THE WELLINGTON INDEPENDENT

Wellington Independent, Volume I, Issue 19, 4 June 1845, Page 2

THE WELLINGTON INDEPENDENT

Not a word was asked of Capt. Fitzroy or volunteered by him during the last session of the Legislative Council, respecting the withdrawal of ths Debentures; or the amount in circulation. This is the more remarkable because the report which is current here, originated at Auckland and, is to the effect that the Governor has put in circulation an amount exceeding the £15,000 for more than which at the time he proposed to issue documents of the kind, he did not pretend to have authority. The public mind is now evidently uneasy about the circulation forced upon the colony, arid we have in consequence beea led to another perusal of Lord Stanley's dispatch, dated October 27, 1844, and devoted to the subject, to see whether it suggests an applicable mode of retiring this clumisy currency. The subjoined are considered by the dispatch valid reasons for Captain Fitzroy having issued the Debentures.

"But adverting to the peculiar situation in which you found yourself placed, unable to raise money by the sale of bills on the Treasury of this country, without the risk of enormous loss, unable also to borrow from the Colonial Bank the sum required for your immediate exigencies ; her Majesty's Government is disposed to regard your conduct in a more favourable point of view, and to make allowances for a c;urse of proceeding which, under less urgent circumstances, would have been unpardonable."

Lord Stanley then proceeds to assert it to be essentially necessary that the Debentures should be withdrawn, as until then it would be hopeless to attempt to provide a sound circulating medium for the colony, and Captain Fitzroy is instructed positively forthwith to retire the present Debentures.

It is proposed that he should do so by the adoption of one of two ways, or both if it cau be accomplished thereby. Both modes suggested, all will agree, places Lord Stanley in the position of being regarded as wonderfully ignorant of the financial condition of the colony; or as inclined to jest at the expensj3 of the poverty in which we are steeped, in consequence of the policy of the department over which he presides having been so obstinately pursued for five years. The first proposal is to redeem them " with funds to be raised for that purpose at the next meeting of the Legislative Council ! ! !" The second is "by substituting Colonial Debentures for not less than £50 each, bearing, if need be, a somewhat higher rate of interest" than the notes bear; namely, something above five per cent per annum, " payable out of colonial funds at any period, of which notice may at any time be given." What an assumption this latter proposition implies. It is nothing short of, that capital is so abundant in New Zealand, that it is ready for investment in any security, however hazardous, which maj be offered. Now, though Lord Stanley is very ignorant concerning the condition of this colony, he unquestionably has more knowledge about us than to assume that capital is so abundant that proprietors are in eager search after modes for investment, and we are driven to the conclusion that, as we have before stated, he is heartlessly amusing himself at the plight in which his policy has placed us. One thing is evident, that is, Captain Fitzroy is peremptorily instructed to retire the present debentures forthwith, and by the adoption of one of, or by both of the modes we have extracted from his despatch on the subject—of course , with the implied condition of its being possible to do so. Failing that, what is to be done ? the debentures as a circulating medium are declared by this despatch to be perfectly unbearable—utterly ruinous to the best interests of the colony. We maintain that this despatch absolutely orders Capt. Fitzroy to call in all the present debentures, and if the means suggested for accomplishing this end; are not applicable, the instruction - g

should be read carefully to see whether other means be not suggested. We maintain that a careful perusal does evolve the power of obeying this peremptory order from Downing Street.

Though at the time of issuing these Debentures Capt. Fitzroy solemnly affirmed Ke had a warrantry from home, we find that solemn affirmation unqualifiedly denied, and the want of authority has since been most candidly admitted by Captain Fitzroy in his Legislative Council. The emission of these Debentures is declared to be barely tolerated by the Colonial Office, that raising moneyby the sale of bills on the Treasury would have been preferable could it , have been, accomplished, and that they must be withdrawn! The necessity of withdrawing them is asserted, and the only means by which this can be done is by adopting the course of obtaining the funds pointed out as a, preferable mode of paying the Colonial debt, to emitting debentures of the kind or keeping them in circulation. Under the circumstances of the colony, it is .evident these Debentures ought to be retired, and so think the powers at home ; and we state it to be our opinion, that Captain Fitzroy is bound by this despatch to arrange for their withdrawal by negociating bills on the Treasury for the amount, if he can possibly do so. And in conclusion, we would state, we have no doubt that an arrangement could be made by which sufficient bills on the Treasury could be sold at a moderate discount, with which to get rid of a ciculation which is daily becoming more inconvenient.

A large number of the Debentures in circulation are in a most delapidated state, and while on the subject we would state, we have ascertained that any in that condition will be exchanged for fresh ones on application to the Sub Treasurer's department here.

The schooner Sarah Jane arrived from the Kai Koras on Saturday. By her we learn that the stations there have been very successful, Bell's party having secured four whales, and Fyfe's party having four safe and one towing in when the schooner left. Bell's party had captured six whales, but they unfortunately lost two from the anchors, which drifted out to sea.

On Friday last, it will be remembered, that it blew very hard from the N.W., and indeed for two days previous. At the same time the Sarah Jane was becalmed within a few miles of the heads.

