THE GLOBE. THURSDAY, NOVEMBER 27, 1879.

Globe, Volume XXI, Issue 1800, 27 November 1879, Page 2

THE GLOBE. THURSDAY, NOVEMBER 27, 1879.

Theee is one item of news in to-day's special telegrams to the Globe that is most satisfactory. In mentioning that colonial debentures in general are in active demand, it is specially stated that New Zealand debentures have risen half per cent. It is evident that the waitings of the Opposition with regard to the credit of the colony were without foundation. When Major Atkinson made his bold stand against the reckless system which the late Government had pursued, when he determined to base his financial proposals on the sound principle, that we should cease to live on our capital, and make our annual income balance ourasnual expenditure, he was, of conrse, forced to look the position boldly in the face and tell the country some uncommonly ugly truths. Thereupon the Opposition were up in arms. The Treasurer would ruin, they said, the credit of the colony. They preferred to live on in a fool's paradise, and to act as if the country was not in the least hard up. To act in that manner could, they thought, deceive the English capitalist, and we should be able to live on merrily, for some years longer at all events, "on the money which they would he willing to provide. Now the real effects of Major Atkinson's straightforward policy are beginning to he felt. It is true great caution will have to be used in issuing the new loan, and ample security will have to be given that New Zealand does not intend to rush wildly into the money market again for two or three years. All this might naturally be expected, and will do the country no harm. But the general credit of the country has not suffered. The vast resources of New Zealand are still believed in in the old country, and its material prosperity, it is evidently considered, is not likely to decrease because at the head of affairs there is a careful and economical Government that dares to tell the truth, instead of a reckless and extravagant Ministry, whose motto was "To-day let us eat and drink, for tomorrow we shall he insolvent."