THE ABUNDANCE OF CAPITAL.

Thames Guardian and Mining Record, Volume I, Issue 275, 26 August 1872, Page 3

THE ABUNDANCE OF CAPITAL.

Never probably in the history of the coloiiy has there been such a plethora of capital waiting for investment as there is at present. The banks have more than they can profitably employ, aud have resolved to cease after the Ist of August next paying interest on fixed deposits, which is bound to release an enormous sum of money, the bulk of which will probablyfi nd its way into speculative investments. Two new banks, taking advantage of this unlocking of large deposits, have issued prospectuses promising as a chief feature in their management to deal liberall}' with small trading interests. There is no interest in the country languishing at this moment, though of cours# ali are not in an equally prosperous condition. But with great wealth, there is evidently a lack of that financial and creative genius which coueeives and carries out great schemes in some of tho old established European centres of civilisation. For example we are permitting a small knot of financiers in London to gradually work out for their own benefit an ocean telegraph system for the whole of these colonies. They have secured South Australia and Tasmania, are now engaged in depriving Queensland of independent action, and will presently lay hands on New Zealand. It is a great public convenience no doubt to have all these arrangements made for us, but it detracts from the advantage to know that we shall have to pay heavily for our luxurious indolence.— Leader.