Established 1875 Manawatu Times. TUESDAY, SEPTEMBER 4, 1883. THE DULL TIMES,

Manawatu Times, Volume VIII, Issue 355, 4 September 1883, Page 2

Established 1875 Manawatu Times.

TUESDAY, SEPTEMBER 4, 1883. THE DULL TIMES,

'■* Words nre t!iin;;s, auil v ilroj! cif ink fnl'.ing lik* dew upon a tiionijii*'-, pro'lii.x 1^ tlu.t whiih makes thousands, jieihtip-; uulUou.s f.lunk."

Ai" the annual meeting of the Dnnedin Cliainber of Commerce, the outgoing Chairman, Mr B. Wilson, m his address made the following reference to the dull times : — "In my former address I touched upon the depression that had existed m business circles. Trade has not improved since that «iine. I am .j'ovv;/ that J. think it. worse. The 7-V.easnre;', m his finaHri.'j.} statement, .drew ai^ontion to il'ie lar^-e fncre^sQ 'm n>)i' imports as (>n.e ni : T.he dis.t jLii-b---inj; oaiiNew. r JT h si t i* an evil iyiijeh will euro iiself. Alvefidy the published statements show a decline, and, ti-om enquiries I have made, T look for a jjreat diminution m our imports during the present financial yi-ar. Wo must not shut our eyets to the changes that are working; against us. joint i-ifock'' e'i nipHniea uvq gradually absorbing 6r e^tingtrishing the ujiddie met;. Merchants^indiviAtially, are passing away, 'and their places are being taken by joint stock company possessing lavgre capital, borrowed m

the London ma'kct ;u halt' the rates .ot : interest our bankers charge l' r tlifi xae of their capital. Against this no private entei pri-if con successfully compete. The pro.lt s are not spent iv the colon v, but go to support a class of absentees. Whether or not mercantile cumpa* nies of resident shareholders will meet these new concivions of trade is as yet an untried experiment. Another cause of the present dullness is, m toy opinion due to the comparatively sudden change m value of land. This js parti v owing to the competition of the banks and loancompanies, when capital was abundant, to advance on mortgage, when landed speculation was thus encouraged, and large purchases were made m expectation of realising large profits by selling m suitable allotments for small farms. The action of the Government m throwing an exteusive area open for selector* on favor" able terms for settlement, has closed the door to land speculation, and instead of disposing of their purchases, as thej r expected, they still remain on the buyer's hands, and the money thus advanced remains locked up and unavailable for com* mercial purpose^. If we look at the amount of the mortgage indebtedness of Canterbury,OtDgo and Southland, collectively amounting to £14,899,25 Lon which upwards of £1,000,000 has annually to bo paid m interest by a population of 200,000 I think you will agree with me, therefore, that the general depression is due not to over importation alone, bu' to the presence of those joint stock companies amongst us who have aided and stimulated an uuwise speculation m landed estate before- we had a population io do* vel"p the ivs unves or the country." Mr Wilson aVso advocated the early formation of a Customs' league with the Australian colonies, by which the free interchange of the natural products and manufactures of each colony may circulate freely between each State without the obstruction of Custom houses.