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The Borrowing Powers of New Zealand.
The London “ Times ’’ prints in its city article the subjoined complaint about the borrowing propensities of most of the colonies, and adds the remark that this complaint is only too well founded ; 30th August, 1879. Sib, —It is discouraging to holders of Colonial Bonds to see the apparently reckless fashion in' which the Australian and New Zealand Governments apply for and obtain fresh borrowing powers. It is only three or four months since New South Wales raised a large loan here (some £3,000,000, I think, though I have not the figures at hand), and in a recent telegram it was stated that yet another £7,000,000 had been authorised; while New Zealand, already too deeply in debt, follows suit with £5,000,000 more ; and South Australia, I understand, will again be in the market towards the close of the year. The result is the New South Wales Pour per Cents, which in May last were worth lOli, are now under 97, or, allowing for the accrued interest in each case, a fall of over per cent. I am aware that some of the rise was due to the glowing accounts of New South Wales
finance circulating prior to the issue of the last loan. But we have since heard that the revenue for the year is £50,000 under the estimates, and for many reasons it seems to me that present holders and intending future subscribers have some right to know to what extent this system is to be carried, or otherwise we are likely to see history repeating itself, in a series of disasters similar to those caused by the superabundance of foreign loans a few years since. I am, sir, Your, obedient servant, Pktjdentu.
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