From 1874-1875 about 75,000 people migrated to New Zealand, mostly as part of a bold immigration and public works scheme - mainly building railways - started by colonial politician Julius Vogel in 1870.
The scheme was financed by borrowing millions of pounds and the audacity of it shocked many, especially those nervous about the debt.
They feared the colony would start by borrowing for public works and end up borrowing to pay the interest.
It has been said it was Vogel who taught New Zealanders how to borrow, and the comment was not meant kindly.
But in 1875, when the Vogel scheme was at its peak, the Herald was in no doubt about its importance.