The New-Zealander. SATURDAY, MARCH 21, 1846.

New Zealander, Volume 1, Issue 42, 21 March 1846, Page 2

The New-Zealander. SATURDAY, MARCH 21, 1846.

He just and fear not: J>t all fie ends thou aims't at, be thy Country's, Thy fern's, and i'rutli's.

The past week has been almost unparalleled for some lime, by the dearth of intelligence, and without any arrival, whate\er, either from Europe, Sydney, or from the Southern settlements. This pause and cessation of excitement, in the public mind on external subjects, naturally concentrate the thoughts and feelings on the events and changes which must 'soon take place, in the internal administration of the government of the colony on the return of Governor Grey. 'Jhe meeting of the Legislative Council will be the first engrossing topic of the attention of the colonists, and to those of Auckland, and the Northern district, the subject is one of the greatest consideration, inasmuch, as it may be anticipated, ' that of the non-official members, two, if not the whole three, will be the nominees of the Governor fro.n the Southern settlerne its. We cannot conceive, that there will be many measures submitted to their consideration and adoption, beyond Ordinances for Appropriation of the .Revenue, and establishment of Municipal Corporations. The first, is the most important : and we seriously consider, that if the several departments are revised; and reduced in expense, with judgment, yet with clue care to efficiency lor the public service, that at the expiration of the ensuing financial year, there would be an excess of Kevenue over the Expenditure,- taking into account the Parliamentary '*raijt oi jff 10,000— -which we should presmnc,would be the sum, in 1847, to eo\er the additional salary of the preseut Governor.

Tito whole of (he Expenditure might be reduced within the annual sum of i/20,000, and from the Customs' receipts al Auckland for the two preceding quarters, it is rational to anticipate that irora that branch of Revenue,the yearly receipts throughout the colony, will not be far short of Fifteen Thousand Pounds. The few other sources of Revenue would y : eld an amount, so as to render the whole yearly receipts nearly Twenty Thousand Pounds, raised in the colony. The Parliamentary grant may be considered as providing for so much of the machinery of the government, as may be deemed to be more immediately connected with, and dependent on, the Home Government. The remaining official departments are tho-e necessary for the more particular benefit of the settlers, and genera! advancement of the colony. Therefore, if a revenue was raised, more!jthan sufficient to provide for the latter description of colonial expenditure, the surplus might be most beneficially appropriated. It should be remembered, that in consequence of Governor Grey's proclamation, regarding the Government Debentures, that presuming advantage is taken of it, to the full extent which it allows, there will be outstanding in circulation;, large Debentures, bearing intere c t at the rate of 8 per cent, to the amount of above <£*25,000, — the annual interest of which will be Two Thousand Pounds. The British Parliament, last session, passed a grant to the amount of for the colony of New Zealand; which included the usual annual sum of towards the government expenditure in the co'ony, and a further sum of ,£15,00!*, for the express purpose of redeeming all the Debentures, which it was presumed, did not exceed that amount in circulation By the present arrangement of Governor Grey, about £ 10,001), in round numbers, would be absorbed in withdrawing the small, and issuing the larger, debentures ; leaving, at his disposal, the sura of j^sooo to liquidate as much, from the to'al remaining sum of j€^s,ooo; therefore it may be considered, that the whole debt arising from the issue of debentures, and remaining chargeable on the colony, at S per cent, interest, will be eventually, ,£20,000. The colonists of New Zealand, have no jrronnd to hope, we conceive, thai the Home Government will go to Parliament, for any further sum in liquidation of these debentures: therefore they should at once consider this debt as a charge on their resources, and annual revenue, of which the sooner they disburthen themselves, the more advantageous for their general welfare. Now, we would a<?k,— what would tend more to the general interest of the settlers, or the advancement of the colony itself, than the punctual, periodical paymert of the interest of these debentures, - with gradual extinction of the whole debt, — from the surplus revenue of the colony ? It is most certain, when once, such honorable and judicious measure, comes to pass, and into operation, it will draw the attention of distant capitalists, and induce their emigration, more powerfully, than any event, respecting the colony, that has ever yet taken place. Thorough, searching investigation of the true financial condition of the colony, ! followed by the most stringent reduction, and economical expenditure, throughout all the departments, we deem to be the primary important measure for the Legislative Council, when assembled, in order to relieve the colony from the thraldom of debt, and the consequent charge on its revenue, for large interest; and so, ultimately, to enable the settlers to appropriate their surplus annual resources to legitimate objects of internal improvement. With regard to the supposed Municipal institutions, in the various settlements, we consider them of no importance, or benefit to the settlers, excepting so far as they may tend to bring about Representative Legislation. We can discover no possible benefit, beyond such circumstance, in the town of Auckland, or any other, bring granted corporate immunities, unless endowed by the Government with land, or other ample funds. Generally, these municipal bodies are made subservient to the selfish, personal views of the raore wily and discontented portion of the, community ; and very frequently are the cause of diffusing the iol!\ and acrimony of political dissent, instead of prompting union of action, and good will for the general welfare.