The Wairarapa Daily. THURSDAY, JANUARY 17, 1884. A FORECASTLE.

Wairarapa Daily Times, Volume 6, Issue 1585, 17 January 1884, Page 2

The Wairarapa Daily. THURSDAY, JANUARY 17, 1884. A FORECASTLE.

:The basis of tho- forca'sto'of th? future of New -Zealand; which' -'tfif'-ptiblishcd in pur leadiii/j" eoluni'tis- ycsteitlay is that the resources of the colony have been over estimated, and that the time must come when thy .bubble . will' burst, Tho colonial, baloon .will soar just so long as we can borrow millions, but our correspondent'indicates that a period will probably arrive within'the next year or two .when-the money market wil| be closed to us, Against this, however, may be fairly urged the success of the million loan just floated, but, as if in anticipation of this, our correspondent points out that the'city money lenders have not taken the trouble to make themselves familiar with the resources of the colony, and that, 1 like a flock of sheep, they'are as liable;to take-one extreme direction as another, The danger which menaces the colony is the reaction which' sooner or later must take place when we shall be compelled to live for one or more years: without tho aid of borrowed money. The dagger may be averted by. a 'policy of public and private retrenchment, or itiriay be.removed by. some-..windfall such us tho discovery of a new gold field; or theopening upof a new market, or tho unexpected development of some which are already in existence; but these alternatives, are at the besblbut, contingencies, and -cannot be relied upon as certain sources of relief. Wo do not.believe that New Zealand is going to the bad, or that its accumulating wealth is not more than com-

uiensuiuto with its .accumulating liabilities, but wo do believe that it "is getting into -difficulties. We Lave often seen settlers witlii- very considerable properties wLo Lave experienced a difficulty in meeting their engagements and have had no margin of'income available for expenditure, This colony is in much the same position. It'isa sound concern, but its resources are so tied up by its existing liabilities that it could not move Land or foot to right itself if called upon to meet any sudden reverse. The cry of the unemployed lias been heard within the last few months, and if men go on during the next few months in the happy-go-lucky style which is so congenial to colonials it will be heard again, not in one province of New Zealand, but 'through the length and breadth of the colony. The balance of political .power in New Zealand is in the hands of the working men, but tlioy must bo careful how, they use it, If every seat in the House of Representatives, and every portfolio in the cabinet, wero filled by working men, a fall in wages could not-be prevented if employers of labor were forced to economise, Our best hope'lies in the return to our next parliament of experienced prudent public men, wLo, are capable of contending with the embarrassments with which wji.are surrounded, Unfortunately .-.such, mdii are not always new untried men are frequently Returned over their heads, ! < i<t-..