New Zealand Gazette

New Zealand Gazette and Wellington Spectator, Volume IV, Issue 305, 9 December 1843, Page 2

New Zealand Gazette

AND WELLINGTON SPECTATOR.

Saturday, December 9, 1843.

The departure of the brig Victoria direct to London, suggests the propriety of our making a few remarks upon our present state and prospects. * We are now labouring under considerable depression, but we would have it noticed that it does not arise from the same causes operating in the adjoining Colonies There difficulties

may briefly be said to have arisen from a superabundant supply of capital, and the peculiar character of the main source of production. Our difficulties have chiefly arisen from bad Government. By it we have been kept from occupying the soil ; by it we have been taxed far beyond the wants of the settlement; and by it w,e have been compelled to live upon that capital which was intended to be used for reproductive purposes. Bad Government has abstracted one portion of our capital and compelled us to misapply another. The consequence of which is our capital is greatly diminished. We hope that Captain Fitzroy will remove the evils so far as in his. power. He may give us titles to, and possession of our land, and protect us against the aggressions of the Natives. Further he may curtail the Goverment demand upon the settlement.

We believe we are now and have been paying to the Government, ever since the Customs' laws were enforced here, from £7,000

to £9,000 a- year, over and above the amount needed to pay the expenses of Governing the district. This surplus amounts by this time to more than £25,000. This must be kept in mind, and must be considered as a circumstance which gives us a demand on the Government for local expenditure on roads and other useful works. It must never be forgotten that we have never received benefit to

the value of one shilling, from the large sums Parliament has advanced in the name of New Zealand, which properly should have been stated, to have been advanced for Auckland, and Auckland alone. Instead of receiving any advantage from those English advances

these settlements, as above stated, have had to contribute for the same purpose ; and if the amount of population in Great Britain be compared with the population of Wellington, it will be seen that Auckland has made an infinitly larger demand on the Port Nicholson purse than on the Parliamentary purse* From this unjust deraand.Capt. Fitzroy may relieve us, either by lowering the duties or by expending their surplus proceeds locally upon useful works ; and further we do hope that he will feel

we have a demand, for similar works, upon the Auckland purse for the advances which we have made, we confess reluctantly, partly because we felt the demand was unjust, and partly because we could ill afford to satisfy it. Captain Fitzroy then may give us titles to and possession of the land, he may relieve us from further contributing to -the support of Auckland, and he may refund the capital we have already contributed to the support of Auckland. More in connection with the Land Question and capital we do not think

he can do. But more in connection with the

supply of capital is needed, if we are to advance as rapidly as we may in justice reasonably expect to do. The colony, under all circumstances, must be considered to be in a healthy state. Its debts we believe to be not only comparatively, but actually, very small. We find from the debates in the Council of New South Wales we should not be far wrong in assuming that the loans, by various monied institutions and persons, to the community of New South Wales, if divided personally, amount to £35 per head. At the same time we do not believe the loan 3to this settlement derived from similar sources, and treated in a similar manner, amount to more than £4 per head. New South Wales is an old community, by comparison with this settlement, and must have created a considerable amount of capital. We are a young community, and could not even, under favourable circumstances, have as yet created much capital ; while bad Government has not only prevented the increase of capital, but has compelled us to consume it unprofitably. More capital we shall need to take advantage of the' position in which we hope Captain Fitzroy will place us. In that position, we can give good security for it, and apply it profitably. We say profitably with confidence, for we now know the capability of New Zealand, and though we have not found every thing as we expected, we believe it to be the feeling that New Zealand is not inferior to the sum of our expectations. The capital which will be required may b« furnished by individuals arriving among us with more funds than they wish to employ in active operations ; by a Loan Company, by the Bank, and by the New Zealand Company. We should prefer relying upon a Loan Company, and next to it that the Company should take advantage of the money clause in their Charter. We know not whether we shall get the increase of the capital required, but if we do not we can tell the Com.pany they need hope for no success, if they depend upon sales of land In the settlements already formed. ' But if they will see that the settlements in Cook's Straits are moderately supplied with thiS essential to our pro* gress, their prosperity and our prosperity will be alike certain. To those at home who have an interest in New Zealand we gay, if you consult it, you will see that vre gej a mo»

derate amount of capital provided, with which we may continue the undertaking upon which we have -entered. <$.„"#," |f We believe if the Titles' to/VJLand were ■ settled, and a guarantee for quiet possession were given by the Government, and the Colony aided to the extent of £100,000 in loans upon good security, our progress would be rapid, and the result certain to be highly satisfactory to all parties.