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Wellington Independent, Volume XXV, Issue 3041, 3 September 1870, Page 9

vincinl community has been taught to belicvn itself on a par with its neighbor, and a colonising scheme to aid which the credit of the whole colony is pledged, would be looked upon as a gross injustice if it did not provide for due consideration to each province." Therefore, when nothing more can bo urged against the scheme than raising doubts as to the probability of obtaining the funds, the criticism must bo considered as altogether friendly. On the question of raising the money, as we have said, we have no fears. There is no tightness in the money market at home, nor is there any immediate prospect that there will be any ; there is, on the contrary, a gradual and steady augmentation going on in the surplus capital of England. Even in France the bullion is unprocedently large this year. We know that people who have spare money will try to increase it. So much capital is lying idle in England just now that hoards are suddenly brought into glittering view at a five per cent, bait held out by unknown speculators, who, as is stated in a leading London paper, pay their first calls for interest out of now deposits. The commercial press of London thinks, too, that the present legislation has a tendency to direct English money into foreign investments, as by this means the lender escapes the income tax. They are prepared to risk the chances of disruptions abroad, which might imperil both capital and interest rather than accept in England an absolute security with a very small return. The rich are becoming richer and the poor poorer, is an observation that very plainly applies to the position of Great Britain at the present time ; and as great an anxiety is shown to get rid of surplus popalation as to add to surplus wealth. That the former must be got rid of is morally certain ; and that the lattter is sure to be invested, either in England or out of it, on good security or doubtful, is sure to be the case so long as the instinct of acqnistivoness obtains in man. As it is, we want both, and are hardly likely to get one without the other; and though the destination of England's surplus population may not be a very important matter to English money lenders, still, in knowing that by sending millions to New Zealand they arc likely to benefit, not only directly but indirectly, by relieving themselves of the pressure of pauperism, they may have less scruples in lending. The value of positive security no longer possesses the influence it once did. Capitalists are daily making moresecurethe peace of the world, by accepting wider risks in foreign and colonial enterprise. With English capital go English ideas, and the English spirit of progress, which not only founds new realms but props tottering dynasties. English money has brought the sick man of Turkey round ; it is rapidly fostering Egypt into an independent power; and notwithstanding the frequent warning voice of the janitors of the money market, cvtry iVcsh loan called for by the Khedive is promptly granted, albeit each was to have beon his last. Even Japan, that has stood still for ages, has been awakened, and is setting an example to the sleepy torpor of the East, by asking for a loan. The request is not more extraordinary than the way in which the loan is taken up on 'Change. The best security could not be more eagerly snatched at. So that practically the case stands thus: England is wealthy beyond her wants, is every day becoming more so ; she is the depositary foi much of the money of the world, partly through the high rate of interest and partly as a receptacle in view of contingent dangers ; and it is well for the people of Spain, Franco, and elsewhere not to trust too much iv one bottom, It is a principle in insurance to spread the risk. The enterprise that acquires money will not allow it to remain unproductive, and as surely as water finds a level so surely will capital find an investment.