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Wellington Independent, Volume XXII, Issue 2604, 30 November 1867, Page 4

As our readers arc already aware, the last mail brought intelligence of the New Zealand Hank's agency, iv London, having advertised for sale £200,000 worth of the Auckland debentures, purchased from the Provincial Government two or three years ago. There was, perhaps, scarcely one of the many persons who now take an interest in the financial affairs of the colony, but thought this a mistake. We thought so too. "We thought that if the Bank's agency could only have obtained an inkling of what was in the future, it would have waited another month and then sold its bonds under the improved value, which the guarautee of the Consolidation Act gave to them. But we all turn out to be simpletons. The New Zealand Bank's agency had been kept advised not only of what was happening, but better still, of what was going to happen. The Bank's London advertisement is a significant fact, not only endorsing all we have said as to how completely the Government was in Mr Russell's hands, but revealing much more. It shows that the Government were so completely in the hands of bondholders and speculators that six weeks before the passing of the Act, tho New Zealand Bank's agency was sufficiently informed to state publicly in London that, provided there was no unlooked for accident, " the buyers of these Auckland Provincial bonds would find themselves in possession of full priced Colonial bonds." To hold out such an i inducement without sufficient ground would be regarded as a discreditable transaction, only worthy of that clan of speculators who " rig" markets and engage in other nefarious transactions of a similar character. The Now Zealand Bank's London agency knew thoroughly well what it was about, iv leading buyers to entertain the view above stated. Somehow or other, tho exact terms of the Consolidation Bill intended to pass, were communicated to the New Zealand Bank's London agency before tho first bill — before any bill at all was introduced into tne Assembly. It is now quite clear that it must have been intended from the first, by that superior power behind the Treasury, that the original bill should be a mere sham — a mere blind. If there is one thing clearor, lit is that the New Zealand Bank was aware that it was a sham, and that its London agency is acting out that knowledge advantageously. There were bonds belonging to Canterbury also ready for sale as soon as opportunity offered, but Mr Crosbie AVard, the agent for that province was not in the secret. He sold his at a good price, owing to the abundance of money, but he would have sold them infinitely better had ho been able to assure his purchasers, as the New Zealand Bank's Agency did, of the almost certainty of their finding themselves in possession, ostensibly of a provincial debenture, but really of a colonial one. Our authority for these remarks is the " Lyitclton Times " of the 25th inst. — the' letter of its London correspondent (whose name and position it is not easy to mistake) stating as follows : —

It will bo a pleasure to the people of Canterbury that at. last their treasury will bo relieved of a vacuum, if not filled by English money, within a month. Mr Ward, tho now agent for the province, has boon able to sell the Railway Debentures, tho last £50,000 of them at. 93, carry ug interest from Ist July last. ; and £100,000 Canterbury Debentures, 18(>2, at 94, also with interest. Both sales establish a great improvement on the last transactions ; but tho latter of the two is by fur tho better sale, sinco the railway boncU are entitled to a preference. Tho time of sale has been propitious ; for though the number of speculators in this class of securities is small, they aro now stimulated to activity by tho General CVorernment scheme of consolidation as announced. Besides, monoj is now very abundant, and colohial securities are high in favor. Those that

appear on the open market nre widely dealt in, and New Zealand's arc sought for eagerly. Mr Keador Wood's five per cents of which a million were sold very low, and went absurdly lower still, are now at a- not vahio of 94. And tho Sixes, both of 1861 and of 1863, stand firmly at 106 to £. But if the consolidation scheme be carried out as originally proposed, and bonds enough be issued to take up nil provincial debts, you will see the debentures above quoted go down, probably to par, and the now ones may be expected to coino up to the sumo price. Prompted, perhaps, by tho success of tho Canterbury sale, and anxious to seize so favorable a moment as the present, the Bank of New Zealand to-day offers to public tender £200,000 of its Auckland debentures. Great stress is laid in tho advertisement on tho consolidation scheme, the passing of which is stated to bo almost certain ; ivnd an assumption is made that the buyers of Auckland bonds will then find themselves in possession of full priced colonial bonds. I think these anticipations go too far, and that buyers may consider themselves misled and aggrieved if things do not turn out exactly as suggested. The tendei'3 arc to be sent in on tho Bth Octobor, that is, in ono week, which gives speculators but short time for consideration. No price of sale is named in the advertisement.

As the colony is to be plundered of some £300,000 to £400,000, it would have been one redeeming feature if all the plunderers had had the opportunity of starting fair. And what is more to the purpose, if it had been possible to have kept Mr Crosbie "Ward as welladvised as the New Zealand Bank's Agency was, then the Canterbury province would have saved contributing several thousands towards that amount.