The Hastings Standard Published Daily WEDNESDAY, NOV. 25, 1896. OUR STOCKS.

Hastings Standard, Issue 180, 25 November 1896, Page 2

The Hastings Standard Published Daily

WEDNESDAY, NOV. 25, 1896. OUR STOCKS.

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance, And the good that we can do.

Aiioct two years ago, in December, l.S9t, the then Colonial Treasurer the Hon. J. ft. Ward delivered a postsessional address to the electors of Auckland in which he claimed credit on behalf of the Government for the premier position held by New Zealand stocks as indicated in the then London Stock Exchange quotations. His political followers took their cue and everywhere the price of stocks was referred to as evidence of the excellent progress made by New Zealand under the new regime. Confidence in the colony was restored. apparently hrough some mysterious action of the Government. Of course those who were aware of the cheapening of money at Home, knew that the price of colonial stocks was due to cheap money. Hut then Mr Ward claimed that New Zealand stocks were " on top,"' a position they never previously occupied, and that therefore the credit was due to the Government, and this claim was reasserted from many a platform. The relative positions of the Colonies as shewn by the price of

Si per cent, stocks on the 29th November, 1894, were as follows :

New Zealand occupies the pride of the place. Now if the Government in 1894 was responsible and entitled to the credit as claimed then the same Government must be held responsible and blameable for any fall that may have since occurred. The latest cables show that New Zealand has been displaced, and this must, according to the line of argument adopted by Mr "Ward in IS9I, be due to some mysterious action of the Government. According to the latest quotations which were cabled on the 19th inst out to the colonies so far as the 3A per cent stocks are concerned stands thus :

New Zealand has sunk to the fourth position, and adopting the line of argument pursued by Mr Ward, the London investors must have less confidence in New Zealand now, than they had in 189 t, when our stocks were at the head of the list. If credit was due for the position in 1*96, then blame must be acccpte.l now. If wo make another comparison we shall find New Zealand in a very humiliating position. Under the iniluonce of cheap money all gilt-edged securities have advanced in price, and if we compare the progressive movement of the :iJj per cent colonial stocks the following is disclosed :

If this colony continued to enjoy the confidence of the Home capitalists, as it was alleged to have enjoyed in ls!)l, then the price of our B.V per cents should bo to-day on a par or slightly more than the prices of South Australian stocks. Why has this colony lost the pride of place it held in 1*94, and how is it that our stocks have made so small an advance as compared with the stocks of the other colonics ? Will the political prattlers, Government or otherwise, furnish us with the reasons for the backward movement.

New Zealand £102 15 0 South Australia ... 102 10 0 Tasmania... 102 0 0 New South Wales 101 15 0 Queensland 99 15 0 Victoria ... 98 5 0

South Australia ... £•110 10 0 Tasmania 108 0 0 Now South Wales 107 ■"> 0 New Zealand 100 5 0 Queensland lOfj 0 0 Victoria ... 105 •> 0

Nov. Nov. 29, 19, Ad1894. 1K90. viince. South Australia 'SI 110» 8 Victoria 'If)." J 7 Quiniiskmd T;!sm;min ... 99 | 10o G\ 102 1UH (> New South Wales.. j o i 107! •! New Zeal;tml 102:; lotij ;;j