The Commercial Depression

Feilding Star, Volume III, Issue 111, 2 June 1883, Page 3

The Commercial Depression

There is no doubt that for some time past Dunedin, in common with the rest of the Colony, has been suffering from one of those commercial depressions to which rapid progress is peculiarly liable. '1 he caupe is certainly not to be found in the decay of native industries, or the falling off of" colonial products ; on the contrary, the country in these respects was never more prosperous', nor had a brighter outlook. ine evil came from the import market by over importation,, inducing indiscriminate credit, reckless trading, and straitened finances. The astringent, which it has for some time been necessary for our banki; g institutions to apply, although unpleasant in its immediate effect, will prove useful in the end. Already beneficial results may be found, as lessened imports enable holders to obtain prices commensurate with cost. Oiiice the last San Francisco mail left here business bas been quiet, and there have unfortunately been some suspensions, which have left an uneasy ieeling.' Probably the import market wil-. be dull through the winter, but mere are not wanting signs of improvement and a determination to do business on a legitimate basis. — Dunedin Prices Current.