ORIGINAL CORRESPONDENCE. Union Bank of New Ulster.

New Zealander, Volume 7, Issue 580, 5 November 1851, Page 3

ORIGINAL CORRESPONDENCE. Union Bank of New Ulster.

To the Editor of the Wjsw-^alander. Sir, — The total discontinuance of discounts so largo and important an item in banking business leading to the supposition that the Union Bank of Australia contemplate a withdrawal of their operatic ,s in tins city, it is proposed to establish a Colu'fiol ij.i'ik in its stead. There can bo no doubt 1h,. 1 i'Ai' relhnce should be the motto of every Colony, and it is fortunate that the need for the above' institution should exhibit itself at the present moment -when our means derived from innate resources arc far greater than they have hitherto been— though, r it is to be regretted, that from so insignificant a cause, whether the person or the act which occasioned his arrival amongst us_ is considered, its advent should be hastened. With the present year, our dependance for daily bread upon the neighbouring colonies ceases — certainly a step in advance— and it lias been suggested that the present is a favourable moment to launch nn establishment having for its object the conducting a Banking establishment with colonial capital, and for colonial benefit. One great evil ofpropiietary or joint Stock Banks, acting upon a small scale, seems to be that in the acting part, — and there must be an executive devolving upon a few individuals, and those mixed up with trade or commerce— the very useful ends of such institutions are often perverted to selfish ends, or in other words, a trust is converted into a trade. Now this may be guarded against by the appointment of an acting director, and we need not wick far for an instance of such a man te be found combining both liberality and prudence, together with a euilicient degree of Banking knowledge and experience. Such a man is now amongst us. Of the value of this institution, it is only necessary to say that X.5000 per annum is much botter in the colony than to go out of it, swelling profits in favour of others who, although ready enough to grasp at this, arc not unwilling at any time to put their foot upon us. An impoi.ant question seems to be, is there suOioienf, eapi'-l unemployed in the colony to supply i\w na-aiis of cirrying on the business? The answer may be gathered from this bhort bf atemeni. ]s.t. We have a vast amount of property in cultivable land, and houses ; production is daily incrcisino. The seasons arc pretty equable, nml can he depended upon; the innn who putd a couple bushels of wheat into the ground, may fairly calculate upon leapin?;, at the end of four or fi\e months, twenty-two bushel* in exchange, and thih i- v,ca!th, Ijuing always, valuable. 2nd. r l)ie sJicme addresses itself to a large propriolory having a direct interest hi the colony, and though it would be highly anprobable that the required capital could bo raised through one or half a do/en men, yet when thal^ is distributed over 2000 shareholders, no difficulty is obsei ved. Savings' Banks and other modesof investment daily prove that the capital cxUs in

the colony to lie employed whore there is a certainty of a fair return oi" profit. A^ain, -would that profit accrue ? It is needless to enter into much detail to the observer; it is evident a capital businc&s in discount, unaccompanied with loss, has for some time been doinix here; this, together with the purchase and sale of Bills of exchange, would ensme a moderate dividend, say 8 per cent, (o the shareholder. As a good paper currency, upon a sound metalled ' basis is desirable, and a local Bank bern« precluded from the issue of notes, it might be desirable for the Bank to effect an arrangement with the Government I'cceivinjr and circulating their notes upon the condition of the public monies Toeing deposited with them. With thebc remarks the question is offered to the public by, yours, &c., A Colonist.

To the Editor of the New Zealaxder. Sm,— Whilst, I have to thank you for your kindly notice of the Auckland Steamer, and my connection with her, I cannot permit the honor of introducing steam into this settlement for marine purposes to remain unshared by others to whom it is equally due,— Mi 1 . F. Gardiner and Mr. A. Cook being equally concerned with myself and tMr. Lang ford in the vessel now in progress.^ I trust, MrrEditor, it is at least a step in the right direction, and that, however humble our effort, it may be conducive to the prosperity of the district generally— prove what can be accomplished in Auckland, in the way of machinery, and lead to the employment of steam along our extended coast lino —the Manakau Harbour— and the Waikato and Wairoa Rivers, each highly favourable for steam communication. I am, Sir, Your obedient Servant, C. J. Stone.

To the Editor of the Nfivr-ZEAtIwDER. Sir, — I observe you have called attention to our first Auckland Steamboat, building here, both hull and engines. I believe she is intended for the Tamaki trade. This is the opening of a new era for Auckland, and immediately this one is found to answer, numerous others are sure to start, and of course traffic will open up at present little dreamt of by many. Very few of our Auckland inhabitants have seen anything of the neighbourhood of the Waitemata; as to the Thames, Piako, and other large rivers in our immediate vicinity, they are known to exist, and that is all. By the Thames, the hot-water lakes of Tapau, &c, &c, are easy of access, and numerous visitors from the neighbouring colonies and India would visit them for their well-known medicinal qualities. It must be self evident to any one that, with the dozen rivers running into the Frith of the Thames, and the facilities 'to both the East and West Coasts, that Auckland is the best centre for Steam Navigation of any of the Southern Colonies, and it i» to bo hoped that Messrs. Stone, Gardiner, & Co., the spirited projectors of this enterprise, will find it sufficiently remunerative to induce others to follow so good an example. The name of our first offering to steam, I believe, is to be the Governor Wynyard, in compliment to our present Lieutenant- Governor, who, without flattery, has done more for the good of this Settlement during his short reign, than all the rest of our rulers put together.— l am, Sir, yours, &c, An Olv Colonist. Auckland, 3rd Nov., 1851.