OUR NATIONAL DEBT.

Manawatu Standard, Volume XI, Issue 1643, 24 February 1886, Page 2

OUR NATIONAL DEBT.

A. CORBESPONDEET of a Christchurch paper. deals with the nroposal to borrow further sums of money m this intensly practical manner : — " We are constantly told that every million of debt costs us £40,000 per an urn for interest As a mere money expression, I admit that this is correct, and a very grave admission this is— a serious consideration indeed for u$ m our present depressed and pver-J^qrd.ened by state. But it cannot be top widely known, nor carefully considered, that every million of borrqwed money is costing us produce that represents, n.of £40.000, but about £70.000. That this may be clear to every one— as it is so important that it should— l append a statement of the quantity of our produce formerly, and at present, required to be remitted to England to pay for borrowed money. A few years ago wheat was 4s to 5s per bushel, and wool Is to Is 2d per pound. It then took of wheat 400 tosoobushels to pay £LOO of interest on our loan, and of wool 17001 bto 20001 bto pay £100 of iqteyes|t on our loan. In 1886 it now takes 800 bushels of wheat, or 34001 b to 50001 bof wool to pay the jnf-erest of £100." Put into the above concrete form the' position taken up by the writer is very striking.