South Canterbury Times. WEDNESDAY, JUNE 30, 1880.

South Canterbury Times, Issue 2273, 30 June 1880, Page 2

South Canterbury Times. WEDNESDAY, JUNE 30, 1880.

AIiOUT twelve months ago a stupid cry was raised in Wellington that New Zealand was going to the dogs. We do not know whether it was intended to affect the live million loan which was then being placed in the market, but wc now know for a fact that it has seriously affected, ever since, the credit of the colon}'. It drew attention to the circumstance that in proportion to her population New Zealand was more heavily indebted than any other British colony. The wail of Major Atkinson was taken up with alacrity by the other colonies, and the leading journals of Great Britain and her dependencies have, in the words of a popular ballad, been “supping sorrow with the poor.” Wc have had their gratuitous commiseration and much good it has done us. The colony has been universally paraded as a spendthrift—the victim of rags and poverty, without much prospect of paying its way. She has been paraded in the livery of a repentant prodigal, and the people are realising the consequences. Having cried down our own credit in the first instance, rival colonies have taken advantage of the cry, in the hope that by exaggerating our embarrassments they may strengthen their own securities. Mad the interests of the colony been committed to some Stock Exchange gambler, they could scarcely have been manipulated and trilled within a manner more disastrous than they have been. Every effort has been made to destroy confidence, and these efforts arc being continued. The “ Home News” tells its readers all over the world :—“ Whatwc “ hear of New Zealand finances Intel} - is “ very unfavorable. The deficit for the “ year must be considerably beyond the “ estimated deficit, and the receipts Jrom “ land sales and railways were placed “ much higher than it will be found they “ have realised. It is not surprising, “ under these circumstances, that anxiety “ should prevail in some quarters rc- “ gardiug the financial future of New “ Zealand.”

This crying down of our credit abroad cannot fail to operate most disastrously on the interests of this colony. The wail which emanated with ourselves was originally quite uncalled for. There was a slight deficiency in the colonial revenue, but it was only slight? The story told by the Colonial Treasurer the other day, proves that his doleful predictions have not tended to improve matters. The prodigal instead of beingassisted out of her proverty has gone from had to worse. The revenue, instead of improving, has fallen off. If the position was aggravating twelve months ago, it is seriously embarrassing now. When carefully reviewed, is the position of the colony so fearfully cinbarassing? Have we, in the language of our kindly, benevolent detractors, “ Mortgaged our future in order to meet the demands of the present ? ” Arc our interests in such peril that words of warning from the “ Argus ” of Victoria —a colony constantly on the eve of revolution—or the London “Times”— the representative of the most heavily indebted nation in Europe—are really necessary? What is the meaning of all this uninvited weeping and wailing? Why is New Zealand trotted out as a shocking example of prodigality for the entertainment of the absentee representatives in London of the other colonics ? Is this humiliating exhibition either justifiable or wise? Is it not rather an indication that those to whose keeping the interests of this colony are con tided have yet to cut their wisdom teeth ? Now Zealand may not be so wealthy as she ought to be, and doubtless would be, if her political doctors would but let her alone, but tins cry about serious deficiencies is most detrimental. If the prospects of the colony arc dimmed, the clouds arc due to her unstatesmanlike advisers. Well might New Zealand at this moment reiterate the appeal—“ Oh King, save me from my friends! I can protect myself against my enemies ! ”