THE ROAD TO RUIN.

Daily Southern Cross, Volume XII, Issue 832, 19 June 1855, Page 3

THE ROAD TO RUIN.

To the Editor of the Soutlurn Crost. Sir,— A "Northern Elector," in the ' New Zealand er' of Saturday last — with the best intentions no doubtgives the following warning of the road to ruin: — " Three months of this [strictly legal ?] Government has done much to destroy the confidence of the surrounding Colonies ; and to depreciate (and I say it advisedly) the value of property in New Zealand ; and unless tome energetic means be taken to arrest, its progress, the colonists must not be surprised to find the course ot prosperity upon which they have been of late so hopefully careering, converted to one of painful retrogression down the road to ruin." I am quite ready to admit that there is a depreciation of property here at present, with commercial depression and tightness in the money market, and that " energetic means are requisite to arrest its progress ;" but I altogether disbelieve thnt the "legal opinions" hare any thing to do with it. I rather t'link it may be traced to a cause considerably anterior to these documents. In my estimation the cause is to be found in the reckless purchasing of land uiiJer tl.t new Regulations by those

who hnd not the money withour withdrawing '*- fr° ra more legitimate employment. — In -hort, it i* " Land Sharking," ami not the "lt^il opinions," uhidi has bro'iyht abiut X\v " {yiinful rerr ijjressiim J>«n the road to rum." Ima further of opinion that the Viovuuial Council, hrtd they rotrd tho supplies ns they ought to have done, for the various public woiki referred to in the Supplementary Estimates, t'je beneticial effucts of so large an expenditure would havo been felt ere this time by some of those who may now bv 1 hastening duwu the road t6 ruin. I am, &.<.-., A Victim. Auckland. June lßth. 1^53.