OUR ENGLISH AGENT. (Evening Mail.)

Hawke's Bay Weekly Times, Volume 1, Issue 16, 22 April 1867, Page 94

OUR ENGLISH AGENT. (Evening Mail.)

Mb. Ceosbie Waed, who holds the above appointment, returned in the Tararua, on Saturday, from Melbourne, where he had been attending the Postal Conference, in company with Mr. John Hall, the Postmaster-Gene-ral, on behalf of New Zealand. But he has not taken the earliest opportunity of proceeding to England in the discharge of his duty as the Agent of this Province. Tne liakaia sailed from Wellington, on Monday,, with 95 passengers, aud 6500 ounces of gold : but Mr. Ward was not one of the passengers. Of course he cannot now go before,, the May mail, and will not. reach London till late ih June or early in July,; - He probably,has to get bis Instructions' from His Honor the Su'perinfpndent and his dumrby Lxecur tiyd Before,, proceeding on his home'warcLvoyage; and His Honor has not yet returned from “ giving, a lead .” to the-Chairman "of the Westland Com,mj[Bsigflf“ J Oui’ latest' dates: ffom London are'about the middle of "February, , . wbe& tke Bank rate of discount 'was

3 per cent., money abundant, and colonial securities in great favor. .. Is any other agent empowered to take advantage of this favorable state d things in order to dispose of a portion or the whole of the loan which we are authorised to raise? In the present temper of the London Money Market, it would be well to place the whole of our debentures at a low price, even though the Government should have tp lend out, on good security, and at higher interest, as much of the capital realised as could not be immediately made good use of. At any rate the overdraft at the Bank might be scored off, and the sums promised and voted to the Road Boards and other Municipalities duly paid to them. We could then, while making a profit instead of a loss on bur borrowed capita), afford to take time in order to make sure that no more public money should be wasted on unproductive, badlyselected, or badly-designed and therefore inefficient works. If no other agent than Mr. Ward is authorised to dispose of our loan in England, every month that he dailies, even for other work, however useful to the Colony or the Province, is a chuuce thrown away. It is all very well quoting from the Economist prophesies to the effect that the price of money is not likely to rise again to auy great extent fur a considerable period. Who s’aall say, in the present fermenting state of both European and American politics, howsoon the great nations—even perhaps the British Empire—may be involved in costly and wasteful wars ? In such a case, the iuterval between the middle of February and July—four or fivttnonths —is amply sufficient to change the whole aspect of the London MoneyMarket, and tu-Tender Colonial Securities again unsaleable except at a ruinous sacrifice. But if some other agent is authorised tu negotiate our loan in London, what is the use of Mr Ward ? We need not surely pay one agent in London for doing the. work, and another to stay here and not do it! if the present Provincial Govern meat misses the gulden opportunity which has without a’ doubt offered itself, both the Superintendent and his dummy Executive may depend upon it they will be called severely to ac count by the people for so neglecting their vital interests.