Election Notices.

West Coast Times, Issue 213, 25 May 1866, Page 3

Election Notices.

price, and compels them to purchase largo tracts of country in blocks. 2. Financial Considerations. — Wo are asked to make this alteration because the province is in want of money to do certain works, and is unable to borrow it. It is said there is a present emergency for certain works which must bo dono. But if we look back over the history of our own and other colonies, we find that these present emergencies aro matters of constant recurrence, Precisoly the same arguments wore used when there were no means of communication between the Port and tho Plains. Agricultural produce was rotting on the Plains, which would have fetched an enormous prico in Molbourne, but which, when tho bar was closed to sailing vessels — and there woro thon none others— could not bo conveyed into Port. Under tho pressure of those circumstances, the, Government of that day proposed a schemo similar to Mr. Travers's in principle; viz., to raise a sum of ready money by disposing of a large block of land to a capitalist at £1 per acre. Tho temptation to make such a sacrifice was far greater then that now, for tho Land Regulations had only [recently como into force, land purchases had baroly commonced, there was consequently no land fund, and still much doubt on tho part of many as to whether tho £2 per acre would not deter purchasers. Tho land fund, which is now a great reality, was thon only an oxperiment. The Provincial Council of that day wisely rejected the proposal, and determined to maintain tho integrity of tho land scheme, in spite of immediate pressing difficulties. Experience has shown that they were right ; and I believe, if wo now follow tliGir example, tho same results will be obtained. Tho tendoncy of all spasmodic efforts is to produce corresponding depression ; and if tho works now thought so immediately necessary wero finished, tho increase of population, and tho necessity for opening fresh country, would create a demand for new undertakings, which would bo thought of quite as much importance as thoso upon which wo are now ungaged, Tho work of populating and settling a now country is continuous and progressive, and tho advance will on tho whole be more rapid as it is more uniform. I agree with thoso who think that in tho present circumstances of tho colony iho powers of tho Provincial Governnents to borrow money will not be renewed. The provinces are at present lebarred by an Act of tho General issembly from offecting fresh loans )eyond those already sanctioned ; and as lie finances of tho colony at largo aro in i state which compels the General Government to use overy means for naintaing its credit, I think it extremoly mlikely that it will, at all events for «ome rears to como, permit any fresh deben.ures to be placed on tho market. l believe that two-thirds of tho hree million loan aro yet unno;otiated, excopt temporarily ;yot comnon prudence would suggest to any inancier tho undosirablonoss of allowing ho English money market at such a time 0 be flooded with provincial securities. 1 explained at my first meeting in Christihurch that a certain portion of tho Canorbury loan is yot unraised ; but the un>xpended balance, oven if raised, would )e wholly insufficient for tho works which ire contemplated. I think it may bo bund more advisablo under these circumitances to depend upon public companies for the construction of our railway sys;om. Tho railways of England have not joon made by tho Government, nor is the 3apital invested in them in any way sejured on tho public revenues. Pcoplo [end their money to a railway company upon afahymticipation of tho profitswhich the work is expected to realize. It is true there has been a disinclination tiithorto on the part of English capitalists to invest money in such undertakings in the colonies, unless through tho medium of Government, or accompanied by Government guarantees, because the Government was represented in the mother country through tho Colonial Office, and incidentally the credit of the Home Government, which had necessarily sanctioned the undertaking, was implicated in its success or failure But tho rapid increase in our means of communication svith England, and tho groat extension of information in England with regard to colonial affairs, especially since the development of gold-fields, aro operating to render that guarantee no longer necessary. Large amounts of English capital aro now being invested in this country through ' t the agency of companies and otherwise upon all kinds of private security, and I can see no reason why under proper management, and through the agency of men of known stability and character, capital should be wanting for tfyc construction of our rail-