FORESHORE IMPROVEMENT.

Oamaru Mail, Volume XXVIII, Issue 8287, 16 September 1903, Page 4

FORESHORE IMPROVEMENT.

To the Editor.

Sir, —The encroachment of the sea upon the foreshore is a grave danger to the town, which requires to .be grappled with seriously. The present method of throwing stones over the bank cannot have any lasting result. The only thing certain about it is the expenditure, for which there is nothing to show, and this process may be continued till many thousands of pounds have been spent, without lasting effect. The stones simply lie on a loose bed of shifting shing'e, which is constantly being undermined by the action of the water, and thus the money expended is lite-rally being thrown into the sea. How long is this process to continue? Surely it is time some comprehensive scheme -was seriously entertained ? There seems to be only one method by which this erosion can be permanently stopped. The construction of a mole right across the foreshore a couple of chains out, and extending to beyond the woollen mills, should prove an effectua 1 barrier. The space thus impounded could be reclaimed, and an extremely valuable asset, yearly increasing in value, would be secured for all time. This would yield such a handsome revenue that the cost of the work would be fully met, and as years went by ib would become more and niore remunerative. The work could include a. dock for shipping, the mouth of the creek forming part thereof, and this would ,be an added source of revenue. Of course such a work could not be carried out without a. very large expenditure, but it would req.iire an expert to properly estimate this, and also the probable revenue to be derived from dock dues and grfeund rents. How is the money for the work to be obtained? This will be the first-, and most natural, query. Well, I have thought it is just one of those cases in which the issue of a paper currency would be perfectly justifiable. There would be, upon completion, a valuable asset worth every penny of the note issue, besides having a constant appreciation in value. Would it not therefore be possible for the -Harbor Board, the Borough Council, or both conjointly, to obtain authority from Parliament to carry out this work, and pay for ib in notes having legal currency throughout New Zealand under a guarantee that a certain .proportion of these notes would he redeemed every year out. of the revenue derived from the reclamation? We have numerous examples, even in New Zealand, of the value of reclaimed lands, and Oamaru should prove no exception to the rule. Suppose the work were to cost £200,000, it would be necessary to obtain authority to issue notes for that amount, payable.on demand. These notes would be issued as required during the progress of the work and used in the first instance in payment of wages, and they would thus go into general circulation. Being payable at any bank exactly as in the case of an ordinary bank note no one would feel any hesitation in negotiating them, and by this means a loan w'ithout interest would be floated, and a much-needed work carried out. Their ultimate redemption would naturally be spread over a long period of years, say 50 from the completion of the work, and this would render it necessary to redeem them at an average of £4OOO per year. In the earlier years while the revenue from the reclamation would be but small, few notes wouldbe called in, but as the revenue increased a proportionate amount of the issue could be extinguiehed till the whole of the paper liability to the public had .been met. Such a method of raising the funds seems to me perfectly reasonable and easy of accomplishment- Though a Government would act very unwisely to authorise a paper currency unrepresented by solid assets at the back of the notes, in the case under notice such an object-ion docs not arise. I throw out the suggestion for what it is worth in the hope of evoking discussion leading to some practical result. One thing is certain, the present state of affairs should not be allowed to continue. —I am, etc., PROGRESS. Oamaru, September 16th, 1903.