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New Zealand Mail, Issue 662, 31 October 1884, Page 12

Sir Julius Vogel’s South Sea bubble has burst prematurely, aud we have not yet heard that an attempt is to be made to blow another this session. The second reading of the great trading Bill was refused by twenty-nine to twenty-eight, and the story has been put abroad that the Government is tolerably contented with the result, and in fact had not meant to ask the House to carry the measure further than its second stage. Those who pleaseimay credit the statement but we are not amongst the number. The South Sea grapes' are sour. The gentleman who advised : his Excellency to inform honorable members that their attention would be called “ to the expediency of promoting trade and commercial relations with the South Sea Islands,” and _who introduced the trading Bill with such a grand flourish of trumpets, meant business without any delay, and had no thought of a mere preliminary and abortive discussion, and then a shelving of the grand scheme till a future session. Indeed one of the main contentions of the speech in which he moved the second reading was that there was no time to be lost if Parliament did not wish to allow foreign powers to cut in and deprive New Zealand of a splendid opportunity. The Bill was one of a class which may have peculiar attractions for Sir Julius Vogel, but which ought to find no favour with the people or their representatives. Trading is not a legiti mate function of the State, and South Sea trading forms no exception to the wholesome rule. This particular opening ol which Sir Julius Vogel wished the colony to take advantage is not a very wide opening after all, and is already being filled by the enterprise of private firms and individuals. It was pointed out by Mr Wakefield that certain words in the Bill implied that there was already in existence an association of traders or speculators who would form the nucleus of the future company. That is the construction we had put on those words ; but notwithstanding Mr Wakefield's allusion to them no explanation was offered by Sir Julius Vogel. If there be such an association, or if a number of promoters be already banded together to do their part in starting a South Sea Company,

there can be no objection to their going on with the design in a legitimate manner, as an ordinary commercial undertaking, and without asking the State to underwrite their risks to the tune of £IO,OOO a year. Why should these men have had the guarantee of the colony and a host of exceptional advantages to the detriment of others who have put their money into the business and are working it without sponging on the taxpayers of New Zealand 1 The Bill had an exceedingly unwholesome flavour, and it is a very good thing that the House plucked up a little courage and threw it out. We do not believe it will be heard of again.