REMARKS ON THE CREDIT OF NEW ZEALAND AND THE HONOR OF GREAT BRITAIN. REES AND COLLIN.

New Zealand Herald, Volume III, Issue 744, 3 April 1866, Page 4

REMARKS ON THE CREDIT OF NEW ZEALAND AND THE HONOR OF GREAT BRITAIN. REES AND COLLIN.

10, Ch'acecliurch-strcet, JLondon. Ax important and instructive pamphlet, bearing the above title, has been recently published by the London Committee of the Northern Association, and we have been favored with a copy by the Secretary of that institution. We shall take an early opportunity of noticing more explicitly the contents of this publication; and we must say at once, as the result of a hasty perusal, that our views upon the subject are certainly not those put forth by our local contemporary of yesterday. In the meantime we append to-day tho review of the publication which is contained in the last received (the January) number of the Sew Zealand Examiner. Our readers are aware that the periodical referred to is published monthly in London, soon after tho arrival of tho mail from New Zealand ; and it likewise reports, for readers in the Colony, such events occurring in England as have a special bearing on our colonial affairs. The Examiner, of course, aims at maintaining a neutral position with reference to any questions in controversy between the several portions of New Zealand. Its remarks on the pamphlet before us arc as follows: —

This is a pamphlet which calls lor tlic attention of all who arc interested in the colony of New Zealand, and especially of those who are holders of its Government securities. It is evidently the production of one who has liad considerable experience in New Zealand affairs, who has the power of clearly expressing his views, and bringing to bear the political knowledge he possesses. Indeed, it is impossible not to see that he is influenced by his political bias, notwithstanding his desire to state facts as they really are. The author in his opening remarks says that now the Imperial Goverment have withdrawn from the control of Native affairs in New Zealand, and the Colonial Government is to become the responsible one, it must accept the duties of all such responsibility, and therefore, "in the interest of the monied classes, as well as of those to whom these pages are addressed, it is desired to poiut out, before any further loans are contracted, that the first conditions of any power to make war are absolutely wanting in the present position of the islands of New Zealand, viz., unity of resources, and unity of policy."

"With regard to the want of unity of resources, he quotes the different plans adopted by Victoria and New Zealand, in raising money. For instance, when Victoria determined to borrow nine millions, it pledged the whole of its revenues, ordinary and territorial, for that purpose ; while New Zealand, in endeavouring to raise loans for war expenditure, has refused distinctly to pledge the territorial revenues of the colony, because those have hitherto been applied exclusively to public works and colonisation. Hence it is that the writer believes that " there can bo little doubt that it is owing mainly to this circumstance that New .Zealand S per cent, debentures have been selling in the London market below par,® whilst Victorian 0 per cents, were readily saleable at 100."

It. is clear by the figures quoted that New Zealand, with only one-third of tho population, has already developed resources that iu proportion to her debts afford an equal security to that' offered by Victoria, provided the whole revenues of the country were pledged. For instance, the population of Victoria is stated to be 574-,331, with a revenue of about £3,000,000, while New Zealand possesses 171.391 inhabitants, and a revenue of £'1,550,330. The £1,550,330 is composed of £943,350 ordinary and £606,830 territorial revenue. Is is this last-named sum which is unpledged to the European capitalists, and which cannot bo made available for the payment of either interest or capital. The question naturally arises, how is it that such a valuable security is witlihekl ? Tho author says that it arises from the fact that the Southern Island, which does not possess that "difficulty"—the Maori—is unwilling to allow any portion of its revenue which springs from the gale of land to be applied for the purposes of the war that exists iu tho Northern Island, and as they possess the majority of votes, they are enabled to carry their point.

To capitalists here it can little matter how the colonists appropriate their revenues so long as ample provision is made for the repayment of the loans that are advanced to New Zealand. Looking at the present resources of the colony and the rapid progress made in the past, we cannot but think that New Zealand is certain to discharge her liabilities if a firm and wise course is pursued in connection with the war.

The second portion of the pamphlet discusses the want of unity of policy between the Provinces, and reveals no little amount of discord. The words North and South would seem to be the watchwords of bitterness as much as they were across the Atlantic. It is in this part of the pamphlet .that tho author allows us clearly vO see his bias and his desire for " separation." From his account it appears that both are anxious for separation—The North because it is virtually ruled, by the South, and because it believes that it is to the interest of the South to keep up the present .state of affairs, which is detrimental to the North, while the South advances in a like ratio. On the other hand the South is anxious for separation because it objects to be taxed for the war expenditure any longer, and from its size, population, and * Crown Agent'B Letter to Colonial Treasurer.

resources consider that it is time to cut its " poor ! relation." ; This is tHc statement as laid before us, and tvc haye no doulit that a reply will he written on the other side. All discussion is healthy; and New Zealand, with its vast resources and its untiring and ever-increasing European population-, will march onward to its destined greatness, and .years hence. tlieje discussions at present under notice will be but a mere matter of history. .. ..