INDEBTEDNESS OF THE COLONY.

Lyttelton Times, Volume LXI, Issue 7223, 24 April 1884, Page 5

INDEBTEDNESS OF THE COLONY.

TO THE EDITOB. Sir, —Mr Eolleston tells us that the debt of the Colony is about ,£70,000,000, but he does not explain how we are going to pay the interest on this large sum. If he had made this clear to us, his speech would have been more satisfactory. Ido not know if the vie w I am going to put forward is a correct one, but it occurs to me that if our debt is .£70,000,000, it would mean an average of .£7OO per head of the male adult population, which, at the present bank rate for money, would be over .£SO per annum interest. The great question for us to consider is the best way to make up this amount. It certainly seems a very heavy responsibility for us, when we think that all this interest is taken out of the Colony. We shall not improve things by class bickerings or encouraging those who unfortunately have little property, to strive to obtain that which belongs to those more fortunate than themselves; but work together with a determination to reduce our public expenditure and prevent any further borrowing. A great deal could be saved to the Colony by using all locally-manufactured goods where possible, such as machinery, furniture, clothing, saddlery, and other goods, as shown in our Exhibition. A large amount could also be saved by encouraging local Insurance and Loan Companies in preference to foreign ones. Our Chambers of Commerce should take up the question of the present exorbitant rate of interest, and strive to get it reduced in sympathy with the Home rates, now 2 per cent for discounts.—l am, &c., COLONIST.