The Temuka Leader TUESDAY, MAY 7, 1889. GOOD PEOSPECTS.

Temuka Leader, Issue 1888, 7 May 1889, Page 2

The Temuka Leader TUESDAY, MAY 7, 1889. GOOD PEOSPECTS.

For several years we have persistently pointed out that the international financial transactions of this colony were conducted in a manner that would eventually lead to her ruin if not changed. We have held that the balance of trade against her and the interest on foreign borrowed capital made up the sum of £4,000,000 a year, that thia sum would have to be paid in gold, and tiaat we had not the gold to pay it with. We are glad now to find that ostensibly things have taken a turn for the better. What we wanted all along to occur has occurred: our imports have decreased and our exports increased. Last year we imported £5,708,226 worth o£ goods, and exported goods to the value of £8,201,(509, and that gives us a margin of 2£ millions of money m Loudon. This year promises to turn out still better. The value of our exports for' the first quarter of this year is something

abnormal, and if the balance of the year turns out equally good, our financial position will be very strong. The value of the exports for the first quarter was £3,417,734, and if that were maintained all the year round ; our exports would reach close on £14,000,000. It is not probable, however, that our exports will reach that amount, but it is certain that they will reach between £10,000,000 and £12,000,000, and if they do this it will certainly be the most prosperous year we have ever had, and ought to lay down a substantial foundation for future prosperity. Small as our imports were last year they appear to be shrinking still, and it is probable they will be much smaller this year. Judging .from present appearances we shall have a balance of trade of about £5,000,000 in our favor this year, and that is equal to a loan to that amount without having either interest or principal to pay back. This, therefore, may truly be regarded as laying the foundation of substantial prosperity. The colony has not presented a healthier aspect for_ years, Wool and grain are bringing fair prices, and a new industry has started up in New Zealand flax and promises to be exceedingly lucrative. With increased exports and decreased imports New Zealand would in a few years raise herself again out of the "slough of despond,'* provided her politicians do Hot ruin her. Their business is to cease borrowing, to extend land settlement, to promote industrial development and lucrative employment for the people. If this is done we feel confident that New Zealand will before long stand amongst the most prosperous of British colonies.