New Zealand Times. WEDNESDAY, AUGUST 26, 1874.

New Zealand Times, Volume XXIX, Issue 4191, 26 August 1874, Page 2

New Zealand Times. WEDNESDAY, AUGUST 26, 1874.

The second reading of the Public Works and Immigration Loan Bill on Friday afforded Mr. Waterhouse an opportunity to titter a second edition of Jeremiads respecting the financial state and prospects of this patient and much enduring Colony. We say patient, because if Mr. Waterhouse be right, and there is catastrophe suspended over our heads like the sword of Damocles, by only a thread, the equanimity with which the people, including the hon. gentleman himself, regard their approaching fate is wonderful to witness!. But we- are sure he will pardon us if we, like the Colonial Secretary, allow that there.is much that is excellent in his speech, and much that is undeniable, and then follow out the dictates of our own judgment. In this we only follow the example of a great manygoodpeople whoare constantly being told that thousands of persons amongst whom they live are in urgent danger of eternal perdition, who believe all this, but who go home to eat a very good dinner and chat cheorfully with their frionds, the bad news not having disquieted them in the least. The same remark applies, we doubt not, to the persons charged with the duty of weekly reminding the people of the awful fate awaiting them and many of their friends. And, notwithstanding Mr. Waterhouse's prophecies <M evil, that cannot be staved off mor9 than a twelvemonth—financial embarrassment and ruin, men of means deserting the country and what not —wo should not bo surprised to hoar that he is negotiating the purchase of a large landed estate. In this ho resemblos Dr. Cumming, who prophesied that the world would, come to an end in a year or two at furthest, and thon took a lease of his house for twenty-one years. Wo do not suppose that the reputation of the learned Doctor sufforod by the collapse of his prophecy, and if Mr. Waterhouse's intimation that the policy pursued here would "lead 'to the emigration of the best portion of our population to the adjacent Colonies in less than twelvo months," should not be correct, we dare say we shall still have the hon. gentleman preaching to us admonitions to prudence and other good works. Dr. Cumming's prophecy, it might bo reasonably anticipated, would cause the Scottish church, Covent Garden, to bo crowded by people anxious to escape from tho wrath to come; and Mr. Waterhouse's cry of "tho wolf" may servo a temporary purpsso. The evil days that he fancies he sees coming are perhaps a fruit of his imagination. There was a character, sketched by our great novelist in tho Pickwick Papere, called "Dismal Jemmy,"" and ho always, as his name implied, saw things from a melancholy point of view. Perhaps Mr. Waterhouse does tho same, and, if so, duo allowance

should be made for a constitutional peculiarity. At any rate, if there are seven years of famine before us, and if the ho**, gentleman can induce the people to save during the years of plenty, he will have done well. There is a time and place for everything under the sun, and we cannot but think that if Mr. Waterhouse could have given us stronger evidence that all the laws of prudence ho endeavored to inculcate were peculiarly apropos to the present circumstances of New Zealand, they would have had more weight. We are not able to decide whether he thinks the Colony is even now prosperous. Certainly he told us that its prosperity was fleeting and delusive, but then ho brought forward a number of figures to prove that if it be prosperous, other * countries are much more so. The inference from this must be that it is only in a semi-prosper-ous condition. But then these figures remind us of the saying of Canning that figures could be made the greatest liars in the world. We are quite unable to see that statistics respecting the revenues of countries in Europe, Africa, and America have to do with the revenue of this Colony. The revenue of the Argentine Republic may have increased fifty per cent, against our eight per cent., but this is utterly irrelevant to the question of the prosperity of New Zealand. We presume that if the taxation of the Colony were doubled its revenue would increase, but that fact would have no relation to its prosperity. Mr. Waterhouse, fancying it would havo, fell into a mistake of a similar character to that of the Victorian protectionists a few years ago. Twelve months after the protective tariff had been in existence they exulted that it had been a complete success, because the Customs' revenues were much larger than these had everbeenbefore. They were astonished and delighted to find that increased taxation Bhould bring additional revenue. The fact was a discovery to them. But they failed to see that tho tariff had not protected or encouraged Native industry one whit, as the same amount of goods came in that came in before, only the consumers had to pay higher prices for them. What they did not understand, and Mr. Waterhouse does not acknowledge, is tHat in the incidence of taxation consists its wisdom or the contrary. People may be heavily taxed to carry out a certain policy, but if that policy give them double as much money as they would have elsewhere, both to expend on the necessaries and luxuries of life as well as to pay taxation, they are really money in pocket by it. We suppose that Mr. Waterhouse did not seriously wish the Council to believe that a runholder, a farmer, or a laborer, would be as well off in the Argentine Republic as in New Zealand. Where, then, could be the comparative value of the statistics of the Republic that he quoted ? It could not be expected that Mr. Waterhouse would subside without warning the Council against the enormous indebtedness of the Colony. All this we freely admit, but we must not forget, as did the hon. member, what there is to show for it. Four years ago this spendthrift policy, as the hon. member chooses to consider it, was inaugurated ; and statistics would be curious and interesting if they could be procured that would show what was then the value of the real estate of the Colony. We might rest our argument on these alone, if also an estimate could be given of what this land estate is worth now. Then it was unsaleable, now it is in demand at a good figure. And Mr. Waterhouse is aware, we doubt not, that in all human probability land in New Zealand will be very much dearer in twenty years time than it is now. If, then, the public estate of the country and the personal estate of individuals be so much improved by the very policy Mr. Waterhouse sees so much reason to be alarmed about, aro we not justified in putting this down as an asset against the liabilities at which he is appalled ? This, it will be observed, is leaving out tho railways which promise to pay their own interest, and on one of which freights have already been reduced in consequence of the larace returns. And the hon. member was equally happy in his protest against immigration. He alluded to the fact that a few immigrants were put under canvas on their arrival at Otago ; but what of this ? Very recently the Superintendent of Otago, who is quite as good authority as Mr. Waterhouse whether immigration is being overdone in that Province, officially informed the Premier his Executive considered that there should be no diminution of the quantity being forwarded from England, provided that the quality was good. Labor is, despite Mr. Waterhouse, scarce and dear throughout the Colony generally, and in some parts it cannot be obtained in the quantity required. Summer is coming, and it will be even more in request then. But if the hon. member wished to give the Council some information respecting immigration he need not have travelled to Otago for an illustration of what it has been and is. That Province has generally been considered a wealthy one, and Wellington a poor one. This poor Province has shown during the last six months a most wonderful power for tho absorption of immigrants. Shipload after shipload, to the astonishment of overy one, havo been received and have been at once put to profitable employment. If this state of things continuo, Wellington will have to bo struck off the list of poor Provinces. One that can take in so many thousands of new comers, without in the slightest degree deranging the labor market, must havo resources of no mean order, and be wealth producing to no slight extent.