Author Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt:...we are in danger of falling a prey to any demagogue who will tickle the ears of the unthinking by promising everything to everybody, irrespective of the consequences, which must bring financial disaster on the colony. I had intended to deal with various other subjects but for the unfortunate fact of being limited to one hour on a subject which one could not properly discuss in double that time. I should, however, like to draw attention to one point. Thereis a proposal in this Budget which, I think, honourable members should view with grave suspicion. When the million and a half was borrowed under the Advances to Settlers Act it was under the distinct understanding with the money-lender at Home that the money was to be invested in a certain way, and that a sinking fund was to be provided--that the funds were to be administered by a non-political body, and treated with every care as trust moneys. We have seen, during the last recess, the Ministers assuming the control of the Advances to Settlers Otfice, and now we find a proposal to abolish the one safeguard there was against bad debts--the sinking fund. I do hope honourable members will consider very carefully before they allow any such course to be pursued. If it is possible to reduce the interest paid by the borrower, by all means let that be done. I remember prophesying the difiiculties the Government would have in lending the money out at the rate they proposed, inasmuch as the rates of interest were 'falling; but that is amatter of the past, though my prophecy seems to be coming true. But this scheme under which the sinking fund is to be abolished seems to me to be one of very great danger. Sir, I have not the opportunity under the time-limit to touch on other sub.jects; I can only...