OUR CRITICS.

Otago Witness, Issue 2151, 16 May 1895, Page 19

OUR CRITICS.

Syj)Nby, May 9. The Daily Telegraph, referring to the Brisbane Courier's article on the Advances to Settlers Act of New Zealand, says it hardly thinks so much gilt-edged securities will go to the Government lending offica as the Courier imagine-;. It is quito possible to place first-class mortgages at 6 per cent. ox even below that at the present time, and therefore it is probable that the more doubtful securities will be transferred to tho State leading office. The effect will be to level down all rates to the official rate, and the lecdlcg companies will only take the best I properties on such tsrins. Rates nre slowly coming down already, and they would be lower even than they are now if it were not that the reconstructed institutions have to pay 4$ per cent. The banking and mortgage coojpanies will be condnc'.oi more economically and on a different basis in the future, but still it is quite likely that the Government department will supplant a good deal of tho capital now employed. Still, in the Advances to Settlers Act of New Zealand the political aspect of the whole proceeding is very serious, and the result of the experiment can only be tested by time. A strictly non-political and capable administration ia essential to its euccass. I Melbourne, May 11. The Argua, in an artiole on the private and public debt of the Australasian colonies, estimates the amount at L31G,000,000, and that the interest sent to London is nearly L 10.000,000 annually. During the last year, owing to the financial crisis, L 8.000.000 of the paid-up capital invested in squatting concerns received no dividends whatever. Fallowing up the article, the finanoial editor apportions of this amount L 3,682,000 to New Zealand and the balance to Australia and partly New Zealand, and goes on to say: — "British investors have mado far greater losses in New Zealand than in tha whole of Australia. Investor*, it eaye, were deceived in the past by the high falutin nonsense about tho Britain of the South, and New Zcalandcrs aro, as a rule, elated at despoiling tho Batons of the North. New Zealand bas for some time past boen engaged in the ignoble occupation of kicking over the ladder up which it climbed. An eld Aoglo-Froncli bankiug exchange house in its last private circular to Continental clients, written in Fi-encb, warned them against touching anything in Now Zealand on account of the want of principle iv financial matters displayed by the New Zealand people."