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Lyttelton Times, Volume LXXXI, Issue 10271, 13 February 1894, Page 4

The local Conservative organ persists in saying that it never predicted ruin aa the result o£ the policy of the Liberal Government, but with the same breath it repeats the statement that the “ present depression and scarcity of work ” are due to the change in the incidence of taxation. We are not inclined to quarrel about mere terms and phrases, but our contemporary’s anxiety to amend its indictment shows that it is not quite confident of the position it took up only a few days ago. It finds its evidence of the withdrawal of capital in the fact that the Scottish and New Zealand Investment Company has a bank overdraft of .£30,000, and its proof of the existence of widespread alarm in the report that a small piece of agricultural land sold on Saturday realised only about half what it was valued at a few years ago. The hank overdraft may mean anything. Our contemporary says it means that the amount has been remitted to Scotland. Even if this is true, it does not follow that the Company is calling in its advances. The overdraft may have been obtained in order to enable the directors to provide accommodation for their customers. But however that may bo, the bogey of, disappearing capital was laid months ago, and if our contemporary could throw off its party bias, it would, like other journals on its own side of politics, discover that there are still some crumbs of comfort to be found in the condition of the colony. It might even follow the example of the Auckland Herald, one of the most conservative of the Conservative journals, and give the Government some credit for the measure of prosperity that New Zealand is now enjoying. The Herald, commenting the other day upon the fact that the colony last year added 10,412 to its population by the excess of immigration over emigration, said: — With prudent administration of public affaire, which there is good reason to hope for, we are warranted in believing that our population will steadily increase. The desirability of encouraging people of the right stamp to settle on these shores is seen by the benefits which are already resulting from, the influx of about 10,000 souls. Houses and business promises which, for a long time, stood idle, or paid but a very poor and inadequate return on the outlay of the capital, are now let, and yielding more gratifying returns. In Auckland, about three or four years ago, empty shops and dwelling-houses were counted by the hundreds, but now it is extremely difficult to get a vacant place; then also the rents were low and hard to collect, but wc are informed on good authority, now the increased rent is paid with some regularity. Despite the inflow of people there are very few unemployed, and no complaining in our streets. The volume of trade being done now is. moreover, increased. Business places and private houses are being renovated, and the stimulus in one branch of business will have a good effect on other branches, Add to the foregoing particulars a few thoughts upon general matters, and he will be very pessimistic indeed who does not see abundant reason to congratulate himself that his lot is cast in New Zealand.

We are not at all surprised to learn that the piece of agricultural land mentioned by our local contemporary was sold on Saturday for less than it was valued at a few years ago. In the first place, the valuation of the land may have been altogether too sanguine, and in any case we know that its producing capabilities have been reduced some 30 or 40 per cent by the fall in the price of wheat. But above all—and this is a point which cannot be made too clear—the very liberal laud policy of. the present Government has removed the fictitious values from private lands. It is not at all likely that men who can obtain good agricultural land from the Slats on reasonable terms will compete against one another for the possession of private properties that are offered at much higher rates. This is, of course, very unfortunate for the speculative land-owner, who has looked forward for years to the enjoyment of the unearned increment, but our contemporary will hardly venture to contend that it is a bad thing either for the bona fide farmer or for the Colony.