THE BORROWING POWERS OF NEW ZEALAND.

Hawke's Bay Herald, Volume XXI, Issue 5529, 4 November 1879, Page 3

THE BORROWING POWERS OF NEW ZEALAND.

times' piihia ih.its city ■' Irlicle^tfieisu.bjolttea^bj^p^^t/^ 'borrowing., proppnsjti^^^'.Mp^'/fifj/tlie^i (Tcdloiiies, and adds ttie feraatk y .tft'aVlK'isf '"Wmjphvtat j a on iy too well founded :' — "' " A }?/t) „ 30th August, 1879. rj] Sir,— ltis diadoWaging to holders of Colo--^mal! Bonds to see the apparently reckless Jailiion in which the. Australian 1 «nd New Governments;, apply for and ,ob* iitain 1 freoh borrowing powers asisbdn as ithey have isatteS'iia'.Uplin "orf'tljis^side ex«hdusting their iexisfing poweyjfcf It is only three or lso\W months *ljjij& New South Wales ihisM a large loan here (some £3,000, 000,^1 thottgh|l have not! the figures;! alt hand), Hand in a recent telegriam it ,was_ stated that ; 'yet]another £7,O(SOjWH.ad b'e'e'jxaufthprisedj while New Zealand,' . already; \tao /deeply debt, follows,,; isult.i with- : '^0,O(%g0O Ijftore j and South Australia, I ufra*e'?sfimd, s-svdll agaift be 1 in the market towards the '-close.Qf the-iyeartiivTbe result-.is-ithelNew? 'South Wales -FovirJpeU4 Cfefrtts*, v^hiph iri May last^were worth 1 61^ are'riow^ttndei? 97,j or;;Ullpwing j ' fbr the accrued ihtefeist' in each 'case 1 , a ! fall J 6f over 3|p,p.er ceht. ' 'I anij aware ; th at ; some .of, the 'rise Vas due : to' the , .ac^pun^s"' of' Nfeff ' South W^lcs finance' circiilatirig ' prior to the issiie of the last loan. . .But we Have sihee heard ; : thatj the ' revenuoi for. -the year , is . £50,000! rnndei;, .the J "_ : estinjat l es,' > Tand,.,'jEor.' •many.- reasons it.aeemg t.Q. ; 'me,that present. yhotders and intending future isubscribers? iiaVe some right to know to- what extent this system" is- tti be carried;, ott otherwise we: aveiilikely. to .see'rhistqr.y ;.Tepeating^,j itfelf in a series of disasters similar to th6se caused by th ! e 'superabundance of foreign -loans a -few .years since.— l am, '"•sirj ydui\ob!edierit servant', ° ')}■/" { I " , . Pbudentia.