SIR JULIUS VOGEL'S PETITION.

Lyttelton Times, Volume LXV, Issue 7863, 19 May 1886, Page 5

SIR JULIUS VOGEL'S PETITION.

[By Telegraph.] [PKOH OUB OWN COEBBSPONDENT.J WELLINGTON, Mat 18. Among the papers laid on the table of the House this, afternoon, was one containing a letter from Sir Penrose Julyan, respecting Sir Julius Vogel’s petition of last session. Sir Penrose Julyan, in writing to the on the subject, makes a certain explanation as to the part be took in the negotiation of the loan of 1879. He says he retired from official life ten days before the issue of the loan, and was subsequently asked by the Government to act in his private capacity, to which he assented, but he never insisted upon the amount of his remuneration being fixed before negotiations were commenced. In this instance there was no departure from the customary rule of determining the laws of commission in advance; It was a mistake to suppose that the Crown agents made their full and usual charge. They voluntarily reduced it by 50 per cent, because the Bank of England were to relieve them of half the work, and much of the responsibility. Sir Penrose continues: —"lt is unnecessary here to speculate on what might have been said or required by me, had delay been proposed by my colleagues, but it certainly never would have occurred to me to decline to act because the question of remuneration to myself had been left to the Colonial Government to determine. Sir Julius Vogel, as Agent-General, really hadnothing to do with the matter. The Loan Act and the Warrant? of Appointment had placed the power of settling all such points in the hands of the Loan agents. The aggregate percentage of commission paid, including my own, was less than that charged on the previous loan issued through the same channel. My recollection of what took place is confirmed by Sir W. Sargeaunt and Captain Ommanney, who were both present at the time, and although Sir J. Vogel took an active part in all the arrangements, I can well understand that impaired health and the more important occupations which have since engrossed his attention may easily have obliterated from his memory such minute details with regard to a transaction which occurred six years ago. On that part of the evidence which refers to the origin of inscribed stocks, though not affecting myself in any way, I may, perhaps, as one havinghad peculiar opportunities of knowing what took place, and without offering any opinion as to who originated the idea, be permitted to add, in common justice, to Sir J. Vogel, my belief that to him the Colonies are indebted for the practical solution of the difficulties that surrounded the question. No one occupying a less influential position than he then did could have matured the measure, and have car-, ried it into successful operation, and but for his indomitable and intelligent perseverance, I much doubt if the admirable system of inscribing Colonial stocks now generally adopted, and which has enabled New Zealand so largely and with such great pecuniary advantage to convert her old loans into new, would at this moment have had any existence. I must apologise for this digression from what most especially concerns myself, but it appears to me but just to Sir Julius Vogel that I should do so, as he certainly did agreatservice not only to New Zealand but to many other Colonies, who have enjoyed the benefits of the stock inscription system, to which he first gave a practical shape.” Sir Julius, in a memorandum to the Premier on the foregoing, wrote thus : "I understand the point raised by Sir Penrose Julyan in his letter to you is that I stated that Sir Penrose Julyan insisted on his remuneration being fixed before the issue of the loan. Sir Penrose-says lam mistaken, and he gives an account of the proceedings. My recollection as to those proceedings does not differ much from that of Sir Penrose, only that I am thoroughly under the impression that I did ask if the matter should not be left to the Government. The two Crown agents, Sir W. Sargeaunt and Captain Ommanney, had already considered what was the remuneration which ought to be given, and Sir Penrose says, rightly enough, that it is usual to fix the rate of commission before the operation. The impression left on my mind was that Sir Penrose insisted on its being fixed, but I will not maintain that I am correct, in the face of the recollection of Sir Penrose Julyan, and that of the other gentlemen whom he mentioned. The question is to my mind not of much importance, for everyone must concur that whether or not Sir Penrose insisted, it would have been highly impolitic for me to have pressed the matter in an opposite direction. The Crown agents, including Sir Penrose, had rendered services in the way of sustaining the credit of the Colony at a most critical period, for which no recognition could be too extravagant. The negotiation of the loan being still in the balance, it would have been moat inexpedient to say or do anything calculated to produce .the slightest irritation. The usage, as Sir Penrose says, was to settle the commission. The Crown agents, because of the Bank of England’s services, generously forewent half their commission. They considered the commission proposed to be given to Sir Penrose Julyan was the right one. Sir W. Sargeaunt and Captain Ommanney had evidently discussed it between them, and for me to have obtruded any opposition would have been both unhandsome and impolitic.”