NEW ZEALAND'S BURDENS AND RESOURCES.

Kumara Times, Issue 2873, 18 December 1885, Page 3

NEW ZEALAND'S BURDENS AND RESOURCES.

The following gloomy aspect of New Zealand's affairs is from the pen of Mr George Augustus Sala : "New Zealand, I learn, is thirty millions in debt to the public creditor alone. Every child that comes into the world in this beautiful land i« handicapped from his fust entrance into life with indebtedness to the extent of .£55 sterling. Imagine such a load of pecuniary embarrassment on the baby's head before even the sections in its tender yonng cranium are. knitted toother. A million and a half of pounds sterling must go out of the country every year to pay the implacable home creditors' tale of interest; and while he justiGably insists on his *iponnd of flesh, the prices of wool and grain continue to rule desperately low, and the meat.pre.*eivin{.' companies of JNew Zealand find l,ha' divy ewinot de-

liver their frozen mutton at a lower rate than 3d |»t lb., and that at home the profits are to a disastrous extent eaten up by the middlemen and distributois, Truly a shocking state of things." The Sydney Morning Herald draws a very different picture, showing that our «reat indebtedness is occasioned by the development of our extensive and valuable resources. In a leading article reviewing the proceedings at the late meeting of the Bank of New Zealand and Mr CargilPs speech to the Dunedin Chamber of Commerce, it

says :

" Heavily as New Zealand is burdened,.it is to be remembered that a very great part of the expenditure has been incurred in developing the resources of one of the most fertile countries under the sun. Despite the depression, the population —estimated at 570,000 in June last—is increasing rapidly. Owing to a more regular rainfall, the productiveness of New Zealand in wheat and other cereals is much greater than that of the Australian colonies. And the colony is rich in minerals and timber. Its expotts are increasing rapidly each year. In the export of frozen meat it has taken the leading position, no fewer than 507,428 sheep having been exported in the year ended 30th June, the total value of its meat export being £414,948. It shipped wool to the value of £3.215.329; agiicultural products, £960,000 ; gold, £960,000 : gum and timber, £4s4,ooo—its whole export being valued at £6,967.806. By the fall in prices, the colony must be losing about £1,000,000 as compared with what was obtained two years ago. When prices again rise, the colony will no doubt regain a healthier position."