REFLECTIONS ON ITS OWN RETROSPECT. [From the Times, 3rd January.]

New Zealander, Volume 4, Issue 314, 2 June 1849, Page 3

REFLECTIONS ON ITS OWN RETROSPECT. [From the Times, 3rd January.]

Thb retrospect which we presented on Monday of the commercial vicissitudes of the last eventiul year, is so buggeitive of useful and even encouraging reflections, that we select one or two of iti moit conspicuous points, net only for a more particular illustration, but in order to recall the entire summary to the reader's memory. The year 1848 opened gloomily enough. The Continent, it is true, was apparently tranquil. — The dipl ma tic combats in one peninsular, «nd the Liberal movement! in another, threatened no very serious influence upon European prosperity, nor was the calm of the political horizon actually dibturbed in any quarter, excepting ti.e insular dominions of the Neapolitan Sovereign. Ytt, notwitstandmg this absence of any definite or palpable portent, nmgiviugs of the future were serious in the extreme. The cr tical state of Ireland— all extrinsic impulse apart — the discovered rottenness of m»ny parts of our commercial system, the known deficiency in the revenue, the experience of one famine, and apprehension of a second, were circumsufficient under an ordinary aspect of political affairs to induce gloom and mistrust in abundance. Well indeed is it that the future is concealed from our view. Could the revolutions ot Europe have been then prognosticated, what would have been the sentiments of those who, even as things stood, were inclined to despair ot the coming year ? And what would have betn thought of the audacious prophet who should have foreto'd that, after the accomplishment of the Irish rebellion, uuder auspices unusually promising to democratic madness, and after the revolutionaiy con vulsiou 9 i the whole continent, from Pwiito Palermo,

the year 1849 would commence with the constitution and credit of our country more immovably established than ever, and with Consols «t 4 per cent, above their opening price in the year 1848 ? What we wish now particularly to point out to the reader is the extent to which, humanly «peakingr, the national prosperity ha«"heen demonstrßted to depend upon ourselves. Far beyond any presumption* hitherto « arrantablp, may our fortunes be now considered in our own hand?, at a tingle comprehensive glance at the political register will speedily ihowr. In the month of January last year, Consols opened at 85, and in the absence of what had been dreaded rathe* than under the influence of anything de»ired, crept steadily up to 90. Then came the French Revolution, an event which was matked by an instantaneous fall of nearly 10 per cent. Bat the panic thus symbo'izeJ was surely par. donable, and it proved only momentary Considering the recollections attached to a proclamation of a French Republic, the Miock wai nothing race than natural, and the prompt anil permanent restoration of confiJenze was a circumstance far more remarkable in itself than the tf nor which preceded it. The danger of the attack p-s ed away alrooit with its first impressions, and after tba f , no etent in a seiies of unputalleled catastrophe* had power to affect our political barometer in any degree equal to the influence ptoduccd by the prudence or temerity of our own nntional course. It is to this contrast between the cff.ets of European frenzy, and the consequence of British folly that we especially wish to direct attention. Though the fluctuations in the funds caused by the first revolutionary thunderbolt which burst upon our protracted dream of peace, equalled or exceeded that which was recorded at the most critical periods of the last g i eat war, it was altogether surpassed by the derangement which had previou-ly resulted from our own unbridled rupidity. Nether the Robespierre Convention, nor Hoche'a expedition to Ireland, nor the cannon of Waterloo, produced «uch dislocation of credit or such a paralysis of trade as followed upon our own insanity in setting about to expend the whole iuome of thiee years together upon the leatt necessary portion of the re. quiremrnts of one. The tin ncial consequences of the railroad mania were 50 per cent, moie serious than the financial consequences of a twtlvemonth of revolutions. As the year wore on the principe thus disclosed was still more plainly confirmed. European canvul ions affected us less n 1 less ; domestic decisions more and more. Our fortunes clearly rested with our elves, and it was soon evident that, as regarded the main points, they were iv good hands. Even on our own particular day of trial scarcely any unsteadiness was visible, and a quiet rise of 1 per cent, was all by which the sobriety of English judgment permitted the eleventh of April to be marked. The report of the Union Bank of Calcutta proved a more important announcement than the King of Sardinia's proclamation of war, and a reduction of discount by the Bank of England overbalanced the most signal votes of the French Assembly. The'brief hour of credit which was obtained on the 27th of July for the predicted ascendancy of riot ami revolutioH in Ireland produced even in its sudden and abrupt operation, less effect than followed upon an overeat atmosphere in the hurve-it month ; and at last, so completely had we learnt to look at home for our hopes and fears, that the abdication of the riot crowned Head cf continental Europe, the flUht of its elder t and most venerable Sovereigns, and the proclamation of its second capital as iv a state of siege, were absolutely without any perceptible effect whatever on the now calluus and impass.ve temper of the Exchange. The moral to be drawn from these curious records is prominent enough. Wa have but to be ti ue to ourselve 1 . The experience of a year unlikely to be purarelleled as a touchstone of national stabi ity has abundantly proved that nothing but our own madness cfan impede our progress detpite the suicidal revolutious of neighbouring states. Within the last six weeks trade has improved in our northern districts, Consols have advanced, money has become abun.lant, and ibe Bank stores have increased, although three European c«pi tali out of four were in a »tite either of anarchy or 6iege, and although an electoral revolution in France wa-> described as portending both civil and foreign war. If we are but wise, our gain upon the year will be far greater than our lo«s. Our system of commerce has been purified, our system of currency tested, and a spirit of legitimate enterprise substituted for an unnatural frenzy of speculation, We are fortunate, not only in cheer. ng prospects of trade, but in tie far more precious acquisition of a temper to estimate and improve them pro; erly. The former advantage is one which any year might bring with it ; the litter, one which could only follow upon the trials of such a year as the last.