Hawke's Bay Times. Nullius addictus jurare in verba magistri. THURSDAY, FEBRUARY 15, 1872.

Hawke's Bay Times, Volume 19, Issue 1249, 15 February 1872, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri. THURSDAY, FEBRUARY 15, 1872.

We yesterday gave from the Nelson Examiner an article on the results which up to the present time have flowed from the partial development of the now celebrated Vogel policy. The facts and figures given in that article must, we thin If, be quite sufficient to the minds oi any who may yet have a lingering belief in the wisdom of ihat policy, and the probability of its tending to the prosperity of the Colony. The editor of the Examiner judges that jf such figures as these had been boldly advauced by the objectors to that policy as its probable result on its first propo :sal by IVXr Yogel, he might have been induced to pause. We do not think so. The objectors took as it a merely moderate and rational view of it when it was denounced as " the wildest, most visionary, and impracticable scheme pver listened to." But the editor is probably right in believing that those who opposed it and made such calculations as they were able, to do by way pf caution to the legislature, will themselves be astonished at the actual results being already so far beyond what they were bold enough to assume. Those results being brought together so as to take them at one view appear to be as follows :—The toral debt of the Colony p,t SB. pye§ent time is =£9,044,041, the annual interest on which amounts to £553,488. There is also a total estimated deficiency in the revenue of the current year of £176,725, So inuch for the state of affairs as they at present stand; but during the next 18 months the execution of the works authorisecj during last session of the Assembly will raise, the debt of the Colony ip ( between twelve and thirteen millions of pounds, and necessitate the payment of near £BOO,OOO annual interest. The publication qf the Nelson Ex : ar.tiple cquld Qnly be regarded by the Qoyernment party as a challenge, and accordingly we, find in the \Vellingtqn Independent some attempt a.t an answQi;. Of course the object qf the Independent is to show that the till.- «.w | i* <■ ■•-■ *■■ - • ■ ■■' ■ ■■ *" •<■ •■•' •

figures quoted in the Examiner are unreliable ; but we are sorry to say that this is not clone. In fact, the only result of the Independent's, efljort is to show that its editor is Jess able to. grapple with the subject tjian is the writer in the Examiner.