THE Manawatu Times. WEDNESDAY, DEC. 10, 1879. THE FIVE MILLIONS LOAN.

Manawatu Times, Volume III, Issue 99, 10 December 1879, Page 2

THE Manawatu Times.

WEDNESDAY, DEC. 10, 1879. THE FIVE MILLIONS LOAN.

11 Words tro taints, and a drop of ink falling x lfo< dew_upon a tnought, produces th»t w^uc)> ipel^e* tnoJftj.uiis, pjrkapa uiillioas tamk."

It is a .matter for sincere congratulation to notice' by a late cablegram from England that, notwithstanding the' 'g'.66ii\y£^prbgnoiijica'tiiinsrAvh'icn were indulged m by a section of the Press and the Parliament, the Bank d£ England' has si;i»riifiod itrinten^ of uhdertakittg the issue of -the whole of : th« £5,000,000 loan. florae of the rabid Grovernineut organs I have- already commenced peta'hsiiof-j triumph m praise of Hal£& Co., j attcibiiting the floating 6f "tlurloah; ; to JtheXconfidence inspired by the ■ ItnovyjiScifje. that the control! of the State affairs was m the hands of the pPGsent.- Ministry. Such a state- 1 menCiliVsiD^piy idiotic : still m face' of 'the •jpieasiug intelligence Jcontained m thetel^ram, we well afford to allow the- harmless little -piece- of born bast to pass without comment: Perhaps the jubilant journals will permit us to point out thatjt is not- because of the "ins " or " biits " of this or that Q-overn-, ment that the Crown agents can go "iritcTth'e English money market with rhijt because the major part fof the borrowed capital of this crtlony.has been expended m useful, judicious, and reproductive work*, w^icfrimve developed the resSurces of the land, stimulated the progress of the" country, added to. its com;mer^cial adyancement and prosperity, niarg^ly increased ihe number of its -and ultimately will rejßtilt m returning the sunken capital jmK a handsome margin;^Qt.prp^t "over and jabove the inferest fbrifs "'" ir Neiw - ; Zealand stands "pre- : as a mineral country, posses-' singl^oid, copper, iron, and coal, and. IConseiqueotly^becapitaßintipo^u ,to develop:, her mineral wealth must bo loolied upon as so VfniVch 'English BT^fr^ri m ported to develop^ herjesources, which will be^returneid wifh 'gbWitii|^B|rand-n^^ m tin-; -r6pr6dit - 1 iVejtvorksr "Whpji the last New Zealatid loan was floated, just thifteeti' months ago, the easS with

gave birth to some fifrictit res from a | certaiu portiou pf the British Press, ; and the Bank of England was soundly rated for allowing itself to be the medium through which the subscriptions were received, and it therefore ! is a, llattering tribute to the financial sounduesh of this colony to 3«o th? f&pw- institutwn again coming to the x'escue. Iv replying to the carping statements uttered upon .that occasion, the ''European-Mail " paid the following high compliment to Xe.w Zealaud.:^^-^ . . ! Wo lvjuiue that this shouid ; have been the qase, siiu-e Sew Zealkud seems destined to be a future England, and so i<unraritep happy homes for hundreds and thousands of Families which might otherwise pine in(want and misery m the old country. ' Not only does New Zealand appear to insure a fair measure of f»uu fort and happiness to .large. numbers of our 't'ountrymeti and countrywomen, but it will also afford profitable employment for a Wir^e amount 'of English capital, and absorb a large amount of English mauUfafttures. Tt has been urged agajnst the stability qt' this colony that while the public debt, .of. England does .fl.ot exceed £2.5, per/h.ead of the population, the indebtedness of this colony- will reach from £t5 to £50. In drawing this comparison, however/ the source of indebtedu.ess.in-Heach ; case' is studiously ignored or kept m the background.. , It is not stated that while England's National Debt was incurred for the prosecution of tedious and expensive 'wars— which was an outlay without a return — the score oi* millions due by this colony have been devoted to works of peace and. progress. It may be literally correct that the debts of England and Nev?- Zealand are £25 and £50 per head of the population respectively, but while at the present time the population of the- latter is riot half a million, it must be remembered that it has a territory as large as Great Britain, and- consequently as the n.umber; L o£ its inhabitants increases, their individual indebtedness mu a fc necessarily decrease. Beside, the introduction 'of immigrants jby which the population -is year by year largely iucreased, it might be as well to mention that the natural i increment of- life by .the; excess of births over deaths m England is but one and^a: half, per:, cent., \yhije m New Zealand' it }s tinier that amount.