NEW ZEALAND’S POSITION.

Lyttelton Times, Volume LXXII, Issue 8903, 20 September 1889, Page 6

NEW ZEALAND’S POSITION.

TO THE EDITOR.

Sib, —In common with many others who profess to have the welfare of this Colony at heart, I have read with interest, not uumixed with surprise, the pessimistic leader in your issue of Sept. 17, and wlr h has, whether intentionally or not, created a feeling of gloom and dismay in many breasts. May I ask why you sum up our present position as one of “no life, no trade, no speculation, no confidence?” Do you not think it might be more fairly stated as “ much life, fair trade, little speculation and much confidence?” At anyrate, I do, and I am convinced there are many who hold similar views. What was the purport of the story told in the able annual address of the President of the Chamber of Commerce, published by you a few days ago? Surely there was then unfolded a tale the very reverse of what you assume to be the case. A history of steady development of our industries, and resources for several years past, an expansion of trade and productions, backed by figures that defy confutation and challenge criticism, and supported by a cheerful and well grounded view of our present and future that stands in bold relief against the gloomy picture drawn by you that I presume to traverse. In support of your views you turn to the banking returns, and note in terms of regret that, during the last eighteen months, the monetary institutions here have called up advances to the extent of j£1,269,84!5, while in three Colonies of Australia they have increased their leadings by je23,000,000. Sir, I see no cause for regret in the comparison, but feel, rather, that we should rejoice at the wisdom shown by those who rule the finances here, that they have restricted credit to the legitimate wants of trade, and have discouraged the wild element of speculation which some time prevailed amongst us, and landed us subsequently in the slough of despond, whence we have now emerged 5 but where, I venture to predict, we should still be, supposing the foregoing figures had been reversed, and that we had enjoyed (?) the liberal advances made to our Australian cousins. I must agree with your concluding sentence, “No wonder there have been gold, silver and land booms.” Quite so—and it is a blessing that those benefits have not been extended to us. The importance of my subject needs no excuse for troubling you with this, and the length of my letter will provide its own, should you think it worth publishing.—l am, &c., E. G. STAVELEY.