IMPORTANT POLICY SPEECH.

Wanganui Herald, Volume XXXVII, Issue 10894, 10 March 1903, Page 5

IMPORTANT POLICY SPEECH.

o (Per United Press Association.) CHRISTCHUR.CH, March 9. On Saturday the Premier at Hamner delivered an important policy address; Referring to taxation he said that anomalies existed which he would like to see rectified. If there came a. necessity for adjustment it would not be in tho direction of increasing indirect, taxation, but of calling upon those paying directly to coTitribute a little more. He had to announce a decrease in imports of 4.26 per cont. The exports last year were .£1^,033,557, an increase over the previous year of .£752,153, or 5.84 per cent. The- value of the gold exported last year was an increase 11.27 ' per cent. ; tho export of wool an increase in weight of 9.26 per cent, although there was a decrease in the total value of wool of .£1,709,000. The outlook now is -brighter. Frozen meat was exported to an increase of 15.9 pcf cent, and butter 36.65 per. cent. The population increased by over 20,000 souls. During the last three or four months the population has been increasing at the rate of about 2000," the difference between arrivals and departures. This is iv marked contrast to 'what it was when the present Government took office. During eleven months of the present financial year the annual revenue had been v£5,551,86G. Taking the estimate for March at .£740,630 the result would be that on the 31st of March we should have a sur--plus of over ,£266,000. It was with pleasure he announced this no.t only to, 'them, but to the colony, that its finances were "all serene," and that there would be the usual surplus of over half a million. There were those 'who thought that because the Government's finance was sound and they had a surplus, on that account they Avere extravagant. They never made a greater mistake, as wherever he had seen a possibility of cutting down expenses lie had cut them down. This year the Government Would have under-spent (although Parliament had given them power to spend the money) by .£40,000. The Government had recently asked for a loan of a million and a quarter and -after making careful enquiries and acting- on the advice of experts' the loan was put upon the London market at a time when everything was favourable.. \ few days afterwards an attack was made by Wilson, of the Daily Mail, upon .Australia, and so ignorant at Homo are they of the separation between Australia- and New Zealand that the results of the attack was that our stocks fell from .£95 10s, at which thJr* were when the loan was' announced, to .£'.) i. Afterwards they went down to £9% ss. Since that they had recovered notwithstanding the "bearing" of those who deliberately tried to injure the colony. 320 people subscribed for the lban and in addition there was the amount takori, which brought it up according to the Agent-General's' announcement to over 8 per cont. At the present moment there wps some doubt because it was believed il was more than 8 per cenb subscribed by the people at Home. The point he wished' to draw attention to was that this- cable message had come out from Home saying that the net price of the loan would be under =£91. It was reprehensible in theInchest degree, that 'without waiting or asking for correct' information, many papers seized upon that and wrote corresponding articles. The loan was floated at £M, Government had given the same charges ai.d the. same commission for un- ! clerwriting and the net result of the previous Joan w-is £Ql 4s. Th«v result' this time would be 0891 14s. Hand in hand was an extract from a communication received from a reliable source after the loan was announced, "bears" announced New Zealand 3 per cent stocll from 3£ to 1. per cent, discount. The loan only fetched' Jl9°. 10. S. The underwriters lost nothing,' because they were getting, 1 per cent, so that •the Government were not losers. New (Zealand's credit had never stood higher' or our security was never bettor. There was no valid reason whatever for the fall of New Zealand securities, which was brought about with a given object. However, the scheme failed because the Government had fixed the minimum at .£94 10s. No money-lenders in the world should dictate the policy of the people. The New Zealand Government had spent out of consplidated revenue over 3£ millions on the public , works, which the country scarcely felt. It meant i'loo,ooo a year saved in interest. The Government had got" nine millions on deposit in the banks of the country, and it was quite possible if the Home money-lenders attempted to dictate the policy of the country there was a way out of the 'difficulty, and the money-lend-ers would have a lesson tauglit them. They had better leave New Zealand alone. It' had* been said that two millions- of public money had Jiecn appropriated to public works last year. This was quite right; but the fact was kept back that on the 31st March the Government would not have spent more than 50 per cent of the money Parliament had granted. The public works expenditure this year would be considerably less -than last; designedly <so, as the country could not afford to borrow and- spend two millions of money on public, works. He had said so before, 'and intended to repeat it. It was better to go slowly. Public works were making satisfactory progress. This non-expendi-ture left the Treasurer with a credit on March 31st on the public work 3 account of over a million sterling. He had that day received a cable message from the Agent-General as follows : "Wellington correspondent of the Times telegraphs that cabinetmakers have locked out all their men, and that the firemen of the Union Steamship Company's liners have struck in a body." That was the class of cable messages that went Home from New Zealand. The same gentleman cabled a very incorrect statement regarding him--sclf some 'months ago, and seized every opportunity to decry tho colony and of deceiving public men at Home, telling them this was what the Government labour legislation had done. Under the circumstances lid (Mr SeddonO' did not hesitate to say there are traitors in our midst. Had it not been for the AgentGonnral he shoiild not 'have had an opportunity of repelling this -unjust accusation. Three times the London Times had apologised to the colony, and if it did what was just it would apologise for the wrongdoing of its correspondent in our midst. Referring, to the Land Department, he wanted to say that the people of Canterbury, Hawke's Bay, Qtago and Waikato that some large estates must give way to closer settlement, as it was in the best , interests of the .country that this should be done. The country must have population. He forecasted a rigorous application of the policy. The San Francisco mail service terminates shortly, and the question is asked: What had the Government done with regard to the contract with the San Francisco company? and he asked them to allow it to go on until ' the service expired, when the two would be dealt with together. While at Home he had a conference withPremiers Lauricr and Barton and the Prime Minister of . Newfoundland on the question, which was discussed. A British subsidised line of mail steamers is going from England to Canada, then right on to Australia and New Zealand.' Representations had been made to the Imperial Government on those lines. New Zealand could be put down for a .£20,000 subsidy. He had no intention at the same time of doing away with the- San Francisco service. As a mail service, the Government could not improve on it, but there must- be an extension, so as to connect and have a federal service. /

Referring to the islands, Mr Sedclbn said the British Government ought to acquire the French' rights in the New Hebrides and let the islands be a British colony,.