New Zealand's Financial Position.
An article recently appeared in the London Statist attacking the financial position of the Colony. The AgentGeneral, Sir Westby Percival, after exposing the fallacious statements of the writer in the Statist, concludes an able reply as follows:— The last time New Zealand came on to the London market for a loan was in 1883, which is surely long enough back to prove that loans are not essential to the rnainten. auce of our financial equilibrium. Until very recently we were praised for our solf -reliant policy; now, forsooth, we are accused of borrowing on the sty. When we do borrow we are blamed, and when we do not we are accused of doing so covertly. There is no pleasing some people No doubt^ prices are low, and, as a consequence, agricultural and pastoral properties are depressed. New Zealaud is not singular in this. I have heard the same complaint of similar properties in this country. In spite of low prices, the settlement of new country, and consequent increased production, goes on steadily, enabling us to supply our own wants and pay our way with no difficulty. What country is expected to do more ? As for the finances of the Colony being straitened, it is absurd. I give one fact in proof. New Zealand has for many years past kept at the Bank of New Zealand a nest-egg of £800,000 of debentures guaranteed oy the Imperial Government which are as good as Goschens, and could be sold to-morrow for close on a million. Since I have been Agent-General I have for a few weeks on, I think, two occasions borrowed a few thousands against these debentures ; but at the present time, and, indeed for the last twelve months, I have not borrowed on these debentures at all. The existence of this nest egg may prove consoling to you? readers, as it not only makes finance in London a simple and economical operation, but effectually refutes, the assertion; that the' Colony is in aiiy sort of' financial embarrassment.
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Bibliographic details
Feilding Star, Volume XVI, Issue 198, 20 February 1895, Page 2
Word Count
340New Zealand's Financial Position. Feilding Star, Volume XVI, Issue 198, 20 February 1895, Page 2
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