H.B. Chamber of Commerce.
RESULTS OF BORROWING,
The following report was read at the meeting of the above last week :—
Our third quarterly report of the year presents an unparalleled increase in exports from this provincial district. For the year ending June, 1888, our total exports amounted to £738,652, while for the nine months ending March 31st last £845,247 has already been reached, showing that in nine months we have already exceeded the previous twelve months' exports by £106,595, and there is every likelihood of the current quarter's exports, when completed, bringing up the total for the year to one million sterling for the produce of this small district. From the tables in the table placed before you it will be found that the principal items of increase are on wool, frozen mutton and beef, and preserved meat. The export of timber has more than trebled in the same comparative periods, and all other produce bears a satisfactory comparison with the previous year. But, while congratulating the district on tbe solid increase in wealth safely indicated by our products, unhappily that wealth has not yet gone into general -circulation, except in shipping—general mercantile and tradesmen's business has been, and is, deplorably dull. Whether arising from the often repeated feverish haste, after emerging from bad times, to realise securities at any sacrifice to owners as long as there is a safe prospect of advances being covered, or from want of knowledge at head.quarters, or of confidence in the discretion of branches, or possibly the collapse in the Viotorian land boom, several of our banks are something worse than stringent, Many settlers have had to give up properties whioh, from the rise in the valus of produce, have now become profitable, but whioh are now being sold at a ruinous lose; and with many others thi further development of their lands has been nearly at a standstill, The expenditure of money in this direction being stopped, the circulation of money la moat limited—in fect, we have poverty in the midst of riches. A number of Ismail traders, and «wo of our most respected large firms, have had to succumb to this unreasonable pressure. Colonial settlers have had many recurring lessous-such as. we ere now passing through tln 'good times the banks advenes most liberally indeed, to get employment for their cash they give the greatest inducements to settlers to use it. Most men are readily tempted to put money into the improvement of lands, but when bad times come these advances are called in without further consideration than immediate self-protection, and sales are forced when the banks can see that they can cover overdrafts. The only satisfactory result is that to those who buy in at such times it is of course, the foundation of fortunes.
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Gisborne Standard and Cook County Gazette, Volume II, Issue 295, 7 May 1889, Page 2
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464H.B. Chamber of Commerce. Gisborne Standard and Cook County Gazette, Volume II, Issue 295, 7 May 1889, Page 2
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