The Waikato Times AND THAMES VALLEY GAZETTE. SATURDAY, OCT. 24, 1891.

Waikato Times, Volume XXXVII, Issue 3008, 24 October 1891, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

SATURDAY, OCT. 24, 1891.

Eaual and exact justice to all meD, Of whatsoever state or persuasion, religious or political.

Tiih promoters of the National Association of New Zealand are not losing much time in getting their organisation into working order. Circular letters are being distributed to those deemed likely to take an active interest in such a movement. These contain, in addition to the published platform of the association, which we consider appeals to the patriotism of all classes, some comments upon the present colonial position, which we think are well worthy of thoughtful perusal. We have before to-day pointed out one of the most immediate—if not the most disastrous—effects of the Socialistic and labour agitations in New Zealand would be found in the widespread feeling of unrest and uncertainty which must gradually pervade every channel of trade and industry throughout the colony, blocking enterprise, preventing investments, and ending in general stagnation. That this has largely come about is no secret. Money is, in reality, plentiful, but in the ordinary channels of trade it has become scarce. No one cares about parting with cash for what security can be obtained. Would any sane man, after what has recently taken place in Parliament, and the still more recent utterances of the Premier, lend money out upon freeholds, or even expend it in improving them, with the probability hanging over him that before long confiscation, in the shape of some new and cunningly devised taxation, would be his reward. As we have said, such a course as we have witnessed on the part of our Government can only end in the colony being drained of its available capital; either for the purpose of being transported to other and more promising fields for investment, or of being placed in the banks for security, wlwre it can earn little or nothing for its owner, and where it also will escape contributing to the taxation of the country. The present position in this respect is clearly put in the following paragraph, which we take from the association circular :—" Let it be remembered that the exodus of population continues, the net loss by excess of departures over arrivals for seven months being 3699 persona, and that, for the first time within the memory of colonists, there is £1,280,255 of absolutely idle money in the banks (exclusive of savings banks) after setting advances of every kind against free and fixed deposits—an unexampled exhibition of the want of confidence in public stability, brought about by reckless legislation. Colonists can only hope to stop th 6 exodus and secure the full employment of the people by reversing the policy which is now jeopardising private rights by glutting the banks with idle capital, which might, under fair conditions, be utilised in giving wages ar.d employment to thousands, and developing the wealth and industry of the country." Surely nothing can be more apparent thin this. The immense natural resources of the colony—whether in agriculture, mining, or manufacturing—are unquestioned. There is scarcely a spot upon the globe where capital and labour could unite with such advantage for combined operation ; but the paralysing hand of distrust is upon us. No one knows what may come forth ; what industry may next be singled ont by the political agitation for extinction. If the National Association can by its numerical strength assure the public that no more radical changes will be made, without at least careful consideration and a reference to the people, they will not have worked in vain.