The Wairarapa Daily. SATURDAY, NOVEMBER 1, 1879.

Wairarapa Daily Times, Volume 2, Issue 305, 1 November 1879, Page 2

The Wairarapa Daily. SATURDAY, NOVEMBER 1, 1879.

It appears that the operation of placing the five million loan in the English money market is to be postponed for three or four months, and that in the interim temporary arrangements will be made for temporary advances. It would be idle to disguise the fact that the credit of New Zealand is at a low ebb in the London money market, and that the financial position of the colony is a very serious one, The late Ministry neglected finance and applied itself to abstract political questions. The consequence of this neglect is evidenced by the cool reeeption which our five million loan has met with in England. The postponement of the loan means that New Zealand must turn over a new leaf by diminishing its annual expenditure, and we fear also by increasing its taxation, and that till this is done we cannot float our loan. It is understood that the Hall Ministry is capable and willing in the matter of reorganising our disordered finances, and we trust that it will have the support of both sides of the House in the arduous task which lies before it, The work of financial reconstruction which lies before the Cabinet generally and Major Atkinson in particular, is the principal charge committed to their hands, The Liberal measures are but a secondary consideration, and should be regarded as subsidiary to the great work of financial reform, But one of them is urgent, and that is the proposed measure for settling the unemployed on land, Jf a wise and practicable measure of this kind be passed during the present session and our finances readjusted, all the work that is ot immediate importance will have

been performed by the Legislature. Botli sides of the House are pledged to passing certain other Bills with respect to representation, triennial Parliaments, (fee,, but probably both parties aro as sick of these bairns of the late Premier as they are of Sir George himself. Both parties have successively obtained place and power through the claptrap of these measures, but neither party looked to them for any other purpose than as stepping stones to office, The hoisting of the democratic flag in New Zealand has been attended with more political jobbery than ever before existed in the land, and has resulted in unexampled distress. The mischief lias been done, and now the remedy has to be applied, Sir George Grey lias been the political giant of the last two years, We leave it for future generations to say whether his influence on the colony has been . beneficial or malign, being quite contented that the said influence is now to all practical intents and purposes at an end.