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Wairarapa Daily Times, Volume XVI, Issue 5192, 27 November 1895, Page 2

The Hon. J.G.Ward, I OUR STOCKS, the Colonial Treasurer, made a speech in Auck- ' land towards the close of the year ' 1891, when the burden of his song | was that owing to the Ministerial policy New Zealand stocks look a • foremost place with investors. At that time there is no question that i our stocks did command the greatest 3 respect of the London capitalist, but i one short year has helped to dispel " the illusions of the investor. The _ non-borrowing, self-reliant policy of the Government has been shown to 1 be an elegant fiction. The Seddon Government has borrowed right and left, and next year will come down with further borrowing proposals. Tho position taken up by the Colonial Treasurer in 1894, was that New Zealand occupied a favourable position, because of the Ministerial policy, and judged in that light the present position of New Zealand is a striking commentary of the failure of the Seddon administration, It will bo seen from the figures given in another column by Percy Penlyn, that our 1 per cent, stocks are lower than any of tho others, while our \ per cent, stocks stand next to the lowest, In ono year we have receded from top to bottom, yet tho same Ministry is in power, carrying out the same alleged non-borrowing policy. We wonder what the Colonial Treasurer has to say on the changed position.