The Southland Times. FRIDAY, NOVEMBER 20, 1868.

Southland Times, Issue 105, 20 November 1868, Page 2

The Southland Times. FRIDAY, NOVEMBER 20, 1868.

The "Fifth. Session of the Provincial Council of Southland will be held at the end of the present month. Two most important subjects will be introduced bearing on the" future prosperity of the Province, viz — the completion of the Oreti Eailway, and retrenchment in the various departments of the public service. "With the exception of a small minority, we believe the great body of the members of the Provincial Council are in favor of the completion of the railway ; indeed the finishing of this work cannot any longer be delayed without inflicting serious injury on all classes of the community. It is so long since the idea was mooted of completing the Winton Bailway, and so much discussion has taken place on the subject, involving, as it did, an appeal to the country, and the subsequent election of a Superintendent, pledged to carry out the scheme, that should any impediment be attempted to be thrown in the way, it will not only be the cause of serious difficulties between the General and Provincial j Governments, but it will be the means of unsettling the minds of the people as to the future prospects of the Province, thus creating general dissatisfaction. It is therefore to be hoped that the Council will, by its action, set this matter finally at rest, and the Government will vigorously proceed with the works, and take advantage of the summer mouths. The other subject — Eetrenchment — must also engage the at. tention of the Council. It cannot be any longer delayed. Private interests must give way to the public good. In every province throughout the colony

sleeping reductions are being made, and it will appear 'strange, indeed, if Southland, over-burdened with debt, does not follow the example. It will be perceived, from the subjoined extract of the Colonial Treasurer's speech on going into the question of Supply, that Southland will possess no other source of income, except her land fund and municipal revenue, after the first of January next, and that before setting apart one farthing for public works, we will be obliged to maintain the gaols, harbors, and police^ departments .heretofore paid out of the provincial share of the consolidated revenue. It is apparent, therefore, that the strictest economy must be exercised if we are to maintain our position as a Province, and it will rest with the Provincial Council to insist upon it being practised, when passing the estimates for the ensuing financial year. The following is Mr Hall' s speech : — " Southland, Sir, will stand thus : If we charge her with her provincial charges, and the full amount of interest and sinking fund on her debt, her share of the consolidated revenue will not; suffice to meet these payments by the sum of £13,598. Therefore, not only would she not have any consolidated revenue out of which to defray the ordinary expenses of her government, including police, gaols, and harbors ; but her land fund would, without making any provision for these services be drawn upon to meet interest and sinking fund to the extent of £13,598. That is a state of things which the House will admit it 13 the duty of the Colonial Government not to neglect. If something is not done, the Government of Southland will collapse, and provision will have to be made there for the protection of life and property. The way in which we think this case should be met as follows : — Under the Southland Debts Acts of 1865 and 1866, the Southland debts were taken over by the Colony, and the Acts provided that they should be paid, with accrued interest, not later than the 31st of December, 1868. The interest would be capitalized up to the date of payment. Owing to the wording of the Southland Debt Acts, an impression has prevailed that the 31st of December, 1868, was the period up to which the interest on the debts of that Province should be capitalised, and the Province has counted on that result. The Government was for some time under the same impression ; but on a clear examination of the law, the Government is advised that, strictly, interest became payable from the time the Government sold the necessary debentures to enable it to pay off the Southland debt. We propose that the interest on the Southland debt should be allowed to be capitalized, as originally contemplated to the 31st of December next, thus relieving Southland during the present financial year, without entailing any burden on the Colony. The interest of the remaining six months and the provincial charges will still consume the whole of the share of the consolidated fund payable to Southland, but will leave its land fund to maintain the ordinary service of the Provincial Government, including police, gaols, and harbors. "