The Taranaki Herald. PUBLISHED ON WEDNESDAYS AND SATURDAY. SATURDAY, JULY 30, 1870.

Taranaki Herald, Volume XVIII, Issue 1006, 30 July 1870, Page 2

The Taranaki Herald. PUBLISHED ON WEDNESDAYS AND SATURDAY. SATURDAY, JULY 30, 1870.

It is now some four weeks since the Colonial Treasurer brought down to the House of llepresentatives his financial statement and scheme for the promotion of immigration and the carrying out of extensive public works. Every one has by this time had an opportunity of making himself thoroughly acquainted with the principles enunciated therein, and the proposals made to carry the scheme to a successful issue. It cannot be denied that the more the statement is read, the simpler and more feasible it appears. The idea of borrowing a large sum of money for iui migration and public works is not a new one — it has been talked about and written aboutbefore. The credit of it to thepresent Ministry does not, therefore, lie in the originality of the scheme, but in their being the first with courage enough to bring it before the country, and in the skill they have displayed in its design and construction. A letter appeared in our columns on February 27, 1869, written by Mr. T. King, which suggested briefly what has been so elaborately laid down in the Hon. Mr. Vogel's statement. "The wild tribes," says Mr. King, " whose only desire is to be uncontrolled, to live as they choose, either in amity with us, or in open or disguised hostility, must be subjugated. They will not, they cannot treat with us, and therefore they must be rendered powerless for evil. Their country must be opened up by roads. They must be isolated and disarmed if need be, and their laud thickly planted with an industrious people." To do this Mr. King suggested that a loan of three millions should be obtained, and the Home Country asked, not only to guarantee the same, but to pay the interest for five years. "The amount of three millions," adds the writer, "is small enough to do the work I propose, but a considerable sum should How in from the sale of town and country lands, and free immigration would supplement that paid for out of the interest of the loan, and bring capital with it to develop the country. The interior of this island is vcrv sparsely peopled, but it contains much valuable coal and limestone country, and it is more fitted for small cultivations than for sheep and cattle runs, and should carry a dense population. If peace were fairly established, I believe the attractions of this -island would be found to surpass those of any other emigration field in the world, and the sons of the present population would see a more prosperous future before them than has fallen to the lot of their fathers." AYe have reprinted these extracts, coming as they do from the pen of an independent member of the community, not only to show that the idea of borrowing large sums for immigration and public works is not a new one, but because they explain in a few words the benefits we shall derive from Mr. Vogel's scheme. As far as we have read the debates in the House of llepresentatives on the financial statement, the objections to the proposals appear to be so few and insignificant that it may be fairly assumed there is a strong feeling in favour of the

scheme as it stands. It has been urged, however, that the proposals are of too speculative a character, aud will ultimately tend to depress the value of property, and that after the expenditure of the loan, the Colony will be left in an embarrassed state, with a heavy national debt, and consequent increased taxation; but we really cannot see there is any reason to suppose that such will be the case, or that only a fictitious prosperity will ensue. A portion of the loan is to be devoted to purposes of immigration; therefore, if local industries and manufactures are but fostered by a judicious protective policy, a large population can be introduced, who will be permanently and profitably employed in promoting such undertakings, a home market established for our agricultural produce, our revenue more than proportionately increased, mid

our additional engagements consequently then, less heavily felt by the colonists generally, than our present liabilities are now. Besides this, the amount to be annually borrowed is really small when taken in conjunction with the extent of country over which it will be evpoiuled. Any one who has taken the trouble to read the statement and examine the details, will perceive that the money will not be spent during a short period, iv one or two central districts of the Colony, but that public works are to be commenced where they are most required, and will be carried 0:1 with systematic steadiness. By this means property will gradually improve in value, and much laud tliat is now useless will be made to yield a revenue to its owners.