THE FINANCIAL PROSPECTS OF NEW ZEALAND.

New Zealand Herald, Volume XXIII, Issue 7552, 3 February 1886, Page 6

THE FINANCIAL PROSPECTS OF NEW ZEALAND.

Is moving the adoption of the report of the directors of the Colonial Bank of Now Zealand at the meeting of shareholders on January 27, the Chairman (etna Hon. George McLean, M.L.C.) said:—"Now, regarding our business and the prospects of New Zaaland generally, this we m»y say : that we have in New Zealand a variety of resources and a variety of climate such as would be found if we were carrying on business in different colonies. It has been shown that tome parts of New Zealand are at one time more healthy fiuanoially than others, and that ia the case now, merely because the South is suffering from low prices that are obtainable for its particular products. One ia happy to see, however, that things are now looking np for the farmers. Prices are getting better ; wool has improved a little since last year ; frozen meat seems to be steady ; and the outlook becomes brighter for the South. Though here, from the low prices and the depressed state of things generally we have had a bad time of it, I think we may now look for improvement. When you come to compare the resources of the South and of the North you will see why Auckland and the Northern parts of the colony have been more prosperous tban we have been here. They are more prosperous in Auckland now because they have in the North a large timber trade, and also a trade in kauri gum, which is employing a large amount of labour in Auckland. They have got, too, a large number of people of means and leisure settling there who have taken a fancy to that climate and to the beauties of Auckland. I think their preference for Auokland is a mistake, that they would be equally happy here. We certainly have some of them here, but moel of them have settled in Auckland; and as they receive large incomes from outside, their residence io the North no doubt helps the prosperity of the place. A sum of no less than £65,000 per year of Imperial pensions is paid in Auckland, and this, of course, goes to swell the prosperity of the place. Taking the whole colony as a whole, however, one part oannoi; long remain prosperous without helping the other parts ; and looking at the varied resources of the colony and its fine climate, there seems just now too much croaking over what ia called the depression. No doubt New Zealand has not, like old countries, a vast amount of accrued wealth, but when we come to look at oar resourses and to compare them with the resources of other colonies, it will be seen that New Zealand must always oome to the front. Are we to lie down disheartened at the present time simply beoause capital has to put up with less interest, the property-holder with less rents, the agriculturists and wool-growers with less prices for their products, and the labourer with less wages ? We see that these times touch all alike, and I think if we are all loyal to New Zealand we shall have plenty of room for financial institutions such as this to flourish, and no doubt they will flourish ; and if we wait our time, the period is not far distant when New Zealand will be prosperous again, and we shall glory in having got over our hard times. The depression is not confined to New Zealand alone —it is all over the world —and I think myself that with a little confidence in ourselves industries will soon go on again, and we shall employ our money freely, and be a contented people, thankful that we have been loyal to our country."