NEW ZEALAND'S FUTURE.

Tuapeka Times, Volume V, Issue 231, 4 July 1872, Page 5

NEW ZEALAND'S FUTURE.

Mr F. H. Troup writes as follows to the Southern Cross of June 3 :—

Referring to a lettrr, entitled "The Public Works Scheme," from the pen of Mr J. C. Firth, which lately appeared in an Auckland journal, and for the nonce accepting that gentleman as the exponent of what may be termed the old (or, at least, medijeval) school of colonißts, I desire, with your permission, and as a disciple of the modern party of progress, to make a few remarks upon the subject-matter of Mr Firth's criticism. In the first place, I beg to take exception to the heading of that letter, for the reason that, as all his premises are based upon the supposition that the public works in contemplation by the Government will be brought to a premature stand-still, through the inadequate supply of labor, Mr Firth has, I notice, omitted to mention the important fact that a considerable portion of the future debt of this Colony is being specially incurred for the introduction of large bodies of suitable immigrants for the satisfactory completion of theso public works, as well as to assist in further developing the natural resources of New Zealand. Such being the case, immigration becomes an integral part of the Government policy, and cannot, as effected by Mr Firth, to suit his own case, be separated from that of the public works scheme. I think, therefore, that Mr Firth's introductory heading should read, "The public works and immigration Bcheme." Passing to the second paragraph of Mr Firth's letter, let us see how he continues to erect his gloomy castle in the air, and how he still harping upon the borrowed millions, unfortunately leaves the population of New Zealand at 250,000. He says, "It will, doubtless, be said that Government and their chief 1 contractors will import labor sufficient for their requirements. At best, that is but a contingency which may or may not be fully met. Time will tell. The rapid expenditure of several millions of borrowed money .on railways, &c, in a small Colony of 250,001) n^abitants, may he expected to derange all industries," &c. Now, if Mr Finh knows anything of what is passing outside "the Great Britain of the South," he must surely have been made aware, long ere this, of the fact that 2200 picked immigrants are at this moment en rdute for New Zealand, in order

"to avoid deranging the industries of th-j Colony ;" and as this number would in themselves be quite sufficient to carry ou any contracts that may be undertaken for the next ten years, here is, at least, one of Mr Firth's phantoms, I fancy, effectually disposed of. While fully admitting with Mr Firth the difficulties and dangers attending any national scheme of immigration, as also the inadviaability of commencing too many railways at once, I think, perhaps, that he may be unaware of the stamp of men the Government has to deal with in the persons of Messrs John Brogden and Sons. Admitting that Mr Yogel has received authority from the Assembly to raise five millions sterling, and admitting also that "in 1575-6 consols go down to 75, the Bank of England rate of discount ascend from 3 to 10 or 12 per cent , and Colonial securities descend to 30 or more balow par," what would it matter to>ew Zealand? In 1871 we raised L 1,200,000, 200,000 of this loan. Last mouth a second million was floated ; thereby only leaving a balance of L 2,800,000;, 800, 000; which, I can assure Mr Firth, will be added to national indebtedness long ere we see another " Black Friday" in 1875-6. Now, having explaiued away any apprehension of not procuring our five millions at a low rate of interest, I may fuither assure Mr Firth that the Messrs Brogden are well aware of our financial position, and that they have not the least intention of undertaking any line of railway, or in fact public works of any kind whatever, without first receiving a guarantee that the money will be forthcoming to meet all expenditure upon their part. Mr Yogel, for party purposes, may very possibly be obliged to promise more than the Colony could at present undertake, but it would be well to bear in mind that "he may reckon

without his host " — such host being a sharp English railway contractor, whose motto is, " Prompt delivery, prompt payment." Although not endowed with the gift of prophecy, and pleading ignorance of the way in which Mr Firth arrives at the total of the Colony's debt in 187S, it may not be out of place to notjee what he has to say on the point. He writes : " I think it may be found that I shall not have been much above the mark if I estimate the total indebtedness of this Calony in 1878 at L 20,000,000 sterling." Including the present loan of L 5,000,000, our debt only now amounts to L 12,841,891, with a population of (at last census) 25(5,393, thus placing the total of individual indebtedness at about L4B per head. Bujb out of the present loan at least LI, 000, 000 is to be expended upon immigration, and supposing each immigrant to cost at the maximum LlO per head, this would give an increase to the population from this source alone of 100,000 persons, or a total of 356,393, and of course further reduce the individual indebtedness to L 36 per head. But let us suppose for mere argument's sake that it would be possible to run through the five millions before 1878 (and to do this we would also have to introduce the 100,000 immigrants aforesaid), our position would be almost as favorable for borrowing up to L 20 ,000 ,000 as it is at present as borrowers of only L 12,849,891. Admitting, then, that in 1878 our population from all sources amounted to 400,000 persons, and that we concluded to laise our individual indebtedness to the same standard as at present, namely L4B per head, we would then approach very near to Mr Firth's prognostications, as this would represent a debt of L 19 ,200 ,000, and yet we hear from all parts of the colony that trade was never in a more healthy state than at present. If so now, why not in 1878, with a public debt increased in the same ratio as the population ? While entirely disagreeing with hit Firth as to his ideas upon railways versus canals. I may refer him to the statistics of the Caledonian Canal, in the north of Scotland, which costs the English Government large sums to keep in repair, and far very little purpose. In conclusion, 1 may add that as a member of the community, having, like Mr Firth, a stake in New Zealand's welfare, but in no way connected with her political institutions, I look with some apprehension, not upon the borrowing of cheap money for permanent wo/ks and immigration, but the gradually increasing expenses of tbe Civil Service. Jt will be a red-letter day in the Colony's calendar when she can keep her yearly expenditure within her income ; when she entirely abolishes Provincial institutions, thereby saving from this and the reduction of the General Government staff $t least LIOO,OOO a year; a»d when .she wjll pass an Act stipulating that no representative of the General Assembly can accept any office under the Government of the day, unless he has sat for three consecutive sessions in the same Parliament.

Piscatorial. — Numerous fine frost #sh have been picked up on the Oamaru beach during the past few days — one measuring nearly sfi. in length. There have been captured several specimens of a fish unquestionably identical with the familiar sprat of the old country ; and the Times thinks there is reason to believe that ere long the familiar cry of "Sprats! sprats! sprats!" may resound in our ntieeia.