LONDON.

Wellington Independent, Volume XXII, Issue 2548, 23 July 1867, Page 4

LONDON.

(ttftoii obit bwit ;csoUe__s-?onde^.j May 27, 1867. Most fortunately for the peace and welfare of Europe and the world at large, the portentous war-cloud which hung over the political horizon at the date of my last letter; has bben dissipated ahd dispersed just at tbe moment when it seemed about to burst, hnd poUr its baleful waters over the fertile plains of JiVande and Germany. That the storm has been averted we have great reason to be thankful, for had the gates of war been opened, there is no telling how, when, or where. the destructive deluge might have been arrested-;not, perhaps, until it had swept over the whole face of continental Europe, to say nothing of our own country. Thanks, however, to friendly diplomatic intervention — to the good offices of Great Britain, Eussia, and Austria— the contend. 1 ing parties were brought to hearken to reason; ere it was too late, the sword was left at rest in the scabbard, and a season of peace has for tlie present been secured to the nations of Europe. France and Prussia, oh the one side and on the other, have been induced to retire from the position of antagonism which they had each taken up, and to relinquish by mutual concessions, the claims which they had respectively put forward in respect of the duchy of Luxemburg. Henceforward that duchy, which enjoyed a quasiindependent position, as a State of the defunct Germanic Confederation,, under the, protection of the King of Holland, who was its Grand Duke, while its fortress was held by a Prussian, garrison, will be neutral territory, or rather will be annexed to the other possessions of the King of Holland. At all events, it will cease to be a bone pf contention between .France and Germany : its fortresses will be dismantled, the Prussian garrison will retire, and France will give up all pretension to add this little corner of outlying fron tier -territory to her already extensive Empire—whether by " purchase" or otherwise. Such, in a few words, is the present arrangement as determined by the Loiidon Conference, which assembled here. in the early part of the month, and brought its labors to a close with unusual dispatch. The result of those labors has been a pact or treaty, by which the leading . powers of Europe, 1. .sides Italy, Belgium, and Holland, bind them solves to recognise the, solution arrived al. by the Conference, and to guarantee the arrangement which incorporates Luxemburg with the Kingdom of Holland. And you may imagine the speed which has been used in this oase (a thing most unusual in diplomatic negotiations) when I. tell you that the treaty has already been sealed, signed, and ratified by the parties to the compact. The result has been a feeling of public confidence and security throughout Europe, as sudden as the depression which had previously been caused by the prospeot of war. This feeling is strikingly exhibited by the rise in stocks, shares, and securities of every description all over the continent, as well as in the English money market. Within the last month there has been an improvement of three in English consols. The cheerful tone of public feeling is also strongly indicated by the fact that most ofthe crowned heads of Europe— Kings^ Princes, Grand Dukes, and Emperors — instead of being at daggers drawn with each other, are likely to have an amicable causerie in a friendly tete-a-tete on neutral territory at the Great Exhibition at Paris. Before many weeks are over, we are likely to see the Emperor of Busßia, the King of Prussia, and, the Sultan Abdul Aziz, to say nothing of lesser dignitaries enjoying the hospitality of the Emperor N apoleon at the Tuileries. Doubtless they will be entertained by their Imperial host with all the magnificence and splendour befitting suoh prinoely guests; and mutual animosities will be consigned for the time being to oblivion, as if the Spirit of Discord had never waved his blood-red pennon before their eyes. Only a few weeks since the Prince of Wales and the Duke of Edinburgh paid a visit to the Paris Exhibition, and the Prince is said to have' been greatly pleased with his visit. It could not well be otherwise. The Prince was entertained and feted wherever he went; he is fond of pleasure, society and dancing, and he is said to have captivated the. hearts of the French ladies by his lively and fascinating manners, his polite compliments and gallant petits soins and by the unrestrained flow of good spirits and inexhaustible conversation ; creating mirth and laughter wherever he went. Of course the Prince " was out for a holiday" — Madame la Prinoess de Galles (not having yet quite recovered from the affection of the knee? joint) was at home, and the Prince is said to have vastly enjoyed his trip en garcon. 