THE GOVERNMENT POLICY.

Wellington Independent, Volume XXVI, Issue 3107, 26 January 1871, Page 3

THE GOVERNMENT POLICY.

.* (From the Wakatip Mail. The following is extracted from Mr Haughton's address to his constituents : — When Mr Yogel delivered his financial statement,' I, in common with most of the House, was startled at the magnitude of his proposals. — Loans to the extent of thirteen millions to be expended in public works and immigration, nominally by the Colonial Government, but actually by the Superintenments of the various provinces. Mr Stafford the next day called a meeting of the Opposition members, which, adjourning from time to time, came at last to certain resolutions to this effect. — That while it was admitted that a colonial scheme for immigration and public works was a necessity for the development of the colony, Mr Vogel's proposals could not be accepted in the shape in which they were brought down, but that if the Government would consent to modify them in the direction of a very considerable reduction of the amount proposed to be borrowed, and would further leave to the Assembly power over the appropriation of the moneys year by year — the members of the Opposition would endeavor to assist in moulding the various measures into a practicable j shape. These resolutions were eventually accepted by the Government, and you now have the key to the action taken by Mr Stafford and his party. You must recollect that the Government were really strong enough to have carried their measures with a high hand, and we felt we were doing our duty rather by endeavoring to modify this scheme in the direction of our own views, than by headstrong, openmouthed opposition, actually forcing on financial legislation of the most objectionable character. Now, I will come to the question of the scheme as modified, and carried out in the present Acts, and how far we were justified in affording to it an active or passive support. The Immigration and Public Works Loan Act, and the Defence and other purposes Loan Act, authorising the raising (including one million for defence) altogether the amount of five millions, to be appropriated for certain put poses set forth in the Schedule to these Acts, and the payment of the interest is secured upon the consolidated revenue of the colony. Now, opart from the consideration of any money accruing from those loans, tbe estimate of revenue and expenditure for the current year stands much as follows: — Revenue, £l,24B,so? Gs 8d; expenditure, £1,360,917 10s 9d; showing a deficiency of £35,501 9s 3d. But of this expenditure, no less than £380,496 16s lid may be considered as extraordinary, i.c. — not fairly chargeable to revenue ; leaving the ordinary expenditure £442,739 14s 7d to be charged against the colonial moiety of the revenue — thus leaving in revenue account a balance to the good of £97,261. I think nearly all the amounts included in what I have called extraordinary expenditure, are now placed against loans, so that a large additional sum is now available for ordinary expenditure. Refore going into the question of the special purposes for which these loans are to be raised, let. me remark, with regard to loans generally, that if raised on good terms and moderate interest they cannot but affect the colony beneficially. Loans are not raised for the mere pleasure of paying interest upon them, as some people would almost induce one to think, and I will go so far as to say that by judicious expenditure of moneys raised in developing the resources of the colony, the burthen of the individual taxpayer will be diminished. Extract from a speech from Mr Rolleston, Superintendent of Canterbury : — " As to the public works and immigration proposals, he was certainly one of those who would help the Government in carrying out such a scheme as would benefit the colony at large. Care must be taken, however, that the Middle Island should not be saddled with the charges on money expended in the North Island. He would strenuously oppose any attempt at what was termed the assimilation of the land laws of the colony, because he held that such would be a most unjust thing, when Otago and Canterbury were the only two provinces in the colony that could be said to have a land fund. He was also opposed to the lowering of the price of land in this province, as he believed such a step would have the effect of throwing the land into the hands of large speculators."