PUBLIC MEETING.

Wellington Independent, Volume I, Issue 28, 5 July 1845, Page 3

PUBLIC MEETING.

hstlnt M r S WaS held on Wednesday at one o clock, at the Britannia Saloon" Aurora Tavern, m consequence of the diffl' culty experienced in the negotiation of Dβo consider what steps should betakenunderthecircamstances. Mr Hickson was called to the Chair, and after reading the ligation calling the meeting and the minutes of Council, which appeared m the Independent, of Wednesday he went on to say that Lord Stanley in a despatch dated Octoher, 1844, had sanctioned the issue of Debentures to the amount ot £15,000, but in that despatch, Captain *itzroy was directed to issue Debentures of £50, and so redeem the smaller ones • but according to the minutes of Council which he had just read, that despatch was a dead letter since no effort had been made to withdraw the smaller Debentures, whilst the £50 Debentures were also thrown into the market. Iv fact, it was a question, which had alarmed most of the merchants, and had been one of the principal reasons why the meeting had been convened ; for it was probable Captain Fitzroy had issued Debentures to a much larger amount than £15,000 ; and it was impossible to distinguish between the Debentures which were legal, and the Debentures which were not. For this reason, the parties who signed the requisition had thought it their duty to call their fellow-settlers together, to devise a remedy for the evil. The Chairman desired in conclusion that all parties addressing the meeting should confine themselves to the subject for which the meeting had been called together. Mr. A. Hort proposed the first resolution : — I.—That this meeting views with much alarm the increased, and daily increasing, circulation of Debentures apparently far exceeding in amount the issue authorized by the Colonial Ordinance ; such issue being continued simultaneously with, and not replaced by, the £50 Debentures sanctioned by Lord Stanley, in his despatch of the 27th October, 1844, to his Excellency Governor Fitzroy; and that such alarm has become greatly augmented by a resolution passed in the Legislative Council, at Auckland, on the 10th April last, against which there was only one dissentient vote: and which resolution gives unlimited power to the Governor to issue whatever amount of Debentures he may require for the purposes of his Government; a measure more dangerous to the prosperity of the trade of this colony, than which could not, by any possibility, have been devised. Mr. Hort had great pleasure in coming forward to propose the first resolution on the present occasion. Though he had been in the colony for a period of more than two years, it was the first time in which the merchants had joined together for the purpose of watching over the interests of the settlement. This was a commercial community, and tho , at the present time it was a poor one, and he did not suppose that during his time it would be a very rich one, he had no doubt that hereafter it would become a flourishing and powerful community, and the commercial capital of New Zealand. The only way to ensure that end, was for the merchants to lay a good foundation, and to watch with jealousy all attempts to interfere with the currency of the country. With regard to the Debentures, Captain Fitzroy was authorized to issue to the amount of £15,000, but he believed a still greater issue had been forced into the market, and there was no check on his Excellency to prevent him issuing an unlimited quantity. Under these circumstances, he considered the requisitionists had acted wisely in calling public attention to the subject. The colonists might be enabled to sustain an issue of £15,000, but they would be flooded with them unless they remonstrated. The Bank refused to take Debentures ; they would not pass out of the colony, and so were useless. Mr. Levin seconded the resolution, which was carried. Mr. Fitrherbert proposed the second resolution : — 2.—That in consequence of the extreme difficulty that exists in the negotiation of Debentures, arising from these causes, it is the opinion of this meeting that a memorial be respectfully ! presented to his Excellency Governor Fitzroy, praying to be informed of the amount already issued, distinguishing those issued up to the 10th April last, from those issued since that date; and whether it is his Excellency's intention to apply the specie on board H.M.S. Dαdalus, to the payment of any portion of them: and further to protest against an issue of agreater amount of Debentures than that authorized by Lord Stanley and by the Debentures Ordinance, passed by the Legislative Council, in May 1844; and that a copy of the memorial be forwarded to Lord Stanley. That the following gentlemen do form a Committee for drawing up the memorial, viz;—Messrs. A. Hort,

