PUBLIC WORKS AND WASTE LANDS.

New Zealand Mail, Issue 34, 16 September 1871, Page 3

PUBLIC WORKS AND WASTE LANDS.

(TO THE EDITOB OF THE NEW ZEALAND MAIL.) Sib, —Since the country has been committed to the immigration and public works scheme of last session it must be important to examine and consider every possible method of finance that could be applied to the working out of that scheme. If t great public works are to be under, taken throughout the length and breadth of the land, it becomes a matter of no little importance to consider the financial provision that has to be made by the country for the successful execution of the works. The question at the present time is the mode of providing for the carrying out of the public works and the bringing them to a successful termination at the least expense to the country. It has often occurred to me that the unsold wastelands of the Middle Island, comprising a capital of some sixteen million acres of good land, could be dealt with in such a manner as to accomplish this. If the General Assembly were to place the currency of the country under the control' of the Colonial Parliament, and pass a bill legalizing a government paper currency based upon the sixteen acres of waste lands in the Middle Island and issue notes convertible into land on demand at the various land offices throughout the colony, it might then pay for the works with these notes, and avoid the necessity of placing a heavy burden upon the country in the shape of interest on foreign capital borrowed in the foreign market. If these notes were made a legal tender in the colony, the Government might issue and pay away a million sterling per annum for the next ten years with perfect safety and satisfaction to all concerned. The notes, one, five, ten, &c, ought to be similar in form and character to the bank notes at present in circulation throughout the colony, and, instead of the usual " I promise to pay on demand one pound," the words " I promise to pay on demand one pound of land" (or one pound's worth of land) might be substituted. This form of note would avoid the necessity of altering any of the existing land laws, because when the holder of notes presented them for payment at the land office he might still be compelled to purchase the land in accordance with the existing laws. If one hundred acres of land were sold by auction at 30s per acre, to any purchaser, he would have to pay one hundred and fifty one-pound notes

for his land, and if the hundred acres were knocked down to him at 40a per acre he would have to pay two hundred one pound notes for his land, &c. It might be judicious to make the notes of the first year's issue bear interest at the rate of say five per cent until presented, or one shilling (of land) per annum for every one pound note, as this would bring the currency at once into favor with the public and overcome the opposition of the banks. It would be necessary also to destroy annually the notes which came back to the treasury in payment for land, in order to secure the stability of the paper and prevent its becoming cumulative.

This method of dealing with the waste lands of the Middle Island has for somo years engaged my studious attention, as not only practicable but thoroughly sound and safe, and I have never conversed with anyone who could lay claim to a knowledge of political economy, who did not appprove of it.

Section 19 clause 3 of the New Zealand Constitution Act, passed the 30th day of June, 1852, says :—" It shall not be lawful for the Superintendent and Provincial Council to make or ordain any law or ordinance for any of the purposes hereinafter mentioned ; that i 9 to say—3. Regulating any of the current coin or issue of any bills, notes, or other paper currency." Section 53—" It shall be competent to the said General Assembly (except and subject as hereafter mentioned) to make laws for the peace, order, and good government of New Zeaiand, provided that no such laws be repugnant to the law of England ; and the laws so to be made by the said General Assembly shall control and supersede any laws or ordinances in any wise repugnant thereto, which may have been or ordained prior thereto by any Provincial Council; and any law or ordinance made or ordained by any Provincial Council in pursuance of the authority hereby conferred upon it, and on any subject whereon, under such authority as aforesaid, it is entitled to legislate, shall, so far as the same is repugnant to or inconsistent with any act passed by the General Assembly, be null and void." Section 72 —" Subject to the piovisions herein contained, it shall be lawful for the said General Assemsly to make laws for regulating the sale, letting, disposal, and occupation of the waste lands of the Crown in New Zealand," &c, &c. Despatch from Sir John Pakington to Sir George Grey : " Downing street, 16th July, 1852. Sir,—• I have now to transmit to you the act to grant a Representative Constitution to the Colony of New Zealand, which has received the royal assent. ... 15. Ifc has been the object of Parliament to give to the General Legislature thus constituted powers as extensive as it was possible to confer, consistently with the maintenance of the prerogatives of the Crown. Accordingly, there is no restriction on those powers introduced into the act on which I think it is necessary to make any observation, except the reservation of certain sums for specific purposes. . . . 18. Her Majesty's Government,in framing the Constitution of New Zealand, and submitting it to tne decision of Parliament, determined not to except the control of the waste lands of the colony from the general powers conferred on this Legislature. Without entering upon the discussions to which this subject has given rise, it is enough for me to say that they felt satisfied this revenue was likely to be administered in a more efficient manner, both for the benefit of the empire at large, and of the community of New Zealand by the local legislature than any other authority. And they were of opinion that this administration would be better entrusted to the General Assembly than Provincial Legislatures, not only by reason of its great importance, but also because of its uniform administration of the waste lands is desirable in regard both to efficiency and economy. 29. In addition to these functions, the act confers on the Legislature by sections 67, 68' and 69 the most extensive powers of introducing into the Constitution such changes as experience may indicate or deliberate public opinion may require. The foregoing extracts are sufficient, I think, to show that the General Assembly has the power to adopt this method of dealing with the waste lands of the Middle Island should it think proper to do so.— I am, &c, C.D.I.