Established 1815 Manawatu Times. FRIDAY, JUNE 29, 1883. The Colonial Treasurer on the State of Trade.

Manawatu Times, Volume VIII, Issue 298, 29 June 1883, Page 2

Established 1815 Manawatu Times.

FRIDAY, JUNE 29, 1883. The Colonial Treasurer on the State of Trade.

"'Words ure 'blii»;;s, and a. drop of ink fulling lik* do,w iipon v tlionyli*-. pro'.liu.cs tlnit whioh makes thousands, perh:ip>- unllious t.hmk."

(From the Financial Statement.) "Now, there is reason to believe that the introduction of capital the property of settlers was very large during last year, and to that extent the increase m our imports was legitimate ; but, making every allowance for this important item, it is clear, to my mind, that our. imp/outs last year were at least — £1,000,000 more than they ought to nave b«en to supply our reasonable wants, that they have been obtained on credit, and are therefore pressing very heavily upon the commercial classes, and through them upon the rest of the community. It is, I think, clear that until we have worked off our surplus stocks — and this can onty be done by producing the means to pay for them, which will be the work of time — we cannot expect full re* lief from the present commercial depression, although the gradual easing of the money market m Australia as it takes place will give us some help. But are there any real ground, on account of the pvesant tsommeroial depression whiph undoubtedly exists over a large part of the colony, or from any deduction whiph can be fairly drawn from the figures I have just given, to justify us m taking a gloomy view of our future progpeots ? To that question, sir, my answer is most emphatically No ! I say dis. tinctly, after a most careful consideration of the whole condition of -the country, that there are not only no real grounds for taking a den spondent view of our position, but, i on the contrary, there i« much j reason to justify us m looking for* with confidence to a future of great prosperity. No doubt, sir, we, like other communities, shall have bur ups and downs. Unusual prosperity will be followed by unusual depress sion, as is the case all over the wojld. No cue, I think, who sees the steady improvements that are going on all over the colony, syhoi observes the verysubstantial t.acr/e.ase m the Savings Banks deposit, the great increase m life assurance business, and the rapid develops ment of our manufacturing industries, pi lylio has patched our impor,t and expprt trade with care, can' doubt that we are producing enough to pay pur debts, tfye comfortably, and gradnftlly ftceuißuUits fif}f}fay ThJ present state of our trade is not saji;is.y factory, but we ( might have avoided it almost entirely had our judgment been a little better. No doubt busiw ness men wera tempted by cheap freight and comparatively easy money to oversimport, forgetting for ike moment the effect which would follow the confcrap&on,jin. the aspen* diture of borrowed , ra6«ey '■— an expenditure which, I am glad to say, ; parliament has determined to fceop within much narrower limits than have been observed m the past. The remedy $or fluph depression as we are now suffering horn is, |ft pur own .hands ; it is old, vory simple, and thoroughly efiective, but unfor- : tunately there is no* royal road to it. ' It pop&ists, sir, m an, amount of self* denial an(j jseif-pgs^aj^, of iyhich we are srmewhat iinpatien^.itt days, The remedy is, Mr Hamlin, to live within our means* <■ both publicly and privately j aqd there are, I am happy to gay, ■■ many indications thct we are really making Up our minds to follow the good old plau. In conclusion, allow .me to ?ay that, notwithstanding /t^' 'exisieiicd ' of some commercial dftpression m parts of the .colony^thearesulfc p|;.ix».. fluences of which I have. endeavor ed^ to afford explanation m my pre-« yious remarks, yet the steady grov* th of .essential iadustriesjr— the gradual improyeraent of oyv iyfavipX com*

muriications — the rapid and spontaneous increase of commercial facilities by means of fine fleets of Bailing and 'steam pships, which Unite us with other lands and ply constantly on our coas's, the establishment of an export trade m frozen meat and other produce of the land the en* couragement afforded to settlement of the country .m small holdings — and the prospect of an early and complete solution of those questions which have so long delayed the reconciliation of a large section of the native population to our rule, are considerations which justify a sober confMencencd m the future, and encourage the Legislature to persevere m the course which it has followed, with such advantage to the colony, of a Citreful and methodical finance — of a just and firm hut conciliatory native policy — and of the settlement of the land m such holdings as will promote its occupation by the people.