THE FINANCIAL POSITION OF NEW ZEALAND.

Otago Daily Times, Issue 8793, 1 May 1890, Page 1 (Supplement)

THE FINANCIAL POSITION OF NEW ZEALAND.

TO TIIE EDITOR.

Sin,—ln yonr issue of tho 23rd instant I notice a remarkable letter from Mr George Fisher under tho above heading. Upon my iirst perusal of its contents it appeared to me to bo, in vulgar parlance, " a regular staggerer." In my simplicity I was under tho impression that we had "found bottom;" that the worst was over ; that we were putting our house in order and living within our means. I concluded that the excess of our exports over impo4s was reducing the debt of the colony. According to Mr Fisher this is a grand mistake. I at once assume that his ligures are correct; ai I am living in tho country I hava not the opportunity of verifying them; and, being only an assistant in a country store, it may appear presumptuous for me to make any reply to that gentleman's letter. His statements respecting the Government debt and the interfst thereon I Rccept as correct, and I agree with him that it is necessary to exercise strict economy and sit our faces against reckless borrowing. But it i 3 when ho adds the private indebtedness to the Government debt to make it anpear that we are in such n deplorable condition that I differ from him.

My impression is that it is not so much a matterof importance what a person owes, as it is to the means ho possesses of paying. I consider if a merchant, manufacturer, or farmer with, say, £10,000 of his own finds that it answers his purpose to borrow £5000 more, he is a wealthy man, although he is in debt to that amount. On the other hand, a labourer, who does not owe a farthing, and possesses only the swag he carries on his back, cannot be considered in a prosperous condition.

If Sir Fisher had been as careful to furnish us with the assets of the colony as he has been with the indebtedness, we should have been in a better position to form an accurate judgment as to his desponding view of the colony.

In conclusion, my object in writing this letter is that tome person who has the time and ability may give some information as to the assets of the colony in your columns.—l am, &c, April 25. A COUSTRT SUBSOBIBKK.