THE FINANCIAL SCHEME.

Tuapeka Times, Volume III, Issue 131, 11 August 1870, Page 5

THE FINANCIAL SCHEME.

GREAT PUBLIC MEETING. A large 1 and influential meeting of the Tuapeka inhabitants was held in the Assembly Room.> Lawrence, on Monday evening last. The meeting had been convened by the Mayor in accordance with ay requisition presented to him by a large: number of the inhabitants of Lawrence, to consider the Government financial proposals. His Worship the Mayor (H. Bastings, Esq.) was elected Chairman on the oocagion ; and in opening the meeting said the requisition which he had just read sets forth one of the moat important measures that has been brought before the New Zealand public. At present there waa general stagnation in our midst. That stagnation was, not confined to Otago, but extended over the length and breadth of New Zealand. The policy enunciated by the Colonial Treasurer had been characterised as a 'daring one ; but he believed it to be such a one as was required to lift the colony from its present depressed oondition. There was a time when he was greatjy opposed to Mp. VogeJ — considering the principles enunciated by that gentleman on the laud, question aa erroneous j but

he was always ready at any time to support him in a matter like the one now before the country. The immortal bard says, " There is a tide in the affairs of men, which, if taken at the flood, leads on to fortune." So, he said, there was a tide in the affairs of politics ; there was such a tide of prosperity setting in that never had been witnessed in this country before. The colony of Victoria at present presents a prosperity which is entirely attributable to the reproductive public workß which were inaugurated there, and he looked forward to the same happy results from the present Government scheme. He had heard it remarked that railways were not reproductive works ; but he was of a different opinion. If they did not pay directly, they paid indirectly. Referring to the water supply for the goldfields, the Chairman said he had it on good authority that the revenue for water on the Blue Spur alone was £150 a week ; and it was well known there were hundreds of acres of land in Tuapeka, Waitahuna, and Waipori capable of yielding gold in paying quantities, if water could be brought to bear upon them ; but a soheme capable of overtaking the requirements could only be oarried out by the Government. The Chairman then stated that resolutions would be submitted to the meeting, which had been carefully framed by a committee of gentlemen who had a stake in the district, and who were desirous of seeing the place go ahead. He hoped gentlemen would not leave the room and feel that their duty had been performed ; they must not allow the matter to slumber, but seriously consider whether this moat important scheme should be carried out. (Applause). Mr. W. D, Morrison rose to move the first resolution, which was as follows :— " That in the opinion of this meeting, the present financial scheme of the Government is deserving of the support of the inhabitants of this province, and it behoves every community to be on the alert and see such scheme fairly and judiciously carried out, through their representatives." Mr, Morrison said in general he could say this much with regard to the water portion of the scheme. His experience was that water races were really reproductive Avorks. Since the water race which he was connected with had been constructed, it had paid itself five times over, and its original cost was somewhere about £5000, That race supplied about a third of the water used on the Spur, and brought in a revenue of £50 a week ; so that the chairman's information was pretty accurate. The water on the Spur oosts the miners £150 a week before they got the gold out. From the little he had to do with Tuapeka Mouth, he found the cry there was that water could not be got high enough ; and one party of miners were getting machinery to raise the water sixty feet at a cost of £500 or £600. No doubt similar instances can be pointed out in other places. Whatever may be the success of the scheme of the Colonial Treasurer, it is in the right direction. With regard to a railway to Tuapeka, he was not so sure of it paying, but the benefits that would follow it were incalculable. Amerioa was indebted to the Pacific railway for opening up and settling a large tract of that continent. The people employed in making a line of railway pick out cozy nooks and corners where they settle down. He considered it would pay the district to bring in a railway for the object of increasing the population, Tuapeka had one half the population of Southland, and that province had gone in for railways, where they were not so much required, as the through trade by Tuapeka was enormous. He believed the expenditure of the money alone would do a great amount of good. (Applause). Mr. Goldsmith seconded the resolution, which, on being put, was carried unanimously, Mr. John Herbert said the resolution which he had to propose was as follows : —'"That affirming the principle laid down by the previous resolution, it is considered conducive to the interests of this and surrOjUiKling districts, that a Committee, cqsa£sting of Messrs. Bastings, Herbert, Tolcher, Morrison, Harrop, Mears, and Gooday, be appointed to take evidence, and get professional advice, in reference to the probable cost of water supply to the various auriferous localities of the district ; also, the best line and probable cost of a railway to Lawrence in conjunction with the southern trunk line." He thought it scarcely necessary for him to say much in support of a resolution so reasonable. He had had a little experience in the Tuapeka district, and with regard to the water supply of the Blue Spur they could take twice the quantity they now had. It would be for the committee proposed in the resolution to consider the plan, which already had cost the Government a sum of money. He referred to Mr. Millar's scheme far- supplying the district with a plentiful supply of water. But while not under- valuing the water scheme, he believed the railway scheme second to none. It was mast invaluable to this district. At present the inhabitants were paying £400 a month for carriage, and if the railway were brought to Tuapeka, that amount would be reduced at least by one-half. But it would be a great boon to the district in many other respects. A bond would be established^ in the district, and merchants would be enabled to keep the money in the place which they were now obliged to send to Dunedin. He had much pleasure in moving the resolution which he had read. Mr* M. Hay, M.P.C., in seconding the proposition, said the water soheme was a great and important one. He observed the sum of £.300,000 set apart for a water supply for the goldfields, and he thought a fair proportion of that amount shouldbe laid out in the Tuapeka district. In looking over the scheme of Mr. Vbgel, he noticed that the Government proposed purchasing existing water rights. By that means he need hardly say they would be able to supply water at about half the present cost. Mr. Hay referred to Mr. Millar's report on the water supply for Tuapeka by making the Tuapeka basin a reservoir for the district. He also referred to the numerous auriferous spurs on the Tuapeka Creek, which only required water to make them very profitable. A railway to Lawrence was a most important mater, and he saw no difficulty in getting it constructed. The present survey, he said, extended to Adams' Flat, and the distance to Tuapeka from there, waa fifteen or sixteen miles.

