THE COLONIST. NELSON, FRIDAY, OCTOBER 15,1858.

Colonist, Volume II, Issue 103, 15 October 1858, Page 2

THE COLONIST. NELSON, FRIDAY, OCTOBER 15,1858.

It'is sometimes advisable for a State to use the

same means which are customary amongst private individuals, who are. embarked hi many ventures^ to ascertain exactly their position. By so doing, they arrive at a conclusion which informs them as to whether they have been retrogading or advancing. A merchant can take stock of his produce in hand, and, by a reference to entries and memoranda, can satisfy himself as to his position with regard to his neighbors. There are leer tain laws of risk which experience and observation have reduced to. a system, arid he can make an average allowance for losses, in which he is guided by statistics. It is not so with nations; or pro-, vinces; causes beyond the Calculation of the most subtle political economist may spring up, and disarrange the proposed measuresof any ministry. The history of all past States shrews us that the waritof progression is not merely a still and quiet lethargy, but is immediately followed by retrogression. Tlie very absence of advancement is an augur of failing strength. The ruined memorials of past States, whose names are now amongst the landmarks of history, are warnings to us that theJiighekt point of success accomplished is the forerunrieV ©f diisolution. There are, however, to be found,, also various seasons ; pf depression in the history "i'falf," and we are too prone generally, to look ujpon Jjt^present evil as one more irremediable than-any-former one. A succession of seasons,of large tr^flfel^ fostered by "anticipations of abundant harvests, or. increased by speculative expectations from natural" discoveries, would of itself be sufficient to. produce a reaction of dulhess, should neither the harvests' or the minerals return :tlieir; expected' quota. of exports. The ancients, when they sculptured the effigy of Hope; made her always progressing^ :'and no truer description of thatsentimentof the human inihd could how ibe^furnished. LetyHope once cease to advaiTce, and as surely will slie" be worse ' than stationary, and cease to represent herselrT?'-: : There is at present in our own Province "a deadness in commerce, and a-general want of confidence in ■enterprises,"'which;;-'though;perhaps to be classed amongst the speculative, are still the legitimate offsprings ofvai'i; healthy, market, namely, investments in local matters, which carried out would, •if successful, repay tenfold the cost. The money market is indubitably fight, and this perhaps may be traced to the fictitious value which has gradu'allysphing up with regard to the land. In Mel'-, bourne at the time of the first gold mania, a rapid rise took, place in the Value of land available for mercantile purposes. Large .masses of gold were found occasionally, which served as a stimulus to the wavering; and a constant and rapid increase of population took place, to meet ihe demands of which large importations were necessary; and all the resulting ( accompaniments of trade increased, such as facilities for conveyance both by land and water. In their case, the find of gold was sufficient to enable the returns to the shippers^ and the continual arrival of large .consignments of goods, such as both necessity and luxury dictated—-all of which were represented by the precious metal the soil yielded so abundantly ~ made in a few days townships out of forests, and stores and •habitations amongst the hitherto deserts. The great law of Compensation by which this earth is governed, was not even in this case overthrown. The fulness of their coffers is now succeeded by a scarcity, and tlie immigration lists are overbalanced by the emigration. How much more so, then, must we expect dulncss and depression here, when we have to look back to a trade prepared for the diggers of 1859, and abandoned by the diggers of 1858 ? We are losing now from our Province the hard-working- men who would have brought from the bowels of- the earth her treasures, if rightly encouraged. Many theories are started to account for that which is patent to all, the depression of our trade now. By some-rand those of course a. particular party, ready to catch,at any straw which the stream of events may float before them, so it adapt itself to their hands—it is accounted for by the supiness of our Provincial Government—oh their heads, forsooth, these gentlemen lay the blame. By others, it is explained in such a mysterious way, as to call to^our mind the poet's line, - * " I wish he would explain his explanation." Others attempt to generalise their views'and speak learnedly of financial crises, andoverstocked markets. The plain and honest truth,is this: we have deceived ourselves in the value of our expectations—we expected an abundant harvest, and our plains returned us less than ah average one— we have been smitten with a Dun Mountain.fever —we have been smitten with a Pakawau. fever, and we have suffered from a gold fever. These have induced one grand disease, and that is a Speculation in Land, which neither, trade, mineralogy, nor agriculture justify. The absurd values set upon some sections of land by the holders of even the most inaccessible, is to be deplored. Acre after acre which could be profitably- used, if to be bought at a moderate price, is refused to those who would offer a fair marketable value; and the man who refuses hundreds for, will borrow tens on, at exhorbitant rates of interest, an acre of land, that he may retain his right to leave it in idleness, and cliauce some great wonder turning up. which shall equal in character the Australian Golden Age. Works which might be progressing

are thus delayed, and the artizan and thexjipitalist alike seek i'Sme spot where the* price of land, is nibre nearly'adequate to its poweis of production*. We literally "'killing the goose for he^golden egg. Asj;d£(l ts>'this, Jwe hear rumors 6f-<iptfilMc^ more^. abundant pt necessaries, more^ratiiVlii minerals,-within, a few. da3 r3,aaiL^)f usi^i^Caa-wii Wonder then, that those untramniellcd by4he mV tricacies'of a colonial trade, will;lbave us' for such lands. Let "5 offer greater inducements, and we shall find the greater number. We are in fact irr these Southern Seas likre so many merchants seeding for custom. There where the greatest liberality to the purchaser is shewn, there will tlie largest trade assemble. Tasmania has. not of late been inactive, and may yet prove adangerous rival tp

■Tt (V "' , .-. *\ . . .:<?■ New Zealand. Her labor market is not now overglutted, arid she offers liberal terms to such as will seek her'shores^ We are now losing .our numbers rapidly,, and unless some public energy be displayed,-shall continue losing. The artificial value of our property must reach a more marketl able rate. The farmers must cease to buy land on credit and stock- it upon trust; no industry can pay the heavy interest on the borrowed capital, which is in fact a more than adequate rental; and absentee proprietors should be made to feel that the fable of the Dog in the Manger is not inapplicable to themselves. Let all land belonging, to absentees, and which is left neither occupied nor improved, be doubly taxed. That would be a premium for 'resident landlords, and would-bring such, a quantity of land into the market as might reasonably lower the high prices asked by those who, being present, trade on the necessities, and drive hard bargains with the laborer who desires to become his own freeholder, and to feel that he has a stake in the advancement of the country he has chosen, and the land that he has tilled.