South Canterbury Times. WEDNESDAY, JAN. 21, 1880.

South Canterbury Times, Issue 2131, 21 January 1880, Page 2

South Canterbury Times. WEDNESDAY, JAN. 21, 1880.

Tinea*: was considerable force in the remarks made by a local auctioneer, at a festive gathering, the other night, when, in responding to the toast of “Our Tradtf.-and Commerce,'’ he suggested that the depression from which New Zealand is just recovering, has been due to no fault of the country, but the want of Foresight on the part of her population. Rashness and impulsiveness arc tlic rocks on which the fortunes of many an intelligent, industrious, and deserving colonist arc ruined. In his eager haste to make a, competency, he forgets to test the rungs of the ladder by.which he expects to rise. He makes a leap in the dark, and he lands in the Jut, with a business representation severely shatlevcd, and worse oil than wheii lio began. The authority to whom we have referred, ascribed the sufferings of our trade and commerce chiefly to the system of disposing of land on deferred payments. This system he contended induced speculative colonists to invest incautiously and beyond their means. Instead of growing crops by steam and drawing labour and fencing material from the atmosphere, they became painfully acquainted with the slow results, and deplorable consequences .of bad farming. The frank statement, coming from a thoroughly practical source was hailed with satisfaction, and the cries of “ We’ve all been had,” showed how keenly the truth of the speaker’s remarks was relished.

A glance at the sort of baits held out to would-he freeholders during Hie speculation period, that preceded the late commercial crisis in New Zealand shows tod plainly the reckless nature of the gambling indulged in. New townships sprang into existence like mushrooms on the must unlikely situation, and workingmien seized with (he common mania were Induced to barter their hard earnings for remote and practically inaccessible fragments of soil, designated town sections. ■ Would-he fanners with a knowledge of (agriculture that barely enabled them to distinguish turnips from potatoes, invested half their capital by way of handsome deposits, and left the residue and providence for future instalments, interest, and improvements. The advertising columns of the Press were largely occupied with inviting announcements of hrokcn-up and severely subdivided estates, offered on such terms us the following:—“ 10 per cent cash ;10 per cent in 12 months ; 10 per cent in 18 months ; 10 per cent in 24 months ; 10 per cent in 30 months. Balance extending over seven or ten years at the option of the purchaser, hearing interest at the rate of 1 54 per cent.” In addition to a railway —a political railway perhaps—running through the property, the merits and quality of the land were set forth in such terms as these : —“The auctioneer would invite the special attention of new arrivals and others wishing to obtain first-class fanning land. This estate consists of large plains of alluvial deposit, interspersed with rolling downs of voeanie formation, intersected by neverfailing streams.” To an ordinary unsophisticated colonist such an invitation as the above was usually irresistahle, and the records of onr Bankruptcy Courts can tell how many, who, had they boon contented to plod along slowly and surely, might now he in comfortable circumstances, have allowed their ambition to become freeholders, to delude them to their ruin.

The lesson taught has been a severe one, lint wc trust that its results will prove beneficial in averting a crisis from similar causes for sonic years to come. Through over-speculation South Canterbury lias been stricken down like a fever patient : hut she has passed the crisis, and she is recovering rapidly. But for the illadvised Property Tax, which wc hope to see speedily'' removed, property in this district would, under the influence of the propitious harvest that is commencing, rise rapidly in value. lu the coining days of prosperity however, the would-be farmer, or land investor would do well before he commences operations to weigh carefully the ultimate cost. To overlook necessary expenses, and leave everything to chance is simply suicidal. “ Plains of alluvial deposit ” require to he fenced and ploughed, and “rolling volcanic formation ” will not put seed in the ground, or provide horses and ploughs, neither will “never failing streams ” compensate for had seasons. The deferred payment system in niiiny cnsesliave worked badly, because it lias tempted men with small capital to speculate beyond their means, and the ruin of their prospects lias followed. There is a lesson for the land hnngerer in all this. He should recollect that the pioneer settler, like the contractor, if he intends to succeed, should take accurate measurements beforehand, make provision for accidents and emergencies, and while hoping for prosperous seasons and heavy crops, be prepared to encounter severe drawbacks if necessary.