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New Zealand Herald, Volume XVI, Issue 5636, 9 December 1879, Page 4

Sin Penho.se Julyax, the senior member of the firm of Julj-an and Sergeaunt, Crown Agents for Sew Zealand, has resigned his position. The reasons are not stated explicitly in the telegram, but will be surmised by all who have followed the history of our loan transactions. Julyan and Sergeaunt managed all our borrowing with little interference from the colony till Sir J. Vogel went home to negotiate the large loan, after the public works policy was inaugurated. Sir Julius was associated with the Crown Agents, and differed from them on several points. Some very sharp letters passed between them, and the feud has apparently been continued. It is evident that Sir Penrose Julyan disapproved of putting the whole of the present loan on the market at once, and proposed that a portion of it be postponed for twelve months. We are told that " the Government demurred to this " Probably the Government urged that if the whole of the loan could be placed upon the market at once, it should be done. Sir Julius Vogel determined that the whole of the loan should bo obtained, and, as we announced on Saturday, the £5,000,000 loan was issued under the auspices of the Bank of ifhighiud. Upon this Sir P. Julyan has resigned, believing that his colleagues had taken an injudicious step. No doubt the Government of New Zealand wanted the money very much. If they had got only two and a half or three millions they could have done very little, owing to the large sums spent in anticipation. But the policy of Sir Penrose Julyan was tho policy of caution, and was probably tliit best calculated to maintain our credit in the London market. If we had got three millions now, and iu a year hence had gone on the market in a more prosperous time, when colonial produce ruled higher in the London market than it does at present, and when we had squared our revenue and our expenditure, we should have obtained better terms than we can hope to obtain now. These are matters, however, which our representatives in London ought to be better able to judge than we are. But our credit cannot but be injuriously affected by the resignation of one of our agents, for the reason that he thinks we are attempting to rush too hard upon the London market with our loans. The 2'ime.i haa always shown an antagonism to Sir Julius Vogel, and now " questions the expediency of the progress of the colony being forwarded so exclusively on borrowed money." The above remarks are, we think, fairly deducible from the telegrams and the known circumstances. We observe, however, that last night the Premier stated in the House that Sir P. Julyan had retired on a pension, aud that his retirement had not been caused by any difference between him and the Government.