The Taranaki Herald. NEW PLYMOUTH, FEBRUARY 9, 1853.

Taranaki Herald, Volume I, Issue 28, 9 February 1853, Page 2

The Taranaki Herald. NEW PLYMOUTH, FEBRUARY 9, 1853.

There are three all important objects which have long been considered necessary to the prosperity of New Zealand, and which now would seem to be on the eve of accomplishment ; viz , the essentials of representative institutions; an ample supply of land ; and steam 'communication between the settlements and the neighbouring colonies. The last perhaps even more important than a communication by like means with the mother country — thau which few things can be more desirable ; but most to be desired with us as tending to the early establishment of such local communications. The first and second of these objects are accomplished, so far as the institutions are concerned ; and it remains with the people of the several setilcments of which the colony is composed, to originate out of them a new and better' order of things. Some communities may, and 'probably will succeed in the task better than others, but all will benefit by the example, and let praise be given where praise is due. Wiser heads may in some places be employed in the solution of the difficult problem before us ; for the art of government is not to be learn t in a day more than any other trade. There is nevertheless no reason with any to despair, since honest and patriotic intention aided by the strong sense which always accompanys self reliance and esteem is not wont to fail in what it undertakes. That the results will depend on ourselves is not to be doubted, and the responsibility is one upon which too great stress cannot be laid ; but the vessel is launched, and it would indeed be pusilanimous to suppose that we cannot find men equal to the task of bringing her safely to pott. The second object desired is — the land. In this as regards our settlement, no exertion should be spared to obtain an immediate supply ; it will doubtless be ' among the first objects of the Legislative Assembly to place the question at rest, so as ' to enable each settlement under proper and judicious regulation (nor would we deny the propriety of the same) to acquire the land which may be deemed necessary. The relavant clauses of the new Constitution Act clearly point to such an arrangement, and the perfecting of its objects into some general system will not only lighten the duties of the general executive in a matter wherein the true amount of the necessity might be difficult of ascertainment by persons not immediately in the locality v . but wotild«thfow upon the Superintendent and Provincial Councils the onus of providing for the wants of the community in this respect— such arrangements to be confirmed ultimately if necessary by the general executive. The powers which by the n«w act the Crown .is empowered to delegate, and which delegation in all probability accompanied the measure, will lend immediate facility to an arrangement, to this settlement at least, of surpassing importance. I Thus we see that two out of three of these necessary objects are as it were in our own hands. Not that we have them at present I practically in possession ; but, that intelli1 gence and energy, will enable us to attain them if we take advantage of the means within our reach. With reference to the third object — Local Steam Communication — we have now before us an able article in the Nelson Examiner which slates " it is now five years since we first commenced the discussion of the