111-natured people of tbe Mrs Grundy school think that the Prince should not go aboufc so much to enjoy himself, while the Princess of Wales is laid up in bed with a bad leg ; bufc they that the Prince is a very young man, full of life, activity, and animal spirits, and that he could do the Princess no good by moping at home and growing melancholy. Besides this his position obliges him to go about and show himself in publio as much as possible, the ! more so in consequence of the comparative seclusion to which royalty has withdrawn for several years past. Indeed I may say that the Prince ot Waleß is exceedingly popular both at home and abroad. At present he meddles very little, if at all, with affairs of state ; but in the meantime he is laying up for himself a fund of information derived from extensive personal, intercourse with sooiety, which cannot fail to be useful to bim at some future period, when, in due course, he shall succeed to the throne of the realms. Lately when the Prince was at the. Paris Exhibition he was followed about the . building by eager and curious crowds anxious to obtain a peep at him, and he is said to have been immensely amused by the way in which he was thus " mobbed" by thp. crowds of sightseers at the Exhibition He has very little of the hauteur or stiffness supposed to belong to : persons of exalted rank, about him. He is on the contrary very free and easy in his manners and conversation, relishing a good , joke— a full flavored "weed" and a "•screaming" comic song, as heartily as any of .the, .young scions of nobility about town with wnom he associates. In short lie is " a man of the world," suoh

&s a &.HBB 6_« a Xla*. &u£kU& Air^|ftiS alrtfady htated thsfc tlit TSiittaft; 18 visit _?at'iß B_iortiy;r Tliis wiil #> t & mm& event in the history fjf of SUMi-doM;. believe it ia the first' thne^that the teptiiWtty 1 tative of the Prophet has i everj travelled? i<s%i far west as Paris. This' combs of thdKfeot^l i thirt the present Emperor of ' ' ihan of thb world' in his •Way^imd^J^tt, shaken' off thb petty pr^udibe^aMt^^Wif -trkditions which formerly ytj^S^^Mj^k^ to hold aldof, lest he 1 shouidsdeteSi^'l_»:is feet by contact with the unhalfewed' bWM^j-} the "infidel.''. Wonders will never, cea_^^ : and it would, in no way surprise asil' Md^J* : Aziz were to call at Eome on Biscay iom^ff to pay his " respectful homage"; in personiiaj/ : his Holiness the Pope.^, And then^jf tliA : ; Pope were to make a cenvertef; the Sultan P ;•;*! Only tbat they would be top polite to mention . the subject of religion unless in the ~ wiy off ' y neutral compliments upon the improved ;Stas£ ,« >. of religious sentimeut on the ; part ?6^,ilte^i respective follow.ere, which enabledL 'the__i.^.vk. '. exchange civilities; without. giying«scandal t£ ." true believers" on either side^ T_ieiin«Kt^:r best thingiwould be, .as a sypDapton. '~m&afc' y march of enlightenment, a visit on the part of >1 his HoHness himself to the Pa>is Exhibition 2 where he might see. with his pw_£eye-r'th*:'i<l progress which the world ;atilarge;ia:ma)ting^ih the arts and sciences which contribute io largely; to the spread., of ; civ|fisatipn/j/anE>M^ where. he. might perchanpe;meettijti_ie^^ii.^lK peror of Eussia and the King of If^v; (with «,( neither of whom at present is he dftYine-.d^, terms) and discuss with themiUno-Edially 1 II :^ variety 6f topics coiraected with H&sko(£Bi& s J tion of the Eomah^ Churoh as%eU ; !___ l lW#y as in Eussia. f Of ceurse' there^ is bnt>lii|OT^T/ probability of such a : meetin'g ever' 1 ttj&w. -^'! place. . It is merely what rhiij !># s calledriC^ .= " pleasant conceit." But, J^^et^eHl dic^ 2f verum^uidvetdt? '' ," [i22yVy'!y),^V^U However, to return pnce,mpre to.the. sn^iyl ject of the Exhibition at Paris, there; ifl novu. doubt that if war had broken out, the' whole - thing would have preyed; an utter faihwi^ but now there is evei^prpspeot tljat it will .; be successMr^l.meanin^he sense of :attaacfcf ing a considerable >cro^di anc^ pl^paymg;!.