ORIGINAL CORRESPONDENCE.

Otago Daily Times, Issue 378, 7 March 1863, Page 5

ORIGINAL CORRESPONDENCE.

THE WATUR SUPPLY.

(To the Editor of the Otaoo Daily Times.)

Sir, —The Town Board is evidently the modern old man of the fable who tried to, bur failed to please everybody. It has long been the fashion to blame it for being too slow, but it remained for your correspondent " Veritas" to convict ie of being too fast It seems hard that just as the members are going to work with goodwill they should be rebuked tor their activity, anil because their action in this matter is likely to disturb a few private interests, they should be sneeriugly desired to miud their own business. If Sir, tbi provision of water, sewerage, light, roads and other public comforts, are not, *>s your correspondent intimates, the legitimate obj cts for which the citizens elect them, I am utterly at a loss to comprehend what their functions are sup,iosad to b?, and if " Veritns," who evidently writes "ex Cathedra," would obligingly define them it might in future save a great <'eal of misapplied abuse. It appears to mi' there are various reasons why the Town iioard should undertake the provision of a supply of pure water, and I will briefly endeavor to. state them :— First—The broad legil definition of what municipal corporations ai\! established for, is •' to protect the sanatory interests of the iuhabitants, the preservation of health, and the maintenance of order therein." Can there be any step more necessary to those ends thai) securing an abundant supply of pure water tor private arid public purposes, and at a reasonable and unoppressive rate 1 Secondly—Tlitp is the important question of obtaining ttie capital, and this is the real difficulty in public works. Up to the present time, as lam informed, only a few individuals, outside the jctive piomotsrs themselves, have subscribed to the existing project, and it will be found that none of those who even so subscribe will cay up their money until the whole capital is taken up. The prospect of raising L3G,000 under such circumstances is almost hopeless. On the other hand, the Town Board have a good basis of credit—this was evidenced in the late sale of their debentures, which to the extent of LIO,OOU were taken up by one of our banks at par; and if L6J,000 or LBO.OOO were required f .r a well organised scheme of a reproductive chai'acter, T hare no hesitation in saying, and I sneak from experience in colonial credit with home capitalists, that the London Stock Exchange would recognize the Board's debentures, and that they would be sold at a premium. The fact, that the stock of the Gas Company is not yet fully taken up, although they have gone far to carry out their undertaking, shows us plainly that large capital is not to hi readily obtained for public works which are at best speculative somewhat as to results, and for a time unproductive. Capital is too valuable, there are too many open sources of speclation quick in their returns, and there is very little individual patriotism. Besides, there are .other projects which are not' within the province ot the Town Board, and which the Government will nnt take up. Let whatever floating capital there 13 bs reserved for these, and leave itto Cassar to do that which Osssar is willing to do. In my mind the public ought gratefully to accept this indication that they are to have water without decreasing thfiir chequo-book to provide it; and however it may mar Alnasebar-like visions of a few, to the mauy it should ba the source of much congratulation. There is another important consideration —what ■would be the effect on the citizen purse—for this is the question after all—by the two systems of control ? A private company, following the inherent law of its nature, would seek to give the smallest quantity of water for the largest extractable coin. Citizens would sacrifice health and cleanliness to coin, carrying thereby something additional to the bills of mortality. On the reverse side of the case, the public, through their trustees the Town Board, would regulate the supply and fix what should be paid for it; while the profit that would in the case of a company pass away in the shape of dividends, would go in the other case to the reduction of the general taxation of the town. . ~, . , .

" Veritas" feels strongly upon the mismanagement, jobbery, blundering, and corruption-of the Water Commisiou and Railway system in Victoria.' I cordially shake hands with him on this point of bis letter, hut I do not deduce therefrom, as he does, ergo we must follow their "shocking example." Private boards aud public boards ■ are remarkably hlike—witness King Hudson in the one and Bullock Jackson in the other. -It is the men who form them; and while we keep our official corporations L free from the political venality and corruption exercised in all public appointments in Victoria, there will ba no parity between the two. - ' I am, Sir, yours &c, A Townsman.