The Temuka Leader THURSDAY, FEBRUARY 24, 1887.

Temuka Leader, Issue 1557, 24 February 1887, Page 2

The Temuka Leader THURSDAY, FEBRUARY 24, 1887.

NEW ZEALAND’S RESOURCES. Ma Prick-WiLLUMS~a mining engineer of distinction, ffbo has been sent to New Zealand by a syndicate of English capitalists to report on the mineral resources of the colony—has been more than pleased with what be has seen. Mr Williams is a competent judge. A few years years ago Professor Jevons startled all England by saying that the English coal supply would be exhausted in 100 years. A Royal Commission was appointed, and Mr Williams was one of the engineers consulted, and the result was that they came to the conclusion that the coal supply of England would not be exhausted for the next 350 years. We give prominence to this ) fact in connection with Mr Williams because it gives us an assurance that he is a gentleman fully competent to give an opinion on such a subject. The fact that be was selected from amongst all the great engineers of England to enquire into so important a question shows that he is a thoroughly capable man, and that bis opinion is valuable. As regards the resources of the colony, be has spoken of (hem in terms which almost border on extravagance. In interviews with newspapers be has said that our resources were unlimited, and that nothing surprised him so much as to see them lying undeveloped. At a recent meeting of the Auckland Chamber of Commerce he made « very important speech, aud, after having spoken

at eome length on the excellence of our railway system, went on to say :

“He had come to the conclusion that the resources of this country were practically unlimited, and when the sun of England waa set that of New Zealand Wimld be at the zenith. What struck him was this: that with all these resources m iron of various descriptions, associated with abundance of coal, such as had made England what it was; notwithstanding all this, and that there were railways well laid out, that he should find that these resources were practically untouched. It might be heresy in that room to speak of gold -- not being first in the rank of their wealih, 1.0. ;.u said that their wealth was in these vast resources of coal and iron. Ho put the question, “ How are these resources to be developed ?” His friend, Mr Frith, was of opinion that the Government had gone as far as it could in the way of borrowing money, and that the country could not consent to paying any further interest. Well, he told him if the Government took that view, and allowed those grand resources to lie fallow for another 25 years, they should stand aside and allow others to see whether they could not do it as a commercial speculation. He put it to them whether a combination could not be made between the land and resources here and the surplus capital of England. He was convinced if a proper scheme were formed, not merely three millions, but four or five times that amount could be attracted in New Zealand. A very important Association had been formed, with the highest and most benevolent intention, for the Old Country, to send emigrants out here. But it was clear to him that unless they could find capital to employ these emigrants the latter might as well stay at home. The organisation did not contemplate sending any but the better class of emigrants. He believed if they could perfect such an organisation as be had suggested, that ten or twenty millions might be got as the money was wanted, and that English capital would come here rather than be invested in other undertakings. What bad been done yet was nothing compared with what could be done. If concerted action could be carried out, and capitalists in London associated with leading men here who would advise them as to the merits or demerits of schemes proposed, he felt certain that would be the only means of securing that development which would otherwise take 26 or 30 years to bring about. With their vast resources of coal, iron, and other things, a grave responsibility rested on them and they should not say they had done enough. He urged them to consider the scheme be proposed as the best means of overcoming the difficulty. He was impressed with the opinion that the colonists he had met out here were some of the finest specimens of the English race.”

We have the most profound respect for Mr Price-Williams’ opinion, and also for the benevolence which prompts some kind-hearted Englishmen, who wish to assist the unemployed of England, to come out to this colony. It must not be forgotten, however, that it is from the Jews of the London Exchange, and not these benevolent people, we get our loans, and that so far as they are concerned it is with them a matter of pounds, shillings and pence, They will lend us any amount of money so long os we are able to pay them interest, and no longer, and it is to paying interest to people beyond the colony we object. We cannot afford it. We are not producing sufficient to pay the amount we have to pay annually for interest at present, and to increase it would certainly not improve matters. But the great point is that it is not necessary. We can develops our resources, finish our railways, docks, and do all that is necessary without borrowing another penny. In former articles we have proved conclusively that of all the money we have ever borrowed not one penny of it came into this colony, except in the shkps of goods. Now, if all this money went to pay for imported goods, is it not reasonable to conclude that if we did without the goods we could do without borrowing f Hitherto we have transacted all business in this colony with the paper money of the Banks, Could it not be transacted henceforward with the paper money of a National Bank ? All that is wanted is to lower the price of money, and to develops all our resources. There is in the hands of the Banks on deposit at present about £9,000,000 of the money of the people, and if the depositors could only get 2 or 3 per cent, interest for this they would take it out of the Bank and invest it in industries. Mr Price-Williams missed this point. He was surprised that we were not developing our resources, but it he knew that capitalists are getting from 5 to 10 per cent, interest on their money by lending it he could no doubt see through it all, So long as men get such high interest safely they will not invest their money in such risky concerns as local industries, and consequently resources must remain undeveloped.

SELF-RELIANCE. In our report of the meeting held at Woodbury on Saturday evening last, for the purpose of nominating members for a Cemetery Board, it will be seen that those present determined to raise the £25 necessary for surveying and fencing the Cemetery site by voluntary subscriptions, instead of taking advantage of the borrowing powers vested in the Trustees. It really is refreshing in these times of depression and stagnation to had a community showing such a spirit of self-reliance, In the coarse of his address to the children of the Temuka High School the other day the Hon W. Rolleston stated that “ every class readily caught the pleasant infection of spending.” The same may be said of borrowing. The people of Woodbury, however, seem to be imbued with a more selfrreliant spirit, and intend to hare their cemetery at the cost of a little self-sacrifice on their own part. This is a spirit to be com? mended, and it is to be hoped that the residents in the district will come forward and subscribe liberally to the Cemetery fund.