The Bandicoot, Captain Bowden, arrived from Van Diemen's Land on Sunday last, and brought Hobart Town papers to the 10th May, with which we were kindly furnished by Mr. R. Waitt.

We have not found any English news in them, but we have been informed that dates to the 21st of December had be,en received, being five or seven days later than we have already obtained through Sydney ; but as we have not heard of any thing novel having arrived by the occasion, we presume their contents are uninteresting. The Hobart Town papers received by this opportunity are chiefly occupied with New Zealand news, furnished by the schooner Sir John Franklin, which arrive! there from Auckland on the 7th May, with forty passengers on board, and furnishing dates from the North to the 12th of April. From an advertisement in the Hobart Town Courier, we gather that active sympathy is evinced for the Bay of Islands Refugees, and that subscriptions are on foot for their relief. Privately, we have been informed that £5,000 have been subscribed in behalf of that destitute but innocent body. Ins stated that his Excellency Sir Eardley Wilmot headed a subscription list with the generous donation of £50, and that the list contained numerous sums of £20 and £30 against the names of individuals. Collections bad also been made in the churches, and we learn from the same source that the smallest sums in the plates were half sovereigns. These statements tend to show that a considerable sum has been collected, and prove the kindly feelings of the Tasmanians towards the sufferings of their fellow creatures. Considerable apprehension for the safety of this settlement appears to have existed, and prayers for its safety had been offered up in the several churches of Hobart Town. We have throughout anticipated that a sum equa to liquidating all the losses consequent on the destruction of the Bay of Islands would be made up in various ways, but mainly by the generosity of the residents in the neighbouring colonies, and by the English public, and therefore were glad to see a reso-

Union passed at a public meeting here, calling on his Excellency Captain Fitzroy to secure evidence forthwith, so far as possible, of the claims to compensation of various individuals, and we hope the recommendation has been acted upon, to the fullest extent possible before this date. . If the rumour that the Tasmauians have subscribed £5,000 prove a truth, and other communities be animated by a tithe of their generosity, five times the amount necessary to compensate the unfortunate refugees, will be forthcoming, and New Zealand will be in receipt of large funds, about the disposal of which, doubt may arise, though none need if the worthy- government will act upon the honest fact that it has by' its mischievous policy injured every white man in New Zealand, and has in justice entitled him to compensation. '•..,' . ■ "We are glad "to find by the general tenor and quotations of these papers, that the commercial affairs, of the neighbouring colonies are proceeding satisfactorily. Our quotations under the head of markets, will more particularly show that such is the fact.

We find that Captain Fitzroy's administration of the affairs of this colony, has led the neighbouring colonies universally to adopt the opinion held by every colonist of New Zealand, without exception, of bis total inability as a Governor, to accomplish any thing that is not attended with extremely mischievous consequences, and they appear all nearly equally anxious in common with the settlers of this colony, to know when his Excellency is going to resign. We furnish an extract upon his Excellency's administration from the Hobart Town Courier.

" The Legislative Council, at the suggestion of his Excellency the Governor, had adopted the resolution that it was expedient to re-enact the Customs' laws. This appears an extraordinary determination. His Excellency having observed on a former occasion, that uin addition to the critical nature of our relations with the Aborigines, owing in a great measure to the operations of the Customs' Ordinance, which by each day's experience, I may say, are proved more and more clearly to be detrimental to our welfare ; we find ourselves without funds—almost without credit. There is only one certain remedy, in my humble opinion, for the existing distress—only one measure that can afford immediate, permanent, and substantial relief—and that measure is the abolition of Customs." This was uttered by Governor Fitzroy six months ac;o only, if we may credit the report of the Legislative Council procedings—yet now his Excellency sees that the only method of creating a revenue is by the re-enactment of those laws which had so recently been abolished. The Southern Cross, after a strong condemnation of the impolicy of the present measures of the Legislative Council, closes its remarks with these words : —" There will be no persons either of capital or common sense who will think of embarking their means in a colony like this, which is cursed by a Governor -without a particle of consistency or the common dictates of prudence." " A bill has been passed ta abolish imprisonment for debt, one of the wisest measures which could be introduced into a new colony. It should however be a law from the first commencement, and then persons would know exactly on what terms they gave credit." Hob art 7own Advertiser.

The approbation, it will be found, is unjustified. The principle supported is unqustionably correct, though we fear none of the Auckland Council has capacity or confidence to cope with it. Justice to the public and individuals will lead to the abolition of legal recognition of credit; after which credit will be conceeded either on a knowlege of character, and so become a premium for good conduct; or upon securities over what are termed real estates ; and a law may in justice be brought to bear at any time, if aecompamed by the English Bankrupt Law, to meet all cases prior to passing a measure that wreTiE "&*!.? the mOSt Mr. Driscoll.—This gentleman has certainly been eminently distinguished in financial life, independent of having been twice offered a seat in the Legislative Council After having been Managing Director of the Union Bank—having been offered to be taken into the management of the Old Bank -of the Derwent Bank-having established the Colonial Bank, and when the clouds began to form on the monetary horizon, with great discretion dissolved it without loss to proprietary-he is now seated in the Direction of the Bank of Australasia. Thes ZTS 7 are >! gh P u OOf3 ° f the placed as well in his integrity as in his abihty.~/io£ar* Town Courier. Hobart Town Markets, May 10 — Fine flour at the mills, £9 10s. We are gkd to remark a general tendency upwards iueverv thing, except in the article of potatoes the schooner Eagle having just arrived from Cir-

