The Lyttelton Times. Wednesday, August 13.

Lyttelton Times, Volume VI, Issue 393, 13 August 1856, Page 4

The Lyttelton Times. Wednesday, August 13.

We have refrained from making any comments upon Dr. Featherston's speech until the whole debate on the Finance policy of the Stafford Government should be published in our columns. This speech is the only one in support of Mr. Fox*s financial policy which is worthy of serious consideration. It is noticeable for the ability which Dr. Featherston always brings to bear ' upon any subject which he undertakes to support, but this is all (hat can be said for it. His statement of the position of the colony, is so evidently au ex parte one; his arguments are so much more specious than sound ; his figures, so far as we have means to judge of them, are so incorrect, that the ability displayed in- his special pleading leads only to a feeling' of disappointment. It is easy for a clever man to go down to the House and to mislead some of the members by an array of fig.ires supported by an eloquent speech. But it would not be so easy to support these figures in committee, when they could be closely examined by every member present. It will be observed that the object of Mr. Fox and his supporters was to "prevent the StafFord-Sewell policy from being contrasted with their own in committee. The House perceived this, and rejected Dr. Featherston's amendment by a majority of 24 to 10. We propose to draw the attention of those of our readers .who may be interested in the matter, to one or two points in Dr. Featherston's speech, which will easily enable them to estimate th'"" -4-, value of his general argument. In the firs..'"*' place his defence of Mr. Fox's estimates of revenue for the next year is founded upon an assumption of a.financial prosperity equal to or exceeding, that of the most prosperous years in the annals of New Zealand, and this in the teeth of a revenue declining during the last nine months. Now, while we fully agree with Dr. .Featherston as to the ultimate prosperity of the colony,, we are not.piepared with hitn.to deny the approach of a period of depression. Any man in business in New Zealand could* tell Dr. Featherston that this depression is already very serious. The Customs revenue of the year 1354-5, was collected during the; tinao that the-prices realized on agricultural'[produce were at their highest, owing' to the iiii*

mediate effects of the Melbourne diggings. We have ho doubt but that in two or three years we shall recover from the sudden fall in the markets. But it would be absurd in us to ignore what is. pressed upon our attention on all sides. It is impolitic as well as well as dishonest, to attempt to conceal the real state of our affairs. New Zealand can well afford to state the worst, and to await with patience the certainty of an itnproveinetit in the state of her markets, and consequently in her revenue. Least of of all should any man, who pretends to the position.of a;.financier, attempt to keep up a delusion as to the real position of the country. We shall not be made richer by our revenue being over-estimated, —nor poorer by its being under-estimated. If it is 6ver-esti-mated, and the House acts upon such estimates, our credit may be' shaken :—if .it is under-estimated, we are, at all events, safe, and the surplus is in our hands for future appropriation. We cannot but think that Mr. Sewell did wisely and well in "taking, as the basis of his estimates for the ensuing year, the lesser revenue of the last nine months, rather than :the, larger one of tbe year 1855. The next thing which strikes us in Dr. Featherston's speech is the total want of ►"finality in the prospect held out by him. He talks indeed of borro,»ying money, as it may he wanting to pay off debts which require immediate.payment;. but his calcu-, latiohs .suppose the possibility of raising money the very moment it may be wanted. It is not improbable that, even if we set about attempting to raise loans at once, we shall barely be in' a position to make use of the money when it is required. Mr. Fox's system of dealing duly with pressing liabilities, and of virtually"ignoring others for the present, only tends to leave our future as uncertain and dark as ever. Again, Mr. Fox's policy left the adjustment of the public burthens just where he found it. All the vexed questions bc-tween the Provinces were left to be still fought out, —to be a stumbling'block in^the way of real business for another session. Mr. Fox's policy is well developed by Mr. Macandrew the seconder of Dr." Featherston's amendment. Whether Mescrs. Fox and Featherston are obliged to their supporter from Otago we do not know. His speech certainly has tended to damage Ihem as much as a speech well could. Mr. Macandrew gives his idea of the proper policy of a wise financier, which virtually amount's to this :—" Repudiate all the debts you can, and put off the payment of those you must pay as long as you^can." He taunts Mr. Sewell with having raked up alLthe liabilities of the Government from .tlie ; confused' accounts-left .to us by ...the old officials., and with/having.-th^n" laid them before the House to provide.means for their liquidation. Now,,.,we think that this is the chief merit of Mr. Seweii's financial statement. He lets us know Ihe worst, and provides means for the maintenance of our credit. We'do not suspect. Messrs. Fox and1 Featherston of any',wish finally to repudiate our liabilities", but they have not 1 taken '.-sufficient care to provide, means'for meeting them. We have to thank their Ol.J>gp supporter for the development of their scheme. We presume that it found favour in the eyts of the latter, because it left the door'opeii for his idea of a perfect financial policy. Dr. Featherston's criticism of the scheme of the Stafford Ministry .for the adjustment of : the,publi_; burthens" is very singular. He.had . attempted to prove too much. ,He supposes at.the commencemei.t of his argument that under either policy the expenditure of the General Government will be the same. .It would be thought that what' lie • would then attempt to prove wo.uld be, that some Province or Provinces were pressed . upon more heavily than others. '; Well,; he fit st, makes put to.his own satisfaction liiatf'flU :Norfrir

em Provinces would be the sufferers. If he could have proved this, he would have had a case against the Government policy; But he goes oh to:prove that the Southern Provinces will be equally aggrieved. Now we confess that we cannot see the drift of such an argument/ If the expenditure is the same under both : policies, how can all the Provinces ' b°. aggrieved by one of tiierii r We could understand that the adjustment might be unfair on some ; but the attempt to overstrengthen his case has broken it down. If, indeed, the General Government did not pay its debts, it might have more to distribute among the Provinces; and if the Provinces prefer such a course of proceedings, tliey may possibly feel aggrieved at the provision for meeting liabilities. We have not the means at our disposal for enquiring accurately into all Dr. Featherstdn's-' figures; ; but" the statement with respect to our own Province, which we do know something about, may be taken as a sample of their general value. He estimates our Land revenue at £6.000 a-year, i.e., by the sale of 3!,000 acres of land at £2 per acre, and, after adding our supposed share of Customs revenue, and deduetig all charges, he makes out that our Provincial Revenue tinder Mr. Sew'eH's scheme will only amount tc £5,600 per annum. Now lie has omitted all notice of the mrst regular and important part of pur Land revenue, i.e., our pasturage rents, which will amount next year to about £7,000 —more than Dr. Featherston makes out as the sum total of our whole revenue. If their calculations with respect, to other Provinces are equally trustworthy", it fortunate for the Fox party that their financial scheme was not considered in.committee. .'.Some further remarks upon the -.important debate of the 19th June, we must defer to another opportunity. .

The barque Daniel, Webster has just arrived from Newcastle, 31st ult., with a large cargo of horses and cattle. Sydney paperSjOf the 30th, .have indications of intelligence being- received to the first week in May. The-" Home iVews "of April 21st, which we have received, informs us that a political crisis was expected in France. The English Ministry had received several defeats, and a dissolution was expected. A debate on the fall of Kars, on May Ist, was attended by a great victory, for the Minister.