Notwithstanding the no-borrowing policy laid down eleven or twelve yeats ! ago by the late John Ballance, there is no question that we are borrowing considerably, and that our public debt is mounting rapidly. But. at the same time, it is equally true that this money is being largely used for reproductive works, for advances to settlers, for the purchase and settlement of lands, and in other colonizirg investments that furnish us with substantial corresponding assets. If the public debt has bc-en increased, the volume of trade is greater, and the prosperity of the country phenomenal. And this, too, notwithstanding the' fall in the price of wool, which in itself represents a loss equal in value to an annual loan.— Observer,
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Bibliographic details
Gisborne Times, Volume VIII, Issue 486, 28 July 1902, Page 4
Word Count
120Page 4 Advertisements Column 4 Gisborne Times, Volume VIII, Issue 486, 28 July 1902, Page 4
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