The Timaru Herald. FRIDAY, SEPTEMBER 26, 1884.

Timaru Herald, Volume XL, Issue 3123, 26 September 1884, Page 2

The Timaru Herald. FRIDAY, SEPTEMBER 26, 1884.

If the published accounts of Sir Julius Vogel's scheme for developing the trade of the South Sea Islands are correct, — and they are given with so much circumstantiality that it is only reasonable to assume they are correct — it is one of the most curious proposals that he has yet made. Of course the scheme is based on borrowing. It could scarcely be Sir Julius Vogel's if it were not mainly based on borrowing. His plan, we are tolJ, is to raise a million sterling m shares or debentures, which are to be divided m the proportion of one-fifth each, among New Zealand, Australia, the United States, Great Britain, and France. The object of this distribution is to give all those countries which have commercial interests m the Pacific, a direct interest m the scheme. Germany, of course, has very considerable interests m the Pacific ; but it i 3 understood that Sir Julius Yogel contemplates buying out those interests with part of the capital to be raised under his scheme. The New Zealand Government are to guarantee 5 per cent on this capital of a million. Then another million is to be provided m the shape of New Zealand Government notes, which are to pass for cash throughout the South Sea Islands, but are to be payable only m New Zealand. The object of this apparently is twofold. Firstly the capital available for carrying on trading operations will be doubled, and secondly, the trade will be centred m New Zealand. These important preliminaries being settled, all that needß to be done afterwards is to establish trading stations, appoint agents or. factors, and proceed as rapidly as possible to develop the reBources of the South Sea Islands, and open new markets for New Zealand produce and manufactures. Now, the first thing which strikes us on examining this grand scheme is that if it would answer the purpose of the Government of New Zealand to go into the business, the advantages of such a step would not have escaped the notice of private capitalists. It is useless to tell us m these times that private capitalists could not get so large a sum of money as would be required. If the trade could be depended on to yield a profit of 5 per cent, or anything like 5 per cent, any number of millions would be forthcoming fast enough for investment m it. But, it may be said, the Government of New Zealand would bo able to obtain rights and exercise authority among the islands which private speculators or companies could not obtain and would not be trusted with. That seems to us very doubtful, to say the least. From whom are the Government of New Zealand to obtain these rights or derive this authority P From the Imperial Government of Great Britain ? A likely story, truly. The Imperial GoIverntnent of late. yearß have displayed the greatest suspicion of and a decided antagonism towards any extension of colonizing operations among the Pacific Islands ; and it is m the last degree improbable that they would give the prestige of their approval or the protection of their men-of-war to what after all would be nothing more or Icbs than a colonial traeling speculation on an unusually large scale. Are the Government of New Zealand to be invested with exceptional righto and authority m the Pacific by the joint consent of all the countries concerned t That again is a particularly likely story. Every one of those countries, not by any means excepting Australia, would bo as jealous as possible of New Zealand, and wnuld claim a prior right and a higher authority on its own account. • In what respect then is the scheme to differ from any ordinary commercial venture ? It ia only to differ from any ordinary commercial venture, as far as we can see, m that the public credit of New Zealand is to be pledged m sppport of it, and tho public revenue is to be applied m aid of its operations. It appears to us to be just as liablo to failure, from a commercial point of view, ns any private enterprise ; but it is the peoplo of New Zealand mainly, who would have to bear the brunt, if it failed. It bas, moreover, a prominent feature which is to some extent absent from private ventures, but which may be eaid almost to ensure failure. It would open the door to unlimiteel swindling, because everyone cmplejyed or dealt with under tho scheme would be directly interested m making as much mouoy hb poHßiblo for himself, bnt not at all interested ia making money for his employer*. At first sight

at all events, the scheme seems to be an extraordinarily wild one. « The second number of the Anglo-New Zealander and Australian Times is to band by the San Francisco mail, and is quite equal to the first. If the proprietors keep it np to its pvesent high standard, we should not be surprised to see it cut out ruoro than one of the journals now published at Home professedly m the interests of colonists, but which too often show uninistakeable signs of being conducted on anything but a broad or imperial basis. Indeed it is not too much to say that several of these journals have done a great deal more harm than good to the colonies by giving forth to the world professedly reliable and anthentic information which was not worth the paper it was printed on. They profess to be authorities where they are not, and often display a lamentable amount of ignorance m their columns on colonial subjects of the greatest importance, and about which they need only apply to the Agents-General to become easily posted up m. Some of these matters require very careful and delicate handling, but instead of this being done, they are as a rule treated m a free and off -bandstyle, which utterly detractsfrom any good the articles might otherwise do. " Save me from my friends "we have bad to cry more than once, and it is therefore with no mixed feelings of satisfaction we hail thebirth of a journal like the Awjlo-New Zealander, which will obtain its information from the fountain-bead, and not from casual sources m the shape of any stray colonist that may be dropped across. The Anglo-New Zealander before us contains several very good letters from different centres of population m New Zealand, giving information as to the progress of affairs political, commercial and social. It devotes several columns to " Notes of Information abcut New Zealand," giving concisely particulars of its climate, geography, natural productions, population and so forth, with a view of proving it to be a suitable field for intending emigrants to direct their attention to. A new feature has been introduced m the shape of two sketches, one of Tongariro, and the other of a native settlement at Rnakaka m the King Country. We can commend the Anglo-New Zealander to all classes of our readers.