The Evening Star. WITH WHICH ARE INCORPORATED The Evening News, The Morning News and The Echo. WEDNESDAY, APRIL 2, 1878.

Auckland Star, Volume x, Issue 2781, 2 April 1879, Page 2

The Evening Star. WITH WHICH ARE INCORPORATED The Evening News, The Morning News and The Echo.

WEDNESDAY, APRIL 2, 1878.

For the cause that lacks assistance. For the wrong that needs resistance. For the future in the distance,

And the uood that we con do.

The flourishing of Ministers' names, and tho official titles of important colonial officers, in prospectuses of speculative or commercial companies is highly objectionable. In tho prospectus of the New Zealand Agricultural Company recently floated in London> mainly through tho influence of Mr Larnach and Sir Julius Vogel, we find, prominent among the directers, " W. J. Mudie Larnach, Esq., late Colonial Troasurer, and Minister of Kailways," and "Sir Julius Vogel, K.C.M.G., late Premier of New Zealand." it is stated that, " Messrs Horace Bastings and Walter H. Pearson, Government Commissioners for tho Classification of Lands in Otago and Southland respectively, have reported on tho various properties and made valuations, which are of a highly satisfactory nature" JNot satisfied with this bold array of public dignataries, it is assorted that overtures were also tnudo to two members of the present Cabinet to join the directory, und this led to one of those " little differences " in the Cabinet, which have become rather notorious. Sir George Grey protested against tho AgentGeneral taking part in any scheme of the kind, as being incompatible with the impartial discharge of his important duties to tho colony; but he was overruled and out-voted by his colleagues. The eagerness to obtain tlioso names must arise from one of two causes. They are either deemed useful in associating tho scheme in the minds of iavestoi-s with Government approval, or in fostering the belief that the Company will receive special concessions and advantages from the Government. Both ideas would be very useful aids to the floating of the Company ; but are none the less gross abuses of tho name and influence of the Government, In this instance, there are special reasons why the Agent-General and members of the Cabinet should be specially care, ful not to interest themselves, or pledge, jtjhe name or credit of tho colony. The; schjsmp is one for the purchase of several Jarge estates in Otago theprivate property .of Messrs Larnach and Driver, G, M. Jfejl and Joseph Clark. And part of $je design is to settle the land on deferred payments. Tho proposal is commendable enough, no doubt, but is assuredly ,oq,q in which it is most improper for any wej^bpr of tho Ministry, or the Agent-General., who is entrusted with the entire business o^ sending out emigrants, to be actively concerned. During Dr Featherstone's term of oiftce Sir Julius Vogel, then a Minister,. Protested against the use of the Agent!Qeneisi'£ name as a director of a new .CQloniftlbankjn^compan^and compelled him to relinquish tiie j^sition under proteat. The offence was' surely a, lesser1 one: jtfcan this parading of the AgenfGeneral- j ship a#d Ministerial office"to secure the! floating'of asg Knd company f Nor .does it appear j£r°m &c prospectus that ' tjj* pP9J»°te*:? °f ifc.V e .company are by ; any msm% dwjutei:ested in it? sucqess. Reviewing the proposals ojf the .company, the London "Times"observe^ :— " Another curious point is that the promoters of the company are the agents of the vendors, and as such entitled to a commission, of 7i per cent, on the >

ever, they undertake tho payment of certain promotion, expenses for tho company." A letter in tho "Daily Telegraph" puts this per centago business in a raoro equivocal light:—- ---" Sir, —I have read the advertisement of tho proposed New Zealand Agricultural Company in to-day's " Daily Telegraph," but I understand by an agreement made between tho vendor and tSir Julius Vogel that 7-k per cent, on .01,070,000 is to bo paid "to him for flouting the company. The investing public .should know if this be a fact < v not.—l am, Sir, yours, &c, Inquiui:u. ' The secretary replied stating that the commission was not payable to Sir Julius Vogel, but was to be absorbed in tho expenses of promoting Uio company. Of tlie amount, lie estimated that 2.1 per cent, would be absorbed in actual expenses, leaving f> per cent., or a cool .£30,000 in round mnnbors^listi'ibutublo in other undefined "expenses of promotion." If Sir Julius VogoJ's munificent salary is not enough to secure his entire devotion to colonial business, and to prevent him using his time and name in private speculations, it is his duty to resign. A short time ngo tlie Ministry mado an immense! fuss about tho ,£{s,ooo claimed by Mr lii'ooniliall and his co-partners, for tho expenses of promoting another land scheme, more advantageous to tho colony (guaranteeing tlie introduction of a number of immigrants) than the one with which the Agent-Uoncral has identified himself. 1c is scarcely credible, therefore, that they have sanctioned tlie present proceeding. Strict inquiry should not only be made into this, but into the matter of Mr Jjurnneh's expenses when visiting ICngliiud. Wore those paid by tlie colony I The Ministry will bo very seriously damaged if it be found that this bandying about of high oilicial titles in order to promote a purely private speculation, has been done with their approval. And it will be further damaged if it be shown that, while drawing a princely salary from the colon_y, the Agent-Uoneral was allowed to accept n fco as promoter of such a company. \Vu do not mem it to be inferred in any way that the Company is not a bonfl, fide venture—on tho contrary, we beliovo it to be a thoroughly sound investment for English capital. .But it is not necessary to suggest the possible failure of such an enterprise to establish the giant impropriety of that semi-oflicial colour which lias been wrongfully given to it by tlie nrinnor of its introduction to tho notice of tho British public.

Thk people of Wellington, who have never been lacking in unanimity where the "Empire City" was to be aggrandised at the expense of the rest of the colony just now present the spectacle of a community divided against itself. Oi.c part uf the city desires to raise v loan for city improvements, while the other -Te Aro ward, opposes tlio project. To understand tho position it must bo borne in mind that tho city of 'Wellington resembles very much the letter S. with the bulk of its population at the two tails—Thomdon and Te Aro. Tho former being the more aristocratic extremity, and the ono in which is situate the public; buildings and the residences of the ullicinb who form the elite of Wellington,has contrived to monopolise tho lion's share of borrowed money, .Governincut subsidies, and city revenue, while Te Aro, which has only within the last few years become an influential portion <>f the town has been comparatively neglected, It is dillicnlt to see how Te Aro can he prevented form detaching itself from the existing municipality and establishing a • )earate Borough.