THE FINANCIAL CONDITION OF NEW ZEALAND.

Poverty Bay Herald, Volume VI, Issue 945, 8 November 1879, Page 2

THE FINANCIAL CONDITION OF NEW ZEALAND.

Thus speaks the Free Press : — We know for a certainty that immense sums of capital are being withheld from the colony, of the most kind — capital desired to be introducd by intending wealthy agriculturalist settlers, whose presence would not only be a direct benefit to the colony, bub whose connections would strengthen the links of commerce between the colony and the English markets. Our personal evidence of this fact represents over one hundred thousand pounds. But this large capital is withheld, and this wholesale settlement is retarded on no other ground than because the natural cautiousness of the class of intending settlers to whom we refer will not allow them to risk their property m a country whose leading politicians are regarded as being revolutionary. Not only is it a fact that under the most favourable circumstances there has always been a scarcity of cash-oapital m the colony — not only has large capital been prevented from being introduced into the colony, but a worse kind of terrible judgment is falling upon us. We are m a position to say that hundreds of thousands of pounds have been withdrawn from New Zealand during the past four months. The Banking Cfazette shows that there is over five hundred thousand pounds sterling less bullion m the colony at this moment than there was a few months ago. | More than this ; There are documents m the possession of some leading banking and legal firms withdrawing sums varying from ten thousand pounds to thirty thousand pounds, and the reasons assigned are that the investors prefer a security more satisfactory than is afforded by the present politics of New Zealand's public men, and the name of the leader of this political tendency has been mentioned m some of the correspondence. But even all this is only a partial view of the disaster that threatens our colony. The fact cannot be hoodwinked, that a difficulty has arisen m regard to the new five million loan ; the terms upon which it was thought the flrstinstalment of it had been floated have been withdrawn, and an advance demanded. Under these circumstances it becomes a very grave question whether money can be obtained to cover the existing liabilities of the Government, to say nothing of the public work's accounts that will fall due, until four millions of the five millions loan have been absorbed. Sir George Grey is charged with being the author of all this. Let us insist upon it that

he is wrongfully and maliciously so charged— what does the admission avail us ? The public and private creditors still believe he is, and we have to suffer as though the conviction were founded on fact. Surely then, it is time that our duty to ourselves and to our country should direct us what course to pursue ; surely the time is not opportune for the struggle of political partisans after place, pay, and power. It is time the constituencies arose to a true conception of the imminent peril of the unseemly political squabbling of the past few weeks, and let their will be made known m Parliament that our representatives have been sent there to legislate for the country, and not for parly. If the party of the elections had been beaten, let the House that has been returned carry on |the business ; or if this be impracticable let the country again decide who shall or who Bhall not be entrusted with the responsible duty of carrying on the business of the country. — Free Press.