COMPARATIVE PROSPERITY OF THE COLONIES.

New Zealand Times, Volume XXXIII, Issue 5385, 1 July 1878, Page 3

COMPARATIVE PROSPERITY OF THE COLONIES.

(From tho Ballarat 3liner, June 14.)

la the Insurance and Banking Record for June there are some bank returns of considerable interest at this time, when comparisons are being made between the colonies, and various curious explanations are being made as to, the cause of the depression iu Victoria. The beat lesson that this colony can have, is that which, is taught it by the other colonies, and we may gain from them quite as much as we can teach ourselves from our own experience. Hitherto Victoria has been facilis princeps. In all things she has led tho way, and she used to look down on slow-going New South Wales with no little superiority and contempt. At present matters are considerably changed, and there cannot be a doubt that there is not another colony in the whole group which shows so many signs of depressio i as Victoria. . The fact is admitted, whatever the cause may be, so that even the most stolid cannot but come to the conclusion that the policy pursued, if it has not made, at least has not averted, a crisis. What is more, it is evident that Victoria has at last been caught in the race for aunremacy, and there are signs that she will b/passed. The banking returns to which we refer show this, and though they are, from. one point of view, rather unpleasant, they are instructive, and being so, are worthy of careful consideration. These returns show that the amount of the deposits in the banks of New South Wales are somewhat larger than the amount in the banks of Victoria, although the population of this colony is larger, and has hitherto been reputed to bo more generally well off. In the Victorian banks the deposits bearing interest , amount to £11,521,706, and those not bearing interest to £5,071,697 ; in the New South Wales banks the deposits bearing interest amount to £11,898.205, and those not bearing interest to £5,197,707. The respective totals are—Victoria, £16,593,403; New, South Wales, £16,595,912. It will be seen that the total amount of the deposits is slightly greater in New South Wales than in Victoria, and is so, we believe, for the first time. The population of New South Wales is about 650,000, whilst the population of this colony is estimated at about 840,000. Practically, there are 200,000 more persons in this colony than in New South Wales, yet the deposits in the banks made by the lesser population are larger in amount than those made in the colony supposed to be more active, and which contains more producers of wealth. In New South Wales the deposits are at the rata of £25 per head of the population, whilst in Victoria they amount to only something over £l9 per head. This seems to show that there are more persons who have saved money (that being indicated by the deposits bearing interest),and more persons with bank accounts, than there are in this colony, or that the same number of persons are able to save more money. However we may regard this fact, it is one worthy of earnest attention. It shows very plainly that some of the things which a section of the community here used to believe to be established truths, and which they have not altogether given up yet, are not true, and do not come out as it was fondly supposed they would Other statistics connected with the banks show that those in Victoria do a larger business, as indicated by their advances and discounts, but the fact remains that in the matter of deposits the banks of the two colonies are equal. Now, the deposits on interest, which form about twothirds of the totals, show the power of saving in each colony, and in this case the, balance is on the side of New South Wales. Ueposits on interest are not generally made by persons in business, certainly not by the merchants and large dealers, but are made by persons of moderate means who wish to securely invest their savings. The figures show that in New South Wales persons of this class can deposit £25 for each £l9 in Victoria, which, certainly, appears to indicate a more prosperous state of affairs. Going farther, afield to illustrate some of the fallacies which exist relative to the superior condition of the people of this colony, we may point out that the returns of the savings banks do not show that the working classes here are better off than elsewhere. At a venture we make a comparison between New Zealand and Victoria, and we find that whilst less than 400,000 persons deposited in the savings banks in New Zealand £/80,855 in one year, 823,000 persons deposited £1,469,984 in Victoria. These figures relates to the condition of the colony three years ago, when it was supposed to be iu a most prosperous condition, yet they show that Victoria was not so good as some other places, for in this case the superiority is markedly on the side of New Zealand. We might illustrate this fact in many ways, but it is not necessary to do so, as our only desire is to prevent the spread of the delusion that the working classes of this ■colony have had their prosperity “built up,” as Mr. Berry puts it, in away unequalled elsewhere. The figures show that this is not ■the case, and when that delusion shall have been got rid of, a great many more will follow.