SECOND EDITION Wairarapa Daily Times. [Established 1874.] FRIDAY, SEPT. 21, 1894. NEW ZEALAND CONSOLS.

Wairarapa Daily Times, Volume XV, Issue 4831, 21 September 1894, Page 2

SECOND EDITION Wairarapa Daily Times. [Established 1874.] FRIDAY, SEPT. 21, 1894. NEW ZEALAND CONSOLS.

We do not altogether regret that tho Government have carried the Now Zealand Consols Bill with flying colours. There are two points from which tho measure may bo viewed. One, the right of tho Ministry to introduce a borrowing measure j and secondly, the intrinsic merits of the Bill itself. On the first point tho Government has not a leg to standi upon, because it is pledged to ljiakc bricks without straw, and here we find it going into the straw market pretty heavily. If this particular million is to be borrowed to relieve Coljmial Treasury, in defiance ot the political principles of Ministers, it is, of course, objectionable. On tho other hand, the Colonial Treasurer is bound to get money somehow or somewhere, and political principles must be expected to give way to political necessity. Necessity is the mother of Consols; the Govern, ment and paity agree to put their principles on one sido and the straw is ordered on rather a big scalo, We regret this, but rather like the idea of this New Zealand Consols straw. There are innumerable companies and trustees in Now Zealand who will welcome a convenient form of investment like that which the New Zealand Consols will offer, We have in connection with numberless companies reserve funds which aro invested at the present timo in a somewhat loose kind of a way. They are to be found in balance sheets but hare no other specific habitation. We believe it to be very desirable that such reserves should be invested in a security liko tho Now Zealand Consuls. The Govornmentin creating this security may bedoingso fortheir own special relief and benefit, but all the same they will offer many public and private institutions a facility for investment which will be appreciated. A policy of borrowing within tho Colony is possibly less objectionable than one of borrowing without, but having once crossed the Rubicon Ministers are trying for millions both within and without. About five millions in one session is-8 pretty big order for a non-borrowing.Gov-ernment. Mr Ward may smile, but a man may smile and smile, and yet be a political scamp. Ministers who have displayed a partiality for reciting poetry, might justly now quote tho well-known lines:— ~.•"■: j

" Millions now are safely landed," " Still there's room for millions more,"