The Manawatu Standard (PUBLISHED DAILY.) Suivant a verite. SATURDAY, JANUARY 13, 1883. THE LOAN.

Manawatu Standard, Volume 3, Issue 41, 13 January 1883, Page 2

The Manawatu Standard (PUBLISHED DAILY.) Suivant a verite. SATURDAY, JANUARY 13, 1883. THE LOAN.

Our second edition of yesterday con» tamed an item of information that must be a sub'ect of special congratulation for th« whole colony — we mean, of coarse, the successful floating of the first instalment of the new Loan. Whilst many sections of the Press wtre apprehensive of failure, we were sanguine of success. In our issues of Ist Saturday and Monday we dealt with the subject, expressing our fullest confidence m the result ot the operations of the Loan agents. In our issue of Monday we wrote : — " Withijregard to the Colonial loans we may state that we should not be surprised if the Victonan Loan hung fire, while the New ! Zealand Loan was successfully floated. | The administration of out* affairs is now based on a frugal, provident sys-* tern, and already the beneficial effects of the new regime are s apparent, and we venture to Bay will be more bo to the English capitalist than is generally realized." This is just what has occurred. The demonstration is that New Zealand still possesses to the fullest limit the confidence of the London Money Market. Sir Francis Dillon Bell, our very capable A:gent> General, not long since delivered an address on the inauguration of the 14th session of the Royal Colonial Institute. He chose for his subject, " The Indebtedness of the Australian Celoriies m relation to their .Resources." He proved indisputably that there were no grounds for alarm m supposing that the colonies were borrowing beyond their means. He showed that our public works were reproductive, that our assets were sub* etantial, and that our maternial prosperity was unquestionable. There is no doubt this able, convincing, and timely address exercised its full measure of influence on our Loan prospects. The news Bhould have the effect of causing tho banks to relax, the money-market to become easier, and an era of prosperity to begin. It now remains to be seen how our loan will be administered — whether prudently and frugally, or with reckless and inconsiderate prodigality. In the former case jt will bring us im* mense benefit j m the*latter, our financial position will be worse than ever. We have the experience of the pist to pro fit by ; and if it has not taught our rulers wisdon, more's the pity. We have a grand country and vast resources to develop, let us see |to it that prudence, circumspection, and economy control the affairs of the State which has now a replenished exchequer.