SIGHT-SEEING IN NEW ZEALAND. 319 



on rail roads that do not pay expenses. Complaint is loud in the 

 land that taxes are high, have nearly passed the point of endur- 

 ance. And still the government is borrowing, and spending the 

 money on profitless enterprises. A loan was placed in London 

 at four per cent while I was in the Colony, and great was the 

 rejoicing because it was taken at a small premium above par. 

 The banks are loaning money at twelve to fifteen per cent on all 

 kinds of real and chattel securities, are declaring large dividends, 

 and building magnificent banking houses in all the cities. But 

 outside of these, both city and country are already dotted with 

 dead and n on -pay ing enterprises. 



Now it does not take much of a business eye to see in all this 

 the elements of a collapse. Sooner or later the time will come 

 when the government will be able to borrow no more when 

 the banks will be called to account for the money they have bor- 

 rowed and scattered, and then will find themselves loaded down 

 with depreciated and unsalable properties. .It is the fate of men 

 and nations that live by borrowing to end in disaster. I am fear- 

 ful and sorry to think that hard times are in the future for this 

 lovely and interesting land. But however unfortunate it may 

 be in national affairs, it will always be rich in natural scenery 

 and abounding in all that delights the tourist and the lover of 

 nature. 



