New Zealand Spectator, AND COOK'S STRAIT GUARDIAN. Wednesday, June 30, 1847.

New Zealand Spectator and Cook's Strait Guardian, Volume III, Issue 200, 30 June 1847, Page 2

New Zealand Spectator, AND COOK'S STRAIT GUARDIAN. Wednesday, June 30, 1847.

A very important consideration connected with the forthcoming changes in the Government of this colony is the final disposal of the deht incurred hy Captain Fitzroy's unauthorized issue of Debentures. According to the last printed official return on this subject whicb we have seen, dated 27th October 1846, the total amount owing by the Local Government on Debentures was £28,818:8:2 This sum may be divided into three heads : debentures on which no interest is paid amounting to £589 :10 : 0 ; those bearing interest at 5 per cent. £8150 : 11 :5; and those bearing interest at 8 per cent. £20,078 : 6 :9. The interest payable on these Debentures amounts to £2000 per annum; a considerable item which is defrayed out of the annual revenue collected in the colony. The question naturally arises what is to be done with this debt ? Do the British Government intend to discharge it, or is it eventually to be paid by the colonists ? If the question be decided according to its merits, two words need hardly be said on the subject. It is admitted that this \ debt was incurred by Captain Fitzroy contrary to the express instructions he had received, and his disobedience was the occasion of his immediate recall. The principal part of this debt was incurred in his attempt to ; suppress the rebellion of Heki in the North, and in the payment of the salaries of Government Officials ; a very inconsiderable portion, if indeed any, of it was expended in the Southern settlements. The settlers therefore cannot in common reason or justice be expected to pay a debt which they had no pai't in incurring, against which at the time they strongly protested and which never would have been sanctioned by any Legislative Assembly in which they had been fairly represented. The Debentures have been a grievous tax to the settlers ; while in circulation they disarranged the currency of the settlement, and on finally getting rid of this depreciated paper the holders of them lost from ten to twenty per cent, of their nominal value. The present appears to be a favourable opportunity for bringing forward this subject. If it were now to be quietly passed over without notice, not only the interest but perhaps the principal will be placed to the account of the colony, and eventually be paid from the revenue collected in these islands. But if a timely remonstrance be made at the present juncture, the Government might be induced to consider the matter," and discharge the obligation. Already the payment of the interest is more than ought in fairness to have been expected from us, and now that the projected arrangements appear likely materially to increase the expense of Government, it becomes more than ever necessary to guard against any tendency to increase the burthen of taxation, especially where so much remains to be done in making roads and other local improvements. But on this head we may observe, that if it was previously thought expedient to defray a portion of the annual expense of the Local Government by- a Parliamentary Grant ; it must be considered equally necessary to increase the amount of that Grant, to provide for the changes made by the new Charter, in the government of the colony.

Wk understand that his Excellency has given directions for a new road to he made from the Hutt road to the Waiwetu district.

This will prove a very great convenience to the Waiwetu settlers, who have hitherto been obliged to bring down their produce in canoes and punts to the mouth of the river ; a practice that is always attended with a certain degree of risk, and has been the occasion of several accidents. The precise direction of the new road is not yet determined upon.

Mondat being the anniversary of her Majesty's Coronation a royal salute was fired by H. M. Ships Calliope and Racehorse in honor of the occasion.

Last Friday some malicious person wounded with an axe a valuable mare belonging to Mr. Suisted, which was in the care of Mr. Watt in the Hutt district. A reward of £20 has been offered for the discovery of the offender.

It has been suggested that if the Public Reserve at Te Aro, intended as the site of a Market, were properly inclosed, it would be found very convenient for the sales by auction of stock, which frequently occur throughout the year. We are informed that several persons have offered to subscribe for the furtherance of ibis object.