TOO MUCH MONEY IN ENGLAND.

Hawke's Bay Weekly Times, Volume 2, Issue 104, 28 December 1868, Page 313

TOO MUCH MONEY IN ENGLAND.

• 1... '.. NS'trs.)., . It -will-be seen from-statements -else*where that we are- suffering' from a plethoraof money. CapitalhaSliterally. been..upon- the.strike for -something like a year, and a-half,-because it cannot obtain a return of more 'than per cent. ". The South Australian loafi for - railway , purposes is therefore- -acceptable, because it will-yield-a -higber re-turn,-and; for the same the forthcoming' railway loans : from-'Vic-toria .■ will-also •be acceptable'.' 1 They .will-find employment formoney which, without .them, would be ! practically idle/ aud ‘enable - this country tot permanently fix a pottion of- that' wealth which is now simply floating andi unfixed. . At the same time it-is observed* with no particular; satisfaction^that capital in New South Wales”is j more, abund'aht than the' means of ehiploy:nen t - for it. Oiie'- of the b;" hks in means otherwise, has.returned £1 per share of its : capital to the proprietors, aml '.this resolution is justified*by the-, .fact according to the official'returns no less than <£2,500,000- in gold is/heldagainst a note circulation-01'£637,44fi«-Tins- is ■ a condition that- the- Bank of England itielf' 'cannot' - ' aspire- to, for that establishment-againsi*a.note/ cirthat province, unable - to : employ its culation of £34;391i,270 ih'olds« -only . £20,707,945 gold, which is considered a position of ; nedrly /• tinexafopled strength and security. We.-refer in this case,.-however, mofe-tO make--eom-parisons, but to cautiohf if caution be needed, ~ oiir ''Australasian "-Raders against any thing'calculated; to encourage a--strike of Not that capital itselfdoeamot n’eedfohe-cau-tioiujd against unreasoning- timidity. But superfiubns • 'acc'timulatioiis' ’ in a partially , undeveloped’ country are more or less' indicatiYA'Uf "suspended : enterprise i and' we at home are suf-fering''fi-om-'such an unwholesome, though temporary ; condition, it cannot be aleemed' iuexpedfeutEO'advis&'against. ityivTt is discoifr^ing-tuifidilstry £ - and -industry- ; is, aaf£er?theTUE^, : -U;lie'' c thief element daobdlonial We during -the last)lßi ffionths to show how disadvantageousDthe strike of capifot~has=beeir> nutmione to the cduhtry butlto -thefowtfdFS?? V