Untitled

Hokitika Guardian, 23 March 1921, Page 2

Since tho foregoing was written there came to hand the important messages sent yesterday by our Parliamentary reporter regarding the closing hours of flip very brief session. Tlie matters dealt with had all to do with finance. Mr Massey’s main speech on the Finance Bill covered rather familiar ground without revealing much that was new. He announced, however, a probable surplus of five millions which is rather more that! double that of his estimate in the last Budget, As mohetilry matters are shaping, the surplus of revenue above expenditure is very welcome indeed. But we have to remember where it has come from—mostly from an abnormal excess in Customs—and there is not much hope of this source of revenue being maintained over next financial year. Tho rush legislation, however, which tho House put through in its closing hours, should bring home to the people at large how serious the financial position of the country is. The shortage of money has created a very critical condition, and it became necessary to safeguard the matter, by prohibitory legislation. Tn this way a great horde of “free” money at call, has become locked up, and this while it will no doubt greatly inconvenience the depositors affected, will place less strain on tho monetary institutions which were responsible for the safe-keeping of the money. The legislation precludes anything in the shape of a “run,” and this avoided, time will he afforded to relieve the stringency. The revival of tho war regulations as affecting finance and tho extension of the moratorium, both point to the real danger facing the country at large. Mr Massey believes that tiio position is now reasonably secure, and that New Zealand lias been saved from a serious financial crisis. If so the Government and the country should take heed from the experience, and begin at mice to seriously set its house in order. It seems a matter for further speculation ill the presetit situation. whether the Prime Minister, who is also Minister of Finance, should leave the Dominion at this period for an extended tour. The decision on that point must he left to the judgment of Mr Massey and his colleagues, and they will have to take the consequences of their decision. From ail onlooker’s point of view seeing tho position on Mi Massey’s statement is so precarious it would seem best that Mr Massey should not, go.

The news that the big dredge across at Rimu Elat is to lie ready so soon for launching, will come as a surprise to those wild have not kept in intimate touch with the rate of construction. There is no doubt that there has been a large amount of “hustle” in the building operations, and that sort oi high pressure energy is to he expected from a firm which halls from the United States. In this latter connection, it is a. matter for congratulation that money and enterprise from far off New York should find its way to little Hokitika. There tire at least those who believe in the future gold-mining iii West land, and if for no other reason bur patrons from a far distance will have* the best wishes of the Coasters tor their success, out of appreciation for their faith in Westland. The dredge is quite the largest and most notable yet erected south of the Line. When the huge hull finds its way into the water next. week, the event will be a, history making one for 'this district. The dredge is to finished and equipped on a, scale as complete as the hull itscli. We understand this is the ninth dredge the engineers in ‘charge of the work have put into operation, so there is no doubt their work is well understood and will be faithfully carried out. There is practical experience behind all the work, and that more than anything counts for success. The fact that the dredge is to he equipped with electric power, makes it a very notable enterprise indeed. This power costs far more than steam to instal, hut can lie

run at greatly reduced cost. It- is a power very readily applied, and when the- initial dredge is a financial successes, two additional,, dredges are to he put on the field. There are thirty years’ work in sight for one dredge, and by putting three giant machines on to Rimu Flat, the ground can he worked in ten years. The enterprise is costing thousands of pounds. The promoters deserve to succeed and we believe they will turn out a machine which will command success. Good luck to them in any tease.

The Westland Electric Power Board is still hampered by a set of circumstances which causes that body to move circumspectly. At the moment labor is scarce and money dear, so that a large enterprise in the installation of expensive works would Ik.* a costly undertaking. On the other hand, there is the choice of different sources of power which the Board might take up and begin to develop. But the choice just makes the difficulty, for the selection is naturally a question for serious consideration. While tluv Kumara project is considered a. “small” proposition, that at Toaroha is a “large” undertaking. Neither is as central as Lake Knnieri which commands the principal location of industrial activities. But the latter is not immediately available as a direct source of power, as already there are existing water rights which have the prior claim to the lake waters. In the circumstances it is a matter of ’postponing action for the time being to await the prospect of deriving power from Lake lvanieri by the addition of extra water being turned into the lake. The lake itself is a natural reservoir for the purpose of hydro-electric developjment, and is a very notable asset, in

that respect. -Jt could be improved upon by different schemes to increase the inflow of water into the lake so as to serve for additional developmental purposes. This is the stage at which the proposition now stands, and enquiry will require to be made and information awaited as to whether this can be done. If it can be, then power will be available, and it will come quicker that way, most probably, than bv ally other means. Mr Birks’ report was not a very helpful statement for the Board} and in the meantime the members were well advised in an undertaking so large as this, to go slowly, and move circumspectly. A few months’ delay at this juncture will not.-he all time lost for it will mean monev saved in the end.