The Waikato Times AND THAMES VALLEY GAZETTE, Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. THURSDAY, APRIL 7, 1892.

Waikato Times, Volume XXXVIII, Issue 3078, 7 April 1892, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE, Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. THURSDAY, APRIL 7, 1892.

Ikcuea.se in the Customs revenue and tho traffic returns of the railways of a country must be accepted, in. tho absence of exceptional conditions, as an indication of enhanced prosperity, and Ministers aro in the habit, when this is the case, of claiming that the improvement is in some degree in consequence of their policy, and the public is proparod to admit the claim. The facts, at any rate, go far to prove that the policy, whatever it may bo, has not destroyed confidence, and tho country is not inclined to be hypercritical under the circumstances. Much is usually made of the coincidence that the Treasurer's estimates have been exceeded or not reached. This is so because the estimates are presumedly niado on the basis of experience. To exceed or not to reach the level is therefore indicative of progress or retrogression. The Customs revenue for the past year is given as £1,625,174, being £90,000 in excess of the Treasurer's expectations. The railway returns have also exceeded the estimate by £7000, the total being £1,121,236. This is a clear indication that the country has made a large upward step from the abyss of depression into which it had sunk, principally from causes over which we had no control. Tne commerce of the whole world is exceedingly sensitive, and a shock of any one of the connecting links reacts to a degree upon the whole. The trade of the world showed a marked improvement during 1891, and. New Zealand Las participated in the increment. In our case the cause of the depression was due mainly to the stoppage of the large "expenditure of borrowed money, and there is now every indication that we are rapidly recovering, and illustrating tho fact that the natural rosources of tho country, and the industry and energy of the people arc capable, notwithstanding our very heavy debt, of forcing the country into the very front rank. The people have quite determined to whip the cat, live within their means individually and collectively, to advance at a moderate pace, and allow tho. " leaps and bounds" pnriorl of our history to bn a past epoch. Our prosperity is no doubt due to a large extent to our determination to work the country with our own resources, and gradually decrease the terrible incubus of debt which hangs over us. We were the first to set the example of tremendous borrowing, and we have boon the first to retire from the field and congratulate ourselves

that we have passed through the first stage of retreat, without ■ unti'rial disaster, and are rapidly gaining the strength which will

enable us to complete tho journey, l'here must be no morn borrowing is the stum decree of the people. There are those, of coursp, who urge i hat u small loan to roil their own particular log would benefit tins whole colony, but the great bulk of the people are very deaf to their appeals and arguments. Long may they remain ho is the prayer of every far seeing man who has the interests of the country at heart, [t is confidence which is the principal factor in bringing about prosperity, and we cannot conceive anything more calculated to inspire it, in those already here, and those who are looking for a country to settle in, than the convictions that our financial debauchery is not effervescent, and that the medicine " depression" has effected a permanent cure. The returns we have quoted above prove conclusively that we can pay our debts and at the same time advance in prosperity. There should therefore, to the well regulated mind be no temptation to return to our evil ways. The true principles of public and private finance are the same, they only differ as to amounts. Many a farmer has learnt to his cost that hurrying to be rich more than exemplifies the old saying "the more hurry the less speed." If he has exceptionally good land and other circumstances favour him he may pay off a mortgage provided it be not too heavy. We have an exceptionally good country, and we believe that our mortgages are not sufficient to prevent our progress. We have only halted, however, with our feefc preciously close to the line. We congratulate the Ministry that they have not hinted at a step forward, as to this circumstance, and the supposition that they are exercising economy in administration, is no doubt due the favourable aspect of one side of the ledger. May the other prove equally gratifying.