HAWKE'S BAY TIMES. Nullius addictus jurare in verba magistri. FRIDAY, DECEMBER 30, 1870.

Hawke's Bay Times, Volume 16, Issue 905, 30 December 1870, Page 2

HAWKE'S BAY TIMES. Nullius addictus jurare in verba magistri. FRIDAY, DECEMBER 30, 1870.

A telegram appeared in out yesterday'*) issue, which is apparently an abstract pf a leading article in the Wellington Independent, As the telegtam will be somewhat mysterious to those who are ignorant of what is referred to as " the Economist article," a few words in explanation will not be out of place. It appears that the news of the great borrowing scheme fell on the ear.s of English capitalists much as it did on those of the assembly and the New* Zealand public, but with this difference—in New Zealand people could not forget that the money if raised would be spent in the Colony, and hence a reaction took place,—a temporary prosperity being shadowed forth, and the ultimate consequence ignored. Tn England th e ca se js different: it is there the money for the sckeme is sought to be raised, and it is no wonder if capitalists ask about security. Late mails have brought out certain opinions on the subject expressed ]by capitalists through the press, and amongst these is " the Economist artiple." There is not in England any jiigher financial authority than the Economist, and in the article referred to it does not hesitate to condemn the £che,me in iota. Amongst much to the game effect it says :- The Assembly, overawed by the Ministerial threat of"an appeal to the people, has consented to a, crude design for encouraging, by methods oppossd to all sound political gud

economical notions, the speedyadvance of the Polony in population and production. To a similar purpose have appeared articles in the Home News and the London Times. One of the latter in particular is written in a strain of such rich irony that some of the Government supporters have supposed it bgndfide as on their side of the question. The aim of the Independent is to prove that, notwithstanding these adverse criticisms on the scheme no difficulty will be found in raising the money. Mr Vogel is singing to the same tune down South. All this outcry only serves to show that they have their raisgivings on the matter. Mr Dillon Bell's letter is pressed forward to restore waning confidence, but of the two authorities we prefer the Economist. It is to be hoped for the sake of New Zealand's future that the loan will not be raised.