subject," and well and honestly may that journal take credit to itself for originating the discussion of such a scheme, if it did no more; but it did do more — it entered into statistical proofs of its possibility, and those statics, we learn, have been during the interval used and acknowledged as data. Our contemporaty's exertions have been continued to the present time, but, till now received little sympathy from those whose interests were chiefly concerned in its ac • complishment. An article, a public meeting, and the ebullition is over, 'patriotism " has done its worst" and all this is in the ordinary course of 'events, and we must not repine, but work on till the result comes. — There are many bridges to be built on the road to improvement. " From time to time" says our contemporary " and — " On all suitable occasions, wt have discussed It freely, and endeavoured to enlist for it public support, and we believe wo may lay that the indifference wliioh once exiittd towards it, and the distrust entertained of its lucceis, is now altogether changed ; for a general desire, «xl«tt to see steam upon our coasts with th« least possible delay, which is coupled with a belltf that, assisted at the nn - dertaking should be by tht Government, It will yield at once a f«!r iotareal for tic capital Invested in it, and which will augment with the increased traffic that mutt arise as the colony progfe,»ct. " Little more than a year ogo, another meeting to d'ueuss local Steam Navigation was held in Nelson, and this time a considerable interest was manifested In the subject, and a Committee np« pointed to draw up A prospectus of a Steam Navi«, gallon Company, and take measures to ascertain whether such a company would meet with nfpport in the colony. This was accordingly done, and a considerable number of shares were applied fur in Nelson, or an Intention of lukiiij; them signified to the Committee ; but except at Port Cooper, the proposal met with no support in any other put of the rolnny j and unaided by the other settlement* and without assistance from our Steam Fund, which then was bryond our reach, there tvae fIS encourI agement to proceed in the formation of the Compnny. " But thli our last effort to unite the toattered settlements of New Zea'and hy meant 1 of Steam Navigation teems not to have been altogether in vnin, although the fruit was not seen immediately. Acting upon the protpectui lisu'ii by the Committee appointed at the Meeting htld on the IBlli of October 1851, some energetic individuals in London litre enltrged the plan, and actually formed a New Zealand Local Steam Navigation Company, the prospectus of whleh Is now lying before a). Tbe capital of this company is to be £150,000, In (hares of 5 pounds each, and one third it reserved for New Zeulnnd. From what we know oftbe promoter* of this Company, no have erery tea on for believing that it is intended to be s rctly a bona fide transaction, and we learn from private sonrceg that a considerable number of tharct have bceu applied for, upon each of which a deposit of two pounds hat been psid. After stating generally the success which Is likely to result to the Company, the prospectus goes on to say— ' The province of Nelson will form the central point from whence Steam Navigation throughout New Zealand will radiate, according with the original design of Ihe founders' provision in 1942. The chief ohject of the Committee is to raise sufficient funds to enable 'hem immediately to despatch two Iron Screw steamer' on this important scrvioo, and they feel confident tbe time hu arrived, when they can safely receomend this undertaking as a legitimate nud profitable Inves'mentof capital- Their next stage of proceeding will be to provide Steamers of another clsst for 'the immense river* that run into the interior, and thus open new channels fur Native and European production*. • The affect of these arrangements will soon manifest itself, and this Company will have tbe hiub. sati>faction of contributing a most Important element to this Britain of the South, and securing a good dividend for its share holders. In illustration of tbis fact, the following price » ore submitted :— < The Royal Mail Steam Company, £60 paid, | present price jt'7B per •'bare, dividend £i per share. < The I'enintultr nnd Oriental, £50, paid present price £85 per share, dividend £4 per share, bonus £l. ' The General Steam, £14 paid, present price £28} psr tbare, dividend £8 per annum per thnrc. ' A Roy»l Charter of Incorporation, limiting the liability to the amount subscribed, It found to be nrceaiary for tbe security of the Shareholders, t* a Local Ordinance only guarantee* those resident in New Zealand.' Should tbe Ne« Zealand Local Steam Navigation Company bo now formed, it will prob> ably have tho effect of deterring the Messrs. Willis from carrying out their intention of tending two steam vends to the colony, for although we have no doubt of the success of one line of steamers o a

our coast, we do not think the colony Is yet In a position to support two ; and if they were tried, the want of succeis would be discouraging to both. The Company, whose prospectos we have noticed, la perhaps, the best to first enter on the field. Possessing a large capital, and with a considerable body of share holder* In the colony, it would ttand ovary chance of tuccci*. Onr hope ii, that Its plan* may be tuflicltntly advanced to have one of it* vessels in the Colony by tho time the Gener" a! Council thill fint sit, so that a voto in old of the object of Steam Navigation may be claimed oa that occasion. We have every reliance on our contemporary's statements ; of all tlie press of New Zealand none have been more faithful to the purely national good of the settlements. 50,000 pounds may appear a large sum to l)e raised in so young a colony, but if the benefits of the scheme are rightly measured it will not be considered a difficulty. Tho peop'e here must recollect that with the capitalists of the Mother-country, it is altogether a business affair, and will be done or left alone as prudential motives may dictate.— The natural question with them will be how do your colonial subscriptions get on ? Have the colonists themselves sufficient confidence in the speculation to embark in it to the amount reserved for them ? It will be seen that here the whole question hinges-— upon this point clearly hangs the completion of the measure. Onr contemporary years since published estimates in relation to this undertaking, entering into expenses ■and profits ; would it not be wise now that public attention is awakened to some extent to republish the statement revised — as far as receipts are concerned— of these particulars, so that an effort may be simultaneously made by the settlements to accomplish this important undertaking. We do not believe there is any doubt that if conducted on proper principles — the company would be at once successful, and in the long run, pay larger dividends than ordinarily successful companies in the mothercountry pay i but, it will be apparent to the world, that the people of New Zealand must bejthe greatest gainers by the employment of such an amount of capital to such a purpose in their concerns. This is the common sense, as well as the business view of the matter, and it is essential therefore that wa should not by any show of neglect or apathy throw cod water oa an undertaking fraught with incalculable benefits.