AND WELLINGTON SPECTATOR.

New Zealand Gazette and Wellington Spectator, Volume IV, Issue 322, 7 February 1844, Page 2

AND WELLINGTON SPECTATOR.

Wednesday, February 7, 1844.

The Indemnity sails immediately and is we believe the last ship proceeding to London this season. The Tyrian- sailed a few days since. Her cargo consisted entirely of oil and bone. The Indemnity has oil and bone as part of her cargo ; but she has besides New Zealand wool, barks, dying and tanning, woods, furniture and for ship building, and flax. He cargo is unquestionably the most interesting and important, which has yet been sent out of our port, and we hope the friends of New Zealand in London, will show the interest they take in this settlement, by using their utmost endeavours to introduce all our novelties, and by furnishing such ample reports on each subject, that we may decide whether any of the articles will not pay to ship at all, or whether they require to be packed or prepared differently ; or being suitable and properly prepared or packed, need only to be pressed upon the attention of the people in England to become articles of steady demand at a remunerating price. . . , To arrive at the question of suitability or unsuitability of articles not yet, or but little known in England, it is absolutely- necessary that they should be consigned to the right kind of houses. Houses that would apply the same rules to a colony in the infant state of New Zealand, that they would to a country having a. long established trade, are-disquali-fied from aiding in our progress ; and should not be encouraged to connect themselves with oar trade, by any efforts-being made to enable them to apply such rules to the present state of our trade. This is the only course to

prevent parties from obtaining profits without running the risks conditional upon estabishing new colonies and new trades. We have seen the most absurd letters from houses at home, who thereby place themselves within our unsuitable class of houses". They appear to be under the notion, that England, with her enormous capital, should be in a state, to use an American expression, of indebtedness to New Zealand. It is plain' that England must be in the advance of capital to newly formed colonies, if they are rapidly to develope their resources. There is no doubt the resourses of all the colonies will be developed in time, but the period is contingent upon the means, and they are necessarily inadequate to the purpose of rapid advancement in a young colony. If, for instance, New Zealand is to advance only as she creates capital, our trade will not in fifty years be of that magnitude, which it would be in ten years, if the colony receives the proper aid and support from home, where capital is in excess of the means of profitable local employment.

There are two kinds of houses to which a new colony may consign. Houses having intelligence, education, and energy as well as wealth ; and young houses having all these qualifications but the last. We need hardly state that the first named should be given the preferance ; and we are happy to state we know of one house, having all these qualifications, prepared to enter our trade, if they can form satisfactory connections in the colony. The latter class, however, it can easily be shown, are preferable to wealthy narrow-minded houses ; for though they have the means they will not assist, and thereby they place themselves,- so far as the progress of a young colony is concerned, in the position of the needy class, without having there active and useful qualities. The want of capital is severely felt at present in New Zealand, and we fear will cripple both our agricultural and commercial pursuits to a serious extent during the coming season. Our Bank has abundance of [means, but they are of no avail, to the Colony, in consequence of its having determined to cease affording facilities. We presume that this determination, is the consequence of the Managers in London, or at Sydney, believing that our state may be traced to the same causes, as the state of the people in the Australian Colonies, because New Zealand is in the same part of the world. The Australian Colonies are in a state of distress partly in consequence of having been glutted for several years with capital ; but we think it might be shown that they must have passed through a period of distress even if that capital had not been supplied. But it would have occurred sooner, and would not have been so intense. Australia had arrived at a transition state, the necessary evils- of which were delayed and enormously augumented by the wrldness with which European capital was forced upon the settlers. When it has passed through its present troubles Australia, will be on a more healthy footing than it has been since the foundation of the several British Colonies therein.

The position of New Zealand is different. We might be glutted with capital, but we have not been, and want of capital is our greatest evil, without it we cannot develope our resources at present. But were we glutted with capital it would not be attended with the disasters from which our neighbours have suffered so long and so much. Our circumstances are wholly different, nor can we see that New Zealand is ever doomed to witness a transition state, attended with a tithe of the' mischief and miseries from which our neighbours have suffered so severely.