THE Inangahua Times. PUBLISHED TRI-WEEKLY. MONDAY, AUGUST 26, 1878.

Inangahua Times, Volume 74, Issue 74, 26 August 1878, Page 2

THE Inangahua Times. PUBLISHED TRI-WEEKLY. MONDAY, AUGUST 26, 1878.

Ix would bo idle to nfctompfc to conceal the fact Llmfc Koofton at tho present timo is in an unpleasantly deep slough of depression. liYom all quarters, and from nil branches of trado and business comes ihc aaino monotonous dirge a« to the dulneaa of Iho times and the scarcily of monoy. In this l'oapeofc, however, the Tnnnhnhua would not appear to bo in any exceptional situation. From tho norLh to tho south of the West Conot tho samo unpleasant conn dition of commercial depression appears to prevail. In Holcitilca, what with the apparent collapso of tho " groat expectations " built, upon tho faith of Rangitoto silver, tho Waimea waterrace, and ihtj Kumara, and other causes, tho community ha« roceived a shock which could hardly fail to upset the commercial equilibrium of even a much moro wealthy and extensive centre. The failure of the Kumara to approach, even remotely, to tho great future predicted for it, and tho heavy business failure? consequent thereupon has, no rloubt, had much to do with the financial tightness complained of. Greymoth, like its southern neighbor, has no doubt Buffered largely by Kumara failuros ; and this, with other causes, has no doubt contributed in no small way to the commercial enervation which prevails aliko thore, The contiguity of tho financial storms thus inn duced has had the effreb of sending down tho commercial barometer hero, and the full effect of thia wo aro now experiencing. There are, however, other causes which have by frightening aw.ay capital, no doubt operated largely in intensifying the depression current hero, and foremost in this rank n ay bo classed the disclosures recently mado in the Magistrates Court in regard to the affairs of a particular undertaking, It cannot be questioned that the reve* lations made m that case havo had a most damaging influence upon tho field as a whole, and it is not to bo wondered at, forno one at a distance could read the report of that case without coming to an unfavourable conclusion. But history, and especially tho history of quart k mining, will ropreat it a- If, and under tho circumstances Hoeftou could hardly expect to escape tho reproach whLh at one timo or another has fallen upon till reefing communities in the Colony, In the meantime publio confidence in tho district has been severely shaken by tho blow and time only will heal tho breach thus occasioned. The withdrawal of capital, and the sudden arrest of all outside investment has plunged the district in tho state it is now in, and despite tho improved projpects of many of the mines we can hardly expect a returu to the old prosperity for many months to como.