THE NEW ZEALAND BILLS.

New Zealand Spectator and Cook's Strait Guardian, Volume XII, Issue 1282, 14 November 1857, Page 4

THE NEW ZEALAND BILLS.

[From the Momrny Chronicle, August B.] Three Bills relating to New Zealand were yeserday, by dint of extraordinary despatch, caried through the Commons just in time'to uave heir distance in the Upper House. So close was the race, indeed, that two of the three were pushed through two stages in a single day, and sundry desirable amendments were left unintroduced because any aberalion of the measures in committee would have occasioned some formal delays. Speed tn this case was also especially requisite, since the Bills are designed to settle and arrange certain pecuniary and other affairs of the colony, which ere at present in a state of most perplexing confusion. Even the loss of a day at this period of the session might throw over the measure till 1858, and delay by a whole year the accomplishment of many objects of grave importance for the development of the resources of the country. It is, therefore, satisfactory to know that the Bills were last night punctually handed over to the House of Lords in time for enactment before the prorogation. New Zealand as a colony has not been lucky. With a fertile soil, a genial climate, magnificent harbours, and abundant elements for the production of agricultural wealth, the realization of its possible prospects has been continuously checked. The colonists have had to struggle against more than the usual obstacles of a young community. There were difficulties with the natives —a sturdy and warlike race, with strange notions respecting the rights of property, and who could neither be crushed nor ignored like the “Blacks’ in Australia. There were difficulties with extravagant Governors. Debts to the amount of £68,000 were incurred by Governor Hobson ; and his successor, Captain Filzroy, spent £20,000 a-year in governing a community of less than 15,000 persons, and without even affording them protection against the natives, There were then difficulties with the New Zealand Company, whose charter, though granted with the hope of stimulating the growth of the colony, ultimately operated after the fashion of all monopolies—that is to say, most injuriously to all but a few dexterous individuals. Afterwards, the Company itself fell into dilficuhies, i and colonization under their auspices came almost to a dead-lock. The golden discoveries in Aus- 1 tralia have also tended to injure the more distant I colony, by diverting the stream of emigration, and 1 checking the supply of labour, so essential to the ■ progress of every new settled country. i All these “difficulties,” after passing through 1 various phases according to their origin and nature, have at length culminated in the usual result —pecuniary embarrassment. ’ Some years 1 since a new constitution of a semi-Federa! cha- i racter was given to the inhabitants of the three I islands, which constitute in their aggregation the i colony of New Zealand. But this step, though 1 promising well for future administration, could < not extricate the country from existing complies- 1 ■tions. The new Colonial Government, in com- ‘ meucing its administration, found Itself much in < the condition of a young heir, who succeeds to a fine but heavily encumbered property. Their 1 efforts to improve the domain were frustrated by ‘ innumerable claims and vested rights, while their I income was swallowed up by the interest on ’ mortgages. Il was impossible for them to get rid of these ancient liabilities. They could nei- ■ tber deal with the estate so as to promote its ge- I neral productiveness, nor find a surplus income 1 for the accomplishment even of the most neces- > sary improvements. With a sound and expand- | ing revenue of £lBO,OOO a-year, the colony was hampered by a heavy debt to the New Zealand < Company, end further embarrassed by the claims i of sundry chiefs of native tribes, founded on agreements under which large tracts of land bad I been surrendered or sold to the British Government. :

As many of these entanglements were inherited from the ante-Couslitutional period, and arose out of proceedings sanctioned by the Imperial Government, the colonists can obviously prefer an equitable claim against the mothercountry for aid in their solution. It has been computed that the whole mass of outstanding liabilities can be cleared off, and all inconvenient claims on the land of the colony extinguished, for the round sum of bslf-a-railiion. This amount the New Zealanders ere willing ultimately to pay ; but they cannot raise the ready money at home, nor borrow it anywhere on their own credit, except at an exorbitant interest. Ten per cent, was talked of during the late debates, as the minimum rate at which the colony could raise a loan on its own account. Judging from the ruling prices of money in India, or even in the auriferous districts ol Australia, this estimate cannot be considered overcharged. To obtain £500,000, therefore, the Colonial Government would have to burthen its finances with an annual payment of at least £50,000. II borrowed upon English credit, the whole amount could be raised at 4 percent., so that after defraying the interest, and investing 2 per cent., or £lO,OOO per annum, towards a sinking fund for the gradual liquidation of the debt, there would still remain £20,000 a-year available for local improvements. The most important of the three Bills now before the Peers, is intended to empower her Majesty’s Ministers to accomplish this operation. The money will be obtained in the English market, and at rates similar to those at which our own Government can effect loans, because the national credit is pledged by way cf guarantee for its repayment, The process is precisely similar to that accomplished a year or two since, on behalf of our ally, the King of Sardinia. Parliament endorses the colonial acceptance, and by simply writing a name at the back of the document, saves to New Zealand £30,000a-year. There are several proverbs afloat, applicable both to nations and individuals, against lending money, accepting bills, or incurring responsibilities for one’s acquaintance. These prudential injunctions naturally found many advocates in the House of Commons, who offered a sturdy op-position-to tbe Bill, and furnished a respectable list of negatives in the final division. Sir James Graham voted among the opponents, avowedly because he preferred a direct grant either to a loan or a guarantee. He expected tbe colonial Government would hereafter find excuses for repudiating the debt, and thought, therefore, that Parliament would do better to vote the money outright, keeping a strict watch over its appropriation, than become responsible for the loan whose expenditure the Imperial Legislature would in that case have uo right jo control, although they must ultimately provide for iis liquidation. Sir H, Willoughby, who “doubles” Mr. Williams on the Opposition benches, also opposed the Bill, which he believed would occasion future disputes between England and New Zealand ; and, in

fact, “lay the foundation for a financial squall.” Too much reason exists, we fear, to justify these apprehensions. Somehow or other John Bull is generally made to “pay for nil” when once he has committed himself in any way. Nevertheless we think the Legislature did wisely in adopting the Bill brought forward by the Government. The loan is really very much wanted, and will be devoted to purposes likely to promote the prosperity of New Zealand, and produce, at no distant date, an ample return. As on almost exclusively agricultural country, the colony is peculiarly situated. Commercial communities are almost independent of the financial position of their Governments. Trade may extend, and traders grow rich, though the State is overwhelmed with debt. But in regions depending on agriculture, the progress of society is paralysed so long as claims remain in force affecting the tenure and proprietorship of land. Such is now tbe position of the New Zealand Government, and the half-million is wanted to efface these provoking and long standing obstacles to their prosperity. Even if England should in tbe end be oblige ! to pay the whole amount, we must remember the liabilities were chiefly incurred when tbe Colonial Secretary ruled without control over forty dependencies. New Zealand was then in its social non-age; and not being allowed to interfere in the administration of its own affairs, might now justly plead “ infancy ” as a bar to the responsibilities incurred in its name.