The Globe. TUESDAY, DECEMBER 7, 1875.

Globe, Volume IV, Issue 462, 7 December 1875, Page 2

The Globe. TUESDAY, DECEMBER 7, 1875.

The Assembly, whose dissolution took place yesterday, has been one whose work will be felt for long years to come. It came into existence in the midst of a wild and feverish clamour for lavish expenditure upon public works. A few voices were raised at the time in warning against the probable results of the mad and inconsiderate baste which was displayed on all hands for the construction of railways, but those warnings were disregarded. During the few years which have passed since then, the work of borrowing has gone on at an alarming rate, so that now the public debt of the colony amounts in round numbers to twenty millions sterling. But the time for further borrowing has come to an end, and now the colony has to face the far less pleasing task of finding ways and means to pay the interest and sinking fund on this large debt. The question of all others which will have to occupy the minds of the new Parliament will be that of finance. Our great regret is that the last act of the expiring Parliament was not one of completely clearing the way for the consideration of this great question. Had the provinces been definitely abolished, the public would have been saved the trouble of discussing the subject over again at the present elections, and one of the most fruitful sources of our financial troubles would have been gone, with the sweeping away of provincialism. We greatly regret that financial matters receive so small consideration at the hands of candidates now before the public for election. With one or two notable exceptions, those gentlemen seem to know little and care less, about this subject. We hear of little or nothing of the form which taxation will have to take, when we have no more loans to fall back upon. A few stray questions, perhaps, are asked of a candidate as to his views regarding a property and income tax ; but that is all. Scarcely any attempt has been made by the great majority of the candidates to grapple with the real financial position of the colony. We all know that if the revenue continues as it is at present the colony can bear the burden, heavy as it is. But our prosperity is dependent, to some extent at least, upon the millions which are being expended by the Government in the colony. When that ceases, there must be a reaction of more or less severity, and the slightest check upon our prosperty must result in a diminished revenue. Our Customs duties at the present time are stretched to the very utmost —to such an extent indeed, that were any reaction to take place many classes of goods now largely used, and upon which very high duties are paid, would go out of consumption altogether. How will that deficiency be met, and what steps will be taken to raise revenue in another form, are questions which all the candidates should be able to answer. There is another question regarding which we have heard but little—that of immigration. We all agree that when the lines at present authorised are completed, railway-building must stop, for a time at least. But is immigration to stop also? We hope not. If the present prosperity of the colony is to be continued in any degree in the future, immigration must also continue, and funds must be found to pay for it. From what source are those funds to be obtained ?