Supposing it took £5000 or £6000 a mile to construct a railway, he believed the amount of £100,000 could be easily raised for that purpose. It must be remembered that they had a yearly revenue in the district of £10,000, besides the revenue from the 92,000 acres of land used as a commonage, and a loan might be guaranteed on that revenue for the construction of a railway. If they had lots of public works going on in the province, they would not only keep the population they have,, but induce many people to come to the province. He found in the proposed extension of the telegraph system a sum of £60,000 was put down, and he thought there were several places in the province to which part of that sum should be applied. There was also a sum of £50,000 for road districts, and he understood the Government contemplated getting the goldfields brought under these road districts. Mr. Hay concluded by hoping the object of the meeting would be carried out with success. (Applause.) Mr. Tolcher said he had great pleasure in supporting the general features of the financial scheme approved of by the meeting. For his own part he considered it the first right scheme which had been promulgated by the Government, and it was time. His own opinion wae that they should have gone in for the ten millions. He believed the prosperity of Victoria had been in a great measure due to the borrowing of large sums of money, and thus introducing a large capital into that country, and immediately following it they got a good and liberal land law. The people, he said, before they could get their just share in the government of a country, must be in an equal proportion to the wealth that is in the country, and whilst the squatting interest preponderates, the people could not expect to get their own, lie watched the working out of this problem for twelve or fourteen years in Victoria. He considered that New Zealand was in a similar position now to what Victoria was in 1854. The same cry was raised that there would be overtaxation, but it would be found when public works were commenced they would have people coming from other colonies and settling in the country. While he would have preferred the scheme in its entirety, he believed it ' ' better to accept half a loaf than no bread ;" so he advised the meeting to strive hard to get a fair proportion of the loan expended in the district. The water scheme was the first which should occupy the public attention in the Tuapeka district — that being procured, the diggers then required land to run their cattle upon, and the committee to be appointed should do all they can to furnish evidence of all kinds bearing upon the pressing wants of the district, and thus obtain for it as much as it requires and deserves.. The next work of importance is a railway in connection with the Clutha line. The Government have pledged themselves to expend £400,000 for the southern trunk railway, lie was in a position to say that the sum of £35,000 had bean spent on the road between Glenoie and Lawrence, and after all they had not got a road. It will take another £35,000 to make it right through. So that eighteen miles of a road will cost £70,000, besides a large sum to keep the same road in repair when made,- The maintenance of the road from Tokomairiro to Dunedin would cost £1500 a mile each year ; and he thought these sums would go a far way in paying the interest on a loan for railway purposes. If it were asked what the results of a railway to Lawrence would be, he might answer that it would increase the. population, cheapen the produce, and make Lawrence a central depot— it would make the Tuapeka road the main road to the Teviot, Dunstan, and Queenstown. The people living on the other up-country road cannot expect to get a railway for a considerable time by that route if the Clutha railway was first constructed ; and it would be to the interest of all in Tuapeka to get that good and beneficial work carried out. He believed with the chairman that as there v.ai a fc'de in the affairs of men so there was in the affairs of nations ; and if they allowed the present opportunity to pass they might wait a long time for another. He had great pleasure in supporting the resolution, (Applause.)

