indebted to England in no less a sum than .£70,000,000 or .£80,000,000. The money so obtained was circulated by a system of paper money, and he held that a State greenback would be just as serviceable as a note issued by any one of the banks. The next indication of the bad state of things was 6hown in the giving away of the lands — which were really capital— to help foreign Companies to rise to affluence. BANK INTLTJENCE. ' The influence of the banks and the money lenders could not be better exemplified than it was by the late treatment of the Hon J. Batbgate's motion in the Upper House. It was no use Mr Bathgate's bringing forward such a motion when he had so much bank influence in opposition. Another proof tras the reception of the late Mr Macandrew's "Advances to settlers' proposals" in the House of Representatives. Mr Bathgate had said that he couid do nothing with such influence against him, and Mr Turnbull had also declared that no Government could do anything in opposition to the banks, being slaves to those institutions. Sala, when here, had defined the Colony as a " Democracy tempered by banks." In hija (Mr Verrall's) opinion this meant "Triumphant Shylccracy." (Hear, hear, and laughter.) The Government were not to blame for the state of matters, but the people themselves. If the electors would Bend representatives to the House who belong to the moneylending fraternity, or those in their power, any Government must be ruled by the banks. Sir Robert Stont was very hostile to a State Bank, but his objections were simply admissions in its favour. Sir Julius Yogel objected that the banks would have to be compensated. This w«s an absurdity

which he (Mr Verrall) was glad toobeeryt Sir Robert Stout did not back him in. The cost of the last loan of 1£ millions was over £21,00!' paid to the Bank of England, stock-In- —is, and for stamps, an expenditure wi •. a State Bank woold have saved. Be^ this expense, they had often a loss cf H ;r cent or per cent by the whim 3 of tin. .Su#lißh journals and finance papers ; and .ere subject to the bullying and bearing of the Stock ExI change. Supposing there was a European war, what would our banks do, lie would | ask. Would they receive any help from the Stock Exchange ? MYSTERIES OF THE FINANCIAL WORLD. As another example of expenditure of the kind already named, he would instance the Meiggs' contract, the cost of underwriting, which waß put down at ,£385,000. These figures showed the waste of the Colony's funds and the* gains of the London financiers. The banks and financiers of the Colony were all connected and dependent upon London financiers. A great author's definition of the London world of fiaance was so good that he could not help quoting ifc. The writer said, "There lies not far from Capel Court, a mysterious world, the world of finance. It is a world inhabited by a race resembling men, who spend th'teir lives in. whispering, chattering in cornera, winking at each other, making signs, buying nothing at all without money and making great profits thereat. Selling for nothing what they have not got, and going bankrupt over the transaction; building up great edifices for other people out of rotten eggs, knocking these down again, and with the profits buying marble palaces; stealing the slender fortunes of widows, orphans clergymen, tud all who are poor and defenceless ; promising what they will never perform, stating what they know to be false, and prophesying things which will never happen. Their language among themselves is barbarous." It was to these gods that our financiers go appealing for money. There was no time to enter lully into the question of a State Bank, but was it a question to be smothered up ? (Applause.) RAILWAY LAND GBASTB. Another scandalous matter he would refer to, viz., that of railway land grants. The land to be given to the Midland Railway Company was «aid to be valueless, but in answer to Sir George Grey, Sir Harry Atkinson admitted that some of the land was now yielding over -£11,000 a-year to the revenue. At the bottom of the whole railway land grant system was toe fact that a lot of people who own land in the neighbourhood of the lines, looked forward to making their fortunes through the construction of the railways. No private individual ever thought of giving away an estate only on condition that a road -was made through, it. Sir George Grey, whom he admired, although he differed from him in his nationalisation of the land scheme, had said that he believed the Midland Railway contract to be the worst: transaction ever entered into by any British Legislature, and with this utteraace lie (Mr Verra.ll) agreed. (Applause.) IiAKD NATIONALISATION. The idea of the nationalisation of the land he considered to be a great piece of nonsense, and he thought he only needed to put before farmers an extract from Henry George's writings on the Irish question to prove it to be bo. Henry George said -. — " It is a very easy question to keep away all private ownership of land, and convert all occupiers into tenants of the State by appropriating rent. No complicated laws or cumbersome machinery are necessary. It is only necessary to tax land up to its full value. Do that, and without any talk about dispossessing landlords, without any use of the ugly word ' confiscation,' without any infringement of the jueb rights of property, the land would then become virtually the people's, while the landlords would be left the absolute and unqualified possessors of their title deeds and conveyance." Henry George was said to be coming here, but he (the speaker) should think his definition of land nationalisation was quite enough to put him down. No man deserved the unearned increment so much as the farmer, who had to contend against so much in the way of roads, drains, &c, before his property was brought to its full value. DEFENCE, TAXATION, &O. He thought the country should be prepared for war. It was no good to protect themselves against financiers if they let the Russians or Chinese invade the country. On the other hand, why should they fight if banks and money lenders were to have everything. (Laughter.) He did not believe in plurality of votes ; but favoured graduated taxation. (Applause.) He believed that further immigration was nob desirable, nor was an influx of Chinese. CONCLUSION. In conclusion, if the electors of the district saw fit to elect him they were not to expect too much of him in the House. He had no Lyttelton Times, no Press, no Electors' or Political BsformAssociation to back him up j nothing but the help o£ the electors to depend upon. He Would have no Committee or canvassers, and would nob ask for a vote. Mr Ollivier would no doubt tell them that he would not ask for a vote, but he had a powerful ring of supporters who would do the canvassing for him. POSTSCBUTUM : AGAINST PROTECTION. He forgot to say earlier that he did not agree with Sir Harry Atkinson's Protection tariff. It was evidently put on for revenue purposes. Revenue must be raised but the banks must not be touched. He had nothing more to say, but after the other speakers had addressed them, he would be prepared to take his share of heckling. (Applause.)