^^ expenses. Already the tide of visitors has f set in towards Paris,- Tint, the/ current will^-r scarcely have a^aihed ife fmlfdrieMU"!® » months of At.^t^;tJig;t»^pJ|; present time ohly \d yelr^g^ s fcar ted from. Engjaud-r-ln .the'first plape \ t_e?_r :*k cause, the Extabitipi^wa&nqt-cp^^^ its details,-. and,, jn' , Ae*;next, ü becati-ie 'itjjf ti^ weather (wi-h;the ; e?cepjapn of a few o^B ills the early parfcbf May) haß,,bee_-;te^#no«h«t!3 tain and, very. severe. But this' weiek thou* 5» sands will stai;t;for the Metropoh8 f 6f EuroM^iti , and thousands -more fWould star^:^at-'!ti_wli]i;^i they are deterred by thd fear of *e°kbrbiti-nfe^ charges; at lodging hduses and hotels^v^l^ifi^ Parisians have made up, their minds \tsmo& I }*' .their visitors " pay" ! ra 'every |s iieiis% iv di* :piE 22 term. Already the >xhibitdr)_ have^b'e% t ]put .X: under contributiohß 'ip an 'e^oimpjaiß never contempTa|ejd' W^on ,the^e^ibition;w^|,*iy^ first projecte'd,^ and/s^pli laSjej-iubitprs^'-^JJ former occasion's,/ whether, ,^ Paris, or elsewhere,; ware f nevpr/&sed upon ,« to malce j ' and how "visitors will have ]tojp^B>Y an incieased tariff of 100 or/150 ; per»iC6ntiffflflr - the accommodation which; will be ; affotdeA f. r them . As far as the railways are concerned* : * y there will be a great reduction of ohargei/ _,: and the cost ofthe jptirney^ : ;both way^s -msfpyi be defrayed for s6me;liwo or three poundbi,^^ in some caseß for less . ; :ibtifc' si ti(eii: -_c|bn^''!<y-4 ri --^ scarce— iv the sense of Jieoi}le having but K 2 little to spare, and when several members of a family go, the cost isinofri to ibe w for a tnfle. :-- * Gr^reat^f-Kjilifcito^hoWeteiv-' will"* be afforded to the *« British Wor-tman*' ft»^'? payinga visit tp { the French : the hope that his inventive faoulfdM ! stimulated, his emulatioh Tou^ed^ his_n^bitipi_, t excited, and his taste; idapi , p7^d .^y:^a_tt |;tiuitf^ ' meets his eye in the Frencß ,Jdßpi|^-^|ipii^, a , # admitted to~ be-^h Wotcl^ view— the most splendid 'ci^^rihei\warlA»';.;}/ Well . then, not phly, will \_ greats but erkk-^i special faoilities be afforded the British./ artizan for the purpose in question ;^nay, ha s will be coaxed .and petted jn^prdejk *° induce him to aydil^^hiniseif of theopportunities hel^. put. A society.'haa^^been fp^med'by Jaeveital , well-known and influential hobleihenj genfie-j* men, and members of Parliament, who take; ah interest in 'the .working ... classes, - ; foi? the purpose of making; arrangements to meet the exigenoies-^-limean the. purses— -ofthek proteges. For this purpose a large buildings ?j has been taken and fitted' up in • Paris,: foe . the speoial behoof pf the British, wbrlt-iieni * v wbo will be taken over for a week, boi__rde-i^ ledged, taken abeut' tp sep' all thet^iptibli(| sights, the Exhibition included, and brought back again to London, for the low charge of something like a pound or thirty shilhnga. Here then is a chance for the British, workman— who can say that he ; laok_» friends after thisP I believe *." it 5 itrexii^ pected that some ten to twenty thousand . individuals at least will avail themselves pf the chance thus presented. If they don't, the fault is their Own; and he must be a paltry" unambitipus fellow if hi? cahtidi s manage to lay by a little to meet' 1 such a * moderate outlay. . One "r%as6h. why pnrpnllNi lie men are anxibus tp^^ c_ii^,oiittKß'nf!i-{* ;f: projeot is that we find frbin experiehce.,tlu-||4 continental nations are outstripping us m thji[f *"'. '. race of material progress. ,'; They l&aypma^^ * far mpre headway^^thaniyve, have J^ofte ift,ttpt»f science, and manufactures smce ; tion of 1851., iWefindnqwfroih cpmparißfii| J;ii qf pur .prpduots.wiih theirs,, that.we ajßeila^,/; ' ging behind, and that, net only in the produo^ v tion of various fabrics in- cotton, wool and. siik, but. in hardware, and machinery thejf •-# are pur equals if not our superiors. • ?Th»^ must not be— we oan't afford to give hp' tha-' markets ofthe world to onr continental rivals 5 ; but this we must do, perforce, unless tfe 'can ,, produce a better article at a lower cost.' Th^*-* is the, secret reason which underlies tli# v*u * anxiety, now evinced that our skilled artizalo* and mechanics should learn, as much as Wcijr^ ;- can from the Paris Exhibition, in prderijfcjfii^^j when t|iey returii hpme thgy may set? $|&iicy ; wits tp work,, to emulate their n^hborsj^j ' thpse points in wjbich the lfttters.excelK* :&*'j yy far as " capital" . is. concerned, tiaere; hh 'iafak '"2 reason why our friends across the ohanne|- f should beat us— we still enjoy that adVantftgi-? over them. But theh^ we arernotj-dHh^ewfe tive, and above ali we fail, whetherApiiJpwit ; judice or otherwise^ tptt^' ! ttt >k |irM^_^ account the : newest inveiatibhs : 2:1 vanees of others. We ! dißdaihi(uhwili.W#^# think) to apprppriate (#nle^^hftte_lSi^l pf dramatic wcrks) the Way of ;ih^pducing .