The Gisborne Standard AND COOK COUNTY GAZETTE. Published every Tuesday, Thursday, and Saturday Morning. Tuesday, July 15, 1890. GOOD TIDINGS.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 480, 15 July 1890, Page 2

The Gisborne Standard AND COOK COUNTY GAZETTE. Published every Tuesday, Thursday, and Saturday Morning.

Tuesday, July 15, 1890. GOOD TIDINGS.

Bn just and fear not.; I<et all the ends tbou aim’st at be thy country’s, Thy God’s, and truth’s.;

There is reason for great satisfaction at the announcement that an Assets Company has been formed to take over the e:lobo assets of the Bank of New Zealand. The Bank’s troubles have greatly intensified the depression, and commercial matters have for months, perhaps for years past, been kept in an unduly depressed condition, in sympathy with the monetary institution. The formation of the Assets Company should put an end to all inrther troubles, while the bitter lesson that has been given will have a verybeneficial effect in the future. The Press of the colony speaks very hopefully of the new development in the Bank’s history. The Post says:—“A great incubus is about to be lifted off the colony. Ever since the memorable day when it first became known that the Bank ot New Zealand was in troubled waters, the fact has lain like a dead weight on the spirit of enterprise, and has tended greatly to the depression. Notv the end has been reached the full truth about the Bank of New Zealand is known, the worst proves better than most people probably expected, and a scheme has been evolved by which the Bank, freed from the dead weight of its vast losses and unreasonable assets, will be placed on its legs once more, in a position to perform all its legitimate commercial functions. More than this, the fear of a crisis from com pulsory realisation of the globo assets, at any sacrfice, is done away with. The cable news to-day is a bright gleam of sunshine, penetrating the dark clouds of commercial depression, and indicating a power that will speedily disperse them altogether. A revival of confidence, with an unloosening of capital, so as to enable trade to be carried on unhampered by the heavy handicap it has so long suffered under, may now suddenly be looked for. The formation of the Assets Company will do more to restore prosperity than any parliamentary action could possibly effect.”

The East Coast is deeply concerned in the policy now being adopted—more deeply than many people suppose—and we cannot do otherwise than joyfully hail the proposal. During the last eighteen months there has in this district been a great change, for the better, and the formation of the Assets Company, which means a large influx of fresh capital, gives additional cause for renewed hope in the substantial progress of this district. Whatever is being done now savors not of the bubbles of an inflated period : the good results must be of a permanent nature.