THE FINANCIAL POSITION OF AUSTRALASIA

Temuka Leader, Issue 96, 21 April 1883, Page 3

THE FINANCIAL POSITION OF AUSTRALASIA

Some of the statements contained in the interesting paper on *' The Indebtedness of the Austalasian Colonies,” which Sir Francis Dillon Bell recently read before the Royal Colonial Institute have been called in question by a correspondent of The Times, who asserts that they are extravagant, an imputation which the Agent-General for New Zealand will certainly try and rebut. In its money article, on December 20, The Times remarks, “ The general result of the arguments put forward by Sir F. Dillon Bell—namely, that Australasia is abundantly so vent —may be accepted as correct. It is not the creditors of the Australasian colo nies that hnve reason to feel misgivings as to the recent rapid increase in the public debt of those communities. The real question is whether the people of Australasia are not laying up for themselves a store of future trouble by mortgaging their prospective income to such an extent. There is no doubt that much more caution should have beeb exercised in dealing with the magnificent landed possessions of (he Australasian colonies, There is a ‘ land question ’in several of them already, as shown by the intermittent quarrel between the 1 squatters ’ and the ‘ free selectors.’ A new country is under a great temptation to raise money by selling large quantities of land at low rates. Tha United States have committed a similar error, though in a less degreeAlthough Australasians are justified in expecting to raise money here at moder. ate rates, colonial officials would do well to take to heart the advice given by Mr Hyde Clyde (one of the speakers at the discussion which succeeded the paper) that they should place their requirements * in harmony with the requirements of the market hero, so that the colonies may enjoy the benefit of the high credit to which they are entitled.”