PROVINCIAL LOANS.

Mount Ida Chronicle, Volume V, Issue 280, 18 July 1874, Page 3

PROVINCIAL LOANS.

Referring' tu Provincial Borrowing, the ' Dunedin Star' says:—This is the difficulty that the Premier has, for years past, endeavored to overcome, and in which, his efforts have been thwarted by the Legislative Council. He has endeavored to introduce measures for localising expenditure on what may be termed subsidiary public works. He first proposed a plan by which the owners of property in a district requiring branch railways were to be held responsible for the difference between the net revenue of the lines and the interest payable upon the money invested in them. Nothing could be more, reasonable. In all probability very few districts would have had to advance a farthing after the first year : certainly none when due care had been observed, would have had to tax themselves nearly so heavily as they pay now for maintenance of very inferior and almost impassable roads. Yet the prospect of expending sixpence in the pound on the rental of their estates, in an investment that would render them five or six times as valuable, terrified the oligarchy in the Legislative Council, and they would not consent to it. Last session he proposed to enable Provinces to borrow on the special security of the works themselves—just as men do every day when money is required for investment in reproductive undertakings. There was nothing startling in the proposition. It is done all over the civilized world in the "construction of docks, railways, ships,' canals, bridges, . and roads. But no—-even that would not do for the oligarchy ': it was too business-like a system for them—they would have nothing to do with it themselves, nor allow anyone else to have the powers." The onlv conclusion that can be arrived at is that they will allow nothing to be done for the. improvement of their property, unless it is paid for by the public, at whose expense they will have no objection to become rich There would not be much to be surprised at if the proposition suggested by Sir. F. D. Bell were .gravely put —that pastoral land should be sold for the construction of local public works at 10s. an acre, the interest of which, at five per Cei'u a high price for TiiOiiey at Home—would be 6d. per annum. And since, with very little outlay, most of the land could be so im - proved as to feed two or three sheep an acre, the saving in assessment, would be a very nice profit. It is time we were awakened to the true value of the estate rapidly passing out of the hands of the public, and of the best way of /dealing with it' for public benefit.