THE BORROWING POLICY IN NEW SOUTH WALES.

New Zealand Herald, Volume XXIII, Issue 7694, 20 July 1886, Page 5

THE BORROWING POLICY IN NEW SOUTH WALES.

The Sydney Morning Herald says :—"Every one will cheerfully admit that is good news that the loan is safe, for it would have been very awkward at this juncture to be boxed by a sudden stoppage of the supply of borrowed money. We have breathing time, but what use are we to make of it ? We cannot go on borrowing five millions every half-year. Even if the English people were willing to lend it, we ought not to bo willing to borrow. The pace is too fast. But who is to pnll up, if Government and Parliament do not ? There never was a time when we more needed a calm investigation of our financial poeition, and therefore, it is particularly unfortunate that at this moment our land revenue should be in a condition of uncertainty, and that the Government should have provoked a fierce party spirit by a foolish attempt to unsettle our fiscal policy, and to depend for its success on the support of the protectionist party. Of late yeare the expenditure has been largely determined by the pressure of constituencies and thair members, and not on a broad view of national interest. It is obvious to every financier that we cannot continue this system, or we shall soon be in the condition of New Zealand, and worse. We must reform ; but how are we to do it ? If the whole question of the financial condition of the country were investigated by a large committee, or by a special commission, it would help to steady us, and certainly to enlighten the public. We have been very prosperous ; it will be folly to get entangled in difficulties aimply from want of forethought. We have been pinched, but we are not embarrassed as yet. It is for the leaders of the people to see that we do not become bo.