SELF-HELP FOR NEW ZEALAND. TO THE EDITOR.

Taranaki Herald, Volume XXXIX, Issue 8743, 1 April 1890, Page 3

SELF-HELP FOR NEW ZEALAND. TO THE EDITOR.

Sir, — One constantly hours grumbling ;it the position of tilings in geueral, commercial, agricultural, and mining. Now, may I ask that, from grumblers, wo should become thinkers ami proposers of remedies. I believe it was Mr Gladstone who once said, in a Budget speech, " Buy in the cheapest, and sell in the dearest market." Now, I would propose to carry out this thus: — Let us have a Federation with India, selling our produce for English gold, and changing our currency into the Indian silver rupee system, aud let England have her coin back. India has made her railways entirely by gold loans, or nearly so, and loses millions a year by the exchange for interest. We should make a large percentage by this alone. The rupee is worth as much in India now as when worth onetenth of £1 in English money. j We should, by alteriug local currency to ! the rupee here, make a million on the four million pounds cash supposed to be in New Zealand. Currencj is the property of the people, and should bo so treated. Therefore I would propose to let the Banks do this, on condition they lent the million at £3 per cent, to Government, to be expended on the people's railways, and held as a reserve or rest stock, which would be an enormous strengthening of our Banks. Our produce would be sold for gold in England and Australia, exchanged, at a profit, by telegraph transfers and notes, to silver rupees, and a trade that now only gives small profits, or even some loss in gold, here, would then be a paying one with silver. Our exporters would have a profit thus, and 1 ibourers and producers would have a protection for their industries and products that would never bo given by any import duty. Cash would be kept in the country, and we could make our own improvements with our own cash, which would not be tempted abroad. The above would hit some hard — such as importers and non-resident owners — but the enhanced value and the stability of the situation would be a better position, which would make it an equitable action on the whole, and the increased prosperity would probably not diminish the imports in the long run. The position would be yet further improved if the bauks and public would form an Imperial Rupee Bank, and hold the rest capital, as the Bank of England does, with the sole right to purchase gold aud silver at a fixed price. The position is somewhat similar, as the Bank of England was formed for an emergency ; and with an additional capital and the million Government stock a very strong bank, which should never pay great dividends, only a safe sum, and divide surplus profits, say, once in ten years, as should be thought advisable — might bo formed. There would bo plenty of capital invested in this colony if there was move confidence and less cry of " wolf." The above suggestion comes from an experience of investing in Indian securities, and from reading a speech that a prominent member of the Bank of England made a few months back, in which he deplored the want of courage in the seven last Chancellors of the English Exchequer, who had failed to grasp the idea of an enhanced value of gold — hence the depreciation of land aud of agricultural produce all over the world, since Germany had taken to a gold currency. The übim; would be a drastic mciifiuic, but it would, I hope, lie worth the attention oi! those \\ ho feel action and thought at least to he respected as much as grumbling and discontent. It is with a humble desire for true and honest criticism that I ask for a little serious thought on the subject. Later on I would like to see a gold 10 rupee piece, made of N.Z. gold. A bronze coinage, however, is what is required now. — I am, &c, A CONFIDENT BELIEVER IN NEW ZEALAND.

Certainly the best medicine known is Sander and Son's Eucalypti Extract. Test its eminent powerf nl effects in coughs, colds, influenza; the relief is instantaneous in seriouD cases and accidents of all kinds be they wounds, burns, scald ings>, bruises, sprains, it is the safest remedy — no swelling — no inflammation. Like surprising effects produced in croup, diphtheria, bronchitis, inflammation of the lungs, swelling, &c. ; diarrhoea, dysentry diseases of the kidneys and urinary organs. In use at hospitals and medical clinics till over the globe ; patronised by His Majesty the King of Italy ; crowned with medal and diploma at International Exhibition, Amsterdam Trust in this approved article, and rojec all others.