THE FINANCIAL POSITION OF NEW ZEALAND.

Daily Telegraph (Napier), Issue 3661, 9 April 1883, Page 4

THE FINANCIAL POSITION OF NEW ZEALAND.

At the commencement of his address m Christchurch recently Major Atkinson said : Beforo we enter upon the consideration of these questions, it is desirable that we should take a glance, as it wero, at _ the position of the colouv at the present time, because that is really the basis from which we have to start. AYe have got a most beautiful and fertile country, with great variety of climate, yet everywhere suited to the European constitution. AYe have a country which, although at present only half a' million of people, is well able to support many millions in prosperity and happiness. AYe have an energetic population, a capable population, and a population possessing the virtue-; of their fathers, and I fear I must add, many of their vices also. Now, our nctt public debt at the _ present time is in round numbers, £27,000,000. The indebtedness of local public bodies, Harbor Boards, and Municipal Councils, amounts to £1,500,000, or a total of £31,000,000. That isthogross amount of our public debt at the present time, after deducting accrued sinking funds and cash m hand. AYe are also indebted to foreign capitalists, secured on mortgage, principally on freehold estate to the extent of £16,000,000 more. I estimate, at a very moderate calculation, that tho public assets amount to at least £31,000,000; and by the public assets I mean only such assets as we could dispose of if we chose to do so, such for instance as the Crown lands, railways, and telegraphs. There is no question at all iv my mind that we could without difficulty, if avc were so imprudent, wipe out our debt and have a considerable balance over by parting with those assets. For myself, 1 hope we shall not bo so foolish : I am only putting before you what our position is. While the total indebtedness, as I have said, is about £17,000,000, the total assets of the colony may be set down, at a moderate calculation, at £150,000,000, so that, as a community, we have to tho good at least £100,000,000 after paving aU our debts. 1 was in hopes that I should have been able to give you accurate figures on this subject, but the Property-tax valuations will not be completed "for another month or two —[A Voice: They never will]-and then we shall bo in a position to know cveryrlrug absolutely with regard to the ownership of land in the country. Then, we have great advantages in the way of internal communication, and also one of the finest fleets of steamers on our shores that any colony ever possessed. lam anxious to press these things upon you, as they foun the point from which avc have to start, and the basis upon which avc have to operate. Ido not say it in any vain-glorious spirit, for I believe it to be'absolutely teic both of the nation and the man, that "to whomsoever much is given, of lrni wi 1 ! much bj required."