Wairarapa Daily Times. [ESTABLISHED 1878.] MONDAY, AUGUST 21, 1893. THE NEW SOUTH SEA BUBBLE.

Wairarapa Daily Times, Volume XV, Issue 4502, 21 August 1893, Page 2

Wairarapa Daily Times. [ESTABLISHED 1878.] MONDAY, AUGUST 21, 1893. THE NEW SOUTH SEA BUBBLE.

An article in the July Dumber of the "Nineteenth Century" under the title of ".The New South Sea Bubble," critioiees with considerable insight and keenness tlie finimcial position of the Australian Colonies and New Zealand. Intelligent comment of this character, in a leading London magazine, is of great importance to us at a time when money is hardening and people are wondering how long the tension will laßt and whether it has reached its maximum, The answer to suoh questions, and they affeol the fortunes of every man, woman, and child in this community, mast be sought at the fountain head. Out critic in " The Nineteenth Century " says that it vague feeling exists, that because New Zealand struggled through its difficulties successfully the Australians will do the Bamei but he demolishes this vague sentiment by asserting that New" Zealand, al>r a- hard struggle, is only beginning toi recover, and that there is Dot ground for confidence of & similar partial recovery in Victoria and New South Wales' New Zealand has escaped hopeleßS embarrassment, but Victoria, New Boutli Wales, and Queensland are more deeply dipped than ever we nete. Then, too, Noff Zealand had a Sir Harry Atkinson to extricate her from her difficulties, and there is uo vSir Ilarry -Atkinson in Australia. " The Nineteenth .Century " critic next endeavours to show by statistics that the Colony of Victoria will be unable to meet its engagement without assistance from London. Viotorian accounts, he »aysj are "confused" but New South Wales accounts are •' cbaotio." He declares that neither be nor anyone slse can make out the financial position of New South > Wales I Queensland is no better off than New South Wales, only boutli Australia displays a more or less sound condition. Colonial politicians, writes the oritio, aro responsible for the disastrous position and have created the inflation which brought it about. He also complains of tbe persistent publication by Governments of misleading reports, statistics, and balance'sheets. The sum and substance of the artiole is that "Victoria and New South Wales ppßt fall back on the British lender odco more or raajje default,' 1 While suoli opinions are credited in London jnoney will continue to harden in this quarter of the globe. The sketph of the condition of the British colonies in tbe southern hemisphere is an honester one than we are accustomed to draw-for ourselves, though it may be slightly too pessimistic. We do not beliere that either Victoria or New South Wales will make default, though it may be possible th«t tbey will have to seek assistance in meeting their engagements. Till they give soine praptioal assurance that financially they are not quite as blaok as they are pajnted, their condition wilj be precarious, We Jiave mpre faith in tbe reouperatire powers of English colonies than " the Nineteenth Century " critio,while agreeing with him to a very, great extent as to the gravity of the situation. Politicians will not altogether ruin either; Victoria, New South Wales, or Queensland any inore than they were allowed io riiin New Zealand, They have, it ia true, discredited the Colonies which hare been foolish enough to give_ them the rein, but when the dahger signal goes up there are plenty of sensible men to be found to biusli away the misohief, makers and ,to repair damages.