The Lyttelton Times

Lyttelton Times, Volume VII, Issue 439, 17 January 1857, Page 6

The Lyttelton Times

Saturday, January 17tk. Probably no Colony has suffered more from the indiscreet be-praisiug of its friends than New Zealand. And although to secure British patronage, it has become indispensable now-a-days by special efforts first to "^.^tfract public attention ; still, if a lasting ■; ~ result be desired, it is essential that the art —as we may term it—of puffing be pressed into our service only with extreme delicacy and judgment. Humbug may succeed for a time with the English people, but if their sound sense and solid judgment do not soon set them right, at all events in commercial speculations " profit and loss," as exhibited on their balance sheet, will not fail quickly to do so. The latest indiscretion in exaggerating and mistaking the present resources and condition; of New Zealand, is we think exhibited in the speeches made at the Liverpool dinner on the sailing of the Oliver Laing, and reprinted in a late number of the "'"Canterbury Standard." The " Nelson Examiner" in an able article, which we publish to-day, touches very happily upon the tendencies of the present age vaingloricusly to boast over any enterprise newty set on foot. Its just and well applied remarks upon the exaggerations of the speakers at Liverpool deserve the attention of our readers. On one point; however, the " Examiner does not dwell-—and that is the injury produced in commercial circles, and the severe check given to the progress of a small colonial communiy, by forcing on it commercial speculation. The market is glutted; the speculator's goods are sacrificed to the first bidder ; the proceeds passto the commission agent; the latter fails; absorbs all available cash—his own and his correspondent's; and the speculator's remittance is nil. If all ended here it would not so much matter. But not only does the rash; speculator at home miserably fail, but his rashness, if it does not ruin, at least for a time destroys all prospect of legitimate gain for the steady trader on the spot, who knows the exact gauge of the market, and sends his orders home accordingly. Then, in due course, comes general distress in the colony, and a reaction among outhome merchants, destroying for several years all faith in the colony, and creating in its markets a vacuum as mischievous and distressing as the previous glut. Such is the state of things we anticipate in the Southern provinces, should the Liverpool merchants be unfortunately deceived by the many mistatements of Messrs. James Smith and Stuart Wortley into making large and continuous shipments to New Zealand., It is every where notorious that, even at this moment, the goods on hand are disposed of with'extreme difficulty, and that but a slight addition to them will bring markets down to prices ruinous to English shippers. While expressing ourselves in this manner on the subject of the speeches referred to, we by no means intend to assert, nor do we believe that, a connection with the merchants of Liverpool will not ultimately prove equally advantageous to them and to us. But it will only be so if established with the utmost caution and circumspection : certaiuly not by any rash ventures. New Zealand can bear to have the plain honest truth spoken of it in England. To that we hope all true colonists will ever confine themselves when announcing its advantages. These, though many, do not, whatever enthusiasts may choose toproclaim

of its destiny; entitle it yet to be called the Britain of the South, or the Granary of Australia. It is simply a colony, posessing some fine available harbors and land, some equally bad and unavailable; a very healthy, but not universally pleasant, climate ; and capabilities for sustaining in comfort and affluence, but not in unlimited wealth, a large and industrious population of the Anglo-Saxon race.

We hope of Cantei-bury as the " Examiner" does of Nelson, that none of us will attempt to push the province forward by overstating the value of its soil, its climate, its position, or its resources.