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Daily Telegraph (Napier), Issue 5231, 29 May 1888, Page 2

That tho Financial Statement, to be mado to-night, will show a considerable deficit, is already well known, and tho country must be prepared to faco a very sad, though truthful, account of tho finances of tho colony. Notwithstanding this it is somewhat satisfactory to know that the affairs of the colony aro, at least in tlio hands of honest men. That steps of a disagreeable nature to all tax-payers will havo to be faced goes without saying. In whatever form additional taxation is made heavy burdens will have to be borne by those who can bear them, but in many eases, we fear, this extra taxation will bo as the last straw which will break the camel's back. By these latter words we refer to many persons who have for some time been hoping to rid themselves of heavy liabilities to tho several loan companies doing business in Now Zealand, which, during- the better times past, havo advanced .larger sums on estates than present prices felr produce will allow the clients to pay interest upon added to their current working expenses. Many a good man has for some years now past been economising to the utmost degree in the fond hope that should prices for wool and other products riso, ho will at least bo able to save himself and family from tho ignominy attaching to passing through tlio Bankruptcy Court. And, all things being considered, we fail to see any other remedy than that these loan companies consent to a re-valuation of the properties of those whose heads are now ready, an it were, to be thrust under water, and a writing- off of such amounts as will not only give the occupier an interest in the property ho n>w merely manages by consent, but that will givo to shareholders in such companies smaller dividends, but still enough to pay a fair interest on the money invested,