THE Marlborough Express. WEDNESDAY, MAY 21, 1879.

Marlborough Express, Volume XIV, Issue 1135, 21 May 1879, Page 4

THE Marlborough Express.

WEDNESDAY, MAY 21, 1879.

" Give me the liberty to know, to utter, and to argus reely according to conscience, above all other liberties —Milton.

That the route of the Main Trunk Line of Railway which will ultimately connect Amberley with Cook Strait will be by way of the East Coast, can hardly admit of a doubt; although it is also clear that the Members for Nelson will do their “ level best ” next session as they did during the last, to divert the line so as to bring it to Foxhill. To a certain extent they succeeded by the help—be it remembered—of the Hon. Member for Wairau, notwithstanding the fact that he himself publicly says that he knows the East Coast Line to be the best, and the one that will eventually be adopted. Next session, in all probability, the question will be again raised, and possibly finally decided, which of the rival routes the Main Trtink Line is to take, and the question is a, most important one, especially to Marlborough, whose interests are intimately connected with it. A map of the proposed Railways accompanying Mr Foy’s report of July 26th, 1878, shows several alternative routes. Starting from Waikari, north of Amberley, the line which he recommended goes inland by way of the Waiau to a point a little north of Kaikoura, where it touches the Coast, and continues along it to the Tire River, when it again goes a little way inland, and passing Flaxbourne and Starborough comes into Blenheim by the Dashwood Pass. The length of this line from the starting point at Waikari is 151 miles, and the ruling gradient 1 in 15. There is an alternative by way of the Cheviot Hills to the Kowhai river, and thence by the Coast Line to Blenheim, which would be 160 miles long, and the ruling gradient over high ground, roughly estimated at 1 in 15 or 20. The other Main Trunk Lines referred to in the Report are as follows : —(lst) A line known as “Mr Fowler’s,” commencing at Brunnerton, eight miles north east of Greymouth, thence by way of the Haupiri Flats, Marina Plains and Buller river to Tophouse and thence with branches to Nelson’ and Blenheim. The length of this line from Brunnerton to Foxhill would be 173 miles, and the ruling gradient 1 in 9. The distance from Brunnerton to Nelson by this route would be 195 miles, and to Blenheim 201, the ruling gradient in each case being 1 to 9. (2nd) A line from the junction at Waikari by way of Jollie’s Pass, the Clarence, Tarndale, and Wairau river to Blenheim, length 168 miles, ruling gradient linls. This line was favorably reported on by Mr Carruthers, prior, however, to the examination of the East Coast Line. In reviewing these several routes Mr Foy says “ Of all the routes that have been examined in connection with the Main Trunk Railway, the line by way of the Waiau, Kaikoura, the East Coast, and Flaxbourne to Blenheim, is the best and the only one that can ever be expected to pay for its construction. None of the other examined routes for the extension of the Main Line northwards can enter into comparison with this one as regards its adaptability for a line, of Railway when viewed in the fight of containing land fit for culti-

vation, or in any other way as jmssessing the means whereby a population can he supported along it.” The Hurunui and Waiau Plains, the intervening runs of Lynden, Highfield and Greenhills, Kaikoura, and the Awatere, contain a large area which could be easily and cheaply brought into cultivation, and would support a large agricultural population. In this important feature the other lines are wanting. The East Coast Line must, in the opinion of any impartial person, be the cheapest and best—the “Nelson and Marlborough members ” to the contrary notwithstanding—and if this point is kept well before the public and the Parliament, this cannot fail to be the route which'will be taken, but if people here are apathetic, whilst those at Nelson and the West Coast are active and energetic, they may succeed for a time at all events in diverting the Main Line from its legitimate course through Marlborough, and carrying it inland through the regions of almost perpetual snow to the West Coast. We regard this as one of the most momentous questions for the future welfare of this district that has ever been brought forward, and it is one of no little importance to the country generally. There can be no doubt that although it may take a few years to accomplish, the iron horse will eventually travel from the Bluff to Cook Strait, and it cannot be a trifling matter which road lie is to take. It seems proved to demonstration which is the best way, but interested motives and political weight may succeed in getting the line partially made in the wrong direction, and unless our Members show more firmness and determination to adhere to the interests of the District in this matter next session, than they did last year, there is a probability that the Nelson and West Coast people may gain by their •vigilance and importunity what Marlborough loses by its apathy and want of strength. The inherent goodness of a cause is not of itself always sufficient to carry it through Parliament, but if it has the Press and public at its back, and able and efficient Members to bring it forward and support it in the Assembly, it will ultimately triumph, and such, we believe, will be the case with the Main Trunk Line by way of the East Coast, notwithstanding Mr Seymour’s statement at his late meeting, that he would go with the Nelson Member’s again. In another column we give the details of the East Coast route, as recommended by Mr Foy, and next session we hope to see a start made to carry the line as far as the Awatere as a first instalment, and if the Marlborough Members will but condescend to regard the material interests of their own districts as superior to Party politics, wo have no doubt this object will be attained at once.

