THE COLONIST. Published Daily-Mornings. Nelson, Wednesday, March 9, 1892. AUSTRALIAN BORROWING.

Colonist, Volume XXXV, Issue 7265, 9 March 1892, Page 3

THE COLONIST. Published Daily-Mornings. Nelson, Wednesday, March 9, 1892. AUSTRALIAN BORROWING.

This • British , Australasian ' supplies information as to the amounts borrowed in London by- Australia sincej 1886, which gives food for couaidera-j tion* -From ' this, source we learn thati the amounts so borrowed w ere— in 1887 i £18,796,840, in 1888 £16,445,100,^ in 1889 . £15,459,840, in 1890 £12,282,784, aud in 1891 £18,056,959, or a total of over seventy-six millions sterling in five ; years. No less than 1 forty -two millions of this large sum is placed under the head of Government loans,, the remaining thirty-four millions 'having been borrowed as city and harbor loans, railway,' tram, and gas loans, and loans by land, mortg&ge,'finance, mercantile, and mining companies. Of the thirteen millions borrowed last year, <ten : millions were [obtained bjr the Governments. While ■the expenditure of all this money was going on, it is not to -be wandered at ithat work was pleutifal and prosperity seemed apparent, but the rats at which Australian indabtednese has been heaping up has caused certain mipgiyiDgs on the part of London :finanoiors and men of business, while some have.evidently tried to turn this to thtir own advantage. : Ona need not be surprised tbaV the experience pfljlew Zealand did not teach a lesson, ..to the other ; Colonies, but jt might have, been imagined that Australian journalsthat were ready to 4d6rrTa moral for the benefit of Maoriland, did not more .earnestly : oppose borrowing cjraz,^ in Australia, which hasb^n dignified; by the- name of enterprise, iloweyer, -iv, has been made pretty clear that borrowing upon a considerable scale must be stopped, 4ndtl^e. result in &ome of the sister d)olomes cannot fail to .be distressing, ?he stoppage of- works must inevitable throw great numbers out of employment, besides lessening the spending powers of the: people generally. . Retrenchments must follow, as they did ih: Ne^y Zealand, and again further hardships are to be apprehended in consequence. It may be feared, too, that the centralising policy which has obtained in more than one of the larger Colonies, will lend an additional difficulty to those which the Governments have to face before they have set their respective houses in order. That the difficulties will, however, be faced not only with pluck, but also with a determination to overcome them ! there is no reason whatever to doubt., and New Zealanders will heartily wish their neighbors a speedy recovery. Still, the present aspect of affairs in Australia requires careful attention in this Colony. In the first place it [should strengthen the determination of the people to abstain from outside borrowing, and it should also serve to spur on the Government and Parliament to aid in se'tling our I lands, for it cannot be doubted that with the growing prosperity of thesa Islands, a season of depresiion in Australia tvill lead many to make their homes hare. A large portion of New | Zealand is admirably adapted for small (holdings, and with laud rendered more productive than at present; carrying, too, a muoh larger population than now the Customs aud railway receipts must co increase as to lighten the burdens of all. In ooaoection with tha borrowing of Australia, it is ab least gratifying to New Z Jidinders that, tho ' Financier ' of the 14th Jan. labt in stating tbat New Zealand ' Government j securities la p^rtioal^ir were ia ttemaui?, i remarked that this was on account of the " improved financial ou:look ib* that couatry." !