The Lyttelton Times.

Lyttelton Times, Volume IX, Issue 590, 30 June 1858, Page 4

The Lyttelton Times.

Wednesday, June 30th. The 'Standard' said very truly on Thursday last that the question of the loan of £30,000 may have to be reconsidered by the Provincial Council owing to a technical error in the Loan Bill already passed and assented to by his Excellency the Governor. But we differ entirely with our contemporary as to the course which it would be adviseable to pursue; under such circumstances. We still hope sincerely that no difficulty may prevent the negociation of the loan in London, as delay would be very damaging to our prospects. Our credit is good, and our friends will exert themselves to obviate ' any doubts arising from a technical mistake. There are probably many houses which would be glad enough to negociate a loan of £30,000 at 8 per cent, on the security offered by us, notwithstanding the trifling irregularity in the wording of the ordinance. But it is well for us to consider in time what steps should be taken if the Debentures are returned upon our hands, and we are required to reconsider the wording of oar law. Our readers will remember that on guaranteeing the New Zealand loan of £500,000 the Home Goverment instructed his Excellency the Governor, not to allow any more Provincial Loan Bills. This instruction, however, could scai%cely be considered to refer to a loan already assented to, and on which we had based our calculations, but which had become a dead let- : ter owing to unforeseen circumstances. If it should prove, on the arrival of the Debentures in England, that a change is required, our, ' agents will obtain beforehand the approval of the Home Government to an alteration in ouri Loan Bill ; —so that His Excellency may have! no difficulty in giving his assent to an amended \ measure.

Under these circumstances we cannot think I with our contemporary that it would, be wise \ for the Provincial Council to reject such an amended bill; nor do we believe that there are many members of the Council who would advocate such a retrograde course. In a young settlement, —-just pushing forward into prosperity,—when everything depends upon energy, , and faith in the future,—would it be wise at \ the first gleam of success, to fall back content- I edly upon what we have done, and to trust to good fortune for the future ? Why, the very fact of a large immigration, will require • a large balance in the Treasury for Public Works and Education. We may have too little money, but as soon as immigration begins in earnest, we cannot have too much. If we had no money here, we might be obliged to limit the operations of our Emigration t Agent;—.but if we have plenty of means here, I the more we may spend in London to the ad- I vantage of the province. . \ What we want in the youth of a colony is \ ready money. Every . man understands that I perfectly well in his private affairs. So long as \ we can see our way to pay the interest and the capital by instalments, and spread overa cer- j tain number of years by way of a sinking fund, it is obvious that oar expenditure on immigration will be better met by loan, than by sending money from the province. To send money away is a pis aller. It is better to do so than to have no immigration ; but it is cer' tainly against us to send away a round sum of money at once. Our prosperity should prove the safety of the loan policy, and not the adj . visability of dropping it. | i We really did not think that we should be called upon to argue this question. Nelson has shown enough of the folly of a non-borrowing policy. We are in a far more favorable position than Nelson for going into the money market. Why should we suddenly pull up ? Is it because we are doing well and our credit 's strengthened, that we should do nothing to increase our transactions? A timid policy with j regard to borrowing and immigration will do : us no good. We are just in the position when enterprise and vigor should be the characteristics of the province. i

The Westminster, ifc will be observed from our shipping intelligence, takes away 1,202 bales of

•wool, 702 of which are from Canterbury, and the remaining 500 from Wellington. lhe whole of her wool on board amounts, at a low estimate, to £36,060; which leaves the' Canterbury portion of 702 bales, at £21,060. This is the third direct export of wool during the season. The Glentanner, it will be remembered, left here last April, with 1,797 bales, amounting to £44925; and the Oriental, in the same month, with.1,039 bales, estimated at £84,274. This gives a total export of wool direct trom Canterbury alone, during the season, as far as it has gone, of 3,538 bales, amounting to £100,259. .

TEbbatum. —in the summary of Treasury Eeceipts for the March Quarter, which we gave on Saturday last,for "Pasturageßents£lo,o67,' read £1,067.]