. The statement of the Liabilities and Assets of the Banks in this colony for the quarter ended 31st March last, as published in the Gazette , show a very satisfactory state of things as existing in thosejimportant monetary establishments, and goes far to prove that, notwithstanding the temporary depression in business, and the general commercial stagnation which exists just now throughout almost the whole of the civilised world, the Banks doing business in New Zealand are on a firm footing. The very large amount of money placed on deposit is one of the strongest and most significant pieces of testimony to the confidence which the public place in the banks, for if there was any doubt as to the security, we may be sure that the vast sum of nine millions sterling would not be entrusted to them by depositors only! Of amounts under this heading the Bank of New Zealand has £1,791,445 not bearing interest, and £2,100,393, bearing interest, besides £809,125, Government deposits. Next under this 'head comes the Union Bank, with £457,295 deposits not bearing interest, and £1,138,616 bearing interest. The National Bank follows with £319,916 deposits not bearing interest, and £535,601 bearing interest. The Colonial has £301,700 deposits not bearing interest, and £391,902 bearing interest. The Bank of Austral-’ asia has £172,503 deposits not bearing interest, and £360,238 bearing interest. The Bank of New South Wales, £259,569 deposits not bearing interest, and £450,063 bearing interest. The total liabilities of these banks are as follows:

The total liabilities of all the above Banks being c

£10,G28,509. The assets on the other hand amount to £17,038,354, viz :

The paid-up capital of the respective Banka, and the rate of last yearly dividend, are set down as followsßank of N.Z., L725,000,j fifteen per cent; Union, L 1,487,500, 16 per cent; Bank of N.S.W., L 1,000,000, 174 per cent; Bank of Australasia, L 1,200,000, 124 per cent; National Bank, L 350,000, 6 per cent ; * Colonial Bank, L 396,904, 8 per cent; Total capital paid up, L 5,159,404. The total amount of the last dividends declarefk amounted to L 360,734, and L 2,380,404 were carried to the Reserve Fund at the same time. Ime consideration of these figures ought to bfjfsufficienfc toconvince the most genuine croakerjfn the Colony that there is no fear of a monetarjf collapse, and that although some of the ban® are putting pressure on their customers, it » not because those institutions are short of ifunds. Over speculation on the part of some of weir customers, the fall in wool, and the periodicalrecurrence of stagnation in trade,- which applars to come as regularly as. an epidemic a disease to th e body;'acid is just now upon us, ire doubtless

sufficient reasons to warrant the banks acting with caution, but as to their solvency no one can entertain a doubt who relies on their official retmns as published in the Gazette.

£ s. cl Bank of N.Z. 5,312,322 19 2 Union Bank 1,759,531 14 11 Bank of N. S. Wales - 800,942 0 3 Bank of Australasia 594,084 19 8 National Bank of N.Z. - 1,003,633 G 10 Colonial Bank of N.Z. - 797,975 18 4

Bank of N.Z. 8,170,393 4 1 Union Bank 2,454,117 4 5 Bank of N. S. Wales - 1,811,048 7 7 ' Bank of Australasia 1,038,107 16 3 National Bank of N.Z. 2,228,450 16 4 Colonial Bank of N.Z, 1,336,237 2 4