POLITICAL AND COMMERCIAL.

Hawke's Bay Times, Volume I, Issue 17, 24 October 1861, Page 5 (Supplement)

POLITICAL AND COMMERCIAL.

From the Southern Cross, October 4 It may not be uninteresting to onr readers generally', who are solicitous about New Zealand affairs, if we shortly sketch the chief points in the late session of the general assembly, so far as the legislation affects the community in its social polilical, and commercial aspects. The scope and design of onr present article prevents us going into details beyond what is requisite to convey a proper impression of the events, and their probable bearing on this country. But first, wo should state what the exigencies of the colony were, which induced his excellency to summon the parliament to meet him so soon after the general election. The war at Taranaki had ended in a peace, the conditions of which were only partially fulfilled by the belligerent natives in that district. The Waikatos, Taranakis and Ngatiruanuis bad returned to their homes, flushed with their achievements against her Majesty s imperial and colonial forces, and in many eases laden with spoils taken from the desolated homesteads of fugitive settlers, and trophies of the battle-fields. Ills excellency had proposed to those tribes terms of submission, now well koown ; and it was hoped that the prudence of the hostile natives would induce them to accept the generous conditions. But nothing was definite. There was a truce—-a suspension from hostilities —or a peace, as it has been called ; yet his excellency wisely saw that liis best support would be found in an appeal to that assembly of colonists which the Constitution Act empowered him to summon for deliberation and legislative action. The general assembly was accordingly summoned • and his excellency, in his opening address, briefly laid before both branches of the legislature

the state of the country, and the motives which had guided his policy. lie adverted to the services rendered to the colony by the imperial government, ns in Ids opinion, tending to promote the welfare of both races in New Zealand besides strengthening the bands that attach the colonists to the throne, to the person of the Queen, and to the mother country ; lie justly thanked the naval and military forces engaged at Taranaki for the intrepidity with which they had performed duties of an arduous and harassing nature ; and epitomised his own proceedings at the seat of war, consequent on overtures for peace from the natives. The preliminary condition of peace was made to be their “ ceasing to act as a combination.” On the belligerents retiring to their respective districts, his excellency proceeded to Taranaki, and accepted the submission of the insurgent section of the Ngatiawas ; and proposed such terms to the more powerful and criminal tribes engaged in the struggle, as hq conceived best calculated to secure the peace of the country for the future, and “ submission without reserve to the Queen’s sovereignty and to the authority of the laws.” The general- assembly unanimously passed addresses adopting his excellency’s policy, and approving of his public conduct in the unfortunate events of the preceding twelve months. Four months have passed since then, and may we not now ask in how far circumstances have altered for the better ? Arc we any nearer the period of peaceful submission to his excellency’s terms by the hostile tribes of New Zealand than we were when the general assembly was summoned ? To all human foresight the chance of submission is as remote as ever. The king flag is still flying over what lias been called “ the king territory.” Waikato has declared for Maori nationality ; the Taranakis and Ngatiruanuis are not amenable for their murders ; the Ngatiawas that follow Wihemu Kingi are ns good subjects as the Waikatos ; and neither the Queen’s sovereignty nor the Queen’s laws have been respected by them. The plundered colonists have not been compensated and never will be, so long as the natives are allowed to fulfil the conditions of the peace at their own discretion. / [Banking.] For this purpose we shall refer to the statutes passed during the session. And first, as it deserves, let us notice the Act incorporating our colonial banking company under “ the name, style and title of the Bank of New Zealand.” It * is of consequence to the colony to recast the course of events previous (o this joint stock company being incorporated by Act of Assembly, because otherwise we cannot appreciate the full import of the undertaking. Civil war had desolated an old and fertile province in the Northern Island. In New Plymouth, “ the imperial race turned savagely at bay but, in spite of their heroic valour, property had been destroyed to a very largo amount ; and the resources of the colony were _ seriously impaired in consequence. Add to this, the hostile attitude of powerful native tasbes in our own province, and the fears that seized on many here as the panic-stricken outsetilers fled into this city of refuge. The home producers failed to execute orders for this market because of the war ; and business was at a stand still. It was worse. There were those who said our trade was hopelessly ruined, and by their false alarms did their best to accomplish in fact that which only existed in their imaginations. But our citizens rallied. And what was their first act ? Before the danger had passed away : while the lighted train might be said to be buring its way, slowly but surely, into the fortress : while war was imminent (and still is imminent) ; when a rich and prosperous banking corporation pusillanimously withdrew from the colony of New Zealand, —the first act of our merchants and settlers was to establish a banking company, to foster our commerce in a way that could not be expected from an English or Austarlian proprietary having conflicting interests to guard and develope. These facts should not be lost sight of. They have a commercial and a political significance, which all, who wish well to New Zealand must look on with pleasure. The general assembly by suspending then’ standing orders and passing an Act of incorporation, gave the powers sought for by the proprietary and enabled them to trade within the colony, as contemplated in the deed of settlement. TV e need not farther advert to this Act than by here meeting the argument that may be urged by some against the position that the projectors of the Bank of New Zealand alone gave a lasting guarantee of their faith in the vitality of British colonization here during the dark hour of adverse influences. It may bo urged that simultaneous with the withdrawal of the branches of the Oriental Bank Corporation, the Bank of New South Wales proprietary established agencies instead. That is quite true; but the cases are not parallel. The bank returns prove that the Oriental and Union Banks had little or none of their capital stock invested in this country: the business was conducted on deposits ; and, therefore, the risk of tho Bank of New South Wales proprietary, when stepping into the business of the vacant Oriental offices on such conditions, cannot bo mentioned in the same breath with the risk of those who have subscribed £250,000 almost on the spot. The Bank of IN ew Zealand is the greatcstresult of New Zealand colonization. It is the commercial citadel ot the colony. We may, parenthetically, also mention that many of the gentlemen engaged in establishing the New Zealand Bank, also took steps to increase the capital stock of tho New Zealand Insurance Company to a large extent, thus giving a still further guarantee of their sin cerity. The only other banking bill passed during the session, was that incorporating the Bank of New South Wales as a joint stock banking company within the colony of New Zealand. The fact that the Bank of New South Wales proprietary stepped in on the withdrawal of the Oriental offices is greatly to their credit. This stop, we believe, had oeen Qetermmeu on before the contonvolatcd withdrawal in question had become known, which tells still more strongly in favour of the commercial vitality of this colony. [MekciNTii.n Law.] Several acts wore passed during the late session which have a direct influence on the commerce of

