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The Pamphlet Collection of Sir Robert Stout: Volume 73

The Position in New Zealand

The Position in New Zealand.

I have put this matter before you so fully because of its importance, and because it is the same monetary disease from which New Zealand is now suffering. Gold is demanded elsewhere; it is sent away by Banks and brokers in money, and is so "appreciated." The currency is consequently contracted, as we all know from experience it is at the present time. Banks won't allow overdrafts, will not discount usual paper. Extortionate rates of interest and discount are charged for the limited accommodation afforded. Holders of property and commodities must pay their debts, which are all payable in gold, and must therefore sell for what they can get, or become bankrupt. Hence low prices, hard times, no employment, and want. We clearly require something to take the place in New Zealand of a currency which is based on a metal of such fluctuating value as gold, and is consequently so liable to be contracted.