PROPERTY OF AMERICA.

South Canterbury Times, Issue 2557, 1 June 1881, Page 2

PROPERTY OF AMERICA.

There can be no more satisfactory illustration ot the increasing wealth of America, now that the long period of depression has given place to an exceptional prosperity, than the returns of the New York savings banks for the last year. These show in every case a truly surprising increase. In one instance a bank has positively doubled its surplus during the twelvemonth, the total

in 1880 being more than a million sterling in excess of that in 1879 This process will now continue for the next few years, and, accom panied as it is by the return of American bonds from Europe, accounts for the comparatively low rate of interest for money in New York, while the develops ment of the West is being pushed on at such a furious rale. It is to be hoped that the managers of savings banks have learned wisdom by their experience of the last crisis. Then it was found that money which was held at call or on short terms had been lent on mortgage to Western farmers, who when the pinch came were wholly unable to pay either prin cipal or interest. It is not in the last years of a rising industrial cycle only that prudence is necessary, but at the commencement of the so called “ boom” as well. —“ Pall Mall Budget.”