The Feilding Star. TUESDAY, JULY 22, 1890. The Money in the Colony

Feilding Star, Volume XII, Issue 15, 22 July 1890, Page 2

The Feilding Star. TUESDAY, JULY 22, 1890. The Money in the Colony

In the brief space of a leading article we will endeavor to show the progress this colony baa made in actual money wealth since 1885. In that year the relative positions of the public and the several banks doing business in the colony were as follows (we leave out shillings and pence for the sake of brevity)' — The public owed the banks in bills discounted £4,500,470; in overdrafts, &c, £11,178,629; total £15,679,099 And the Banks owed the public: Notes in circulation, £941,383; bills in circulation, £51,---92 0; general Government (8.N.Z.), £691,589 ; deposits not bearing interest,£3,429,9l2; deposits bearing inest £5.929,846; total, £11,044,650; which shows a balance against the the public of, say, £4,654,449. The population of the colony for that year was 575,172. On the 31st March of this year (1890) the following were the positions : — The public owed in bills discounted £2,631,925; Government securities (Colonial Bank of N Z ) £100,641; overdrafts, &c, £11,377,---203; total, £14,109,769. The banks owed the public ; Notes in circulation, £919,425; bills in circulation. £61,---527, General Government (8.N.Z.), L 4 91,809 ; deposits not bearing interest, L 3,562,87 9; deposits bearing interest, L 8,165,459;, 165,459 ; total, Ll 3,200, 599; leaving a balance against the public of L 909,170. The population of the colony the previous year, 1889, waß 620,279. These totals show that, in the period indicated, the people of New Zealand have increased their total wealth by nearly four million p unds. The actual coined gold and silver in the colony in 1885 was worth L 2,058,155, and in 1890 L 2 402,371. In order to indioa c how very little the busineti of the Bank of New Zealand has been affected by the experience that institution has had since 1 885 we will quote the following : — LIABILITIES. 1885 1890 Notes in circulation 468,369 421,051 Bills 23,334 22,740 Government ... 691,589 491,809 Deposits not bearing interest 1,622,006 1,438,390 Deposits bearing interest 2,615,687 2,303,215 ASSETS. Bills discounted ... 1,865,229 811,449 Overdiafts 5,696,453 5,137,442 There appears a failing off of a million in the discounts, but that is explained by the fact that the whole of the discounts of the banks (including the B.N.Z. of course) have fallen off about two millions. These figures are not only instructive but cheering, because they prove beyond all shadow of doubt or suspicion the wonderful capabilities of the colony, and the rapidity of the real solid progress being made notwithetanding the incapacity of the Governing powers.