Partridge, Stokes, Moore, Hickson, Fitzherbert. In proposing the second resolution, he (Mr. Fitzherbert) wished to disabuse the meeting as to an idea that the parties who called the settlers together, bid any pecuniary object in view, or party feeling. This was no political matter. It was an affair which as deeply interested the poor man as well as the rich— a man with a bad coat equally as much as a man with a good one. The merchants lately had become deeply alarmod at the vast quantities of Debentures which had been forced into this settlement; and serious apprehensions were entertained that unless some stand was made by the settlers, Captain Fitzroy would completely endanger the prospects of the entire community, by swamping the place with Debentures. He firmly believed that there was a considerable amount over £15000 in circulation, and no one could say which Debentures were legal and which were not. Everybody was interested, and all parties should unite to resist this paper currency which was being foiced upon them, more especially whon no one cculd tell where Capt. Fitzroy would stop. It was not improbable that some day, the Governor might issue a Proclamation to fund the Debentures, calling upon the holders of them to send them in, and issue scrip bearing interest in the place of them. Such a course would lock up a large proportion of the capital of the colony and impede mercantile transactions. He had no wish to depreciate the value of Debentures. Mr. Hervey seconded the resolution, which was carried. Mr. Moore proposed the third resolution : — 3.-Consideringthat the Union Bank of Australia in this town, has for some time past refused to receive Debentures for any purpose whatever, and consequently, that no goods or produce imported from the neighbouring colonies, or Bills of Exchange upon any part of the world, can be purchased with them, it is therefore desirable that, pending his Excellency's reply to the memorial, Debentures should be received with the greatest possible caution. Mr. M. alluded to the increasing number of Debentures in the market, and the difficulty there was of carrying on business. Mr. Waitt seconded the resolution which was carried. Mr. M'Donald, of the Union Bank, felt hound to vindicate the steps he had takea as the representative of the Bank. He had long suspected that there was a larger amount of Debentures in circulation over and above the £15,000 allowed by Lord Stanley. The colony might stand £15,000, but he was convinced that a paper currency to a larger amount than that would prove injurious. For himself, he was willing to take Debentures, provided the colonists would take them of him in return ; but if he was to offer Debentures on any account due from the Bank, the settlers would grumble, and say that the Bank was cheating them out of their money. The settlers take Debentures because they can pass them to-morrow to Mr. So and So, but to parties leaving the colony they are useless. The Debentures are not legal. There was only a minute of Council for an increased issue which went for nothing. Captain Fitzroy had stated .falsehoods and kept Lord Stanley in the dark. Capt. Fitzroy stated that the reasons whick had induced him to issue the Debentures, was that he could not get bills discounted which he might draw on the Treasury. Such' was not true. The Bank here had discounted Treasury Bills willingly for Captain Fitzroy, and would have done so to any amount provided he could have shown authority for drawing them. In fact, there never was any difficulty in discounting bills, but Capt. Fitzroy no doubt wished to keep up the bubble capital, and so issued the Debentures, for if he had drawn bills on the Treasury, they must have been discounted by the Bank here, and then the question might have been asked why do you not remove the capital to the Straits, where there are more settlers and a good Bank to assist you ? When his Excellency first arrived, he requested to be allowed to over-draw his account, which was permitted. Mr. M'Donald did not wish to depreciate Debentures, but to put people on their guard. Mr. G. Waters thought the meeting had been called to suit a purpose. Why decry the Debentures now ? Why call the meeting at such an hour 1 and why not inform all classes of the intentions of the merchants to run down Debentures. In his opinion the Governor was responsible for the amount he issued, and the meeting would do considerable harm, since Debentures would be at a discount. Mr. J. Johnston also objected to the way in which the meeting had been got up, and said the parties wished to introduce the " truck" system. Mr. Roots was favourableto the meeting. He did not grumble at the certain quantity of Debentures issued, but at the uncertain quan-

