VAN DIEMAN'S LAND INTELLIGENCE.

New Zealand Colonist and Port Nicholson Advertiser, Volume I, Issue 14, 16 September 1842, Page 4

VAN DIEMAN'S LAND INTELLIGENCE.

Through the kindness of the Captain of the brig Tobago, we have received the Hobart Toivn Advertiser of date the 26th ultimo. We regret to observe that our friends in Van Dieman’s Land do not appear to be in a much more prosperous condition than ourselves. His Excellency the Lieutenant Governor had opened the Legislative Council on the 24th August. We make the following extract from the leading article of tlie Advertiser, shewing causes to which tlie general depression was to be attributed. In directing the attention of its readers to the opening speech of Sir John Frankling it states, that there is to be found in it much subject of congratulation, that it is plain, straightforward, and statesman-like, and that, without shirking tlie difficulties to be met, it docs not dwell too long on them to dispirit the colonists, but while clearly yet consiselv pointing out the consequences, it as clearly declares what arc the remedies lie intends to apply. The article goes on to state — We have never seen the causes of depression stated more fully, yet in fewer words. The large purchases of land at Port Phillip with Tasmanian capital. The large importations of stock from that country, and of course the money sent out of this. Three consecutive bad seasons. General want of confidence in money matters in the Australian colonies generally, and The purchase of crown lands, with borrowed, not imported or realised capital. Such are the causes of depression. The consequences are that crown lands have not been lately purchased to any extent. That the supply of free labour must he circumscribed for the present. And that our monetary system has r< ached a crisis which, if not remedied, must be most injurious to the interests of the colony. Under such circumstances, sufficient to discourage the most sanguine, Sir John Franklin has stepped forward and announced his intention of applying such remedies as may best meet them, more efficient than could have been expected, and if not perfectly adequate to the evils they have to remedy, this is only to be accounted for by the ruinous extent of that evil. The want of free labour will be supplied by a modified system <>f assignment from the probation men— a measure the best calculated to prevent the inc< »nveniences that would otherwise arise from the short supply of labour, hut one; requiring .no small degree of moral courage to carry into effect, when the opinions entertained in England arc considered. In fact, it must, to those well acquainted with the subject, he considered a boon granted to the colonies, at such a vast expense of personal responsibility, as few would have the moral courage to undertake, and which calls for the heartfelt admiration and gratitude of the whole colony. In his indeavours to relieve the monetary depression he has been assisted by the voluntary proposition of one of our principal hankers, who, with a clearness of judgment that does much credit to his understanding, saw that the time was past for the present system of high discounts, and interests of deposits. The offer of Mr. Dunn, which has been acceded to by the Governor, was an example to the other banks, which tliey speedily followed. The effects have extended farther—and the Derwent Bank, the great mortgagee of tlie colony, has announced its intention of reducing the mortgage to 10 per cent.

Such are the two principal topics to which we request attention. The extension of the Court of Requests’ bill is a third, a measure imperatively called for to destroy the legal exactions on small debts, and which will reduce the expense of recovering a debt of £3O to that of the first expense on the same debt in the Supreme Court, the mere issue of a summons. The banks have now acknowledged that 8 per cent, is the full value of money. All that remains is to prevent them from a relapse, and to compel others to come into the same liberal view of the question. To effect this, we understand that a petition will he presented to Sir John Franklin to fix the maximum rate of interest, or in plain terms, to bring into operation the law of England with respect to usury, with such modifications as shall fit to the circumstance of the colony. ' The rescinding this law was an iniquitous and presumptious assumption of authority, and has been attended with the most fatal consequences. The return to the laws of our fathers and our country would mark this session as having conferred the greatest boon on Van Diemen s Land. Already has the announcement, that the banks will lower their discounts, that the interest of money must follow, had its effect.

At the sale by the Auction Company, on Wednesday, the day after we had publicly announced the fact, stock rose at least 35 per cent, upon their former prices. We shall add no comment; the thing speaks for itself. The Collector of Customs laid on the table a bill for the admission of articles of New Zealand production duty free, which was read a first time.