The New Zealand Herald. AUCKLAND, FRIDAY, DECEMBER 1, 1865.

New Zealand Herald, Volume III, Issue 641, 1 December 1865, Page 4

The New Zealand Herald.

AUCKLAND, FRIDAY, DECEMBER 1, 1865.

•SPKCTKMUB AGEXDO. " Give every man thine ear, but few thy voice : Take each man's censure, but reserve thy judgment. - This above all, —To thine ownself be truo ; And it must follow, as the night the day. Thou canst not then be false to any man."

Political disquietude Las a most powerful effect in disturbing the ordinary operations of a trading and commercial community. So sensitive, indeed, is the mechanism which regulates the trade and commerce of such a nation au England, for instance, that apprehended disturbances in neighbouring States, though divided from her by the ocean, are sufficient to disarrange it, and cause a considerable amount of confusion. The reason of all this is, that full confidence in the security and stability of the ordinary existing state of things is absolutely necessary in a commercial nation. Hence rumours which breathe of a threatened foreignwwasr s or of domestic troubles, at once affect the ■Funds '■ shake confidence, and throw the wheels of commerce somewhat out of sear Holders ot capital know full well the risks attending the employment of it in timoft _ of political an A social disorganisation, and hence many prefer

retaining it in their possession, even though it lie idle, rather than trade or speculate with it, until things look more steady auc secure, while others trade and invest very sparingly, and so withdraw the motive power which must move the commercial machine. This feeling has probably existed to a greater degree in India than in any country in the world. Beneath the soil of that country millions of pounds in value ot plate gold and silver ornaments and com 'have 'been buried, having been hid by the owners during times of political excitement and social disquiet, and to preserve it from the tyraunous audj extortionate taskmasters who have successively ruled over them, and a very large amount of this is wholly and irrecoverably lost both to the circulation of India and the world. Hence ono great reason for the constant drain of bullion and the precious metals to feed the large demand for them in the East.

The same causes which produced these effects iu India, a feeling of uncertainty as to the future, aud want of confidence in the then present ruling powers, has been at work among us. The fall <if the "Whitaker and the rise of the Weld Ministry shook confidence, alarmed many, and made a feeling of insecurity generally to prevail. The line of fiction pursued by tlie Weld Ministry, instead of removing or even mitigating the feelings thus entertained by the people, only deepened and strengthened them day by day. The natural consequence followed among a commercial community. Credit was less easily obtained, and accommodation refused or sparingly given; holders of capital felt uncertain, asto which way events would turn ; only a high rate of interest could tempt them to allow even a portion of their stock to bo used. The operations of trade and commerce are as naturally thus affected as is a steam-en-gine when the steam is turned oil'. And so a tightness suddenly was felt in the money market—the effects of which are. only now beginning to be removed. And we venture to pay ihat so sudden and so serious a change in the ordinary courso of things lias very seldom indeed occurred in any community without leaving its traces behind it in a very much more marked manner than we are happy to say it has done in Auckland. Notwithstanding the very serious interruption to business caused by the want of confidence) felt during the time the "Weld Ministry was iu power, and the serious interference which occurred with the ordinary transactions of our commercial community, yet we arc glad to have it to record, that by care and prudence, by foresight and sagacity, by forbearance and mutual good feeling", we have tided over the bar which was thrown across our progress without one of our mercantile craft of any note being damaged, Tin's wo think is very creditable to the " old identities." They may not have sailed so recklessly as some would have them to do, but they have preserved the vessel of commercial integrity during a very squally period, with rocks and dangers of no ordinary kind a-head, and this is of no mean importance.

The downfall of the "Weld Ministry and the succession to oflice of Mr. Stafford at once acted most beneficially among us. The news of the change of Ministry was felt as if an incubus had boon removed from us. The gain expected by this event wasnotthat Auckland would have any direct and f-pccial advantages conferred upon her. She sought no peculiar favours, she simply wanted fair play, aud it was the feeling that she would get this which formed the basis of her pleasure at the change of Ministry. Then confidence began to return ; then men began to see that though we had troubles and dangers to meet and to get over, yet that nevertheless the feeling was general, that by an unanimous and hearty endeavour we could improve the advantage obtained, and gradually, though perhaps slowly, regain our lost ground, and move onward again at a fair pace on the path of progress.

This state of public opinion will work advantageously in a thousand different ways. Like a rolling snow-ball, it will continually be increased, and every fresh sign of life and activity will act beneficially on all. And those who most need encouragement to take a hopeful view of things, and assist in bringing about the realization of it, will most need that influence. Vov these are those who, having capital, are very nervous about entrusting it to others, or making uso of it themselves. They retire into themselves when alarmed, they only venture to bring out their stores when they feel the return of confidence. But on such classes must the operations of commerce always very greatly depend. It is now of such a gigantic nature, that it could only be carried on by a vast system of credit, which again can ouly exist in a calm and quite state of things ; and even this is very largely supplemented indeed, by the capital of nontrading classes, being either lent to the trading, or put into active use by joint stock companies, such as banks, railway companies, and numerous others which need not be mentioned.

Now we arcjmrt in that position when it ifi necessary for all to employ judiciously and carefully the capital that is now held back. The want of confidence withdraws capital, raises the rate of interest, and tends greatly to produce that of which the timid are afraid. They who madly crowd into the confined passage of a public hall when a cry of firo is raised, suffer more than those who, though j alarmed for their safety, yet by keeping cool and collected take proper note of the exact danger and act accordingly. The public danger is lessened by their coolness and presence of mind. So it is in financial matters. A headlong rush for personal safety may do incalculable harm, a steady, intelligent mode of procedure may secure safety to all. The help called for by the Superintendent is_ something more to 'our minds than that of simply swearing fealty to the doctrine of separation. This is well and should be done, and the help that can be given each in his own sphere, and individually aud collectively, to develope the resources of the country, to make grass grow where now is the forest, to place flocks of sheep and herds of cn.ttle upon the thousand hills of our land, to develope in every possible way every branch-pf home industry, to produce at the earliest possible moment the food we cousumo botf\ that of grains, vegetables, and animals, our coal mines worked at the earliest possible date, our stone quarried, our copper di'g and' smelted, is the most effectual, steady a.r' **ure help that can bo i given to those in p.. r, and by which the ! prosperity of the Proving can be secured.

Capitalists, then, great and small, have the potent influence at their command which can act so beneficially among us. In a country like this every means should be taken to secure the profitable use of every shilling, profitable wo mean in the sense of developing the resources of the country. For not always is the largest profit got for capital by this means any more than it is obtained in England from investment inland which on the average- yields not more than from two to three per cent. Hut other things are felt to compensate for this lower rate of profit, and doubtless this kind of feeling will spread among us, and persons will unite in raising capital for many public works, though the immediate profit may not be so groat as they could realise in other ways. Had this feeling not been acted upon wo should not have had gas in Auckland at the present moment; the extension of the principle will gradually enable us tohavo companies to work our coal-beds, and to make canals, tramways, and so on, for the general utilisation of both our minerals and our waste lands. It is iu these bonajide gold mines that all must seek wealth, prosperity, and happiness, and not in pursuing too much of a selfish, individual policy, or chasing I that " will o' the wisp," a gold-field.