THE Grey River Argus TUESDAY, JANUARY 26, 1869.

Grey River Argus, Volume VII, Issue 473, 26 January 1869, Page 2

THE Grey River Argus TUESDAY, JANUARY 26, 1869.

"It is never too late to mend," is an old saying, and a good one, and we are glad to find that the County Council is turning its attention seriously to the provisions of the many numerous wants that ought to have been satisfied years ago. It will find the task no easy one. The complaint of the children of Israel at their being compelled by their taskmasters to make bricks without straw, may be feelingly echoed by the Council. It is called upon now to do works of magnitude, and it has very little money with which to defray their cost. 0 ! for the flowing chest of 1865 and the following year, when money poured in like water, and was dissipated as if it were water only. But it is idle wishing; we cannot recall the past; all we can do is to endeavor to bring back, if possible, some of the old prosperity. The one great cry throughout the County now is Roads ! Roads ! and the Council is striving to meet the cry as well as it is able. But it is very certain that it cannot satisfy all sides at once. The people of Hokitika want a road to the Greenstone, and another to the Christchurch road > the miners of the Waimea district ■ are calling out for a road, across unexplored country, to the Teremakau, whilst in the Grey district roads are wanted everywhere. To satisfy all these requirements would entail an expenditure of probably £50,000, a sum which the Council cannot dream of expending. Clearly, the idea of a main inland road must be worked out gradually, and in the mean time the most pressing wants of the country districts must be attended to. In our own district, the completion of the Arnold road, and the repair of the track between the Grey and the junction, are works of immediate necessity, and ought not to be longer delayed. They are both of them too costly works for the Road Board, .with its limited funds, to do. Then again there is a track from the Eight-mile diggings across to the Greenstone required. Further, there is the road from the Greenstone township to the junction of the Teremakau, which, our Hokitika correspondent informs us, the Public Works Committee have recommended to be commenced forthwith. These items alone would necessitate an expenditure of fully .£5,000. At a similar rate in the other districts, there would be but little money,, if any, left for the Municipalities and Road Boards, unless the Council go into debt. And we are beginning to think that the Council must get into debt if it is to carry out even a portion of ths works contemplated. Probably a large sura will be saved annually after the Canterbury loans have been i*eadjusted ; but in the meantime the revenues of the County cannot meet all the demands made, upon them. It becomes a question for serious consideration, whether or not the Council has borrowing powers, and if it has, can it offer sufficient inducement to capitalists to lend money 1 The Act certainly does not prohibit it, and possibly there is no other Act that could interfere with the free will of the Council in this respect. Supposing that the County Council! were empowered to raise money, what security can it offer? Its revenues — particularly its Customs duties — arie quite permissive and variable. Indeed; it is not improbable that the County will, like the Provinces, cease to share in the Consolidated Revenue in a year or two, if not sooner. The Gold Fields' fees and licenses, &c, and the gold duty might, perhaps, be considered a permanent iucpme, and be operated upon for borrow-

ing purposes ; but even this is doubtful. As far as we can see, the County Council can offer no greater security at preseut than its good, faith—^and good faith is not always. %\\q sort of security that money-lenders prefer, The subject is one worthy the consideration of the Council, and we should advise them to get the Attorney-General's opinion upon the question. But whether the Council can or can not borrow money for general purposes, we think that money could without ! much difficulty be raised for special reproductive works. Take, for instance, the construction of large water-races or reservoirs j we do not see what is to hinder the Council carrying them out ! by means pf borrowed money. Let us suppose that the Council undertake to make the proposed large race from Lake Brunner, the process might be something as follows: — After a careful calculation has been made of the cost and probable profits of the work, the Council would invite tenders for loans of money in sums of from £10 to £1,000, for which would be issued debentures payable at one aud two years, beariug interest at ten per cent, per annum, and to be secured upon the work proposed to be constructed. We fancy that by some such plan, not only would large capitalists be disposed to invest, but what is of more importance, the enormous amount of miners' deposits remaining unprofitable iv the Banks would be unlocked and invested in the County debentures Should it be found possible to carry out this idea, the County would be able very soon to derive a very large revenue from reproductive works, sufficient not only to pay off the principal borrowed, but to apply a large sum to general purposes. We trust the question will be thoroughly and carefully considered, and we should also be glad to see it discussed in our own columns by any persons who think they can afford information or give suggestions. If it can be satisfactorily proved that the County Council can laise money on loan, then we should certainly say let it borrow as much as it can get, provided only that the money be rightly and profitably expended. We leave the subject for the present, but shall take another opportunity of further discussing it.