AD MISERICORDIAM.

Mount Ida Chronicle, Volume VII, Issue 390, 1 September 1876, Page 3

AD MISERICORDIAM.

The memorial of pastoral tenants, bankers, loan agents, and others, laid upon the table of the House of Representatives, will be of interest to many of our readers. Omitting the preamble, &c, the memorial runs thus : "To the Hon. Sir Julius Vogel, K.C.M.G., Premier of New Zealand, and the Hononorable the members of her Majesty's Government of New Zealand, Wellington,— fa "We, the uncjersigned pastoral tenants of the Crown, bankers, directors and managers of loan and investment companies, merchants, and others interested in the important commercial industry of wool growing, as carried on in the Province of Canterbury, especially npon runs held under license from the 4 Crown, beg |to Respectfully address you upon the question of the future tenure of the runs in Canterbury. "By reference to the statement of the Honorable the Premier, made to the House of Representatives on the 14th of July last, we notice with great satisfaction that it is the intention of the Government to introduce the consideration of this question during the present session of Parliament, with a view to the settlement of the basis upon which the future tenure of the Canterbury runs should be held. " We would venture to urge upon you the absolute necessity of adopting this course without delay, for the following, amongst other reasons : " 1. That the existing uncertainty as to the rentals to become payable to Government for runs held under depasturing licenses in Canterbury, from and after the Ist day of May, 1880, is acting most prejudicially to the interests of those classes of the community whose business operations are intimately connected with the growth of wool. "2. That, in consequence of this uncertainty, there has been manifest for some time past a disinclination on the part of investors either to purchase run properties, or to renew their investments on security of runs and sheep in Canterbury. "3. That a very considerable amount of English capital, in addition to money belonging to Colonial investors, amounting in the aggregate to several hundreds of thousands of pounds, has hitherto been invested in runs and sheep here, by way of mortgages of stock and bills of sale, also, liens on growing clips of wool, as may be ascertained by reference to copies of securities registered in the office of the Supreme Court. "4. That the confidence of English and other capitalists, who have advanced their money upon pastoral securities in Canterbury, can alone be sustained by prompt legislation, fixing upon an equitable basis the future rental of the runs in Canterbury."5. That, unless action is shortly taken in this matter, and the existing uncertainty removed, serious monetary difficulties will most probably ensue, from the certain and sudden withdrawal of capital at present invested on security of runs and sheep here, resulting in an alarming depreciation in the value of sheep, and consequent ruin to many sheep farmers and others dependent upon them. "6. That any postponement of the settlement of this question, or injurious legislation thereon, will have the effect not only of prejudicing the interests of the present runholders themselves, and those upon whose pecuniary support they to a great extent depend, but of inevitably damaging to a most serious extent the prospects of that largo portion of this community whose prosperity, as evidenced by the numerous and substantial improvements scattered through the length and breadth of the Provinces, has in the main been created and fostered by the expenditure incidental to sheep farming by tenants of the Crown, and by the many other advantagep derived from the maintenance of that industry. "In conclusion we think it may be urged upon you, as an additional reason for your attempting to set this vexed question at rest, that the present depressed state of the wool market—owing to the past and, we fear, continuous fall in the price of that commodity is seriously inconveniencing sheep farmers in the Colonies, and that all legislative measures should be promoted which would have a tendency somewhat to alleviate existing drawbacks, which are operating unfavorably to a class who have contributed, notwithstanding many impediments, in no small degree to the commercial prosperity of New Zealand. " We have the honor to be," &c, &c. Among the signatures we notice the managers of the banks and loan agencies in Christchurch ; also the lirms of Harman and Stevens, and Richardson and (Jo., both of which are represented in the House. We shall take an early opportunity to review the question in dispute, and show how it bears on Otago interests;