Provinces initially used their land funds – money from the sale of Crown land in their territory – to promote immigration and public works. When land revenue fell away, borrowing was another means to the same end and all provinces resorted to it. This cartoon captures a moment when Canterbury had successfully gained some funds, to the envy of other provinces, notably the tartan-clad figures representing Otago and Southland, which had borrowed far beyond their capacity to repay – hence the train ‘for sale’. The map in the window suggests correctly that the Australian colonies were also eager borrowers. It was the colonial government which had the last word, however – needing to service the £3 million loan (as per the rolled document held by the figure in the doorway) it had raised to fight the war in the north, it put a stop to provincial borrowing in 1867.
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Alexander Turnbull Library
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PUBL-0078-35
Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.
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