Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. MONDAY, NOVEMBER 24, 1884. THE COMMERCIAL OUTLOOK.

Manawatu Standard, Volume VIII, Issue 140, 24 November 1884, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. MONDAY, NOVEMBER 24, 1884. THE COMMERCIAL OUTLOOK.

For some time past there has. ftepxi , a general cry of depression from all parts of the colony, and at the present day there seems to be no very immediate prospects of improvement m our commercial affairs. By some, this state of things is attributed to the general poverty of $ew Zealand, 'and these people are apt to brood over the forlorn prospects that their somewhat clouded visions see ahead. Others again encourage the cheering hope that good times will come again as soon as fresh public works are taken m 4 and, and they are prepared to appreciate Sir Julius Yogel m proportion to the number of millions that lie succeeds m borrowing. Both these, views are mistaken ones. If the first were true, times would tye infinitely worse than they really are; whereas for the latter, it is difficult to conceive a more damaging dr shortsighted policy than that of at the expense of the future. But it is not hard to find a reason for the s,tagnatidh which at . present exists ih New Zealand. This period m the history of the colony may be termed the connecting link between the prosperity oif the past, which has sprung up at intervals and died away again as suddenly, and that period m which all. trade shall be conducted on a sound basis, through the resources of the Colony having ' fyeen thoroughly opened up, and it b,eing thus put m a position to produce most of those articles which are now imported, and to export many of those products which it dould, but unhappily does not, supply. And, upon examining the matter closely it wUI be seen that it is necessary that there should be such 4 period as that indicated, m ( the , history of a young colony. ■ The •secret of this lies m the investment oi. money. In all young countries ifaoney is scarce at first, but when capitalists have acquired sufficient confidence, investors are soon found ready to speculate on landed securi-' ty. But when landed securities be- ; came scarce, and more difficult to obtain, as they are now becoming m New Zealand, we reach a remark able eppch m the history of that colony. The resources, such ! as the manufacture of wool, iron md 'pther things which form the great industries of England, are not yet opened up. There is no m- j Vestment other than land,upon which j capital may be laid out. What then will be the immediate result? <p(ne of two things must take place. Either men of capital must invest r that capital m the colony or they must take it Home again or to some other country. There is little probability of their doing the latter, for money is perhaps of less value elsewhere than it is ih New. Zealand. Consequently, investments must be fpund m the colony, and if they do hot exist, they must be made. Industries must be set on foot m these fields of commerce, which : are sufficiently ripe, (and there are many), to make employment for money that is lying idle. Once set all the idle capital On the colony to work, and the magic, wand has been set m motion. Hundreds of idle hands wilifind work. Hundreds more will come out, and they wilifind work too. , Land, which is now only used for grazing purposes, will be put under a crop -i-for almost any crop can be grown ih New Zealand if only a market can be found for the produce — and then it will be admitted that good times have set m. We Relieve that,; the present is just that time when the bulk of landed securities have been absorbed, and a vast q uantity of capital is still seeking investment and cannot find it. We believe that before long a variety of ventures will bejmade m the manufacturingline,and as soon as they succeed, additional enterprises will be set on foot, until the expor trade, of New Zealand

will assumeproportions on avery different scalefrom at present. But while this period lasts, people must suffer and wait patiently for better days. Already the day dawns of more prosperous times. Companies for the engagement of the growth of tobacco have been established m Auckland, and some of the locally manufactured produce is m the market. Already we see Woollen Companies incorporated, and their shares readily subscribed. It is only a matter of time and we shall see our best hopes of the future realised. The present time should there,fore he greeted as the connecting between the infancy and the jmanhood of the colony; but at the isame time there are few who will mot be just as will pleased to see the intermediate period at ah end, and jthe new epoch fairly inaugurated