|^^M^ff^|^-f? and 'de>jigns.r^vrhera;|s. % el'emeixt in.the.Anglp-^ prompts, it to pUrsup^^^ as long,as/posßible.; r )vv^r^a^^||^^r^^ neighbors >.aMgreatvdel_X^^wl^^i-J^^W^ about maohmeiy > and iiknuiM

*-' * . '" gome respects they have profited by our lessons and improved upon them. We may therefore become learners in our turn, and thus balance the obligation. I make theso remarks chieflybecause it would appear thafc so far as the chief products of industry displayed at the present exhibition are concerned, the French at least have the advantage of vs — except in the matter of earthenware, in which, I believe, we still greatly excel them. As tegards the Fine Artsmore especially painting — they are greatly :our superiors. In ornamental design of every kind, ih the drawing of the human figure, and in composition and historical painting they are in advance of us beyond comparison. Our landscape " painters alone can hold their own beside French artists. The reason is that the French schools of painting and art are superior to our own. In fact until within the last few years we have had no schools of arfc or science whatever worthy of the name. The Museum and School of Art, established under the auspices •t>f the late Prince Albert at South Kensington is but fifteen years old ; whereas the French schools date centuries back. For 'this reason French artists of every kind and •class are more highly educated generally and specially than are English artists. They understand the theory and the practice of their profession thoroughly ; they have a •style which is peculiarly their own, -unless in so far as it has been adopted by other schools • •■of art on the Continent, aud besides possessing manipulative skill they are men of thought and cultivation, who whon they paint a picture, keep some definite object in view, making everything else in the way of accessories, subservient to that object. This is where the English artist fails. He is to a great extcut a self-taught man, who has never been subjected to the trammels, *the rigid discipline or tho traditions by which schools of high art are governed. He learns to draw or to paint in some obscure school, where -.-.. practice is everything and principles nothing. ,' And though his work may be neat and capti- . vating to the uninitiated and to those who have not travelled on the Continent, yet compared with a genuine work by a great master, it is weak, trashy, namby-pamby, ;_ and nondescript. The first step towards improvement is to acknowledge our own shortcomings. And, I believe, any unprejudiced Englishman will now candidly admit that in ■' everything per ainingtoart — more especially high art, by which I mean historical painting, scriptural or otherwise, and original compositions, the production ofa creative imagination —the French Bchool of the present day is •infinitely in advance of our own. In landscape alono we outstrip them, and leave them far behind us, and it may be that we have also the advantage of them in small paintings, representing domestic interiors, farm - yards, and " bits " of everyday life, in which for the most part our young painters greatly excel, especially with respect to color. Bufc ■even in drawing and composition paintings of; this kind are frequently defective; But then they are bought, when more ambitious paintings remain unsold, and painters, like ...other people must bend to. the public taste, . however uncultivated, and produce what f will " pay." I must finish this part of my .. letter oy merely observing that we have yet much to learn from our Continental neighbors in everything relating tq the fine arts ; but I do not despair of our eventual success by adopting the methods which for the time v