Private Debentures.

New Zealander, Volume 1, Issue 6, 12 July 1845, Page 3

Private Debentures.

The existence of an abuse or nuisance is frequently unnoticed, or silentJy endured, until it reaches such a height that its further toleration is injustice to the public. When specie became scarce, some individuals began to imitate the Local Government, by putting forth small pieces of paper, in exchange for the Treasury debentures of larger amount, as well as in fractional change for silver expended in purchases. It was then presumed, that none but persons of undoubted credit and respectability would pursue such a system, and it was anticipated, that the quantity and amount of such individual paper issue would be kept within proper bounds by the power of exchange or payment, when a number to the amount of five shillings was presented to the issuer. But now the system has assumed features beyond the mere facility ofbusiness in minor amounts ; and it has become the means of some individuals raising a fictitious capital, and likewise of others hoarding and trafficking in silver, at a profit of ten per cent. — In truth, the town of Auckland is inundated with dirty, illegible scraps of paper ; and in any purchase, these small debentures are the only change that can be procured, although there is now considerable quantities of specie afloat among the traders of the town. When this paper money was first manufactured, it was to represent the smaller sums of six-pence, and three-pence, as there was no small silver coin in circulation ; but now numbers of these scraps are substituted for half-a-crown. This issue of individual debentures is also, extremely lucrative to its practitioners, by the advantage it gives them over others in their trade with the. Natives ; for in commerce with their, own countrymen they, from time to time, accumulate much silver, by giving change in their own little notes, and therefoie, in their dealing with Maories with silver, they are certain of preference in competition with those who have nothing but tuhi-tuhi money, — for the Natives very knowingly and wisely will not receive these paper promises of future payment of real utu. In Wellington, the population of which is nearly double that of Auckland, and the trade of which is proportionately great, we understand, these paper notes are utterly unknown, and have never been contemplated. The whole of the small currency is in silver and. copper, and we really can conceive no just cause why similar practice, unless in some particular exception, should not be followed in Anckland : and we think such wholesome state of mercantile affairs might soon be brought into existence, by coalition and co-opera-tion of the most influential and wealthy men of business.

Fatal AccibfcNT at Waiiikki. — On Sunday the 29th June, during the tempestuous gales, three men in a whale-boat were upset in the frith of the "Wairoa, oft' the island of Wai heki. They were seen by the Natives from the shore, in great distress, in the "heavy sea which runs there during high winds, and shortly after disappeared. There names were Thomas DaVy, — Jones, and — • O'Brien.

Fire. — On Friday afternoon the house between the Government House, and Cemetery, in which weaving of the Native Flax had been carried on at the generous expense of His Excellency, was burnt to the ground, and all the machinery destroyed. The Militia were at the time on drill, near the block-house, under Captain Atkins, who, on observing smoke issuing from the premises, proceeded with his men most promptly to the spot. Sergeant Harnett, of the 58 th Regt., drill-sergeant to the Militia, and some of the privates rushed into the burning mass, and succeeded in rescuing several boxes containing money and personal property.

Public Sales. — On Tuesday last, Messrs. Brown and Campbell sold by Auction, Thirty head of Cattle, and notwithstanding the de> pnessiou of the times, aud critical events, the prices realised were most satisfactory. The cows sold from £l. 10s. to ,£9. 9s, each. Heifers from £5. ss. to £6. On., and calves £3. 10s. each. After which were sold about 700 grafted fruit trees, realizing One Shilling each, On Wednesday next, there will be a further sale of very superior stock by Messrs. Brown and Campbell.