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New Zealand Times, Volume XXXI, Issue 4783, 21 July 1876, Page 2

Op the Counties Bill and the Provincial Abolition Financial Arrangements Bill the Canterbury Press says :—“ The Bills are creditable productions. They show that a considerable amount of care has been bestowed upon the subject, and they faithfully carry out the previously expressed views of the Government. On the latter point some of our contemporaries seemed to have expected a contrary result. When the Assembly met and the Government measures were not introduced at once, it was hinted that Ministers had a motive for withholding them. Sir J. Vogel, so ran the story, was purposely keeping them back until he could have opportunities of ascertaining the feeling of the House, and of adapting his policy to whatever he might find to be the prevailing sentiment. But this report, like many others circulated by the Opposition, turned out to be the veriest canard. Any notion of the kind is effectually contradicted by an inspection of the Bills. -In principle, and even in many of the small details, they exactly conform to the sketch presented to the country by Sir J. Vogel in his speech at Wanganui. Whatever may be thought of them on other grounds, Ministers can fairly claim credit for them as their own conception and handiwork, and as a bona fide attempt at leadership.”

During the quarter ended 30th June, 1876, there was exported from the colony 69,9580z5. of gold, valued at £278,270. The total quantity of gold exported since the Ist April, 1857, was 8,108,5290z5., valued at £31,593,579. For the half year ended 30th June last, there were exported 153,2340z5., valued at £608,793. The figures for the corresponding half year in 1875 were 176,6390z5„ valued at £704,393. The exports of gold from the different provinces were :—Auckland, first half year in 1876, 25,8260z5., valued at £99,962 ; first half year in 1875, 29,5930z5.; valued at £114,769 ; Marlborough, 4500z5,, valued at £1796, and 6910z5., valued at £2756 ; Nelson, 35,8350z5., valued at £142,633, and 46,5220z5., valued at £185,880 ; Westland, 27,0720z5., valued at £108,289, and 36,0500z5., valued at £144,201 ; Otago, 64,0510z5., valued at £256,103, and 63,7830z5., valued at £256,7770z5. It will be seen that Otago alone shows an increase. The following railway returns have boen published for the four weeks ending 30th June last : —Kaipara to Riverhead railway ; Passengers, parcels, &c., £77 2s. 6d.; goods, £162 15s. Sd. Total, £239 17s. lid.—Auckland to Mercer railway : Passengers, parcels, &c., £730 13s. lOd.; goods, £607 6s. 3d. Total, £1338 os. Id. —-Waitara to Now Plymouth railway : Passengers, parcels, &0., £l2B ss. lid.; goods, £39 19s. 2d. Total, £l6B ss; Id.—Napier to Waipukurau railway: Passengers, parcels, &c., £492 10s. 3d.; goods, £543 9s. 3d. Total, £1036 19s. 6d.—Pioton to Blenheim railway : Passengers, parcels, &c., £135 lssd.; goods, £199 2s. 3d. Total, £334 3s. Bd.—Brunner to Greymouth railway : Passengers, parcels, &c.,

£45 7s. 9d.; goods, £34 14s. Total, £BO Is. —Nelson to Foxhill railway : Passengers, parcels, &c., £125 9s. Bd.; goods, £43 Bs. 7d. Total, £l6B 12. 3d. Some people will stoop to anything in order to advocate a cause, Last night a comparison was published between the expenses of Mr. Cave’s recent mission to Egypt, under the instruction of the British Government, and the expenses of Sir Julius Vogel during his recent absence on the four million loan negotiation. There was in this comparison a suppression of the truth as unfair as it was clumsy. Mr. Cave’s trip to Egypt only lasted over a few weeks, and in point of travelling facility was easier of accomplishment than a journey from Wellington to Melbourne and back. Sir Julius Vogel was eighteen months away, and had to travel round the world. It is quite comprehensible that this should cost more than going from London to Cairo for a week or two and returning. Besides which, if we mistake not, Mr. Cave’s expenses as paid by Great Britain were supplementary to a sum paid by the Khedive for the maintenance of himself and retinue whilst in Egypt.

The Economist argues that the depreciation of silver as compared with that of gold, although a troublesome burden, is not an evil of the first magnitude, or at all likely to produce the disastrous effects on English commerce especially which we sometimes see expected from it. The silver prices of all articles must gradually and slowly be raised all through the silver countries, and the rise will be effected the most quickly in those countries which have moat share in the commerce of the world, and which export and import most. Take the case of India at this time. The depreciation of silver in London is an encouragement to English capitalists to buy oommodotiea—jute, cotton, indigo, or whatever it may be—in India. Such commodities are sold in rupees—that is, in silver—in the Calcutta market. Now, an English capitalist must first buy his rupees—for this is the real result of the more complex exchange transactions—before he can obtain these commodities. The cheaper, therefore, he can buy such rupees the better his operation. Supposing an order to buy at a given hour in the Calcutta market to yield neither profit nor loss when rupees were at 25., it might yield a good profit if the rupee feU to ,Is. Bd., because then the gold of the English capitalist would go so much further in the purchase of them. The very contrary arises in the case of English exports to India. The English exporter of these is paid in rupees at Calcutta and Bombay, and these rupees, when he brings them home to London, are worth (say) a sixth less than they used to be, and, therefore, he has a steady and certain motive not to export as much as he used to do. And the sure result of these two changes, of the discouragement of exports to India and of an encouragement of imports from India, is a flow of silver from hence thither, which must ultimately raise the general standard of prices there. No doubt it is true that during the process of depreciation our general export trade to some countries will be under a disadvantage. We shall export to them silver instead of goods ; but, on the other hand, certain other branches of our foreign trade will be augmented.