NEW ZEALAND'S DEBTS.

Inangahua Times, Volume VII, Issue 1033, 9 January 1882, Page 2

NEW ZEALAND'S DEBTS.

# The following interesting information relative to the various loans floated in London by local bodies, with comments thereupon, is from the pen of a home correspondent of the New Zealand Times : — I am glad to say that on the whole the British community, whicli constitutes the United Kingdom, has faith in New Zealand; its climate and resources are as much thought of as ever they were. Not an adverse word is now publicly heard as to your intention and ability to pay the interest on your manifold public debts, if only common sense and prudence is displayed by whatever Government is in power ; at the same time, New Zealand securities in value stand lower than those of any of the Australasian colonies. This results from excessive and rapid borrowing ; but for all that Australian and New Zealand General Government debentures, or bonds, rank as colonial consols, only second to British consols. To be sure there are some slight misgivings as to the pro priety of your muni 'ipal corporation?, harbor boards, and local boards making such frequent appeals to the money market here for purely local and almost parochial purposes. It is desirable, in the interests of the whole colony, that these appeals should be ess frequent in the future. The general public in England, and, I fear, your colonial community at large, have little idea as to the magnitude of New Zealand's local borrowing. To enlighten them a little — I hope without presumiug too much — I have compiled from official lists the following statement of New Zealand local borrowing in a foreign market. It may not be complete in all respects, but it is nearly so, and has been collected and collated from the highest Stock Exchange au thorities and private sources : —

Lyttelton ...400,000 Total £2,650,400 Taking the Colonial debt (including that extravagant and reckless financial operation of changing the 5 per cent, five million loan into 4 per cent, inscribed stock, at a cost of L 895,200 added to your permanent debt — all for the sake of a paltry saving of L 8952 in annual interest. This ought to be called Vogel's "job." After deducting accrued sinking funds, there remains, according to your Treasurer's last Financial Statement, a solid permanent debt of L 28,040,170, requiring 1,543,000 sovereigns, or their equivalent, to be sent Home every year to pay the interest thereon and sinking fund. Thus, then, we see that the £ Colonial debt amounts to ... 28,040, 170 Municipal and Board debts amount to 2.650.400 Total £30,G00.400 The interest and sinking funds of the local loans cannot here be correctly given, but taking at the average of 6 per cent it will not lie far from the sum of L 159,000, making with the Colonial interest and sinking funds a grand total of say L 1,702,000,, 702,000, to be nearly all annually remitted to London, to fructify iv tim pockets of strangers 1 5.000 miles away. This, I must admit, is a formidable total. Still, as the railways, v ith each succeeding year, yield more profits a population increases, as Hooks and herds multiply, as the cidtiv.^ion of the laud spreads, as commerce «•:■■; "•:•."* ;ud t";e produce of your mines expands, so v.-.i; your fhta'u-i.-tl raenvs Ven-ae L'--.;:"'av.<l

at work to find a method of driving a coach-and-four through the stringent provisions of the Act. It has long been a moot point whether single or married men make the best soldiers. Some maintain that I the lack of wife and family tends to i make a man reckless of his life, therefore a good soldier. Others say that the married man is almost a veteran when he enters the ranks, being inured to combat, therefore a good soldier. In the recent Tunisian compaign a colonel was questioned upon this point, " Both are right," said he. Look yonder. Do you see that battalion of happy, devil-may-care fellows they are all single men, and tjiey would take their lives in their hands. But look again. Do you see the taciturn, sombre, gloomy looking men there? They are all married, and in a hand-to-hand fight they are terrors. " What is the name of the battalion? asked the inquirer. They are called said the colonel gravely, « The Children of Despair.'

to be made on them, provided that excessive caution is manifested in your future calls on the money market of London. Then, indeed, the future of New Zealand is bright and full of promise. ' I presume that within a year or two New Zealand will require to borrow to pay off a floating debt of Treasury bills and debentures, and perhaps, for other very urgent requirements. After this it would be wise — nay, more, it would, be absolutely necessary to stop borrowing for some years to come.

£ £ Auckland ...225,000 Timaru ... 60,000 New Plymouth2oo,ooo Oamam ...160,000 Napier ...145,000 Dunedin 836,400 Wanganui ... 60,000 Southland 54,000 Wellington ...430,000 Bluff ... 50,000 Christchurch &