New Zealand Times. (PUBLISHED DAILY.) TUESDAY, JULY 20, 1875.

New Zealand Times, Volume XXX, Issue 4472, 20 July 1875, Page 2

New Zealand Times. (PUBLISHED DAILY.) TUESDAY, JULY 20, 1875.

As the General Assembly will be formally opened to-day for despatch of business, it may not be out of place to allude once more to the much-talked-of, and much misunderstood operation, of floating the four million loan. The canard manufacturers have given currency to so many stories on the subject, that a little wholesome truth now and then must be acceptable to the country. When the mail arrived containing particulars of the negotiation, we went into details, showing that the transaction was an exceedingly good one, under the circumstances, for the colony. Since then, we explained the hostility of the notorious black-mail-ing ring who control the London Stock Exchange, and corroborative testimony from Sir James Feequsson and Mr. Studholme has likewise been published in the colony. AVe aro in a position to add to this cumulative evidence a very strong opinion from a trustworthy and independent source in the City, received by last Californian mail. It is under date London, June Ist, and the passage from which we quote runs as follows ; “Vogel’s sale of the four million loan “ was most successful, and the more “ credit is due to him as he had to carry “ it against the dead weight of the Crown “ Agents. In their case it was ‘ great is “ ‘ Diana of the Ephesians and to get a “ paltry commission they would have “ sacrificed the best interests of New “ Zealand,, and have kept the colony tied “ to their apron-strings, doling out half “a million at a time, thus preventing “ your agents going elsewhere. And if “ Vogel had not been here the loan ‘ ‘ would not have been negotiated.”

This is a strong statement, and we vouch for its general accuracy. The writer is thoroughly conversant with financial operations, and knows what is going on in the City in reference to colonial loans. His testimony may therefore be accepted as valid upon all points. Indeed, if wo do not greatly mistake the nature of the correspondence that will be laid before Parliament, the attitude of the Crown Agents towards New Zealand will not appear to their advantage. It is fortunate, however, that the colony has been taken out of their hands, and that it has now a chance in the open market, the Stock Exchange ring and Crown Agents notwithstanding. ,