WORTH CONSIDERATION.

New Zealand Times, Volume XXXI, Issue 4786, 25 July 1876, Page 3

WORTH CONSIDERATION.

TO THE EDITOR OP THE SEW ZEALAND TIMES. Sir, —The sudden and extraordinary advance in the price of wool three years ago had the effect of raising property -holders generally from a state of almost utter bankruptcy to that of comparative wealth. Lands that had been lying fallow for years immediately increased in value, for now there was the necessary capital in the country to purchase and develop them ; and over many fat and fertile runs might now be heard the bleating of countless sheep, and the ringing jingle of cattle bells. Everywhere there were signs of industry and prosperity. An impetus had been given to trade ; noble and richly freighted vessels were now ploughing their course from all the home and foreign markets to every New Zealand port, and immediately their cargoes were discharged they were as quickly and richly freighted forth again. Every branch of industry realised the benefit of the increased value of our staple export, and nothing seemed wanting to make us a flourishing and fruitful country. But it is much to be feared that this sudden prosperity may have a very disastrous ending. Men who had for years struggled and writhed to get out of the hands of their agents, were at last, through an almost miraculous intervention of Providence, free ; and the unaccustomed felicity of having a balance at all at their bankers was altogether too much for them. Property holders and general traders now launched forth in speculations they would previously have paused over before ever contemplating. Nine-tenths of them invested their uttermost farthing in ventures of land and commercial stocks far beyond their requirements or the requirements of trade; and already the folly and ruin of this unwise and hasty desire to make wealth at one bound are apparent, and the signs of distress are becoming painfully evident. The amount of paper discounted and dishonored on maturity during the last six months alone is as unhealthy a sign of a coming crisis as one would desire to have. But, again, we have a glutted market and stagnant trade, with a sure and steady fall in the price of wool to depress us still further. That there is a crisis impending no one can fail to see, and to avert it, if possible, we would counsel prudence. In a great measure this state of things has been brought about by most unhealthy competition in trade. Profits have been cut so fine that they do not give interest on the money invested, and to this, combined with the great amount of rashness in the conduct of business generally, are mainly attributable these ruinous consequences. I am, &c., Prudence.