The Lyttelton Times.

Lyttelton Times, Volume XI, Issue 694, 2 July 1859, Page 6

The Lyttelton Times.

Saturday, July 2. In our remarks on Wednesday on the conduct of the Union Bank of Australia with respect to bill-discounting, it was allowed that a good, deal of illegitimate trading had sprung' up. and that a check upon it was not only salutary but absolutely necessary. But there are very different ways of doing a good thing-. It is on such an occasion as the present that the disadvantage is felt of a (so to speak) foreign bank monopolizing all the business of the province. Those -who have the local direction here are probably as well aware as any one can he, that the very fact of the bank having been over-liberal of late ought-to-he-a reason for drawing the reins tight very gradually. It is at least obvious to those interested in the welfare of the province^ that the time when a check, is put upon illegitimate trading is that at which the well-known merchants and legitimate traders require most assistance. They cannot get in the money due to them, while their own liabilities must be met at any sacrifice. But small thanks are due to a bank which has had every opportunity of doing a good paying business, if it is for a time liberal to all alike, and then, suddenly putting on the screw, leaves but little discretion with those best able to judge who ought and who ought not to receive assistance. So far as we understand it, this appears to be the case at present. From all that is rumoured of the instructions sent down to the local managers, it would appear that the accommodation now given throws considerable responsibility on their shoulders. We have heard it stated that the Inspector gave instructions at Wellington on his way down here, which on his return to that province he found himself compelled to relax; and - that, notwithstanding this experince, the instructions forwarded to this province are more stringent than those left by him on his departure.—Strange, if true.

Now, we have no wish to lodge a serious charge against the Union Bank of Australia. It has been very useful to this province; on the other hand it has been very well paid by this province for its enterprise and trouble. So far the acconnt is pretty even between us. In the early days of the settlement it was perhaps just as well that a rather severe restraint should have been put upon speculation, even though occasional inconvenience were experienced by the fair trader; but the business of the Province is now getting too important to be' left; at the mercy of one Bank with a distant directory. Monopoly is an evil in any business. It is doubtless satisfactory to have here branches of a safe Bank-^-of a Bank that makes enormous dividends. But if this Bank is too rich to care much about New Zealand business— if it does not care to extend its operations so as to meet the extended business of the Colony—it* is evident that there is plenty of room for another, especially for one having greater local interest. Probably the Union Bank thinks there is business for two banks, and that it is time that another shares its risks, such-as they are. We are glad to hear a report that an attempt is being* made to.start a New Zealand Bank on a very safe footing: two-thirds of the capital to be raised in England, and onethird in. the Colony. When the rapidly increasing resources of the different settlements of New Zealand are taken into consideration, it must be allowed that few speculations offer so great a prospect of success. As to the present difficulty, we are glad to hear that it is of, a very temporary nature, and that a few weeks will probably relieve the present tightness iri the money market. The continued land sales show that there is plenty of money in the place; a little time is all that is wanted to restore business to its naturally healthy tone.

Mr. FitzGerald's letter on the Waste Lands and New Provinces A cts was published in the 'Australian and New Zealand Gazette' in London, and has attracted much attention among those interested in New Zealand. It is thought not improbable that the prospect of confusion and doubt as to the state of the land-titles of New Zealand may still induce Ministers to recommend that the assent of her Majesty be given to the Waste Lands Act. We may here take the opportunity of disabusing the Auckland < New Zealander' of the notion that Mr. FilzGerald is actuated by feelings hostile to or jealous of Auckland. Mr. FitzGerald is, perhaps, too well known to the majority of politicians in this colony as a man singularly free from narrow partizan feelings to make it necessary to repudiate them for him. But we may remind the ■' New Zealander, that it is possible to disapprove of Auckland Waste Lands Regulations without being jealous of Auckland. From private advices which we have received by this mail, we understand that, so far as Mr. FitzGerald's influence goes, it would be exerted to ensure the benefit of the colony, even to obtainingthe Imperial sanction for the Auckland Regulations, under which so many titles have been promised. We are very, confident that tho colony weighs more with Mr. FitzGerald than any private theories or party feelings. We wish we could say as much for all the public men of New Zealand.