being have given our rivals a decided advan•tage in almost every branch of the fine arts. Since the date of my last, and, indeed, for many months past, but little notice has been taken of New Zealand affairs, unless by those who speculate ih colonial stocks. Mr Gorst's j motion respecting the irrepressible "Waitara" (he seems desirous of showing himself an adept in New Zealand affairs) has, I be- . lieve Deen shelved for the present. Eeform stops the way. New Zealand requires" fco be kept prominently beforo the public, and this has been effected to a considerable extent by the Wellington correspondent of the limes ; but I sometimes hear that these letters would be still more valuable if they were a little longer, a little more commercial, and give .now and then a brief summary of fche Gene- . rai Government quarterly returns of exports and imports, particularly the yield of gold and wool, or important shipping news, land sales, kc More attention is paid to a statement put prominently forward in leading type, "from our own correspondent," than . to communications made at second hand from an agent, which appears in small type, in a corner of the money article of a London Eaper. A ' telegram has jusfc reached here nelly' announcing the " Montmorency wrecked." Now as an emigrant ship of the same- name sailed from here with some of Miss Bye's emigrants, for the province of Hawke's Bay, near Wellington, considerable anxiety is felt as to whether it is the same ship or not. Nothing is said as to loss of life, and we may, there fore, hope that the passengers wero aaved. I understand this Bhip is the same that arrived in Wellington with emigrants some nine or ten years back. She may, therefore, be considered old, considering her atyle of build and present.low rating on the register. I believe she was refitted before leaving here, and no doubt the agent for the province of Hawke's Bay and Miss Bye were satisfied wifch the vessel. To those who are interested in the character and credit of .New Zealand and its present and future welfare, it has been felt as a painful infliction by o)d colonists, to see your colonial and provincial legislatures discredited by the velection of a certain Mr Macandrew, the news of whose election as Superintendent has just reached us. Your colony is still a young one. Very few persons, if any here — in Parliament or out of it, have ever ventured to asperse the character of your public men or of your institutions, as they do those of America, (very justly; or even those of an island continent — Australia. But I fear from what I am told, that you are now giving them reason |o do. so. It is some relief to think, from the tenor of leading portions oi your press, that such proceedings as those tq which I have alluded are strongly discountenanced. Wore Otago in the market tomorrow, its discredit, no doubt, as a borrower, would be gravely disparaged by the fact in question; nay, what is worse, othei provinces, innocent of certain discreditable practices still remembered in some quarters, would be seriously affected by the transactions to which I refer, and which I believe some of yoar readers will perfectly under■stand. Capitalists don't know or don't stop to distinguish between ah Otago or a pan- , terbury,} it is sufficient for them to know ; ; -the fact of official delinquencies— (worse than .; ofi a .public debt) ; that sucl •MfJT-HwSip jMiHPzNqw , Zealand }. agd, the effeci ... Mk}? ft„ ce ? ta ! n extent, to damage the credil •oftM wfible .colony. For people who/ com

mit themselves in any way, there is the option of retiring to private life, there to make amends against society and public 1 morality, and if possible to retrieve their character. It is no condonement or palliation of their offence if persons of this kind be elected by large majorities to important posts. We all know how the public judg-. ment is excited and swayed at election time*, and that the man of doubtful character and ability is chosen in preference to the moro staid and sober candidate. The proper remedy would seem to be a short legislative enactment, preventing the admission of per- ; sons of doubtful antecedents, into the gene- ' rai or provincial legislatures. A vote was ; passed thia session in the House of Commons j to prevent any one guilty of bribery from ' remaining in or becoming a member of the magistracy. Perhaps