COLONIAL DEPRESSION.

Te Aroha News, Volume VII, Issue 471, 14 May 1890, Page 5

COLONIAL DEPRESSION.

MR VARLEY CANNOT SEE ANY. Auckland, May 10. Speaking at the Ciby Hall last evening, Mr Varley said:—“l hear you have had a very bad time here. I don’t believe it. (Laughter.) You are in a land that flows with milk and honey (applause) ; don’t malse any mistake about that. lam not going to enter into politieshere to-night. I am not prepared to say whether you have been wise or otherwise in getting a large amount of capital borrowed—l Buppose, from the English money market—but I say you have a splendid stock-in-trade, a magnificent area of wonderful country, with almost unlimited resources, and, whether you know it or nob, the one great thing that is needed is a vigorous, hardy, and hard-working popuation. (Applause.) I do nob know that lhese seasons of depression will do you one bib of harm. In St. Louis and Missouri four years ago they said they had a time of very great depression, but they really meant that the capitalists could not make 30 or 40 per cent, on their money. Ido not believe in men making money like that; it i 3 an unhealty condition, whatever brings it about. (Applause.) No wonder God has blasted your Australian colonies, no wonder that they are eatingtheleek today. Itisdeserved, because you have nob honoured God with your substance, or with the first-fruits of your increase."’ (Applause.) Mr Varley proceeded to give instances to bear out, is contention that an unbroken prosperity tended to the development of the worst side of man’s nature, mentioning specially the increase and decrease of crime in some of the mining districts of England as affecting the state of the prisons, just according to the ease or difficulty with which the miners were able to earn money.