The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1883-08-10
EVENING
OUR REPLY.

ucNOUcu IWO-UlllIUS VI u COLUMN w
expose our IGNORANCE in matters
financial and in 50 doing only let
little more light in on its own. Out
of loan of $2,000,000 even it can
find only three items amounting in
all to $240,000 which it can call
directly reproductive, and of these
it credits one with 100000 (the
Marine Railway whereas the loan
act only allows $4,000 so that that
amount small as it is, is reduced to
100000. Take this same item of
$4,000 for the Marine Railway.
The country is seeking to borrow
that at per cent in order to lend it
again at 5 per cent. If the rest of
the three directly reproductive works
don't pay better than that it will be
poor lookout.
We again repeat our statement
that no British Colony has ever
dared to ask for works not directly
reproductive except in comparatively
small sums, excepting only New
Zealand and the Cape of Good
Hope. These two colonies have
had to borrow money for war pur-
poses to defend their citizens from
the aggressive attacks of aborigines.
The largest public debts of any Of
the British Colonies in proportion to
their revenues are those of New
Zealand, Queensland, Victoria,
South Australia and Canada.
Taking for our authority the fig
ures contained in the latest avail
able edition of the Statesman's Year
Book we find that New Zealand
owes now nearly 8 times as much as
one years revenue in debt accumu-
lating since 1856 and that, quoting
the same authority, g about one
half of the total liabilities of the
colony are made up of loans granted
by the legislature under the Immi-
grafton and Public. Works loan acts
of 20, '73, and '74." Queensland
has a debt of nearly 8 times her
annual revenue incurred since 1860
chiefly for immigration and public
works. Victoria has debt of nearly
4 times her annual revenue, Gin
Cured in construction of public
works mainly railways" In fact
seven-tenths of her debt of $780,
900, 900 was so incurred. South
Australia has debt of Al times her
annual revenue incurred since 1860
of which the Statesman's Year
Book says, "The whole of the eX-
isting debt was raised for repro
ductive public works. Canada has
debt of about 6 times her annual
revenue incurred ''chiefy on account
of public works. No other British
Colony has a debt of much over two
years revenue. BF
The public works for which sc
much of these debts were incurred
are directly reproductive for they
are administered in a different style
to that which obtains here. Tht
money borrowed by the centra
government is, under Act of Par
lament, loaned out to, or divided NJ
amongst, the various centres of loca
government who guarantee the in
terest to the central government
and obtain that interest by imposin!
rates on the property in the district
shire, town, borough, or city the.
represent.
These Public Works in the Aus
tralian Colonies arewater-w works, mai
roads, wharves, harbour dredging
etc. The railroads are under tn
direct control and management O
the central government and are folln'
to paynot only their maintenance ant
the interest on the borrowed capita
but also, in many cases, to return
profit to the government. In a
cases the principal and interest G
the colonial Public debt is made
.fsrt charge on the revenue of tn
country.
1t was not our intention to IN
sinuate that the nroDosed HaWaiia