English and Colonial Control.

Hawera & Normanby Star, Volume XIX, Issue 3231, 22 September 1892, Page 2

English and Colonial Control.

The Chairman of the North Canterbury Farmers' Co-operative Association at their annual meeting raid :— " Any one who has watched the progress of commerce in New Zealand of late years oannot fail to bave noticed with regret the faot that London or Australia is gradually assuming the control of out more important business institutions. We had a New Zealand Bank, with a New Zealand direotory, a New Zealand Shipping Company, with - the principal interest held in the J Colony, a Union. Insurance Com* pany— all these business institutions bave been almost entirely absorbed of late by London. New Zealand ' bids fair, at the present rate of progress, to beoome a mere tributary of Londoner Australia in the mercantile world. £/o country can possibly flourish if the conlol and profits of her mercantile business Are moved to other countries, or her commerce operations directed from a distance by a board of directors, and shareholders' in* terests are Bimply measured by what their profits will be, too often quite irrespective of the general good and well being of the community and oolony. I look to the cooperative movement to control and gradually arrest this state of things."