AND GOLDFIELDS REPORTER AND ADVERTISER. SATURDAY, SEPT. 32, 1874. "MEASURES, NOT MEN."

Tuapeka Times, Volume VII, Issue 390, 12 September 1874, Page 2

AND GOLDFIELDS REPORTER AND ADVERTISER. SATURDAY, SEPT. 32, 1874. "MEASURES, NOT MEN."

Now that the session at Wellington has come to a close, we purpose calling attention to some of the salient points and leading measures brought before it. Those that have been settled it will be useful to consider ; those that are handed over to future Parliaments it -will be well for the public to be familiarised with. There I is one subject, brought before the Council by the Hon. Mr, Waterliouse at a comparatively early period of the session, that I it is only right we should consider and weigh, i.e., the subject of " Colonial Indebtedness." The purport of his motion was that we should wait to ascertain our capability of meeting existing liabilities before incurring fresh .burdens, lest it should "injuriously affect the industrial resources of the colony*" In stating his case, be pointed out that four years ago, when the measures for Public Works, Immigration, and Defence were under discussion, the intention was to borrow £8,500,000, to be expended over a period of 10 years, w at the rate of £850,000 annually ; but as there was a [ demurer on the part of some to what seemed to them to be far in excess of the capabilities of the colony, the Treasurer agreed, though reluctantly, to reduce his scheme by two millions. That, however, has not only not been done, but obligations in excess of the original draft has been incurred, and our " Indebtedness " now stands at £9,816,000 ; so that, to us© Mr. Waterhonse's words, "there has been authorised something in excess of that to which, with a certain amount of fear aud trembling, we contemplated raising for a period of ten years in" 1870." That something, with one million for emigration, amounts to one million and sixteen thousand. Moreover, taking it for granted that these railways will be completed in the course of three years, the expenditure will havt. been effected in seven instead of ten years. Now, it is not until these works are completed that we shall know how we stand as for the payment of the interest ; for, while interest has to be paid for the money advanced, not one penny of it is as yet paid by the taxpayer. It is all paid out of the loan itself ; or, as Mr. Waterliouse puts it, "the full burden of interest is not yet felt, inasmuch as we have, and I think very wisely and properly, determined to capitalise the interest upon our railways until those railways are in working order." In doing this, however, the Government are doing nothing irregular. In joint stock companies it is usual to do the same thing — viz., to pay interest out of principle until such, time as the plant ia put into a position of earning income; While therefore the Government is doing nothing unusual in paying interest on works in progress out of loan, it becomes us to look at the future, and pause before com. mitting ourselves beyond our powers of recuperation. No one is sanguine enough to conclude for one moment that our railways will be immediately remunerative. The most that we can hope for is that short sections here and there may prove so, as has been shown in the case of lines already opened ; but it is not a fair gage to apply the results on these over the general length of the lines. Many sections will do no more than pay working expenses. -Year by year they may be expected to show increased traffic ; but then there will be likewise increased expenaes. The sleepers will rot 3 the lltie will require to le relaid, the rolling stock will require additions, and twenty years may not see our railways earning as much as will answer the demands on them for interest, in addition to the working expeuses. It is certainly an important item with us here in Otago that the line is laid through coal beds , not simply as producing traffic, but also the means of economical working. At the same time, with, all these facilities, we hope that the resolution of the Hon. Mr. Waterhouse, though negatived, will receive attention. We must not go further than our powers admit of. The child must not have the burdens of the full grown man. Times of reverse may and will come, and we should have some reserve on which to fall back. It is dangerous to be always at the top of one's strength. Not that we fear for our present liabilities, but it is well to wait before- incurring more. Public necessity will no doubt press, but good faith and honor ought to be regarded as pressing more.

Mr Cobleigh left off his flannels Thursday, and on Friday morning he quietly said to hia ■wife : ♦' Mid. Coblaid, ged my uddergload dabgwick \"