Original Correspondence.

Auckland Chronicle and New Zealand Colonist, Volume 2, Issue 68, 21 November 1844, Page 3

Original Correspondence.

To the Editor of the Auckland Chronicle. Sir, The visit of Mr. Falconer to Auckland has created considerable sensation, berause it is probable (or at all events devoutlj to be wished) that one of his objects has been io enable himself by > personal enquiry to ascertain whether a branch of the Bank of Australasia could be established here with a probability ef success. What has been the opinion he may have formed, it i& impossible to say, but I do consider that the Governor's absence at such a lime was most unfortunate; inasmuch, as be would probably have beeq enabled to offer sufficient inducements to Mr. Falconer to at once determine on having a Branch Establishment here. Ot the positive value to the colony of havfng *uch an establishment amongst us, it is neediest to animadvert. The present Bank as a Bans of deposit, is useful, but as a Bank of discount it is useless. The principal object of a Bank should be, that its favours as a Bank of Discount and acoommodation to the legitimate trader should be fairly and impartially bestowed, such has not been the case with the existing Bank and this important portion ot its duties, not Laving been performed, it '■■ Uias evisted onlj in name. There are few parties engaged in business to Whom a reasonable extent of accommodation is not an important olject. and without snch accomodation being arlorded them, their exeitions in some ffespects must necessarily be crippled. We will Jnsiance such a case, as the arrival of a vessel in our Port with a oargo, necessary for the comfort ann support of the colonists. The trader not being able to obtain assistance from a Bank must neces= sariiy decline to purchase ; the cargo consequently leaves our Port, aud probably, the owners from being disappaimed ia the reasonale expectation of a ready sale, studiously avoid coming again. The present Bauk cannot even assist the merchants by granting them Bills upon any portion of the Sister Colonies. The Merchant cannot remit to his Correspondents, and mercantile enterprise is checked; The time it is to be hoped will be short when abundancee of copper ore and other valuable productions of this colony will be ready forjshipment to the English maiket.. In South Wales' or Van Diernens Land, no difficulty is experienced in obtaining Cash advances from the Banks- upon the Bills of Lading of Articles shipped to England. But here if a party wishes to ship he must be in a position to wait patiently until he receives returns from England. He is thus restricted in his meroontile operations and cannst enter as he might wish to do into a speculation, however certain he may be of a profitable result. There are many other points which might be brought forward on this subject, but at hresent I will not take up more of pour valuable Journal further thau by hoping that a Branch of one of the wealthy English Banks will-be soon amongst 01. I remain, Sir, Your Obedient Servant, A MERCHANT. [We heartily join in the wish of " A Merchant" for the organizing of a Branch Bank here, believing it would be of the most important assistance that could be rendered us.—Ed. Chron.]