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Wellington Independent, Issue 3, 9 April 1845, Page 2

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The Russell arrived from the Bay of Islands on Thursday, which place she left on Monday morning. By her it is reported ti at nine more Europeans have been murdered by the natives, since the conflict at Koratarika, but there are some doubts of tbe authenticiiy of this rumour to the extent stated. We would earnestly impress on the minds of all the urgent prudence of being circumspect and forbearing towards the natives. The most trifling incident—and quite unintentional —may lead to most serious consequeuces. For other most important reasons, would we urge avoidance of the least tendency to affront, or injustice, even in jest.— How useful and auxiliary the natives are in the supply of food to the settlers here, is well known, and now that the population of Auckland has received such an increase from all quarters, they are still more dependent on them, and it cannot be denied that very much is in the power of the natives in this respect, exclusive of any hostile intentions. Of all the evils of civil war, famine is the most appalling and most destructive. However, there is an important circumstance, to which we would call the attention of Government, which is, that on Thursday night there were some hundreds of natives, comparatively strangers, in the town of Auckland and neighbourhood, some of whom had arms concealed. It is obvious the town might be fired in various places in the dead of night, as there are here many evil disposed Europeans as well as natives. There should be a Wakarongo issued immediately, ordering all natives out of the town beyond a certain distance before sunset, and there should be night patroles or picquets on the hills close around the town. — Southern Cross.

The Debentures.—The debentures have now been in circulation twelve months and though dispatches to the 13th August last received from the Colonial Office have been published, we have no account of Captain Fitzroy's having adopted this mode of meeting his financial difficulties having been condemned and we are of opinion, which is strengthened by the recent disastrous events at the Bay of Islands, that in the large appropriation which must be made by Parliament in aid of the New Zealand Treasury, provision will as suredly be made for the retirement of these promissary notes, together with the interest due upon them when cancelled. Five per cent, is now due, and they carry five per cent upon them for another twelvemonths. The mcnied institution which may collect them now has tne prospect of obtaining at the rate

of ten per cent per annum upon a Government security, which may be considered at least »s good as the average of commercial bills in the southern hemisphere; and this interest may be obtained without the advance j of a shilling of capital, as it may be procured j by any stable institution exchanging its own , notes for documents very easily worn out and j otherwise defaced owing to the miserable paper upon which they are printed. We would suggest that now is the time for the Union Bank j to supercede them by the issue of its own I notes. It may be stated that the Bank would be bound to furnish specie for its own notes, while none can be procured for the debentures. This is true, but it does not follow than any material demand would arise for specie, if we had a convertible currency, and we think it worth the experiment to test this point, for should a demand arise which the Bank deemed objectionable, it would have the power of immediately meeting it by a re-issue of the debentures. But should a demand arise to the full extent to which the Bank had collected the debentures in return for its own notes, what loss even then would attend the operation ? The Bank obtains let us say some thousands of pounds of these securities, not in exchange for its capital but for its own notes; these debentures now bear five per cent and may be regarded as securities yielding ten per cent •per annum. Suppose all the notes issued as against these debentures were presented to be paid in specie, the Bank might have to import specie from Sydney to the extent of the debentures supposing they decided upon not re-issuing the debentures. The cost of importing specie from Sydney would not, we presume, amount to two per cent, and they would be called upon to incur this expenditure for what ? for a good document upon which even now five per cent is due, and consequently the worst possible aspect of the case .shows there is a profit of at least three per cent to be made in the outlay of two per cent or one hundred and fifty per cent upon this transaction. But why should such a demand arise for speice upon the replacement of one paper currency by another paper currency, neither of which currencies is depricated, and that neither is in this condition is proved by the fact of silver, notes, and debentures all circulating on equal terms? Had the paper currency of the colony been in excess, not a Union Bank note could have remained in circulation, for as fast as issued, a demand would have arisen for specie, and we are not aware that any such demand has arisen or that the Bank has had to meet the requirement for specie, by payment of their own notes in debentures. To us under the circumstances of a good many Bank notes still being in circulation, proof is afforded of the non-existence of an excess cf paper money, and that the Bank might with safety and without any probability of being called on to import specie, retire all the debentures in the Islands and thereby afford convenience to the public and obtain a good profit for the Institution.