The Lyttelton Times.

Lyttelton Times, Volume VIII, Issue 507, 12 September 1857, Page 5

The Lyttelton Times.

Saturday, September 12. The June mail brings intelligence, satisfactory as far as it goes, of the progress of New Zealand affairs in England. We have received by private advices of the probable success of Mr. Sewell in obtaining the Imperial Guarantee for the proposed loan of £500,000. It must be remembered, however; that at any stage of the negotiation there is great risk of sudden disappointment, so that it would be unwise to build too much upon present prospects. But so much has been effected since Mr. Sewell's arrival in England by his exertions, backed as they are by very powerful political interest, that we may fairly hope for the best.' We say hope, notwithstanding the vehement delight expressed by the Wellington opposition on the news arriving of tfye-probable failure of the Financial Scheme of the present Government. yet, why the Wellington party should be so much rejoiced at the idea of our not being able to raise the loan we are at a loss to conceive, unless indeed it be to prove that they were all along in theright. If the Financial Question is re-opened, and the colony is in want of readily available means for meeting present difficulties, there can be but little doubt but that the power of the General Government would be considerably increased at the expense of the provinces. The General Government must find money somewhere to meet present demands, not to speak of purchases from the natives in the North Island ; and this money must come from the Provincial Treasuries. Good bye then to the Public Works which have been carried on lately, so much to the advantage of some of the provinces. Our Wellington friends will probably not find it so easy to borrow money as they found it while they had a full treasury and ample securities. In every way we look at it, the Ultra-Pro-vincialists would probably suffer most by any readjustment of the public burdens under present circumstances. As for this province, we have full confidence that our reseurces would enable us to struggle throngh almost any financial difficulties. They could, at the worst, be but temporary. But we should certainly suffer together with the rest of the colony by a readjustment of the Financial Scheme founded upon a tightness of the public purse. New Zealand wants ready money, and a fair start to get rid of the difficulties into which she has been plunged by the old regime and the early troubles of the colony; and, whatever any party may gay, New Zealand will be thankful to any one who procures them this money. ' The July mail, due in about a fortnight, will probably bring us some more definite news on this subject.