THE COLONY'S DETRACTORS.

Evening Star, Issue 4213, 28 August 1876, Page 4

THE COLONY'S DETRACTORS.

Wemjtke a short extract from &Jr:BallanceV speech on Separation for the "purpose of showing that some observations ' he made dp not warrant the construction put on them by some Opposition journals. It was in answer to Mr fteid's assertion that the Premifir'3 influence .on the London money market was nil, that the member for Rangiteikisaid:

"There is no, doubt the Colony has many enemies liot only insjde it but outside it also, .who are prepared to damage it..to the greatest extent. Why, Sir, a transaction 'took place only the other day which, I think, wilLconvince the House that there are unscrupulous persons in London who'are quite prepared and ready to injure the credit of •the. Colony by any means. I will, -with permission, quote a few lines from a letter written by tho manager of the Bank of New South' Wales in London to.the Bank in Wauganui, with regard to floating the YVanganui debentures, which letter was read at-a meeting of the Municipal Council of that town. . What .does the manager of the bank in London say with regard to .New Zealand -and its public, mea ? I have nothing further to report upon your Corporation debentures. The brokers, for the reason already stated, are unable to move them.; aud unless your Premier can devise some means of phciu? the loan privately, you must place no reliance upon Jus ability to-float it, asne has no influence whatever here

then the letter goes on to contra, diot itself ; it says :

Money matters have, gone from bad to worsr, and there is now such a complete collapse amongst all f o r °iga securities that the public will not even look at them; and until aliitlo more confidence is resTored, we need not oiler your debentures.

, "In the first place, the writer implies -that, in conseqnehc of the lost influence of iho Premier, jSfew Zealand securities '.< avo gone down, to; zero; and then contradicts .that position by stating, that all foreign securities are at_ a low ebb. Hon. members can: gee very easily the animus which dictated that communication ; and I ask them to take it into consideration, and read it >*#%:; side with the telegram- which the ■Premier readtothe House.the other evening —a telegram which proved that our credit had notgCfledown, but that the last million loan was .floated on just as good : .terms as as. were obtained for, .the , previous four ■million loan. .1 say that, the belief in the fp l nieaT.of-.thia-Colany.which. exists in the minds of people at Homo has been the means of. 'sustaining our credit when almost all other securities have gone down."