THE GLOBE. MONDAY, DECEMBER 8, 1879.

Globe, Volume XXI, Issue 1809, 8 December 1879, Page 2

THE GLOBE. MONDAY, DECEMBER 8, 1879.

The nows respecting tho five million loan will have been eagerly road by all. The Opposition journals have been so assiduously spreading false ideas that many havo no doubt, without tho slightest cause, become nervous on the subject. These journals started with the assumption that Major Atkinson’s straightforward manner in dealing with our financial aspect would ruin tho credit of the colony. They stated their belief that a judicious reticence would bo the policy best suited to our present position. ‘‘ Tin mensonge tout haut et la verite tout has ” was tho motto they evidently believed it desirable to adhere to. Tho absolute fallacy of their conclusions has been provedby tho telegrams lately received from England That wo shall have pay rather higher for tho money than we have done of yore is very probable, judging by the minimum fixed on, but, until tho loan has

been floated, what the price may be is, of course, problematical. When a country has been so frequently seeking assistance in the money maiket as baa Now Zealand of late, it cannot expoct such good terms as if it wore comparatively unembarrassed. It would be folly for any country not to look this fact in the face. But that the credit of Now Zealand is still high, and that a thorough belief in its capacities exists at Home, and that tho open conduct of the Government has not impaired its credit, is amply proved by lato events. It has been found possible to issue the five million loan as a whole, and tho Bank of England has undertaken the issue. It is lucky that a Government is now in power that is likely to exert some self-restraint when funds come into its possession. Tho Groy Government when it had a little hard cash was like a child with a slice of cako. Its instinct led it to go round tho first corner and swallow it. Any idea of a oireful husbanding of resources was as foreign to its nature as to that of a Choctaw Indian. Bettor days, wo may confidently assort, aro now before tho colony.