it would be wise on the part of your Assembly to look to this matter in time — lest it shbuld hereafter be made a bufcfc of— like the American Congress and the municipal institutions of America, which have become a bye-word for bribery and corruption, no.t only in the states them- \ selves, but in every part of Europe — at which to aim the shaft of scorn, of contumely, and derision. People expected better things from a community composed chiefly of Scotchmen, who pride themselves upon their nice sense of moral fitness. But then, it is asked, on the other hand, has Wellingfcon herself nothing to be ashamed of? Has the capital of New Zealand nover done anything affcer the pattern of Otago P Information has reached London of such a nature as to lead parties here to believe that the proposed amalgamation ofthe two steam companies is not likely to tako place. Impartial minds i acquainted with the position of the London company will regret this decision— if confirmed. A course of severe competition must finally end in the " weaker vessel " going to! the wall, and the steamers and plant of the concern being sold at a ruinous sacrifice. Shareholders have a right to attend to the interests of the public only so far as it- may be profitable to themselves ; they cannot be expected to immolate themselves for the public good. •It may be said that to amalgamate would give the London company a monopoly, which is not at all likely ; and, besides, that is not thequestion. The point to be attended to is— Will ifc pay to amalgamate ? This, in fact, is the point which I presume the majority of the shareholders who opposed amalgamation in Wellington based their judgment upon. Whatever may be the consequences, they musfc be responsible for them. The majority of the London directors, I am given to understand, were loth to amalgamate, and they are not likely to entertain any proposals for doing so in the future. It is perhaps as well to bear in mind that there are shareholders in the Wellington company in the North who, in opposing amalgamation, may think they are helping to injure, if not to drive the Panama Company away from Wellington. But it is also to be remembered that the Panama Company throw the weight of their influence into fixing and retaining Wellington as the porfc of call, notwithstanding pressure brought to bear upon them to do something quite the reverse of this. It appears not to be understood that the success of the Panama Company is the success of Wellington. Had the amalgamation been effected two .years ago, I venture to believe that the shares would have been at par, ancj somewhere between £20,000 and £30,000. would have been saved to the two companies, while the local expenditure would probably have been as much, if nofc more, from a full treasury, than ifc is now. It may be justly said by objecting shareholders, who have a perfect right to oppose amalgamation if thoy think proper, that the £10 shares of the London company are quoted in the daily lists at only 6^ to 7£, and the £5 shares at 3 j to 3f, and that, what; is worse, ifc pays no dividend at present. This is true, but it is only true for the present; and this adverse view would have dis-' appeared almost at once, had the amalgamation taken place — the expenses of double management would have been obviated, and fair freight and passenger rates have been obtained. In the present complicated state of the money market, and the intense distrust of all companies'" limited," there is not much cause for surprise that the London company temporarily pays no dividend. Your readers will have learnt before fchis lefcter reaches you, that a greater company than the Panama — the greatest of all steam companies — the Peninsular and Oriental, has just given notice that they cannofc pay the usual (ad interim) half-yearly dividend. Sfceam- navigation is immensely expensive just now ; but let us hope for the best, and that Wellington may rise superior to petty local considerations. The Bank of New Zealand shares are at eight to nine premium. The shares of the j New Zealand Loan and Meroantile Company ] remain unaltered at from half discount fco par. I believe, the shares are in the hands of a few. The company declared a good dividend last half year, but still the stock does not rise in value. The business of the company has the peculiar advantage of being worked by the