The Hastings Standard Published Daily WEDNESDAY, AUGUST 18, 1897. INDUSTRIAL ENTERPRISE.

Hastings Standard, Issue 402, 18 August 1897, Page 2

The Hastings Standard Published Daily WEDNESDAY, AUGUST 18, 1897. INDUSTRIAL ENTERPRISE.

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance. And the good that we can do.

Any financier or banker will tell us upon enquiry that there is an abundance of loanable credit, or, as it is popularly termed, plenty of cheap money. Those with capital naturally seek an outlet for it, and so obtain an income. To account for the superabundance of loanable money in the colony would be a difficult matter, but generally speaking it may be stated that the bulk of it is English capital seeking investment here. British capitalists have received many checks in foreign countries, and they have in recent years given closer attention to the colonies, believing, and very rightly we think, that investments within the Empire are safer than in foreign countries. It thus comes about that capital that hitherto found its way into the two Americas and other foreign countries is now and has been for the past few years offered for investment in the colonies. New Zealand enjoys no singular position in this matter; on the contrary, we think this colony in comparison with the others has not received the same attention. There is plenty of money seeking an outlet in New Zealand, but capitalists' are exercising the greatest caution, and give no indication of relaxing in any way. We are therefore not obtaining the full benefits that ought to accrue from a plethora of loanable credit. A good mortgage —that is to saj 7 , a good freehold property giving a wide margin of safety to tile lender—is eagerly snapped up, the competition for this class of security being very ke<n, and as the demand is greater than the supply the price of money is in favor of the borrower, with rates as low as 4 per cent. Then certain kinds of shares, such, for instance, as those of gas companies, which are rightly believed to be very safe undertakings, are in big demand, and anxious investors hard pushed for a tolerably safe outlet for their money have been buying gas shares, gradually forcing up the prices of shares until to-day the shares of most of our gas companies are at a very heavy premium. This looks excellent, still the colony is not obtaining the full benefits of cheap money. Now it must be admitted that there are other outlets for money besides mortgages and shares, and if that be so why are these others neglected or overlooked ? Capitalists as a rule are not slow to note the opportunities of investing their money, and if these other outlets exist they are known ; but the policy of caution prevents the explfiitation of these outlets. Let us fancy what would be the effects upon the colony if the capitalists

who are thirsting for investments turn their attention to industrial enterprises. Are there no industries that could be profitably carried on in New Zealand? Si rly no one will dare say that our industrial possibilities are not unbounded. Wby_ then does capital hesitate to engage in industrial production ? The answer is simple enough. Such enterprise instead of meeting with its just reward would be hampered and crushed and legislated out of its profit. In simple English capitalists can see no safety in industrial enterprise in New Zealand, and consequently will not embark therein. The aggressive, the criminally bounceful attitude of a handlul of loathsome agitators who are for ever inciting and agitating the honest laborer of this colony is responsible for the absence of the industrial enterprise which finds scope in the other colonies even in fad-ridden Victoria. New Zealand labor anarchists and agitators who earn their daily bread by the clapping of their tongues, and whose collective brain power would scarcely equal that of a coster's donkey, have, by their persistent chatter and noise, impressed themselves upon Parliament, and we have legislation passed that seeks to set at nought natural laws, and treats political economy as a dead science. What capitalist unless he were qualifying for a lunatic asylum would set up a factory in New Zealand ! Those who are venturesome enough to do so find that the factories belong to the drum-beating agitators and the factory inspectors. These people have the fixing of the wages, and the factory owner has the privilege of calling the factory his own and trust to his luck for his profit.

Take the case of two men with equal capital. One invests his in mortgages the other engages in some industrial enterprise, which is the better off of the two? The one is relieved of all anxiety, obtains his interest regularly and there is no one to interfere with him. The other is hunted by agitators, chivied by factory inspectors, his employees may strike work any day as the result of the agitator's zeal, and then the Arbitration and Conciliation Board sits on his chest like a nightmare. If he pays the regulation wages and makes a profit the chances are that he will be called upon to disgorge all his profit to the workmen. If he escapes these dangers the prospect of being made a crimiual by Act of Parliament is ever before him. The factory inspector may have him in his clutches any moment, although the strict rules of his factory do not allow any workman to work a moment beyond the regulation time. From, the time he jumps out of bed in the morning until he retires to it again in the evening he is the prey by Act of Parliament of the designing agitator and the officious factory inspector. A man must have a large heart, unbounded courage, a long purse and an iron constitution to engage in industrial enterprise in New Zealand. There are few people who can sport these qualities, and therefor industrial enterprise is dead. Cheap money is very nice for the politicians to froth and blow about, but New Zealand is not obtaining the benefits that cheap money brings in its train. Every good colonist in New Zealand.should consider it his sacred duty to suppress the vile agitators who under the guise of labor leaders are sponging on the honest workers of the colony and thieving from the rest of the community.