The Premier.

New Zealand Graphic, Volume XXX, Issue IX, 28 February 1903, Page 611

The Premier.

Mr Seddon was up in Auckland for a few days last week. He received a large number of deputations upon various matters, and was entertained by the Liberal and Labour Federation League at a smoke concert. The Premier left on Wednesday for the Huka Falls, on the Waikato river, being accompanied by Mr Allo, a Swiss electrical expert, who is to report upon the use of the New Zealand rivers for generating electricity. Referring to the Premier’s speech at the smoke concert, the Auckland “Star” observes : —

As to our financial position, the figures laid before the country by Mr Seddon must on the whole be accepted as highly gratifying. So far as the present financial year has gone, our Customs returns measured against a similar period for last year, have risen £84,326, our railway returns have risen £125,587, and other smaller amounts make up a total increase of £258,233 for the last ten months. Allowing for a small decrease in the land revenue and the beer duty, the net increase is £228,646, and by the end of the financial year the Government will be in a position to declare a surplus of at least £'250,000. The satisfactory position of our finances is attested by the reception which our loan proposals have received in London. The last £ 1,250,000 was underwritten at 944, while our previous minimum was 94. In spite of Mr H. W. Wilson and pessimists of the “Financial News,” our credit to-day on the London market is as substantial as the most cautious financier could desire.

Mr Seddon’s remarks on the position of the Bank of New Zealand claim more than passing notice. After referring to the success that had attended the effort to rescue the bank, the Premier mentioned several alternative courses which might be pursued with reference to it. It might be practicable to take over the Bank of New Zealand on the basis, or as a nucleus, of a State bank. Again, it had been suggested that even when the bank’s liabilities to the colony were cleared off, Government should still retain its position as “the power behind the throne.” Again, it might be possible to treat the two millions guaranteed to the bank as bank capital, leaving the colony in the position of partner. The Premier had, he said, two objects in making these statements. Firstly, he wished to warn the general public that legislation on this matter was bound to come; secondly, he was anxious that the public should not be taken by surprise by any sudden movement in the bank’s shares. Mr Seddon confessed that he could see no adequate reason for the fact that the shares are now considerably above par. The meaning of all this seems to be that in all probability Government will move in the direction of taking a permanent interest in the bank. In that case, ■with its two million pounds capital, it would have the public shareholders with less than half a million of the subscribed capital entirely in its hands. We put this conjecture before our readers for what it jnay be worth; but the matter is certainly one pf considerable interest, more especially to shareholders.