tho country. Among the more noticeable is the “ Advances to Agents Act, 18G1 ;” which purports to he “ an act to amend tho law relating to advances bona fide made to agents intrusted with goods.” This is an important measure, and one which should be carefully studied by every person engaged in mercantile pursuits in this colony. It clearly defines the responsibilities of commission agents entrusted with the sale of goods, and imposes heavy penalties for certain proceedings, which in our juvenile days were looked upon as rather smart business practices—not quite square or straightforward, but still venal in a high degree in a “ knowing one.” For instance, by the penal section of this statute, an agent making a countersigmncnt contrary to the instructions of his principal shall bo guilty of misdemeanour, and may bo sentenced to tea years’ penal servitude, or punished by fine or imprisonment, or by both, at the discretion of tho judge. Thus, if any goods or document of title, entrusted to an agent for advances bonajide , shall bo dealt with by him, “ by way of a pledge lien or surety,” or contrary to the authority of the principal, “ for his own [agent] benefit,” and if “ in violation of good faith” he shall “ accept any advance on the faith of any contract or agreement to consign, deposit, transfer, or deliver such goods, or documents of title,” &0., he “ shall be deemed guilty of a misdemeanour; and every clerk or other person who shall knowingly and wilfully act and assist in making any such consignment, deposit, transfer, or delivery, or in accepting or procuring such advance,” &e., shall be deemed guilty of a misdemeanour, and may be punished in like manner as the principal at the discretion of the court. But the agent is free to deal with the titles to possession of goods, or with goods which may be in his custody, “ provided the same shall not be made a security for or subject to tho payment of any greater sum of money than the amount of which at the time of such consignment, deposit, transfer, or delivery was justly due and owing to such agent from h:‘s principal, together with the amount of any bills of exchange drawn by or on account of such principal and accepted by such agent.” Tho act protects bona Jide , advances to persons entrusted with the possession of goods or documents of title, though known to the agents. Bonajide deposits in exchange are also protected. By the fifth section it is provided that the act, shall only bo constructed to apply to transactions bonajide and in which notice shall not have been given that the agents pledging is acting without the authority of the owner. The seventh section provides that nothing in the act shall bo constructed to diminish the civil responsibility of an agent for any breach of duty or non-fulfilment of the orders or authority derived from his principal. The ninth section gives the owner the right of redemption before sale, and upon re-payment of the amount of the lien, and satisfaction in full of the agent ; and after sale, the principal- is empowered to recover balance of proceeds. The section gives an owner or principal a locus standi in the court of bankruptcy, in case the agent should become a bankrupt before or after the redemption of the goods or pledge lien. The act is not retrospective. From Ibis brief summary the mercantile classes will sec tho very important bearing of this statute generally upon business transactions. The next statute to which we will refer is a act introduced by Mr. Bean don, to amend tho ordinance of the legistlativc council intituled “ an Ordinance for the relief of persons imprisoned for debt.” The act is short. The prcamable recites the main features of the Imprisonment for Debt Ordinance, and provides in the only enacting section, that “ any person who shall have been taken in execution under process of the supreme court, for any sum of money, may at any time after having been so taken in execution as aforesaid, apply by petition to a judge of the said court for discharge from custody according to the provisions of the above mentioned ordinance, anything therein contained to the contrary notwitlistanding.” This act is in harmony witli the spirit of the times. By the Imprisonment for Debt Ordinance, a person arrested under process, of tho supreme court acquired to remain in jail for at least two calendar months before ho could petition the court for his discharge ; and it was also provided that every petition must bo filed 28 days befoi’C the day appointed for the hearing of petitions. This was a harsh and arbitrary law ; and left an open door for vindictive proceedings, because there was nothing to pretent a body of creditors successively arresting a debtor and thereby jointly inflicting as lengthened imprisonment on him, for a civil offence, as if ho had been guilty of a felony. Wc are glad the ordinance has been amended. The question of credit is one entirely for the merchant; and tho law should not be made penal as against a debtor simply to salve the feelings of an injudicious creditor.—The action taken by the assembly in the matter of the registration of deeds will also have an important influence on dealings with real estate in future years. The law on this subject cannot be too definite, for on the rapid and inexpensive transfer of titles much must depend in a new country. At present dealings in land partake more nearly of a commercial character than they would were vested interests allowed to gi’ow up among ns ; and the system of registration of deeds now adopted, may bo made to work for tbo good of the community at large, and prevent those complications of titles which, in Ireland, led to tho establishment of a revolutionary tribunal before the landed property of the country could bo dealt with as a vendable commodity. If wo pursue tho system now begun, amending it ns experience and altering circumstances counsel, there need never bo a necessity for a cumbrous court of chancery or an unconstitutional incumbered estate court to unravel or cut a tangled web of legal difficulties and conflicting interests. These were tho only acts, directly bearing an commerce, passed diming the session, as the Debtors and Creditors Composition Bill was negatived in the legislative council. Tho natives remain quiet and arc evidently waiting for us to make the first overtures. Sir George Grey’s arrival has not called forth any demonstration on their part, peaceful or otherwise. The Waikatos it is said are anxious for peace hut not