tity. As to the Governor being responsible, he was not, since he was mad. Mh. Holroyd stated that the one pound, ten shilling, arid five shilling Debentures appeared to have been withdrawn, to a great extent, from circulation. He .suggested that a committee should, be appointed to ascertain from Major RicKmond and. Mr. Hogg, the amount of Debentures which had been sent from Auckland to this settlement, and the number of small Debentures which had been canceled by the issue of £5 Debentures, It was notorious that there had been a great number of the latter in circulation, and when the militia were paid ten days ago, which they were in £5 Debentures, the greatest difficulty was experienced by the holders in getting them changed. He threw it out as a subject for enquiry, whether the Government might not have called in a large proportion of the £1, ten shilling, and five shilling Debentures, and replaced them by those of the value of £5, with the intention of withdrawing ths latter and replacing them so soon as convenient by Debentures of £50 value. He (Mr. Holroyd) was much amused with the remarks of Mr. Fitzherbert,for last Wednesday, only seven days ago, he placarded the beach with a bill announcing in large letters that " Debentures would be taken" at his sale on that day, in payment for goods ; and yet he sanctions a resolution seven days after, that Debentures should be received with the greatest possible caution, hich appears a fact inexplicable and inconsistent. Mr. Fitzherbert in reply said that Mr. Holroyd had carried out the axiom so well known in Port Nicholson, of a man knowing his neighbours business better than he did his own. The reason he took Debentures was because he could get more for his goods. They were of use to pay for licences, but Debentures were of no service to send to Sydney. Mr. Holroyd said, he only alluded to the fack which was as he had stated. Mr. Vincent proposed— 4. —That itis the opinion of this meeting that, - prior to any other steps being taken to depreciate the value of Debentures, a public meeting of the whole of the settlers should be called, so that they may be made acquainted with the subject, and, if necessary, cautioned against the Debentures. He did not charge the parties who called the meeting together with designing to depreciate the value of Debentures, but this very meeting would prove the means of rendering Debentures a useless and valueless tender. Who would take Debentures after the events of this day? And for what reason had the meeting been called at one o'clock in the day, when three-fourths of the community were unable to attend 1 Was it to suit some purpose ? he was inclined to think so, or else an attempt would have been made to make the public better acquainted with the subject which had occasioned the meeting being convened. The merchants would not take Debentures ; but on Saturday night thay paid their labourers and mechanics with the Debentures they had by them, but if those labourers and mechanics wished to purchase ' any commodities, and tendered the same Debentures, they refused to take them. Such had been done. Why did not the merchants tesist the Debentures when they were first issued, and not at the present time when the Colony was in such an embarrassing position. Mr. J. Johnston seconded the resolution, which was carried. Mr. Hort proposed, and Mr. Vincent seconded, a vote of thanks to the chairman, for his impartial conduct in the chair.— Carried unanimously. The meeting was very thinly attended. Liberty, (Political.) —"Turn Richards out! he has had his wife, wine, and whisky long enough ; let us try them." Merit.—That which receives no praise. Money.—A fish peculiarly difficult to catch. Mob, (The.) —A term of reproach bestowed by all the useless and unfeeling members of society on all those who are useful and feel. Minister, (Prime.) —An ingenious personage who provides for his family, and ruins his country, gratis, for several thousand pounds per annum. Mr. Baillie Cockrane presented a petition from Lord Dundonald, stating that he had a few yeSrs ago discovered a method of assailing and destroying hostile fleets ; and praying that, if any premium were allowed for the best method of effecting that result, he might be allowed to compete for it. It is stated in the Flemish papers, that the manufacture of cigars at Hamburgh, has been carried to so great an extent as to have reached the annual total of 150,000,000 of cigars, and that this single branch of business furnishes occupation for 100,000 woikpeople. New Marriage Law.—Under the new marriage law, a person who has not seen or heard of his or her wife or husband for seven years, marrying again cannot be prosecuted for bigamy.