DEBENTURES.

New Zealander, Volume 1, Issue 12, 23 August 1845, Page 2

DEBENTURES.

By the recent arrival from "Wellington, we have received the journals from that place, as well as from Nelson, and from the latter, we extract the annexed letter of Mr. Dillon Bell, proving most clearly the negligence of the Governmeut Officers here, to whom was entrusted the manufacture and issue of Debentures. As we observed in a former number, the manner in which this paper money has been put forth, notwithstanding all the complicated process of going through so many hands, renders it imperatively necessary that the present issue should be immediately withdrawn and another substituted. That, there are numbers of forged debentures, in circulation, there cannot be a doubt, and we think it will be found hereafter, that the natives are large holders of them. They possess considerable amounts of this paper money, which they have received for land, pigs, gum, &c. &c. and as they cannot examine them as to their correctness of signatures, it has been I a channel to pass them into general circulation. In addition to these imperfect debentures at Nelson, being afloat, there have been efforts made at Wellington, to^ put into circulation the debentures for £50 ; in order to pay the Militia, but the bank would not advance on them, although deposited with bills of respectable parties, at three months, as collateral security. Tn consequence the Militia men remain unpaid. We anticipate that this paper issue will soon cease to circulate altogether, for after the observations of Sir Robert Peel, in the Honse of Commons on inconvertible paper, — the Home government, as soon as it is apprised of its existence, and the amount of issue, will either repudiate these debentures altogether, or else send peremptory instructions to the Governor to withdraw them wholly from circulation bv their payment in specie.

To the Editor of the ftelson Examiner. Sir— l wish to !ay before tbe public, through you, a case of great injustice. 1 was yesterday paid a Government debenture, of which the following is an exact copy:—

"New Zealand. "2V0.4448 £1. One Pound. "Onpresentation at the Colonial Treasury at Auckland, in New Zealand, on or after the Tenth day of April, 1846, or on or after such earlier day as shall be fixed by the Governor* after two month*' notice in the Government Gazette, the bearer will he entitled to receive One Pound sterling, and interest thereon at the rate of Jive per cent, per annum, from the date of issue until the Tenth day of April, 1846, or such earlier day as may be fixed for payment. ''This will be received as One Pound within one year from the date of issue, and as On c io und One Shillino after that time, in payment of duties of Customs, or any debt or demand payalAe to the Colonial Government of New Zealand. "Dated at Government House, Auckland, this First day of June, 1 844. "Robert FitzKoy, ** Governor.

Coloni il Secretary, but are incompletely issued from the Treasury. If this is negligence, it is so gross as hardly to admit of being characterized : and it becomes more odious when the Government in consequence lefuses to take the paper. It is as if the Mint should issue light sovereigns in Kngland, while the Government offices required gold of full weight. It is for such work that the vote of Counciju-educing Mr. Shepherd's salary was rescind^ and his pay continued ac .£7OO a-year ! : Now, this debenture is useless to me. The Bank won't take it, the merchants won't, and the Government won't. I should have made a representation on the subject to Auckland, were not such a step ridiculous, considering that the last mail received here from the "capital'? ,was dated, I believe in the end of March, a few days after the Loisa Campbell left England, and, l might be six months waiting an answer. In the interesting debates in the House of Commons last March, on the debentures, some one said the British Museum ought to have one as a curiosity. So I shall send this one home, together with another I have for five shillings, which is in half a dozen pieces, pasted on some originally bluepaper,and is now nearly illegible. 1 am, sir, Your humble servant, F. Dillon Bell. Nelson, July 18.

Coroner's Inquest. — On Wednesday last an.inquest was held by the Coroner, Dr. Pollen, on the body of Thomas Commins, hair-dresser, who was found hanged in his house, about 1 0 o'clock, on that morning. After hearing the evidence of the persons who first found the de. ceased, Dr. Davies was examined, and he stated that he thought Mr. Commins, the deceased had suffered much since the death of his neighbour, Mr. Stanhouse. whose sufferings were very severe and protracted ; he considered that' the deceased was much affected nervously, and, of late, altered in his spirits — The jury found a verdict — " Temporary Insanity."

We have been favoured with the perusal of a letter from a mercantile house, in London, of the first class, and have been permitted to make the following extract. The letter is dated March 12, 1845. •« I have very strong hope that your Colony will soon be improying, notwithstanding all the disadvantages it has to contend with. ' It has always appeared to me to be the greatest folly for men to pay large sums of money to a Company here for their land, when it might be used to so much better advantage in the Colony ; but this infatuation has had its day, and the New Zealand Company now " sing small." They are trying to kick hard at 'your worthy Governor, but I suspect it is a dying ktek. If you can only manage to get some good articles of export, I have every hope of your Colony. Sydney has done gloriously this last year with her exports ; wool, oil, tallow, and whalebone have yielded moit famous profit, and I should like nothing better than a decent cargo of either from your Colony. Ihe woollen trade here has been very flourishing, and nothing but New South Wales* wools go down. Their tallow is also much more in 'estimation than Russian, and has sold at' excellent prices. Scarcely any Spanish wool is now imported, and Russian tallow is almost a drug. These valuable exports must restore the Colony at Sydney, and they now promise fair to be a staple article in the imports of this country ; and I sincerely hope that your Colony will soon have a regular export trade, which will be far better than paying money here for land to be found — it is hard to say where."