The Chairman then put the resolution to the meeting, which was carried with acclamation.

Mr. Toloher, in rising to move the third resolution, remarked that having already said a good deal in support of the previous resolution, he need hardly occupy the meeting further ; the resolution he had to move was as follows :—": — " That it be instruction to the Committee that in case the Government should not be in a position to provider for the construction of the railway entirely out of the proposed loau, the Committee enquire as to the best means of. providing a guarantee out of the revenue of the district for the purpose of inducing a company to undertake the construction of the whole or part of the proposed railway.'* Mr. Tolcher supported the resolution by stating that there was a large revenue collected in the district from various sources. He referred especially to the 92,000 acre revenue, and thought that the revenue from it might be set apart for a railway guarantee in the same manner as the Dunedin jetty dues had been set apart for the Port Chalmers, railway.

• Mr. Mouat, M.P.C*, in seconding the resolution said, 1 he must ask the forbearance of the meeting if in his remarks he should travel beyond the resolution before it. He was glad to see the subject of the meeting had created such an interest in Lawrence. It had to a certain extent received the assent of the Legislature. ; If it had not already been passed it would tim all probability be so^, aa he observed the Bills had been read a second time in the House of Representatives. Mr. Mouat then referred to the- large amount of the present taxation, which it had been stated some two years ago by the then acting Colonial Treasurer averaged £4 10s a head. For those who were contributing like their chairman, the mayor, at the rate of £50 or £60 a year, taxation became a serious matter. The present proposed loan, if not judiciously expended would entail an additional taxation of £2 a head on each member of the community. The probability of ifg being mismanaged would be most disastrms to contemplate. They had considerable experience in borrowing already. In 1863 three million of money waa borrowed by the General Government which waa in great part misspent, AH