Bank of New Zealand ; j whether it pays a fair proportion of the working "expenses of the Bank, is a question for the consideration of New Zealand Bank , shareholders. . One does not hear much • about the six per cent, half-million Auckland loan, taken up by the Bank of New Zealand in 1863. It is a pity it oannot be quoled on change. Probably some notice will be taken ere long by the New Zealand direction of any loss that may have been entailed upon thafc establishment;. New Zealand securities continue to rise higher and higher. The five per cents, which not long ago were quoted at 73 are now at 87 and 88, while your six per i cents, are sought affcer, at from ; 104 to 105. i But the question in your finances that still : appears to remain unsettled — has reference > to your provincial loans. To men of. busi-' r ness here it seems to be an anomaly that • Canterbury— at present probably the most P wealthy and populous province in New Zea » land — should have offered, I think in last , February, £300,000 for tender at 91£, and . have disposed of only about £10,000. How . shall we seek for the cause of such a dis- > couraging result P Ifc is pretty well known • that it is of little use asking for colonial loans ) in the Londou money market unless the \ interest will yield something like seven per . cent, per annum. The Wellington eight. per > cent, loan, being a small loan, and wanted . by holders of the old eight per cent- bonds, > yielded this, at the price of the sale— . namely, 106. From this ifc will appear } that the minimum of 91£ fixed by the Cahi terbury Government was too low, and that _ to ensure seven per cent, the price should fc have been as low almost as 81. But tl^en let fc me ask, with the certainty of ' Canterbury . I paying off the loan at maturity, equal to' the

■■l_-l_-.11-11-.il ■1111 l I ■.■■■ ■■-- •t* -111 111 II ■ ■■■ "' ' certainty of the General Government doing the same with its loans when falling due, why should Canterbury engage to pay £100 on condition that it receives only eighty or eighty-one P If it received only eighty, here would be a loss of twenty per cent as out of £300,000, a lamentable sacrifice of £60,000, and that too with the fact before us of General Government six per cent debentures being quoted at and selling for over 103. It is understood that if the Provincial Government failed to. meet their engagdments with their foreign creditors, the General -Government would step in and relieve them (the provinces) of tlieir liabilities. In such a case one naturally asks, if the latter would havo to do this at second-hand, why not assume the liability afc the outset? Obtain ing from the provinces such tangible securities as would be certain to ensure re-payment of all sums so borrowed on their behalf by the Colonial Government. What a saving of money in the way of " interest on provincial loans" this would be. There can be little doubt but that a General Government loan from all the untahen-up second hand loans of the various provinces, would now float at ninety-fivo or ninety-seven. ThO Bank rate is three, with a good prospect of its falling to two and a-half— for the bullion in the Bank vaults has reached nearly twenty millions, while the metallic reserves in the Bank of France figure at the enormous amount of £32,700,000. Bat if at the worst a General Government loan only were taken up at ninety-five, a saving of £15 on every £100 might be effected, which a financial enthusiast might recommend, should be invested at interest, until it reached the sum of £85 in thirty yeara, or £100 at a longer period, when ifc might be appropriated to pay off the original debt— but this, though perhaps looking well on paper, is not a practical, way of regarding the subject. In practice, and in its results, it would be little better than Pitt's scheme for paying off the Nationsl Debt— it would end in smoke. Operating through a sinking fund seems to be the simplest and surest way of extinguishing your debt. Finance is the simplest thing in fche world, if ifc be simply managed. What then, can be easier than for .your General Govornment to borrow from the Provincial Governments, and save to fchem from fifteen to twenty per cent; and if present holders of provincial bonds, to improve their marketable value, are willing to exchange them for General Government ones, giving, say £1000 worth of