THE Waihi Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER WEDNESDAY, AUGUST 30, 1905

Waihi Daily Telegraph, Volume V, Issue 1417, 30 August 1905, Page 2

THE Waihi Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER

WEDNESDAY, AUGUST 30, 1905

, ■ i ij'-o elull the rrosß tho Peoplo's llijlit maintain '.tawnd by mfluoncc and unbribod by gain j ■l'iro patriot Truth lin *lorioua prcouuts dim ' '.'hilfod to Eolijion Libortr, and law I

Mil T. A COGHLAN, the eminent \ " statistician, and now Agent-General i for New South Wales, has again re- ' tarred to the progress of this colony. J The views of Mr Coghlan on matters j i concerning New Zealand are at all J times interesting, being the views < of a person who is free from political ' bias; and when he pays a tribute to " our present position, and quotes re- j liable figures to Bupport his stale- 1 I inents, reliance can be placed on all \ 1 that he says. Recently he read an 1 [ important paper at a meeting of the ; i Colonial Institute, taking the years c from 1891 to 1003 to show the progress made during the past twelve \ years, He frankly admitted that there was a withdrawal of foroigu capital fl from the colony; but he added by I

way of explanation the following atatemont"Trustworthy estimates place the investments of British capital on private account in New Zealand in the year 1901 at 20| millions, and tbesa investments have now fallen to 9)> millions, a reduction of 11 million in twelve years. In the year 1901 the value of property in New Zealand was 150 millions, and of this 20| millions, or nearly U per cent,, belonged to British investors; at the present time (ho valivition of property is 22,2 millions, and the amount of British investments only !l| millions, .or less than per cpnt." Native capital was steadily being created while the procesis of withdrawal was going on, and in duo course tho native capital very largely made up for the foreign. lie continued: "Underordinary circumstances this withdrawal of capital would bo considered a very serious matter, and there were noi wanting persons who pointed to it as a fulfil, ment of the prophesy that the social and industrial legislation of Now Zealand would ultimately drive British capital out of the country, By some it lias been claimed that this deereaso in capital was the revolutionary act of investors disaatisHod with the trend of Now Zealand's legislation, whilo others have seen in it no more than the voluntary paying of debts as soon as there was ability to discharge them. Mr Coghlan wont on to show that during his twelve years period the population had increased by ill per cont. ami the production had advanced from £3l3s por inhabitant in 1891 to £3(5 13s Id in 19011. lloadds: "To my mind the most satisfactory feature of that increase of wealth is the wider distribution of property that has taken place. It has not been a caso of the rich growing richer and tho poor growing poorer, but a broadening of tho foundation upon which the superstructure of wealth has been based," In Britain about 9 per cent of the population possess property; in New Zealand the proportion is 17| per cent. In 1891 resident colonists held 130 millious between them; in 1901117|I per cent held 213 millions. The statistician then wont on to show that the accumulations of savings in the banks amounted to £27 per head in 1891 and to £33 5s in 1903. On the same basis the British bank deposits would bo 1410 millions instead of about 1000 millions. The produce even from the soil is about £22,650,000 annually, showing an increase per head from all sources ,of about £l7los per inhabit ant. Mr Coghlan, in his concluding remarks, says: " Whatever may be our opinions concerning labour legislation in that country, we cannot but admit that New Zealand iB a most prosper, ous place, and if the workmen of England are looking out for a place into which to emigrate lean, with the ntmost confidence, recommend New Zealand to them."