FINANCIAL NOTES.

New Zealand Times, Volume XXX, Issue 4316, 20 January 1875, Page 3

FINANCIAL NOTES.

TO lUE EDITOIt. Sir -The Press of the colony would ilo useful work If It periodically reviewed monetary matters, referring to ascertained facts. lam glad you have quoted and iomraented on an article lately obtained from the LutlelUm Tim's. Therein is the request apparently that an impossible solution should be given to a pronosition. to the effect that how is It larger shares, to a eiven number, cannot be cut out of the same sized pudding. Hope may lead to promise, but can do no more The converse of the proposition is why, after a neriodof excessive speculation, money is superabundant, wages and goods generally cheap. I ear lead.n? to refusal, is apparently the answer How does the simile about water finding its level allow of money .n England, for similar securities, being at three nei- cent and in New Zealand at nmo per cent.. ?t the same time. A mere rise in prices, without; any additional quantities, will demand greater banking facilities a2d a decline will be attended with loss. TheduTerenco between an advance of twenty-five per cent eenerally, and a similar decline, amounting to flfty plr cen"; would make a very different appearance '"c'a'piWaL.f faboroccasloning supply and demand. «ndT add belief arc the elements of market price. To ..certain whether belief is in healthy relationship ?„ ~anitll and labor we need many statistics. Capital is being s»PP««'I ™ h four channels-those who aVinvestln- their own, those who are investing throughmans belonging to other persons loan individuals and loan socletles-largely by the Government on mUic works, with capital ctaeflv obtained without U?e colony, and by the banks for short per.ods comparatWely It would be very useful if we could obtain accurate information of the outlay under these four hea" s, but though this is, I fear impossible, continuous effort would bring out valuable results. The sale of land with prices for several years, might be obtained from the General and Provincial Governments A c mparison of mortgages might be made by aid of the registration offices. The expenditure on Public works, annually for several years, might be furnished through similar sources: and the banking capital with deposits can be ob aincd from theGaseffes Still the information would be imperfect 'but would yield an approximation to the truth that would be very valuable Then a most important oue«tion would be made tolerably apparent. It is, whether the increased application of capital to permanent investment and commerce, and to meet Keneral enhancement of prices, lias been met with a proportionate increase of hanking capital We should learn if there were an excess of speculation which ought not to be supplied, but now■ have.only a "a*ue fear, which may or may not be justified, and if unwarranted is Bimply mischievous to the general mferitsof the colony; or we should learn that more capUal, other than banking, was needed- or possibly bo?h It might prove that we wanted more loan Societies operation external capital, with more outritw^gkoKfrlfte o W o 3 ur population a, increased by immigration, but It would make my letter too longTaflowof Its being read Brieily, I would call to mind that a proportionate addition in similar time to That of England or the United States duce mighty results. Contemplate an addit on to the Mpulation of the former in eighteen months of flve millions, and to the latter of eight millions of, eople and yon have before your mind the "tac n we have been proceeding, apparently with safety and advantage to New Zealand.-! am, Woodside, Jan. 16. TO THE EDITOIt. „~_ Sin,-Mr. Fitzherbert long wondered how one soothsa'y'« could look another soothsayer in the face without laughing, and =0 great was Ws Honor's wonder at It that he could not avoid telling the House of .RcT,reVpntatives so Therefore it is no wonder that to Ky'nlsTondeAe should try ft,i feat of looking Ifcrrv Andrew in the face at Masterton on Ihursnay ""without laughing, while saying that Mr.l«™, the member for Marsden, "had an entire horror of the recent Proposal made by Mr. Y<*°\™**°*Mto whether any ardent supporter of provincial institutions could have said anything so severe as the condemnation by .Mr. Munro in his recent speech, of Mr. Vogel's proposal." „ ~ , Before selecting a few extracts from'Mr. Munro s recent speech on that subject, I would remark that Mr Munro voted for Mr. Vogel's proposal in the House, and in his recent speech his horror was expressed by saying " that for the last fourteen years he challenged, and ?e-challen?ed.through the Pressthe possibility of doing a right thing while the present hybrid Constitution, with which the country was cursed, existed. He had. ever since he came to this country, an abhorrence of the Provincial Governments, owing to their mischievous tendency in cheeking the progress of the country, as well as corrupting what should be the real government therein when a genuine Constitution is obtained, and the existing monster smothered, which has proved the promoter and protector of rogues and sharpers, sharks and superirtendents. Ever since he came to this country he had been harping persistently on the double government with which we are cursed. He can now, however, congratulate himself in having many disciples, and among them none less than the versatile Premier of New Zealand; and also that the provinces are about breaking up through virtue of their own rottenness. The country is everywhere covered with governments and officials, swallowing up every hing whatsoever, and, in lawyers' phraseology, he might add evervthing else besides ; but sweep away the plague and New Zealand would save millions yearly she now pays to confound her, and then she could be bounteous in affording ample revenue to her counties. Keeping in view his known disgust of the political constitution of New Zealand, which he had consistently condemned since he came here, he asked Is it anything wonderful that he had seized the first chance afforded to assist in the destroying what he considered the greatest enemy to the progress or our adopted country? Who can say in the present state of parties it is better that the provinces should be done away with at once or abolished by instalments? He could see no alternative but to adopt the latter, hoping that, as in the case of the Siamese twins, when the one died the other would soon follow from dread of the dead carcase of his fellow. Some people have such well-balanced minch) that they do not wish_ the scourge abolished until it is tested at the hustings. He had only to say on this subject, that desperate diseases require desperate cures, and that New Zealand would not be the first British colony placed under such circumstances" (referring to abolition in the North before the South Island). Canada, while one province, had a double constitution, This model Superintendent's (of Wellington) "energy is being further developed, with the aid of his Executive, in selling every saleable acre of land and forestalling future reyenue, apparently believing in the antediluvian principle, eating and drinking and making merry ; for Vogel has said. 'To-morrow we die." Provincial Governments were and are the bane of New Zealand. He must be politically blind who cannot see that the combinations of provincial parties in obtaining their own Selfish ends is the cause of weakness, nay but of utter rottennessin the Central Govemment;while, at thesame time, it is by this means political leaders like Vogel mesmerise the people's representatives and lead the country 'by the nose. The founding of provincial institutions has been favorable to the land speculators in absorbing the land themselves. Boast of provincialism who .'■' may; In the nature of things it is an unmitigated evil wherever it exists." , If you can find space for the above selected extracts from Mr. Monro's recent speech, it will make it plain to the Te Ore Oreites what a sparkling joker the ■ Superintendent can be on a- festal occasion, with a Merry Andrew to keep him in countenance.—l am, Grey town, January 10.