Wairarapa Daily Times. [ESTABLISHED 1878.] THURSDAY, MARCH 29, 1894. TEN MILLIONS LOOKED UP.

Wairarapa Daily Times, 29 March 1894, Page 2

Wairarapa Daily Times. [ESTABLISHED 1878.] THURSDAY, MARCH 29, 1894. TEN MILLIONS LOOKED UP.

The Wellington Irak' Bevitw an in fluentisl local flnanoial organ i * entirely colourless as far as'politic are concerned and for Mb reason an; remarks made by it on the monetar 1 • position of New Zealand carry con siderabla weight. In its last iesue i Ie speaks out in the following clear am lt unmislakeable terms:— .' i' With a prosperous condition of a large sec c tlon of the community there is a wide sproa Vfantol confidence and a refusal to pr money into industrial enterprises or Ten if tures of any description. We have no mi to say anything about the events or oircum j stances that nave, induced this extrem caution, The new departures that hay - been taken in legislation may have bee: adopted in the best interests of the oom munity and be guided by the greates wisdom, but as new departures they ar bound to produoe their effeot upon th holders of money. Moreover the futur course of the new departures is uncertain but the idea of finality is ""scouted, an further progresß*in the «ime direotio: mrmly advocated, - &W this naturally in ducescaution. This belug the stale of min of the community how are the banba to fid safe and profitable employment within th <!olony for the accumulating funds ? Ther is ample capital in the Colony available fo any amountof enterprise, but the trouble i that the enterprise is not there, It is absun with about ten millions of fixed deposits i: the banks, to talk about want of capita! There is no use in, confusing the iesuei i There ie not likely to be muoh inclinatio: to embark in enterprise until the holder of money and proporty are entitled tofei some coufidencees to the security of sue investments. Wo take this to mean that th Government policy bag killed indus trial enterprise in this.colony, No only does industrial enterprise li prone, arid gasping, but it is. fuithe *threatened by what, the Governiueu may.do in (he future, We are assure that ample supplies of money ar available, but that the persons whi can command them dare not use them At a time when labour i'b scarce am Tiith a winter approaching that ma] bring starvation to thousands, monej is locked up because it is not safe ut ' spend it in this colony. Supporter] bf the Government boldly argue tha the colony oan do without capital act get along without money, but .thej will nerer convince an army of unemployed of the truth of this'contention. Private enterprise would fine employment for every man and womar in New Zealand if it were left alont and not threatened by Stale inter ferencp and labour brgapjsations. By-ahd-by, in spits of ten millions pi fixed deposits in the banks, there will be a labour panic, the Ministry will be compelled to retire from oioe and then the locked-up millions will once more begin to circulate through the colony and there will be no more talk about unemployed and starring men