The Auckland Chronicle. Thursday, November 21st, 1844.

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

The Auckland Chronicle. Thursday, November 21st, 1844.

The advantages of this Colony as a desirable and important field of labour for the British emigrant have been repeatedly pointed out in our columns. But whils this has been done, the advantages which the British capitalist would derive from embarking his property in the various and profitable channels of- investment to be found here, have not been sufficiently shown.

It is time that the attention of the public should be directed to this subject. If representations of these advantages, supported by the respectability and intelligence of the community, were made at home, in the proper quarter, there would be no difficulty, we are persuaded, in inducing men of capital, in Great Britain, to make a profitable outlay of their means in promoting objects of colonial improvement and advantage: thus augmenting the commercial prosperity and general welfare of the Colony, whilst largely benefitting themselves at the same time. There is, at the present time, an enormous amount of surplus capital in England ; for which the holders cannot obtain more than 2or 3 per cent, per annum : whilst the legal rate of interest in this Colony is 10 per cent, and the current late for private discounts, upon good security, ranges from 15 to 50 per cent. Such are the high rates of interest that have usually been obtained here in consequence of the scarcity of money that is now damping the energies and checking the enttrj r.se of the community*

In England there is t reat difficulty in finding safe and ad\aitageous emplojment for capital. If anv proof were wanting of this /act, the rediculotis schemes and hazardous specu'aiinns into which monied peo.de, at home, are constantly induced: at the suggestions of simple or designing men: to embark their property would amply afford it. But in this Colony where money is really and necessarily required, there arefvarious ways of employing it advantageously, and without any reasonable apprehension of loss. Amongst the undertakings that we could wish to see set on oot in England, for the employment of British capital in t't's Colony, the establishment of a Co'onial Bank woulj probab\y be the most profitable to the projectors and beiK-fioial to the interests of the Colony, Tl e establishment of such a Bank would lorn) a new era in the history of this settlement. It toou/d be the means of creating a monied interest in London, identified with the ad* van cement and prosperity of the inhabitants. It would strenghen their connection and facilitate their intercourse with the parent state. It would enlarge the operations of agricultuie. It would Coster and extend the grow 11 of commerce ; and every 2?nfisA7emigrant who applied his labour and skill to the cultivation and improvement of this portion o the British possessions would be aided and encouraged in his career of usefulness by British capital. The Banks that have already been formed in London, in connection with North America, the West IticfkF, New South Wales, and other British possessions, it is universally admitted have been exceedingly advantageous to the mother coun'ry as well as to the colonies, which have been the scene of their operations, They have secured a profitable and safe investment for that capital which would else have lain idle, or upon which a very low profit would have been received, or which would have been invested in unasfe speculations or in foreign stock, where it might have been altogether lost, or, at least, its value much depreciated. They have contributed materially to extend the commerce of the parent state by assisting to develope the capabilities and productive resources of the colonies, They have tended to give a greater degree of permanency to the rates of exchange between the mother cmntry and her dependencies. They are likewise assisting to break up the monopoly of banking and trade so long enjoyed by mercantile establishments both at home and in the colonies—to reduce their exhorbitant exchange profits and to throw the business o" banking and the operations of commerce into seperate hands, as they undoubtedly ought to be' whilst they are unspeakably benefitting the commercial interests and facilitating all momentary transactions between Great Britain and her Colonial possessions. In this colony the inhabitants are possessed of little property : that is to sav, they have little money : none of which they can conveniently spare for the promotion of works of national utility and advantage, such as the formation of Banking Establishments, the erection of jetties, <fcc, &c. It is better and safer, and more rational, for them to employ any little surplus capital they may have acquired in the improvement of the land and in encreasing the value and quantity of the staple productions of the country than in promoting any of the undertakings we have mentioned ; unless they can be sustained and carried out by means of British Capital. But such undertakings: although beyond the means of the colonists, and which, even were it otherwise, would, I perhaps, scarcely repay them what they

would t onsicter to be a remunerating profit, would be well worthy the attention of the British capitalist, who, without making any personal sacrifice of time or labour, seeks only a safe investment for his property, and would be contented with a less lucrative profit for the use of it. We trust, that the foregoing rema ks will not be lost sight of by the public. With a I' lie public spirit and p?iseverance, ami above al ! , union amongst themselves, l;s y may do much to bring the s»aie prosper, aid capabilities of the colony to the favourable notice of the monied interest at home. Indications of a better era for this colony, are now becoming mo e and more visible as every fresh measure of thje government unfolds itself to view, and it would ill become the.people n>t to shew some corresponding symptoms of vitality in the advancement of their own interests, by continuing in the stme state of listieSSiiess, for which, in such matters, they have always been conspicuous.