NEW ZEALAND FINANCES.

Kumara Times, Issue 1058, 20 February 1880, Page 3

NEW ZEALAND FINANCES.

The conspicuous success which attended the application of New Zealand for the last loan Of five millions sterling has been the theme of general teOrhhiOnt.- MOtO thari twice the amount asked for was‘eagerly proffered ; and severe disappointment was the feteling of many applying subscribers When they were told they must be shut tout. It may bO that the fact of the Dank of. England acting as agOnts for the loan, and receiving the applications, had something to do With the success. But those who say this in the way of Reflection upon both the Diink and the Colony, forget two important points. The first is that the Bank of England WOuld not, out of respect for its own Rational position-, have to do with any loan if it were hot satisfied of its absolute security. The next is that the Subscribers to new loans, as a rule, keep a sharp . look out after their own interests, and make themselves very certain, on their own account, before subscribing, .that everything is right. The Bank qf England is a -national institution it is true, but it ■is a corporation with' interests of its own, which iare o*nly served by doing business ; and it is entitled to enter upon any safe and profitable business it pleases; No doubt it finds it both safe hn'd profitable to act for NeW Zealand. With refer- 1 ettce "to the general state of the finaces df the Colony, they are not, it must be admitted, so glowing a& its friends Would desire.' The deficit for tlie year is likely to be much more than is quite 'comfortable. But the New Zealand is hot the only Government in this posi-tion-in thhso times. The deficit with Which the Chancellor of the Exchequer of Great Britain Will have to reckon next spring will be formidable j ahd Indian .finaces are" assuredly in a troublesome condition. New Zealand is a young country, with vast undeveloped resources, and there is no danger ’of her not paying her way, though it hiay be as Well hot Ip force the pace of her development during the htext few years. And, as we understood the matter, this is precisely what the Colonial Government has made up its mind upon. There are to be no more loans for a long time.—Home News.

For remainder of news see last page.