THE NEW ZEALAND BILLS.

Lyttelton Times, Volume VIII, Issue 529, 28 November 1857, Page 3

THE NEW ZEALAND BILLS.

(From the Morning Chronicle, Aug. 8.)

Three Bills relating* to New Zealand were yesterday, by dint of extraordinary despatch, carried through the Commons just in time to save their distance in the Upper House. So close was the race, indeed, that two of the three were pushed through two stages in a single day, and sundry desirable amendments were left unintroduced because any alteration of the measures in committee would hare occasioned some formal delays. Speed in this case was also especially requisite, since the bills are designed to settle and arrange certain pecuniary and other affairs of the colony, which are at present in a state of most perplexing confusion. Even the loss of a day at this period of the session might throw over the measures till 1858, and delay by a whole year the accomplishment of many objects of grave importance for the development of the resources of the country. It is, therefore, satisfactory to know that the bills were punctually handed over to the House of Lords in time for enactment before the prorogation. [New Zealand, as a colony; has not been lucky; With a fertile soil, a genial climate, magnificent harbours, and abundant elements for the production of agricultural wealth, the. realization of its possible prbr sp'ects has been continuously checked. The colonists have had ,tastruggle.against more than the usual obstacles of a young community.; There were difficulties with the natives—a sturdy and 5 warlike race, with strange notions respecting the rights

of property, and who could neither be crushed nor ignored like the "Blacks." There were difficulties with extravagant Jw!^ Ors' ? ebts t0 the anlo«nt of £08,000 were incurred by Governor Hobson ; and his successor,' Captain Fitzroy, spent £20,000 a-year in governing a community of less than 15,0 JO persons, and without even affording them protection against the natives. There were then difficulties with the New Zealand Company, whose charter, though granted with the hope of stimulating the growth of the colony, ultimately operated after the fashion of all monopolies—that is to say most injuriously to all but a few dexterous individuals. Aftez-wards, the Company itself fell into difficulties, and colonization under their auspices came almost to a deadlock. The golden discoveries in Australia have also tended to injure the more distant colony, by diverting the stream of emigration, and checking the supply of labour, so essential to the progress of every new settled country.

All these "difficulties," after passingthrough various phases according to their origin and nature, have at length culminated in the usual result—pecuniary embarrassment. Some years since a new constitution of a semi-Federal character was given to the inhabitants of the three islands, which constitute in their aggTegation the colony of New Zealand. 0 But this step, though promising well for future administration, could not extricate the country from existing complications. The new Colonial Government, in commencing its administration, found itself much in" the condition of a young heir, who succeedto a^fine but heavily encumbered property. Their efforts to improve the domain we're frustrated by innumerable claims and vested rights, while -their income was swallowed up by the interest on mortgages. It was impossible for them to get rid oi these ancient liabilities. They could neither deal with the estate so as to promote its general productiveness, nor find a surplus income for the accomplishment even of the most necessary improvements. With a sound and expanding revenue oi £180,000 a-year,"the colony was hampered by a heavy debt to the New Zealand Company, and further embarrassed by the claims of sundry chiefs of native tribes, founded on agreements under which large tracts of land had been surrendered or sold to the British Government.

_ As many of these entanglements were inherited from the ante-Constitutional period, and ai-ose out of proceedings sanctioned by the Imperial Government, the colonists can obviously prefer an equitable claim against the mother-country for aid in their solution. It has been computed that the whole mass of outstanding lia bilities can be cleared off, and all inconvenient claims on the land of the colony extinguished for the round sum of half-a-million. This amount the New Zealanders are willing ultimately to pay; but they cannot raise ready money at home, nor borrow it anywhere on their own credit, except at an exorbitant interest. Ten per cent was talked of during the late debate?, as, the minimum rate at which the colony could raise a loan on its own account. Judging- from the ruling prices- of money in India, or even in the auriferous district* of Australia, this estimate cannot be considered overcharged. To obtain £500,000 therefore, the Colonial Government would have to burthen its finances with an annual payment of at least £50,000. Ii borrowed upon English credit, the whole amount could be raised at 4 per cent, so that after defraying* the interest, and investing 2 per cent, or £10,000 per annum, towards a sinking fund for the gradual liquidation of the debt, there would still remain £20,000 a-year available for local improvements. Tbe most important oi the three bills now before the Peers is intended to empower her Majesty's ministers to accomplish this operation. Tue money will be obtained in the English market, and at rates similar to those at which our own Government can effect loans, because the national credit is pledged b} r way of guarantee for its repayment. The process is precisely similar to that accomplished a year or two since, on behalf of our ally, the king of Sardinia. Parliament endorses the colonial acceptance, and by simply writing a name at the back of the document, saves to New Zealand £30,000 a-year. j There are several proverbs afloat, applicable both to nations and individuals, against lending money, accepting billsj or Incurring" responsibilities for one's acquaintance. These prudential injunctions naturally found many advocates in the House of Commons, who offered a sturdy opposi-

turn to the bill, and furnished a respectable list of negatives in the final division, Sir J. Graham voted among" the opponents, avowedly because he preferred a direct grant either to a loan or a guarantee. He expected the colonial Government would hereafter find excuses for repudiating' the debt, and thought, therefore, that Parliament would do better to vote the money outright, keeping a strist watch over its appropriation, than become responsible for the loan whose expenditure the Imperial Legislature would in that case have no right to control, although they must ultimately provide for its liquidation. Sir H. Willoughby, who " doubles" Mr. Williams on the Opposition benches, also opposed the bill, which he believed would occasion future disputes between England and New Zealand; and, in f'act^ "lay the foundation for a financial :<qita!l." Too much reason exists, we fear, to justify these apprehensions. Somehow or other John Bull is generally made to "pay for all" when once be has committed himself in any way. Nevertheless we think the Legislature did wisely in adopting the bill brought forward "by the Government. The loan is really vei-y much wanted, and wilt be devoted' to purposes ikely to promote the prosperity of New Zealand, and produce, at no distant date, an ampie return. As an almost exclusively agricultural country, the colony is peculiarly situated. Commercial communities are almost independent of the financial position of their Governments. Trade may extend, and traders grow rich, though the State is overwhelmed with debt. But in regions depending on agriculture, the progress of society is paralysed so long as claims remain in force affecting the tenure and proprietorship of land. Such is now the position of the New Zealand Government, and the half-million is wanted to efface these provoking and long- standing* obstacles to their prosperity. Even if England should in the end "be obliged to pay the whole amount, we must remember the liabilities were chiefly incurred when the Colonial Secretary ruled without control over forty dependencies. New Zealand was then in its social non-age; and not being allowed to interfere in the administration of its own affairs, might now justly plead "infancy" as a bar to the responsibilities incurred in its name.