the former for £900 worth of the latter, why the transaction would be mutually advantageous. I called the attention of your readers to this subject about two years .ago. People here are occasionally a little puzzled as to why you. have three agencies. Sometimes it is the " Agents for the Crown Colonies," then it is the Bank of New Zealand, and next it is your ordinary agency. I should think the sums expended during the last five years by your Government on agencies and commissions—for business which might, in all, well be done by the Bank of New Zealand and its mercantile agency at reduced ' rates, on conditionof havingall yourbusiness, must be very large. I believe it is known that the agents for the Crown colonies have acted somewhat imperiously, if not unfairly, | towards the Bank of New Zealand in New Zealand business transactions with the latter. As far as I can understand, New Zealand will not be known at the Paris Exhibition hy its " exhibits"— although there is a consider-/ able collection of objects remaining from the , old Exhibition of 1862, which might have been made to do duly again, with a little assistance from the colony. It is to be regretted that you did not forward to Paris some few specimens of your staples, wool and gold. This would have attracted the attention of foreigners to your colony — but it is now too lafce. A short time ago your market was reported to be glutted with goods ; yet now shipments are offered freely. The Asterope is nearly fully of goods, and has only two of her cabins disengaged. She is likely to sail on June 12. The Eleetra is fast filling up, and will leave here late in July wifch a cabin full of passengers. In my remarks ou this vessel made last autupin, I find, I have not over-rated her good qualities. The home passengers presented her captain with a silver cup. The smart little vessels despatched by Duncan & Co. appear to be discontinued. As Spain looks to her wine, and Amerioa to her wheat, as great staple articles of commerce, so New Zealand takes deep and vital interest in her wools. . The wool sales are still progressing, and will last till July. Up to the 20th instant 17,718 bales had been catalogued, hut there are no less than 213,600 bales already arrived in time for these sales. Ifc is an increasing disadvantage, that the great bulk of the wool arrives in the summer, and these immense quantities depress sales. On Australian combing wools there is a fall of lid ; ditto in grease, ld, as compared with last March rates. Of New Zealand wools 29,465 bales are to hand in time for tho May sales. Of the total 213,600 bales, about 10,000 have been sent direot to provinces, and 20,000 are likely to be held over for the August sales, thus leaving about 183,000 for present competition. The price current for New Zealand wools, aro well conditioned fleeces ls 9d per lb, middle do ls 6£d, second do Is 2d, grease do ls. Cloth wools sell better than combing sorts. I think I have good news (if not already known) for Taranaki settlers ; but they must nofc be too sanguine. They have been so often disappointed with iron sand speculations that they ought almost to despair of a successful issue to the many attempts to make it a mercantile and a marketable commodity. However, I think I am now in a position to say" that the Iron Sand and Steel Company is once more in active operation. The holders of 17,000 shares havo decided to "go on." £15,000 is the amount estimated to purchase plant and cover the working expenses of the Company at New Plymouth for twelve months. More than this, Henry Jordan, Esq., (late AgentGeneral for Queensland) is to leave here via Panama by next mail for Taranaki to commence active operations. The sand is to be smelted with charcoal, and will sell here at a good profit at £10 per ton, supposing 20s is the freight to Nelson, Wellington, and Canterbury, and that wool ships bring home the iron as ballast, say at 10s per ton. 1000 shares are reserved for the colony, which may yet be enriched by a metal more useful than gold, and not a tithe so exhaustible. The great historian, Archibald Allison, is dead ': some old colonists may not have forgotten hiß fervid and powerful advocacy of New Zealand in New Zealand Company's days. I believe :he was a relative of jrour present premier. » Time is up. I am obliged- ito forego a variety of subjeots of general interest.