MR WESTGARTH ON NEW ZEALAND.

Taranaki Herald, Volume XXXVII, Issue 8211, 3 November 1888, Page 2

MR WESTGARTH ON NEW ZEALAND.

Mu. \V. Westgarth, who recently paid a visit to New Zealand, has published bis "Personal Recollections of Early Melbourne and Victoria," in book form. In bis introductory chapter Mr Weatgarth writes: — I nin not inclined to repeat the scolding which, it is understood, my zealous frienrf, Sir Francis B«>ll, Agent-General for Now Zealand, under his high sense of dnty, administered to the brilliant unthor of 41 Ooeana," for this sole dark spot of his book. I see no sufficient cause. On the contrary, he has given us such a charming account .of the aspects and prospects of this, the most magnificent of our colonies — for I agree with him in believing that it is to be "'the future home of the greatest nation of the Pacific" — that certain loose or inaccurate words addressed to him about the finances, and which he had' deemed worth recording, may well be expected to have in . comparison the , most evanescent effect. "One gentlemnn," he says, •' amused me considerably with his views," the said views being to the effeot that Now Zealand would bo ready, when the fatal pressure came, to repudiate her heavy public debt. Another equally vivacious informant stated that, besides the £32,000.000 of colonial borrowing, "the municipal debts were at least as much more ns the national debt." Now this is six times overstated for municipal and harbor debts together. No doubt the actuul case is bad enough, for New Zealand has far over-borrowed. But n« to repudiation, there is not v hint or notion oi it in any responsible quarter whatever, any tnore than with regard to our British consola, although the colony is, for the time, in the extremity of a depression, ever recurrent in such young, fast going societies, caused by a continuous Bub : eiding of previous too speculative values. To this I muy add, in reference to the 8i jailer issues of colonial municipalities, that of the very great number of these, Nuw Zealand's included, brought for many yoats past upon tho London market, there is not, in my recollection, as a matter of my own business, one tiuglo instunt of default, us to either principal or interest, ie we except the Bole und quite eptcit] and temporary case, above 30 years ago, of the city ot Hamilton, in Upper Canadu.