cular Head with upwards of 100 tons. Wheat —good siunples rule fiom 3s. Bd. to 3s. Qj per bushel. Eng'ish barley, 3s. 6d. CW ditto., 3s. 6d., scarce. Oats 45., scarce. Hay loose, per ton, 70s. Ditto, pressed' ditto. 80s. Straw, ditto. 30s. Potatoes' ditto, 40s. to 50s. Onions, ditto. £ 8. Ap-! pies, ss. to 10s. per bushel. Fresh butter Is. 4d. to Is. 6d. perlb. Poultry—fowls' 2s. ; ducks, 3s. each ; eggs, Is. 2d. per doz! Horses.-—The export of horses to the neighbouring colonies seems likely to continue. The last shipment by the Scout appears to have satisfied owners, and sixteea more horses have been sent by her this trip. The Port Phillip papers speak of good hacks as being in, demand.

The Weather. —On Monday and Tuesday nights agriculturists were favoured b" a copious supply of rain, want of which has impeded the progress of the plough on many estates. They can now carry on their opeiatioris with ease ; and we are glad that many, have derived cheering consolation from. the: figures which .perdict a scarcity of grain, and a consequent rise in price.— Courier.

The Weather.—A great and sudden change has taken place in the weather within these few days Tuesday evening was oppressively warm ; Wednesday, and Thursday, cold as mid-winter, with dizzling chilly rains. — Advertiser.

The Markets. —Wheat, as we prophecied, is rapidly getting up, and if the present weather gets a little worse, will rise still more rapidly. It "has neatly reached the price which we fixed as that beyond which the rise would be immediate to ss. On Wednesday a lot was sold for 3s. 9d. Hay is likewise on the rise. On Tuesday £3 ss. was obtained for a particularly good sample.— lbid.

Launceston Grain Market, May 7. —Union Steam Mills.—Wheat 2s. 6d. to 25.9 d. pollard 7d, bran 6d, per bushel; flour, first quality, £8, seconds, £7, thirds, £7, sharps. £4 10s per 2000lbs. — Launceston Examiner.

Sydney Markets, April 19.—Wheat. —The demand for wheat during the week has been veTy brisk, and the millers now. appear more anxious to buy than for some time past. At the principal mill as high as 3s. 2d. per bushel has been given for a prime sample. Flour.—We may report a decided improvement in the price of this article. The millers are firm at £8 per 2Ooolbs, cash, and at that price they sell to their customers only. Oats.—There is hardily any in the market. The retailers are charging 3s. per bushel. Maize.—Good, sound maize is still scarcer than it v\as during the preceeding week. Two loads of new maze were readily bought up at the corn market by the dealers for the purpose of mixing with their weeviled stock ; one load fetched 2s. 3d. and another 2s. 4d. per bushel. All the good maze received from the coast has been quickly disposed of, at from 2s. 2d. to 2s. 4d. per bushel ; inferior samples are worth about 2s. per bushel. A small advance is expected. Tea.—Hysonskin: Price of best importations are without alterations, yet there is but little business doing; 80 chests brought £3 17s. 6d. per chest. Fine teas: The whole ex. Challenger sold for 525. 6d. per ten-catty box. Congou : 160 chests realised £5 10s per chest.

Sugar.—The duluess which was noticed in this market has been dissipated by the sale of the cargo ex Munroe, from Manilla, but the figure has not transpired : as also the exportation of S.S.lsland exFalcon, of 1600 bags; it is said at £25 per ton. Prices of Manilla now range between £22 lOs. and £24 per ton. Refined.—There is now an excellent sample of Hambro' in the market.

Coffee.—No alteration in price can be quoted. Fine qualities are comparitively scarce.

Tobacco—ln prime samples a rise maybe fully aiticipated. B. P. Rum.—This market contiuues in a very dull state; holders, however, appear disposed to hold back in anticipation of a re-ac-tion ; no sales of any moment have taken place.

Brandt.—Continues firm for Martell's and Hennessey's brands, with very little offering ; the demand is, however, limited to small parcels,^which bring full prices. - Bass' Ale.—The importation ex Caledonia, of No. 3, brought £6 10s. per hogshead. Taylor's Porter.—Fifty hogsheads ex Caledonia, sold for £5 15s. per hogshead, being the only Jot in the market. Dried Onions are from Bs. to 12s. per cwt, and from l£d. to 2d. pet lb. Potatoes are plentiful, and are advancing in price, the wholesale average price being now about 455. per ton. The dealers are charging from 3s. to 4s. per cwt; the latter being the price asked for such as have been raised from Berwent seed. Fresh Butter of an average quality is plentiful at Is. per lb; good salt butter is fetching from lOd. to Is. per lb.