The Waikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. THURSDAY, FEB. 16, 1888.

Waikato Times, Volume XXX, Issue 2434, 16 February 1888, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. THURSDAY, FEB. 16, 1888.

Ouu readers, doubtless, have not forgotten Sir Julius Yogel's statement in the House last session that he could develop a scheme by which, without borrowing, the financial position of the colony could be placed upon a sound basis, and the present depression in New Zealand removed. It lias become too much tho custom to jeer at such utterances from Sir Julius Vogel, to condemn him as an enthusiast and a visionary. Sir Julius has been made the scapegoat to carry the sins of many another than himself into fclie political wilderness. We do not wish to draw a veil over tho reckless borrowing, and still more reckless expenditure of his government, but to deny to Sir Julius Vogel the very highest ability as a financier and ns a bold and successful speculator would be equally wrong. The conception of the great Public Works scheme of 1870 was a bold and statesmanlike idea, the credit of which belongs to Sir Julius, then Mr Vogel. The corruption the political logrolling, the political railways, and the reckless extravagance in carrying the scheme out in detail, rendered more or less necessary to keep party together must be credited to him only in part, for lie nwv fairly claim that much of it was forced upon him. We have been led into these remarks as the subject of Sir Julius Vogel's proposed remedy for depression in New Zealand, and his subsequent reticence on the matter have been recently unfavourably commented on by a portion of the Auckland and because

amongst the supposed objects of his early visit to England, is mentioned the lloatiug of a great enterprise on the London market which would 11 ring prosperity to the colony. Sir Julius Yogel'sscheme is not unknown iu otlicial circles in Wellington, as we learn from reliable private information. Indeed, from the very first we had guessed, and guessed rightly, what it was. it is an undertaking which would cost many thousands, for there are very heavy engineering dilliculties, of money only, however, to be overcome hut which would return millions to the colony, and at once. If we turn to the written address to his constituents published in the Tuapeka Times in December, 18&), which was to have been delivered by Sir Julius to his constituents at Lawrence, but which an accident to himself at Christcluuxh prevented him from personally delivering, we shall lind the matter fully referred to. It is neither more nor less than the turning of the Clutha or Molyneaux river in Otago. "Is there not," lie asks in his address, "an enormous field of enterprise open not far from you in the great Clutha river !' "Years ago, after the first astonishing finds of gold upon the banks of the river in places left low by the caprices of the season, it used to be commonly said, "Oh if we could only get to the bottom ot' the river itself, what enormous quantities of gold we could obtain!" Referring to the fact that in (xennany and France the Molyneaux or Clutha river was quoted as a river covering enormous amounts of gold deposits, Sir Julius goes on to to point out. " This is net a matter for Government assistance but for private enterprise, and I cannot help saying that with materials so cheap as they have now become and with the great improvements in engineering knowledge and appliances, it seems to me a reproach that vast deposits of gold, should be allowed to remain at the bottom of this river without, an effort being made to win them. I am certain that if the matter were put before capitalists at Home there would be no difliculty in obtaining whatever amount of money was required to turn the river at various parts, if sufficient reward could be looked forward to." And again, "the enormous basin which the Molyneux and the Lakes aud the surrounding gold country occupy must at one time have been the subject of gigantic glacial action. For ages the golden rocks must have been ground down and the gold deposited in the old and new beds of the river. . . . There must be hundreds of tons of gold in the Molyneux itself."

Here then wc have from Sir Julius Yogol himself, the key to the great scheme referred to incidentally in the House last session, but not elaborated then or since, because " it was not one for Government assistance, but for private enterprise and here, too, we have doubtless the great commercial enterprise, which he is said to intend to lloat upon tlu; London market.

The colonists will not merely wish success to Sir Julius Yogel in his enterprise with capitalists at home, but rest content that a matter of such vast importance to the colony is in the hands of so aide and shrewd a man, and one who carries with him a large and important section of speculating capitalists at Home. A venture of this kind could not be left in better hands than those of Sir Julius, and we would go a step further and recommend that those in Auckland interested in mining property in the Thames Peninsula should invite Sir Julius Yogel to visit Auckland before leaving the colony, and make arrangements with him for placing the extensive areas of auriferous and argentiferous land at the 'lhatnes, Waihi, Te Ai'oha, and elsewhere, upon the home market for practical mining enterprises. Nay, with the knowledge we have that the sugar beet industry has no warmer supporter in New Zealand than Sir Julius Yogel, we think the Auckland Chamber of Commerce, having failed to interest Mr Glaus Spreckles in its manufacture in New Zealand, his hands being full with the enterprise in California, might, with advantage, endeavour to get Sir Julius to move in this matter also amongst German and European capitalists, settlers in Waikato being willing to perform their share of the project by providing a guaranteed supply of the roots for a certain period. The visit of the ex-Colonial Treasurer to Europe should be one of great importance to New Zealand in a variety of ways, and, as indicated in the above remarks, may be made specially beneficial to this part of the colony.