“The Press” In 1866

Press, Volume CV, Issue 31020, 28 March 1966, Page 14

“The Press” In 1866

March 27 WHAT IS A ROAD?—The Superintendent of Nelson, addressing his Council the other day, and enlarging on the public works which he had carried on in connection with the goldfields, says:— “In addition to these public works, no less than 115 miles of new road have been opened in connection with the Grey goldfields, sixty-one miles of which are available for horses.” The popular view of “a road” in Nelson must be very different from that entertained elsewhere. In Canterbury we call a “road” which is not available for horses a “footpath;” when open for horses, a “bridle track.” when a track is open for public coaches, we call it a “road,” and the road from Christchurch to Hokitika mav be said to be a road. OVERSEAS LOANS.—The last news from England is such as must cause the most speculative and hopeful to mistrust the chance of being able to borrow monev for New Zealand purposes. The rate of discount has again been raised, and stood at eight per cent, at the Bank

of England, whilst the English funds showed a tendancy to fall ... . What ever the provincial system in the Government of New Zealand may have been worth, and however valuable it may have been as a system for colonising the country, it takes an entirely new aspect when each province goes into the market severally to borrow. As long as each province merely dealt with the moneys accruing to ft, however it might impoverish itself, it could not much affect other provinces; but when it goes outside of itself to borrow on the European market, then the credit of the whole colony is unavoidably wrapt up in the financial operations of each part. Had money been plentiful and credit abundant we might not have found the shoe pinch so soon, but in the present state of the money affairs of Europe, when credit is limited and money dear, the effect of our peculiar system of finance becomes very apparent. It is absolutely suicidal; and if pursued for many years longer must involve the whole colony to ruin. <