THE REFORM BILL AND OTHER MATTERS.

Hawke's Bay Times, Volume 7, Issue 381, 31 May 1866, Page 2

THE REFORM BILL AND OTHER MATTERS.

(From the Sydney tlomiag UcKsld, 1-ltli 3Tay.) The great iuo.i of domestic intelligence brought cut lj the mail is iliu initiation of the Xu-fartu Bid, To contemporary politicians in and out of Parliament, and who may have personal or party ho- cs connected with the prepress of the struggle, the great point of immediate interest lies in the prospect of a Cabinet crisis. To distant observers the interest chiefly lies in the change the now measure may cause in the state of tiro House of Cornu. 1 cas, and the alterations that iu.y follow in the domestic anti foreign policy of the country. .The nlinisrry is. not by any means overwiudml;;g!y siren.,, liar* homogeneous. Toil ita.-sdl commands great and deserved respect, not only by his past connection with reform, but by a long career or useful and honorable service. Tbs middle classes confide in his integrity, and also in his moderation. Tut he does not cany the same sort of ascendancy that Lord Palmerston did ; and be has nut the same skill in Electing. It is piMiible that Lord Palmerston could have carried a lAfm m Bill even through a Hou-e in which the Consm’vaures held a nomim.l majority; but Lo never wished to do it, Ling at heart avers,o to any change in toe Constitution, and the pressure from without was net sufficient to compel him to it. Earl Eusseff, oa the contrary, is anxiuus to do it. He sees that a new lieform Bill Las now baa mo inevitable, and he is ambitious to have his name associated with it. Moreover, he has lined ideas on the subject, as to the direction reform should take. But for those very reasons he arouses a certain cf degrees of hushiuy. Hr Gladstone, however, whatever may be his ambition, has hitherto been Aval to his chief, and within lire Cabinet ilsuf, though there are undoubtedly differences, there are not yet dissensions. The very strength of tiro Opposition is enough to keep the Government. compact. A Ministerial majority of twenty is said to be expected on the second reading. This is too small a majority to allow of exposing any weakness, and intimates still smaller majorities on some of the clauses. At the latest point to which the news comes down, the debate on the second reading was adjourned during a discussion to postpone the bill for fuller information. The Tories will of course make the most of the opportunity, and they are uncloulte dly strong both in the House and among the present constituencies. But the country would rather have a Reform Bill from the Whigs than from the Tories—from Earl Russeil than from Mr Disraeli.

The outlines given of the hill shew that jt is mainly a proposal to reduce the franchise ; and it reduces the franchise to Lalance the reduction of the borough franchise. Of what are known as fancy franchises there is only one indication, viz,, the concession of a vote to all holding fifty pounds in a savings 5 hank for two successive years. The lodger franchise is also fised at ten pounds a year. The change is calculated to a da four hundred thousand votes to the coustiiu-

eucies. This will not be enough fur MiBright, but he will probably accept it as in instalment. There is no distribution of seats incorporated with the bill; yet, by Earl Russell’s admission, this will probably follow, and representation will be largely transferred from the agricultural South to the manufacturing North. In any case, the Government has pledged itself to stand or fall by its measures, so that the question can hardly be postponed as it has hitherto been. The general election has been so recent that members will hardly care to provoke another dissolution, especially as a new Parliament will have to be convoked very soon alter the new bill has passed.

Financial affairs are not much changed since the last advices. Consols have declined to So, partly in consequence of the threatening aspect of affairs on the Continent. But the Bank rate of discount has been lowered from six to seven per cent., a reduction which is all in favor of trade, and indicates a return to a healthy condition of the currency. There seems, however, to be but little liveliness in the demand for our debentures. The news is that they are not inquired for. The New Zealand debentures are coupled with those of New South Wales in this discouraging information, and these are the two colonies which just new are in the most urgent need of money. New Zealand has expended largely in its mismanaged native war, and New South Wales in its not over-well managed public works. Of the two, we have the least to complain of. War is a very wasteful expenditure, and the New Zealand colonists have nothing to set against the outlay but a little more laud—land not worth half what it has cost to conquer. But we have our public works, even if we have been somewhat precipitate and extravagant in the construction of them. The real obstacle in the way of our selling our debentures lies in the apprehension of a further reduction. For the last two years they have been steadily declining. Buyers cannot sell without a heavy loss. Nobody cares to invest largely in a declining market. Yet with a heavy loan vainly awaiting negotiation, and with still further applications looming in the distance, there is no likelihood of a rally. The debentures will sell whenever buyers can exercise a reasonable confidence that they will not fall below tbs price they have given for them. It is for our legislators to establish, that confidence so far as it is in their power to do so.

One of tlie new discount companies has collapsed -with u loss of £400,000 to its shareholders. We -may expect to Lear more such news. The course of investment in new undertakings never goes on smoothly, but always with violent rushes and reactions. The French for a considerable time had a monopoly of credit companies; but when the idea become naturalised across the channel, it took root, and spread with great rapidity. Loan companies under various titles sprang up one after another. In a speculative epoch they found large borrowers at a high rate of interest, and proportionate profits were promised or declared. These dividends only stimulated the rage for finance companies, which looked like a new' invention for coining money. In the competition unsafe business was taken. The result has been heavy loss, concealed for a time, hut inevitably disclosed at last, and then this kind of investment becomes as much dis trusted as it was formerly sought after. An agency, good in itself, has been extravagantly abused, and there is consequently a reaction of disappointment and neglect.

There is to he an alteration in our mail service, so far as the date of departure from this end is concerned. There will, therefore, be less chance of losing the course of post whenever any detention occurs to the outcoanng steamer. We shall know more as to the details of this change on the arrival of Captain Black, who seems to come as plenpotentiary on behalf of the Company, to arrange matters, if possible, to the satisfaction of the colonists, and even to negotiate for an additional mail service.