THE “GLASGOW HERALD” ON NEW ZEALAND.
(From the Edinburgh correspondent of the Otago Daily Times. The Glasgow Herald, which is, next to the Scotsman, the leading journal on the north of the Tweed, had an article in its issue of April 27 dealing with the constant borrowing of money in Britain by New Zealand. This subject has hitherto been more frequently and vigoriously commented upon in the English papers than in those published in Scotland, for reasons which it is not difficult to guess ; but there are signs of a change in this respect. In the article under notice the Herald says that “ New Zealand is the most frequent and most insatiable borrower among all our children, and she is the one who most ostentatiously parades in print her wonderful progress, her astounding enterprise, and her incalculable resources. Truth to tell, we are getting somewhat weary of the boasts and promises of the * Britain of the Antipodes. ’ ” Then there comes this downright averment— u The plain fact remains that tl« great Colony of New Zealand is entirely supported upon borrowed money.” Anxious, however, to be within proper bounds, the article goes on to guard against the idea that New Zealand, though so great a borrower, is bankrupt. “ Not only,” it says, “is she at present perfectly solvent, but is destined with care to become a rich and a great country. But she has to learn the dangers of trading too much on borrowed capital, and she needs to realise that she has burdens enough at present to engage all her care and industry and economy for several years to become able to bear them with comfort.” The article then proceeds to notice the projected formation of another company for lending money on landed property in New Zealand, calling the said company “ another of the gigantic pawnbroking establishments of which New Zealand has already so many, and which have done some good and more harm to the Colony. ” It acknowledges that these concerns have been profitable to British investors, but deprecates any addition to their number, saying that “ this sort of thing has been overdone. ” Judge Bathgate comes in for a a rather sharp rap over the knuckles for his coideur de rose articles in “ Chambers’ Journal,” but there is an approving reference to an article in the Otago Daily Times of Feb. 27, contradicting Mr. Bathgate’s statements. The foregoing will give you some idea of what the leading paper in the chief commercial city in Scotland thinks of our borrowing progress. I find that people speak of New Zealand in a very different tone to that adopted by them when I returned thence six years ago. Now there is very generallyexpressed uneasiness, not to say distrust, while some even take it upon them to prophesy that “ there must be a smash if things go on there much longer as they have been doing.” I mention facts, and refrain from commenting upon them.
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