for submission, whilst the natives to the south of Taranaki look upon themselves as conquerors and owners by conquest of some ten thousand acres of European land in the Tataraimaka and Omata blocks, and declare their intention of holding it. What the policy of Sir George Grey will bo remains to bo seen, but we very much doubt whether the change of governors lias caused any great change in the native mind, and whether it will be possible to substitute diplomatic weapons for those already tried. Certainly so far as the southern marauders are concerned a satisfactory state of things will never be brought about until they have been taught a severe lesson. Everybody is looking anxiously to the future. A few months will show whether this island is to remain habitable or not. Men arc in suspense at present, more particularly those living in native districts and their neighbourhood, and naturally so. Unless our relations with the native population are placed on a proper footing, men will feel shy of investing capital in such districts and all enterprise will cease. Already we sec indication of this unwillingness to risk property in unprotected parts of the country in the withdrawal of some settlers from the Thames district. Altogether what with the unsettled state of the natives and the gold fever, Auckland is passing through a serious crisis.

The first general meeting of the proprietors of the Bank of New Zealand, was held in Auckland on Tuesday last, when the directors and auditors were chosen. The Bank will commence operations forthwith. The directors possess the confidence of the public, and we must augur well of the undertaking. The New Zealand Insurance Company is rapidly gaining in public estimation ; and we congratulate the proprietors on the late extension of their business in this colony. The deputation returned from the South by the Airedale, aud have made an encouraging report to the directors. Agencies have been established in Napier, Wellington, Nelson, Lyttelton and Dunedin ; and it is also the intention of the company to establish agencies in New Plymouth and Wanganui. Great interest was felt in Wellington after the deputation had made their statement, and a local board was at once established there. A branch,' under local supervision, will .shortly bo established in Canterbury. The advantage of such an arrangement is at once apparent. Where this is the case the capital subscribed aud the premiums accruing on the undertaking of risks will be invested in the province, and a local interest thus created. The demand for shares at Otago and Nelson was limited owing to the gold excitement. Inquiries are being made for shares in this city, however, and a large addition is certain to be made to the Auckland proprietary. The large coasting trade from the ports of the Provinces of Canterbury and Otago will, no doubt, induce a general support in those provinces, so that from these new agencies an increasing revenue may bo caeulated on as certain. The company has wisely, however, distributed its risks, by embracing the English and Australian trades, and thus provides a set-off in safety and profit against the losses which are frequent in the coasting trade. The fire-risks in the South may bo esteemed safer than in the capital; and the chief towns and cities in the Middle Island have well organised fire brigades which render destructive fires less imminent. Wo have heard a feeling of diffidence expressed by gentlemen who are already insured, as to withdrawing from the English Offices, and insuring in the Colonial. This is a very proper feeling in its way, but it is simply ridiculous in money matters. The premiums paid to the English offices leave the country — those paid into the New Zealand Insurance Company are retained in the country, end the insurer derives the advantage of a freer circulation of money, which he would not participate in if snedi an institution were not in existence. If that diffident spirit had been generally cherished we would never have had the Bank of New Zealand nor the Insurance Company, and we would have been systematically drained of our capital by English companies.