Wairarapa Daily Times. [ESTABLISHED 1878.] WEDNESDAY, APRIL 18, 1894. THE NEXT BIG LOAN.

Wairarapa Daily Times, Volume XV, Issue 4698, 18 April 1894, Page 2

Wairarapa Daily Times. [ESTABLISHED 1878.] WEDNESDAY, APRIL 18, 1894. THE NEXT BIG LOAN.

The next big loan ia coming almost within measurable distance. In practical politics no Ministry can do without one I It may be said that the present Cabinet has broken the record by abstaining from borrowing, but it has worked off tho fag end of an old loan and devoured sinking, funds intended for tho repayment of loans. The Seddon Ministry subsists on borrowed money as all its predecessors have done, but it has not put its name to a new loan, and it is entitled to credit for this virtue. < It is somewhat ourions that Ministers have greater credit for their financial management in England than they obtain in New Zealand, and this no doubt arises from the fact that they havo drawn their London supplies indirectly through conversion operations instead of j directly by loan. A loan mu£>t como I until the accumulation of wealth in this colony renders outside borrowing unnecessary;-. This lime has not yet arrived, but it may be said that we are on the road to a condition of happy self-dependence, and that wo require less outside help than formerly. Still, now and again loan money will he absolutely required for the proper completion of necessary railways and for opening up lands suited for settlement. The present Ministry is getting to the end of its financial tether, and when its money is gone its popularity will not Survive, 't must either face a loan, and this means a reversal of its policy and the consrq'ient humiliation involved by changing its coat or submit to lose the esteem and affection of the people of the Colony. New Zealand is now at a standstill. The impetus of a loan will send it forward again on the path of progress, but tlie withholding of ono means retrogression, The next loan will have to come eoon, because New Zealanders are unlikely to put «P with a period of retrogression, hut we would sooner see the coming loan wait till the present Ministry go out of power, because under the co-opera-tive system which they have intioduced a third of it would be thrown aw»y.