COLONIAL "LORDS" ON COLONIAL RUIN.

Grey River Argus, Volume XIII, Issue 1611, 3 October 1873, Page 2

COLONIAL "LORDS" ON COLONIAL RUIN.

[nelson colonist, sept. 26. j Our Legislative Councillors are in a state of alarm (at least the ex-Mini3ters and would-be Ministers) at the indebted- "':': ness o^the Colony. Here are some of the estimates given of our present debt : — . Mr Bonar's estimate (in round _ figures).. ... ... ... £20,000,000 Mr Se well's estimate ... ... 16,445.691 Mr Waterhouse's estimate ... 15,690,369 The Premier's (Mr Yogel) Estimate ... 11,900,000 We expect to hear of most, if not all, the "Lords" clearing out of the- Colony immediately; bo dark are their foreboding* , of what the financial position' of the if Colony will . be three years hence. . Mr Waterhouse tells us, . "that in the year 1876, when we have every '. reason :. to believe „th^,!works; already authorised will be brought to, a conclri- ; , sion, and allowing that our.^population •//' will increase to 240,000, yre sha|l, : in r coiri- !-. parison to other countries, and in, proper-, tion "to our' population^ be the 'most ;' , heavily indebted country in the world. '■' Upon that calculation, and upon that basis of population, we shall in the year 1876 be .indebted the average sum of L 47 18s per head of the population." /0f course ,none of these hon. gentlemen wi11 .. . be found investing their, capital, in the.' numerous Colonial speculations; that have . ; . recently been, started. If the country.': is going to be financially ruined in 1876, these gentlemen would be mad : to 'buy shares in such concerns as the National Bank ; National and South British Insurance Companies ; the 4 Grey, Ngakawhao, and Buller; Coal ; Companies ;:the • iron ore and sand companies ; :'ana> those formed to establish steam communication ; woollen and paper factories ; and to utilise 1 the flax arid - tunjje'rs of the Colony. If the list.of shareholders in the above-mentioned undertakings was looked over, we* believe many of ; bur MJi.C.'sr names would be found therein ; therefore,their actions must belie their words. They croak about ruin to the country,' yet show their faith in its future welfare by greedily U buying up land in each Province, and in- _ vesting some of their spare capital lin national speculations. ' ! The -enterprise being at present exhibited in the Colony, f shows that the people do not believe in such false prophets — who speak only of the: debts, but are .silent, about the industries that will be developed when the 1 country is opened up by mearis of railways running to the extreme ends of each Island. / „-.■, . . -, r ,. p , ?v. ;