The Westport Times. TUESDAY, JUNE 28, 1870.

Westport Times, Volume IV, Issue 677, 28 June 1870, Page 2

The Westport Times. TUESDAY, JUNE 28, 1870.

The important information that the New Zealand Commissioners, Dr Featherston and the Hon. Dillon Bell, have succeeded in obtaining the consent of the Imperial Government to guarantee a loan of one million sterling for this Colony, to be expended in immigration and public works, is obtained through a private telegram, received in Wellington. This, without entailing any grave responsibility upon the Mother country, is an undoubted advantage to New Zealand, inasmuch as although our borrowing powers are by no means exhausted, and no great difficulty would have been experienced in obtaining the money on the security of the Colony, it would have been impossible to have negotiated the loan on equally favorable terms. The bonds of the new loan will, as a matter of course, have an equal status with the best English securities, and as such will form a most desirable investment to capitalists. This news removes a regret that would otherwise have been entertained that the mission of the New Zealand Commissioners had been altogether unproductive of results proportionate to its expense. We fail, however, to acquiesce in the feeling of elation that the granting of this guarantee affords to the Ministerial organs, as offering triumphant proof of the success of the mission. It must be judged by. the success or failure of its special object, not by its incidental results. They were not sent borne with the avowed object of obtaining money, but to get troops, in conformity with Mr Fox's announcement on taking office of his intention to apply to England for military assistance, and also to raise an efficient and well-organised force for colonial service. With respect to the latter condition, the unexpected phase of Native affairs rendered such a force unnecessary, and the instructions given to the Commissioners were countermanded, their mission being then limited to obtaining from the Home Government the services of a regiment of regular troops, whose cost was to be defrayed by the Colony. In spite of their efforts, Lord Granville has proved inflexible in his resolve that Imperial forces shall not be employed in New Zealand, and consequently it must be admitted that the avowed object of the mission has altogether failed. The result proves that Mr Stafford, who had refused to ask for soldiers, though he had asked for the guarantee of a loan, had formed a correct estimate of what might be obtained from the Imperial Government, and that the self-reliance policy whether well or ill-adapted to the circumstances of the Colony, was at least the only course open, in the face of the determination of the Home authorities to withdraw all troops from New Zealand.

The Commissioners have, no doubt, done everything in their power for the well-being and advancement of the Colony, and the obtaining of this guarantee is an unquestionable advantage ; they have also, as they were bound to do, interested themselves in the postal service via' San Francisco, though, we believe, without any practical result; and have lent valuable assistance in facilitating negotiations for the Nelson and Cobden Bail way. These things, however, are not what they were sent to accomplish, and there can be no question that, apart from the incidental results, the Commissioners' visit to England has been altogether unsuccessful.