The Temuka Leader. TUESDAY, JANUARY 3, 1882.

Temuka Leader, Issue 809, 3 January 1882, Page 2

The Temuka Leader. TUESDAY, JANUARY 3, 1882.

Since our last issue another year has been ushered in under brighter auspices than any of its immediate predecessors. The commercial depression which this colony has felt so severely for the last three years is nearly gone, and evidence of coming prosperity is growing up everywhere around us. During the past year the value of land has increased; money has become more plentiful, and much cheaper ; trade and commerce have improved, and a great many new industries have sprung up, while those industries which had previous existence have shown better results than the most san-uine anticipated. Settlement on the land uas made steady progress ; the railways have paid better per centage on the capital invested in them, and the financial position of the colony is much sounder than it has been for some years past. Hopes may also be entertained of a bountiful harvest, and as the wheat crop throughout England was rather of an inferior kind last season, we may expect good prices for the grain that is. now ripening. On the whole the. prospect is much healthier than it has been for some time past, and we have no doubt that it will be even brighter, at the end of the present year. Itis not an unusual thing to hear people speak despondingly of the future of this colony, and say that it is gone to ruin and will never again attain that degree of prosperity which it enjoyed in years gone by. Such a conclusion ais entirely at variance with common sense and the experience of o.ther new countries. To be sure we may never again see men digj gold by the shovelful as they have done in former years, neither may we see men buying thousands of acres of land for a few Shillings, and find its value increased one hundred fold in a few years through railways and public works haying,rendered it more easy of nccess. Such sudden changes from indigence to wealth as many have §een in past, years we may never witness again, hut we shall certainly see more substantial prosperity in this colony in days to come than has ever been experienced in it before. Hitherto we have been living on borrowed capital in a most extravagant way. The State set the borrowing example, and it was followed by almost every man who could get credit. There was nothing bat credit —there was no real wealth—in the colony. It was delusive and unsubstantial, and the result was a great commercial depression. Now that has passed away, and business is being carried on on a sounder footing by those who made hay while the.sun was shining. Steady, persistent, and sub-stantial-progress characterises the present condition of the colony, and there can be no doubt that it will ultimately result in more real- prosperity than, has hitherto. been experienced. The, great argument of those who.indulge in gloomy reflections future of this.colony is that ouV debt is, too, large,, and. that"consequently our progress, will be slow, as. we are too heavily handicapped by taxation. The people in this colony are certainly very heavily taxed, but that cannot prevent it from becoming prosperous eventually. If its debt is large, its resources are immense, and need only developing—which is being done steadily year after year. Besides, we have our which are now paying a good: per centage on the capital invested in them, and; we have also as much land, yet unsold, as would pay off almost the whole, if not the whole, of our national debt. Considering all these things, we do not think that there is any need to fear for the future. There is one thing, however, which must be guarded against—taxing colooial industries. From whatever source taxation can be obtained, industries should be relieved of its burden as much as possible and fostered in every way, because it is on their development the progress of the colony depends. If industries are taxed beavily they cannot prosper, more especially as they have to combat keen competition from imported goods. The price of labor, the want of capital, and many other thingscombine to render it difficult for new industries to succeed in this colony, and, therefore, as their growth is. of vital importance, our representatives iin Parliament should give them every facility, and even strain a point in their favor. The subject of developing local industries is too important to pass over in a cursory r„anner, and as we do not feel that we could do it justice in this article we shall reserve further discussion on it until some future occasion, and will now conclude by wishing our readers "A Happy New Year."