The Wairarapa Daily. SATURDAY, JANUARY 13, 1883. THE FLOATING OF THE LOAN.

Wairarapa Daily Times, Volume 5, Issue 1277, 13 January 1883, Page 2

The Wairarapa Daily. SATURDAY, JANUARY 13, 1883. THE FLOATING OF THE LOAN.

It is a matter of sincere congratulation to every settler in New Zealand that our million loan has been more than subscribed, We ourselves were very willing for the colony to try the ordeal of living without borrowed money for a year or two but when the Legislature authorised a loan and the borrowing policy of New Zealand was decided to be continued, the failure to obtain the money on which the progress of public works in the colony was based, "would have been a serious matter. Just now, too we have an awkward corner.to.turn, Money in New Zealand is at a low ebb, .andiwithout the aid of borrowed capital a panic loomed in the distance. With, the million now at the command of the Colony the crisis which threatened us is in a great measure averted. Prudence and moderation, however, are still necessary, The million is an important factor in the direction of securing a monetary equilibrium, but it is not the' only one, and it is well known, that there are others which still require to be adjusted. One satisfactory feature in the floating of our loan is the fact that confidence in the New Zealand finance is fully restored in the London money market. The highest tender for New Zealand bonds was 101 while the Victorian securities did not fetch a better bid than 102. This shows that.our credit is all but as good as that of any other Australian colony and it is impossible not to admit that the present Ministry in conjunction with their Agent-General have conducted our affairs in such a mauner as te command the confidence of the British Stock Exchange, The floating of the loan is from a political point of view a decided triumph for the Ministry.