Sir Julius VogeL's Petition.

Evening Post, Volume XXXII, Issue 116, 19 May 1886, Page 4

Sir Julius VogeL's Petition.

Among tho papers laid on tho table of the Houho yesterday afternoon was ono containing a letter from Sir Penroso Julyan respecting Sir Julius Vogel's petition of lastßesßion. \ Sir Penrose Julyan, in writing to tho Premier 011 the Hubject, makes certain explanations as to tho part ho took in tho negotiation of the loan of 1879. respecting which Sir Julius banes his olaim. Ho nays he retired from offioiul lifo ten days before tho issuo of the loan, and was subsequently asked by the Government to act in his private capacity, to which ho assented, but ho nover " insisted" upon tho amount of hin remuneration boing fixed before negotiations werocommonced. In thio instance thero was no departure from tho customary rule of determining tho rates of commission in advance It was a mistake to suppose that tho Crown Agents made their full and usual charge ; thoy voluntarily reduced it by 50 per cent, because the Bank of England wero to relieve them of half tho work and much of the responsibility. It_ was unnecessary to speculate on what might have been required of him (Sir Penrose Julyan) had delay been proposed by his colleague, but he certainly would not have declined to act, because the question to remuneration to himself had been loft to the Colonial Government to determine. Sir Julius Vogel, as Agent-General, really had nothing to do with the matter. The Loan Act and tho warrants of appointment had placed the power of settling all such points in the hands of tho loan agents. Thoaggrujjate percentage of commission paid, including his (Sir Penrose Julyan's) own, was less than that charged on the previous loan through tho same channol. His recollection of what took pluce was confirmed )>y Sir \V. Surgcuunt anil Captain Ommanney, who wero liotli present at the time, and, although Sir JuliuH Vogel took an iiotive part in till the arrangements, ho (Sir Penroso Julyan) could well understand thut impaired hculth, and the more importunt occupations which havo since engrossed his attention, might easily have obliterated from his memory such minute dotailH with regard to a transaction which occurred six years ugo. With regard to the inscription of stock, Sir Pennine Jiilyuu states, in justice to Sir Juliuh Vogol, that tho colonies arc indebted to thatgentlcman fortho practical solution of tho difficulties that surrounded the quostion. No one occupying a loss influential position than did Sir Julius could have matured tho measure, and havo carried \t into succcHbful operation, and but for his indomitable and iutclligont perseverance ho (Sir Julyan) much doubted if tho udmirablo system of inscribing colonial stocks now generally adopted, and which lias enabled New Zealand so largoly, and with such great pecuniary advantage, to convort hor old loans into new, would at this moment havo had any existence. Sir J-lius certainly did a groat sorvico not only to New Zealand but to many othor colonies who had enjoyed tho benefits of tho stockinscription system to whioh ho first gave a practical shapo. Sir Julius Vogel, in a momerandum on the above addressed to tho Premier, says, with regard to Sir Penrose's insistence on his remuneration, that ho (Sir Jnliuajiathoroughly undev the impression that ho did ask if tho matter should not he left to tho Government. The impression left on his mind, was that Sir Pem-osso insisted on its being fixed; but it was not an important point, for whether or not Sir Poproso insisted, it would have been highly impolitic for him (Sir Julius) to have prosscd the matter in an opposite direction. The Crown Agents, boonuso of tho Bank of England's sor vices, generously forcgoed half their commission. They considered the commission proposed to bo given to Sir PcnrQße was the right one. Sir W. Sargen.unt iind Captain Ommanney had evidently discussed it hetween them, and for him to have obtruded opposition would have boen both unhandsome and impolitic