THE ENGLISH COMMISSIONERS

Evening Star, Volume IX, Issue 2521, 16 March 1871, Page 2

THE ENGLISH COMMISSIONERS

In reviewing the speech of Dr Featherstou on the opening of the Wellington Provincial Council, the Lyttelton Times remarks:— It was quite natural, and in every sense proper, that Dr Featherston should dwell with satisfaction on the results which have been achieved by Mr Bell and himself. Eemarking on his prolonged absence from the Province, he says that the business with which the Commissioners were entrusted could not possibly have been transacted in a shorter time, lie then goes ou to enumerate what they did in England. They allayed those angry feelings which had existed for so many years between the Imperial and Colonial Governments ; put an end to those unseemly controversies which neither party defends, which both parties now deplore; established the most friendly relations between the two Governments; assisted in obtaining a distinct repudiation of any desire on the park of the Imperial Government to sever their connection with the Colonies ; elicited distinct pledges that, in the event of England being dragged into war, she would to the utmost of her power defend her dependencies as an integral portion qf the Empire ; helped to create a material change in English public opinion as to Colonial policy; in some measure anticipated the comprehensive scheme of colonisation propounded by the Colonial Ministry and passed by the General Assembly ; paved the way, by all necessary arrangements in Europe, for the successful carrying out of that policy; obtained the Imperial guarantee to a loan of one million for public works and immigration ; and enhanced the credit of the colony in the great money market of the world, thus enabling it to borrow on easy terms “almost any amount required for legi; imate purposes. ” Such is the catalogue which Dr Featherstou asks us to accept, and it will be generally admitted that it is not overcharged. Perhaps Mr Fitzherbert may be inclined to question its correctness. Indeed he did so, as if in auticipatiqn, when he addressed the Hutt electors about a n onth ago. We think, however, the great majority of the public will readily agree with Dr Featherstou when he says that the mission undertaken by Mr Bell and himself has not only not been fruitless, but has resulted in very appreciable benefits to the whole colony. * * * * * Dr Featherston explained at considerable length what the effect of the Imperial guarantee to a million loan would be, Tt does not, he remarked, simply represent an annual saving to the Colony, in the shape of interest and sinking fund, of some L 20.000, but it represents a saving of principal also to the extent of something like L 250,000 or L 300,000. A loan of 4 per cent, guaranteed by the Imperial Government would realise a premium of from 5 to 7 per cent., while a uou-guarau eed loan could not be placed

upon the market at a less discount than 20 per cent. To put the case in another way : a million of 4 per cent, bonds bearing the Imperial guarantee would bring in irom L 1,050,000 to L 1.073,000, but a million of 4 per cent, non-guaranteed bonds would realise only about LBCO.OOO. The most eminent actuaries who have examined the conditions of the guarantee, adds Dr beatberston, estimate the saving to toe Colony at a much higher rate. Taking the most moderate view of the value which is to be attached to the guarantee, but bearing in mind, as we are bound to do, the indirect as well as the direct benefits, it is not too much to say that had the Commissioners done nothing else, they would still have amply earned the gratitude of every colonist.