NEW ZEALAND FINANCES. {From the European Mad.)

Waikato Times, Volume XV, Issue 1293, 12 October 1880, Page 2

NEW ZEALAND FINANCES. {From the European Mad.)

It is difficult for people on this .side to get at the truth of affairs in Now Zealand. The consequence is that in some quarters the greatest al.irm prevails, and some timid individuals w ho own New Zealand bonds, hearing that the Budget sho\\.s a deficit of 1 1,000, 000 staling, have .so flooded the inaiket uilh their "paper" as to greatly depreciate the stock of the Colony, In fact, cilice our last, New Zenland bonds have been sent up and down like a shuttlecock. Ii discussing the subject the lhnhj Xrtt v remarks :—: — " Investor ■> have been accustomed to regard the bonds of British Colonies as firstela^s security ; New Zealand has been e.assed in tho same category, and the Bank of England has taken the unusual step of issuing its last loan to thr> public This is how it comes about thataUovoninientAvitht continual deficits in its budgets nevertheless is, or has been, regarded as suitable security for the bonds which investors like. But that New Zealand Government bonds have been well ' pkeed' in the hands of inveitoi"*, there would be little to distinguish them from a purely speculative stock ; and if the public continue to realise they will become so entirely. It is beginning to be understood that New Zealand is in a cerj taiu degree of danger of yoing behind. The Colony may surmount the financial, difficulties threatening it, but investors mu -*t iu4 regard New Zealand loans as first-class investments." These remarks had the effect of further overstocking tho market, but tho bonds now, we believe, have been b i ought up by capitalists who are well acquainted with the resources of the Colony, who know perfectlywell that the Colony is just now passing- through a period of severe depression, and that tho bonds will very soon rise in the market. "We hear from Otago of single men rejecting 21s per week and married men 28s per week, and this with mutton selling at od per lb and bread at .>d to Gd per -lib loaf. There are many people in this country who would be only too happy to accept such terms and live so cheaply. Here many of our agricultural labourers are being paid only at the rate of 12s and lls per week, and this with meat at Is per lb butter at Is id to ' Is fid and bread at Gd to 7d per 41b loaf. That depression exists in New Zealand, and in some quarters to a considerable extent, is evident, but the reports to hand are of such a conflicting character, that ever since the first intimation of the depression was telegraphed ifc has boen difficult to arrive at a true understanding as to the real facts of the ease. Sir Julius Vogel's letter, published in our last, served to allay anxiety on the part of many, and we would ask him, ii he has any more information to hand, to kindly make ifc known through the medium, of the public Press.

"Joe, why were you out .so laic lasfc night I- 1 " It wasn't &o very lute— only a nuarterof twelve." "How dare you sit there and say that ? I -was awake when you came in, and it was three o'clock," "Well, isn't three a quarter of twelve r' 1