The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, DECEMBER 7, 1894. BOOMING THE DEPRESSION.

Pahiatua Herald, Volume II, Issue 237, 7 December 1894, Page 2

The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, DECEMBER 7, 1894. BOOMING THE DEPRESSION.

The low level to which the prices of produce have fallen, and the resultant evil known as “ depression” are being taken up by representative commercial men and by the press to an extent that might be termed “ booming the depression.” The fact is being recognised that upon the success of the producer depends the prosperity of the community. The prices now obtainable for Colonial produce are admittedly below paying point, consequently there is less money available for the employment of labour, and with a restricted wages fund there follows depression. At no time in the history of the colonies has the position been so critical ; stagnation in trade, restricted credit, commercial despondence and unemployed miseries are the visible signs of the acute stage of the disease, and' he discovery of acuru is now engaging the earnest attention of prominent i men in all the colonies. The peculiar | feature, and one most exasperating to the average mm.l, i, the ‘tact that, J conjointly with an unpreccdi nted fall in j the taints of commodities, then is a plcntitude of g >ld. U m y is practij cally a drug in the mark, t ; the bankrates for deposits were never lower; more money is now seeking investment in tins colonies than has been known for years past; and in no time in colonial history has th re been so much idl< m >n<■ y. lle position is as unique as it is distressing, and sug- , gists that causes of an extraordinary character are. at the si a: of the trouble. May not one, if not the thief cause, be found in the currency question, ft is ■singular that ever since gold has been . declared the basis of exchange, there has been a gradual decline in the price of commodities, and the predictions of far seeing economists are being verified j in ail their entirety. Eminent men j are asserting that the shortage of legal currency and the consequent apprccia- J tion of gold is at the root of the evil, and Lord Salisbury has declared J that disaster will follow unless the question is dealt with. Another bimetallic conference is not unlikely, and should such be held the fresh ovideuce available, together with tho d" i sire that exists to revert to Iho old state of things, may result in the j restoration of silver to its old position as legal tender.