STOP BORROWING!

Dominion, Volume 1, Issue 32, 1 November 1907, Page 2

STOP BORROWING!

" THE BOOM IN NEW ZEALAND. WHEN WILL IT BURST ?; Mr. James Edniond, editor of the "Bufletin," who is visiting us to see if the Doin-> iuion looks any different from the colony and because his medical adviser ordered him to "pull up," strolled with a Dominion representative in the dust of yesterday. Tho talk turned from Australia's'jack of big mou (big in the political sense) to replace those going out of. the business, to the growth' ; pf Wellington. "We," of the "Bulletin," knows his New Zealand pretty weir and occasionally finds time to' proscribe- aii ' editorial tonic for this country in the heat and burdon of his extensive Commonwealth practico. .With innocent enthusiasm the reporter waxed eloquent about the rapid development- , of the', .could/lie seen growing-urider'"" one's noser-half : 'a millioii. was; invested', in T; city buildings.'Vi'oiw iii'course of construction.. "Yes,"-said Mr. ''Qjimpud, "there .is ex- ; " actly the same conditions.obtaining here aa; i in Mclboiinie in 1889-90."--■■ . - ~:.,,;,■ ..V, ■ . "But you surely don't-suggest that; what ■■ •• ' happened to Melbourne is going to take place ■:;• hero. Some people, have been talking like you for the past.;ten years.', , .-]. < ■ "Esactly. .Melbourne , was ..unboundedly, prosperous , ' for. ten'or' tw'elve, ydaj;s befo'iy' t|le,.., , smash. ; >.Wliy, soincono WJd'nie. not. long ago *'•."!, that the owner of land sbmewliere near the .Government, .Buildings valued his, land at ,£IOOO a-foot:"- ■■ '•' : '->\ i ■ . "As far as I know," said the reporter, ."the highest price realised- for land in Well-.;> ington has been.£4so ivloot.'V. •--.->-.. = .-i ■■■.'' , "Well, that's •: high '. .enough,'', x'-, said, : .the visitor, "the -highest:-price ever:paid-.,for" land in Sydney was £880 a foot, opposite -the i>? •Post Office,,.but hasvhalf,-ia; millionf of a population to your sixty thousand:—iiino ..times as , jnany..,lt.doesn't- work out-l"\;--T it\'£~i , Admitting! that .land- in Wellington-.-.is' fictitiously high, tho reporter assumed .that • a'"slump"'.'might come with a serious re?., cession in the'-:price oF'bur : 'stahle-'pr6ducts— •'■''■ wool, nmttoiij (lax, butter )t 'etc. ; '■"?;' '. •'_,., ', ; "Not altogether l that'; your' slump " will'"'"' come when; ouo ; loah'too maiiy. is plticedupon ~ tho market—ii loan '{.hat is'not taken", up'.'"'-' Sis Joseph' Ward did'.nob seem , averse'to; bor-., rowing,' but if'riuicli- mo're'of it^went'.on,' 1 ' someone" would 1 -' , discover- that the ■'900,600, population was overloaded, then would happen"I "'■'■'.'•"''■'■' ; '. : ' ,:! -•"-'•■ l| -'" , t ''.•;■.'■ Mr. Edmorid is'going "to giye : himself .'arid',, Rotorua a rest'-this-. Jrip','''and ; being ,, con<| ; ''' ;, scious that the .Cold Lakes of .the re'-'._ quire some supervision hoi ..'will- take'.a'.sceriic.'' , eye-bath in that , country! , '' '■'''■.'; . "'.- 1 -..',