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Gisborne Times, Volume IX, Issue 841, 16 March 1903, Page 1

The .solidity of colonial assete and the soundness of colonial finance is not really questioned, but colonial borrowing in London is discredited and discouraged becauso of the belief of British financiers that colonial politicians are ignorant of financial conditions, and do not sufficiently study economy in outlay. To restore confidence, the colonial Governments must refrain from approaching the London market for some time, and try to get along with-' 1 sales over the counter ” of 4 per.cent. debentures. Practising economy is always a bit hard, but in the end it proves a benefit. The colonies will not suffer jthrough any enforced economy ; hardship will be felt at the start, but things will soon right themselves. The Australians are in a much worse condition than ourselves, and the local borrowings of the State Governments will, in all probability, affect the lending rates on mortgage and this may lead to a fall in the value of certain classes of security. Trade and industry, however, are not likely to be affected to any serious extent so long as produce prices remain at their present level, A bumper harvest now pretty well in hand will mean many thousands .of pounds to the community, and an assured revenue to the Railway Department. In fact, there is nothing to repine over in the rebuff administered by the London money-lender. 'Lance,