The Gisborne Standard AND COOK COUNTY GAZETTE. Published every Tuesday, Thursday, and Saturday Morning. Thursday, September 15, 1887. HAPPIER TIMES AHEAD.

Gisborne Standard and Cook County Gazette, Volume I, Issue 41, 15 September 1887, Page 2

The Gisborne Standard AND COOK COUNTY GAZETTE. Published every Tuesday, Thursday, and Saturday Morning.

Thursday, September 15, 1887. HAPPIER TIMES AHEAD.

B« just aad fear not; let all th. .nd. thou alm'st at h< thy country's, Thy God’., and truth’s.

It is a long lane that has no turning ’ and though the last period of depression, from which New Zealand has been suffering so severely, is not yet ended : still signs are not lacking to evidence that happier times are not far away. That the much talked of depression is owing mainly to our own fault than to any misfortune is but too true, and the very fact that out colonists are beginning themselves to admit this truth is one of the most hopeful signs of improvement in the future. We have lived too fast, snent our borrowed millions too freely and grossly dis* regarded the ordinary axioms of political economy. Much of the extravagance both by the Government and by local bodies has arisen from ignorance, and yet this extravagance has been wilfully continued even when we were becoming rapidly aware of its inevitable result. We must cry Peccavi, we have sinned in the past and must now amend our ways in the future.

Political professions of economy and retrenchment must, especially at election times, be taken cum grano salts, but although some of the candidates may not be altogether sincere ip their promises of reform, yet we believe that good faith in their professions must be awarded to the vast majority of those who are now seeking seats in the House of Representatives The truth is that they cannot, as common sense individuals ignore the fact that we must “put the peg in,” economy must be practised and retrenchment, reasonable and effective retrenchment, be carried out in our expenditure. It is riot only the State which must retrench, it is the individual also. Since the borrowing policy began, there has been a vast increase of reckless and in many cases even dishonest trading. Men have plunged into enterprises with a far too inadequate amount of capital, in some cases with no capital at all, the result being that when a falling off in trade took place, the inevitable result to them was a financial crash. Prudent, honest traders paying their way, operating well within the measure of their means have suffered from the competition of men who could not pay as 6d in the £, and thus much harm has been done to legitimate enterprise.

To this state of things, however, is succeeding one of happier augury, The leading merchants are discovering the folly of trusting “ men of straw " with unlimited supplies of goods and are limiting the credit. The innovation made by the Auckland members of reducing the term of credit is «n excellent one and although it certainly will not meet with, the approbation of the reckless trader it cannot fail to be advantage to the honest and prudent one. The reduction of the long terms of credit hitherto given to the retail trader will have its due effect upon the credit given by the retailer to his customers and a hard hit be given to that system of obtaining unlimited credit, which has landed so many men in the toils of the Bankruptcy Court. It is a sign of the times too that the public bodies are beginning to realise the fact that the Government can no longer br regarded as a milch cow to be ruthlessly drained when they can bring sufficient pressure to bear upon it, and if a regard for economy can only be firmly planted in the minds of the members of local bodies a great step has been made in the path of reform. As regards the Government and the expenditure of the Ministers enough has been written and said the last few months to render it an absolute certainty that when the House meets a lopping off all round of extravagant salaries and allow, ances must take place. If the taxpayer is to stint himself so must the Minister In no country in the world are the Ministerial salaries and perquisites so absurdly high as they are in this Colony, that is if its population be taken into consideration, and it is cheering to notice the almost perfect unanimity which prevails amongs l candidates on this head.

But retrenchment and economy, though they may do much, will not do everything. For the colony to throughly right itself, there must be improvement in trade, and signs are not wanting that the long-looked-for improvement is now within a measurable distance of arriving. The prospects of our three great exports are brighter far than they have been for some time past. Over-production of wool has been trotted out as a bogey for the last twenty years, but the demand still fairly meets the supply, aud prices of late have strengthened a little. The competition from the River Plate has proved to be of far less importance than was one time feared, the prevalence of droughts and the rapid spread of scab having wrought havoc of late amongst the flocks. The supply from the Platei

though in some yftrs appearing formidable, eanriat be depended upon, and the superior duality of the Australian ahd New Zealand fleeces must always tend to give us fair command of the highest prices. In the frozen meat trade, alia, there is strong reason to look for a speedy improvemtht. The bugbear of the trade so far has been the exorbitant freight charged by the various companies. Now however, that the shipping ring is broken, and that rates are coming down to a reasonable figure, the meat can be lahded in London at a price which, if proper facilities for its disposal be provided, wilt allow of a fair margin of profit being obtained for the shipper, The gold industry too, which has drooped so long, is being animated by fresh enterprise, and should the new finds in the Thames district prove as valuable as the discoverers claim they ate, the mining industry will receive a long wanted spur of encouragement’ Timber and gum have both fallen off it is true, but any general improvement in business must tend to a recovery in the former, whilst the Utter, though not likely to reach the old high prices, will remain for some years to come one of the most valuable of exports. Locally speaking, we believe firmly that there are happier times ahead. The opening up for sale and settlement of the vast areas of Nativh and Crown lands in the North Island will be one of the projects to the consideration of which the House will give early attention, and any reform in this respect cannot fail to be attended by an Inruptlon of Capital to ibis district, and by the speedy and profitable settlement of a large number of runholders and fanners on the land of this fertile coast, which through stupid legislation and Government apathy and 'gnorance has been up to the present so sadly neglected. With the oil industry fairly started, a common-sense native land system, and above all a little less local squabbling, and a little more hearty enterprise, this district cannot fail to share in the prosperity which is, we believe ere long once more to gladden our hearts’ Let us determine to live within our means* tn stamp out dishonesty and recklessness, whether in the Government or in the individual, to sink private prejudices for the common weal, to pull one and all right sturdily and heartily together for the welfare of the colony in which we have made our homes, and there need be no need to despair of the future. The silver lining of hope is already beginning to show on the black cloud of depression and with patience, pluck and perseverance we may soon see the sun of prosperity beam out as brightly as ever it did before,