the benefit Tuupeka had received from it was the- telegraph line as far as Tokomairiro. On the strength of the goldfields of Otago the Provincial Government borrowed half a million ; and as it happened they got a portion of the first loan for a telegraph line, so they got a portion of the second for the same purpose from Tokomairiro to Tuapeka. Great works were proposed, but before they were undertaken the loan was exhausted. The interests of Tuapeka were the last considered, because the last agitated for. The large sum of £75,000 was consumed in interest and discount, and Tuapeka had to suffer by the loan falling short by that amount. If the committee appointed would but work they would obtain all the district could desire, but if not, they would be a?ain left to the last and consequently suffer. So much had been said by previous speakers about water supply in Tuapeka that he would confine his remarks chiefly to the railway. It must be evident to all that private individuals would not go in for expending large amounts in the introduction of water to the gold fields— the fact was, the capital was not in the district. Even if another Blue Spur were discovered with all its riches, it must remain undeveloped if anything beyond a limited amount of capital were requisite to provide water, unless the Government gave its assistance, or foreign capital were introduced. There were some persons who thought it premature to have a railway to Tuapeka. He thought differently. He felt sure the southern trunk line would be the very first undertaken, and it was not too early to ask the Government to proceed with the necessary preliminaries. It had been said by Adam Smith that the wealth of nations depended upon their internal and external means of communication. He believed thoroughly with him in that remark. Roads could not be said to be directly reproductive. He thought, however, a railway to Tuapeka would be a reproductive work. At home, railways had been constructed to remote fishing villages in the north of Scotland which had returned dividends and he believed an economically constructed line to Tuapeka, would prove equally successful. But even if it should not be directly reproductive, the benefits which would result from it would by far exceed the interest on the money borrowed to construct it. A railway would treble the value of property in the district, reduce the cost of carriage, and open up the country. Mr. Tolcher had alluded to the establishment of railways in Victoria, and to the f act that liberal land laws immediately followed. He (Mr. Mouat) believed that liberal land laws would be a collateral sequence to the initiation of large public works. Besides bringing a large population to the district they would have the effect of cementing the people together and as a consequence they would be united in demanding all those alterations in the land laws which might be deemed advisable. Mr. Tolcher had also alluded to the great cost of making roads. The grand difficulty in this part of the province was the want of proper material far making them, He thought therefore they should have railways instead, and that they should husband their resources for that purpose. With reference to the resolution before the meeting, there was no doubt but the whole colony would be clamouring to obtain part of the loan, and to make the claim of Tuapeka aa strong as possible, they should say to the Government, " We shall assist you in the matter as much as possible." Supposing the railway were to cost £150,000 in all, it was possible there would be some return for that amount. The Government expect to be able to borrow money at six per cent., and if the profits from such a railway fall below that rate of interest, the Government would only be responsible for the difference. Then if the Tuapeka reserve only came to half what Mr. Tolcher said, it would probably be sufficient to make up the deficiency in the interest. He thought by a proposal of that kind they would show the Government that they did not wish to rely solely upon them, but that they were willing to take their share in the burden . He hoped the resolution would meet with the favourable consideration of the meeting. — (Applause) The resolution was passed unanimously.

The next resolution, which was proposed by Mr. Goldsmith, wa* to the following effect. " That it being necessary for the proper administration of the duties imposed upon the committee : Resolved that a fund be established to be termed the Tuapeka Progress Fund, and parties are earnestly requested to hand in their subscriptions, to the same. 5 ' The resolution was seconded by Mr. Hay and cairied.

The Chairman then stated that the meeting had adopted all the resolutions prepared by the committee, and it was for the public of Tuapeka to show how these resolutions: could be put in force. It was a matter which could not be carried into effect unless a large s,um of money was subscribed, and he therefore called upon gentlemen present to show their sincerity for the welfare of the district by subscribing liberally. His own opinion was that the matter came within the province of the Municipal Council of Lawrence, and it might be in their power to set apart a portion of the funds towards such an object. Aa an earnest of his own sincerity he would head the list with twenty guineas (great cheering.) The following gentlemen then handed in their names for sums as mentioned :— Mr. J. F. Herbert, £10 ; Mr. Gooday, £5 ; Mr. Mouat, £3 3s ; Mr M.Hay, £2 2s ; Mr. Sheath £2; Mr. Harrop, £2 ; Mr. Tbieher, £1 ; Mr. Morrison £&.

A vote of thanks to> ihe chair brought to a close one of the most practical and earnest public meetings which has been held in Tuapeka for many days.