Page 4 Advertisements Column 1

Hawke's Bay Times, Volume 16, Issue 809, 1 August 1870, Page 4

BORROWING, f From the (Auckland) Eveniug News/j We are incessantly dinned with the notion that there id no possibility of a country or a people, especially in a new country,* getting on without bor- ; rowing. In this respect, our situation is not peculiar, the same notion obtaining more or less currency in the neighboring Australian colonies, and even extending to the Western States of America. How that notion is met in San Francisco-may be seen by the following, taken from one of the leading journals of that |city brought by the last mail:—"Half our troubles have arisen from the prevalent idea that we must have outside capital in order to build up business in California. We have had untold wealth from the mines; enough, in truth, to have made the State a garden spot, yet the plea has always been, that more money was needed." No doubt: and so it ever will be, with the needy and speculative class in that and all other countries. But that is only one side of the question. Here is the other:—"We do not need more money. Labor and skill will start manufacturing establishments. Business talent will initiate new enterprises, and muscle will open farms and improve them. One of the most important woollen mills in San Fran cisco was opened without money. The finest estates in California have been accumulated by men who commenced without a dollar. Our wealthy men are nearly all those who have depended upon themselves, not upon money which could be borrowed somewhere for five or ten per cent per month. Should San Francisco send its wealth to the country, it would soon have a mortgage upon the entire property of the State. The inhabitants of the country, as well as the city, must cease borrowing money at one, two, or three per cent, a month, if they wish to thrive." Of course, talk of this kind has its proper limits. It must not be extended to that credit without which no large business in any country can be carried on successfully. Still, it is by work, and not by borrowing that success must be sought, and that is what they are doing in San Francisco, if the following is to be credited :—" San Francisco never promised better than it does to-day. Houses,—yes, large numbers of them, —are going up, and our population is steadily increasing but we found our opinion as to the chances for the future upon the idea that the people are going to work, that they are economizing more than aver before, and are discarding the idea that they must hire somebody's money at one and a half or two per cent, per month in order to live and succeed."

THE CALIFORNIAN MAIL SERVICE. The News of the World, a new San Francisco journal, says:—" It may yet be doubtful as to who will get the contract from the Government of the United States, but it is quite certain that a first class line will ere long go into operation, if only the Colonies will eschew their local jealousies, and a sufficient number of them unite upon the scheme. New Zealand, New South Wales and Queensland were the first to take up the question of a steam line via California. Their hearty co-operation will alone be sufficient to make the line a success. If Victoria pins her faith to the pet scheme of any particu-j lar local politician, great indeed will be her folly and we greatly mistake if she will not in the end have much cause to regret it. The formation in England of a company with such an influential directory as that possessed by the Atlantic and Pacific Company, shows that thoughtful, well-informed men thoroughly realize the superiority of the route opened up by the completion of our trans-continental railroad. The Government of the Western Colonies of Australasia and of the United States of America, and wealthy capitalists of England having agreed upon this route, it will be for Victoria to consider well whether she can afford to stand aloof when arrangements reasonably satisfactory to her can be effected."

A young lady of Massachusetts was re« cently offered SSOO for her hair, which lacks but half an inch of being six feet long, but refused. The offer was increased to SI,OOO, and then refused.