THE DUNEDIN CHAMBER OF COMMERCE.

Mataura Ensign, Volume 7, Issue 386, 26 August 1884, Page 2

THE DUNEDIN CHAMBER OF COMMERCE.

" WHHBH SHAtil. WISDOM »B FitfMJ i*& Sib,— This gentleman informs tv taat 31,000 people in the colony hare to pay in« ter«st on Bpme ,L3p,pOO,opp . Jjprrowad 'a\, rh arerage of 'about 8^ per cent/ Tiui iaaa important statistic*! facfc, and he would hare done as some serTicaif he had showa ways *hd means by wKichtne m«ii!iy ralgat lie h»i for from i to 5 per cent, tho secarity bnng equal to that of the home country, n&mely, land of increißmg>ili¥/ AlliUuft^s does if to form » paragraph with the impraetioabla saggeative remedy of regulatinf the rate of mtereat by|the price of farm produce. L«t me illustrate the fallacy o£ his proposal. Say a farmer; has LIQOO borrowed «t arper cehtj equal to L 9 9' a year ; to meet this if oats are selling at. ls; ,fl«L' par bvshol, then 106 bushels are required for the ij«t jbhat for this year sqQal.aa «tm p| 36 aore*s^tbit : (is^ 30 Jbu'sheis ib\ifc«.«aeßlgJr«\fct year with broken weather tho return may be only 10 bushels to the acre, which ,w«%ld^rt« quire an area of 106 acres to mue^|tsi quantity, assuming the price not te fl«cttt« ate, and so the. intemst wonld run ontthe same; but eren althoughjthe price diet gga up to 2s it would not nearly' tarirft' W tfti difference of area. Suppose, the» f je«aak the l«ader to be conteot with the prwiaoe o so m&ny acres, be it more «r lese and thf price higher or<l6wett> That would -Bnit what this ex-ohairman really weata ,fbr the borrower, but where tironld you find • leader on these terms f He does not etigsestr* you could get one in Dunedin. He 5 altQgethei 1 i'ftores the fact that in different seasons tha return front the seed sown greatly rants And that the market prices '.are nottfcJwaTi in the same |ratio as the returns. Thb paper theory is uncommonly like the blind attemp* ting to lead the bliid, with tke oJ4 restUV-. I am. etc.. BoiiMU Hokoaui, 23th Aug. r 1384.