Wairarapa Daily Times. [Established 1874.] TUESDAY. DECEMBER 18, 1894. OUR STOCKS.

Wairarapa Daily Times, Volume XV, Issue 4905, 18 December 1894, Page 2

Wairarapa Daily Times. [Established 1874.] TUESDAY. DECEMBER 18, 1894. OUR STOCKS.

skookd edition I

Tub Colonial Treasurer in his speech \ at Auckland very properly stated ] that the fall in the price of produce and tho resulting depression wasuot ' the fault of the Government, bnt lie ' at tho same time very improperly implied that the high price of New Zealand Government stocks was due to the Ministerial policy. Who can wonder ufc the present high values setuponGoveriimentsecurities,when money is apparently a drug in the market of London. .The Bank of England weekly returns, which servo as an excellent guide to the money market, have exhibited an extraordinary state of affairs. Money was never more plentiful than it is now, and. never were investors more fastidious than at present. The financial and commercial crisis of the last few years has made them timid, and they seek safety for their investments rather thaii a high rate of interest Colonial Government stocks are classed amongst the "gilt-edged" securities, and well they might be, i and. because they afford safety to tho investor is the reason why ' they stand at so great a premium at present. But can any Government take credit for the high price of stocks under such circumstances; tho same would hold good if the stocks were depressed. But Mr Ward in his reference to the price of Colonial ( stocks, made it appear that New Zealand held first place amongst tho Australasian group; this is partly true, but tbero is another comparison which does not pauontcreditably ' to Now Zealand, We give below a comparison of tho 3* per cents, of tho various Colonial Governments as on tho 13th September. and 29th November of this year. On the 18th September all stocks'appear to have, reached high water mark, and we take the 2l)th November because it is the last date, for which we have complete returns:— Sciitaukr November Movement. 13th. Mill. . 1 New Eea'and 103 102 Ml \ ' Victoria Ml 03}. . Fn " * I Now South Wales 101} " 101* No move South Australia W\ , Ml . Illsc2l twslagd 09 .09} Rleo J laiiatuV' 100 ! 10'i ' lib 2 !■ It wjll bo seen fromthe above that, ' New Zealand is 'in very bad com- | pauy, for out of the six denominations'NewZealand and Victoria- are the only ones to show a fall: all tbo others, except New South Wales, show a riso. Tho fall, in Victoria > caii be understood, for tbo reason that uo efforts are made to conceal tlio state of jbq. Victorian Treasury, . jwhicbiß in an extreriioiy bad condi- . tiqii, but tlio fall in.Noiy Zealand stocki:is .remarkable; in the faco of ■■; the persistent cackling, of Ministers • i about the elasticity, of our finances. ■'l Wifchregnrttio the 4pei- cent stocks \ New, Zeated's ppßUibn.iß huiniliat-

ing. Talcing the same dates as above vo bave the following comparison : September November Movement 1 ■ • lSlis. ffltli;

bavß Buffered more severely than any of the'other colonies not excepting even serai-bankrupt Victoria; We do not attribute tlio fall in price to any' action of the Government, neither would it be right to give them any credit if an opposite movement took place, l'u his Auckland ' speech,the Colonial Treasurer patted ' himself on the hack for the high | favour in which New Zealand stocks ) were held By the London investor, 1 imd in this his reforenco to the mav- 1 ? ket. quotations was most disingenuous. The tables of comparison ,1 we have givenabove shows the matI) ter in another light;

Now Zealand 1WJ Victoria : 100 New South Walcj 1101 South Australia 10SJ QuuciHlMid 107 Westuslrnlla 111 1«1 \ Fall 1J" 105 Fall 1 1111 Itlao 1 107* : Fall 1 . 108{ . Itlsoll . 113 " ltlEO 2 This table 'shows New Zealand to