LATEST SOUTHERN TELEGRAMS.

Auckland Star, Volume V, Issue 1498, 28 November 1874, Page 3

LATEST SOUTHERN TELEGRAMS.

THE "POST" ON MR VOGEL'S

BORROWING.

WELLINGTON.

(From our own Correspondent.) This day.

The Post last night endeavors to show that the frequent and rapidly recurring demands made by the Colony upon tbe English money market are seriously injuring the credit of the| Colony, and quotes Westgarth's financial circular in support. It says :—" This is now being experienced in the gradual depreciation of New Zealand 4i per cents. They were first issued in last January at 9S ex accrued interest, they are now under 96 ex interest, and apparently still declining under the"pressure of a full market." The Post says the news now to hand shows almost conclusively that Mr Vogel cannot even attempt to float the loan itself. The market will have none of it. All he can do will be to take advantage of the power of mortgaging the loan by the issue of short-dated debentures. These he may be able to get taken up (at a piice) by the Banks or large firms, who will be content to bide their time until these short-dated bills have to be met. In London we can scarcely doubt he will succeed, but it ,will be at a price which will involve enormous ultimate loss to the Colony. Mr Vogel's financing will result in ruin if it goes on much longer. The City Council is about to make preparations for the proper reception of the new Governor of New Zealand.

The Times shares are improving. A large lot were sold at par during the last day or two.