New Zealand Times. (PUBLISHED DAILY.) SATURDAY, APRIL 7, 1877.

New Zealand Times, Volume XXXII, Issue 5004, 7 April 1877, Page 2

New Zealand Times. (PUBLISHED DAILY.) SATURDAY, APRIL 7, 1877.

With peace on the Continent the trade of England and her dependencies has during the past few years taken enormous strides. Commerce has filled her sails, and if ever a nation could say that she has been specially blest with good fortune it is Great Britain. From the close of the Crimean war to the present time statistics show the wonderful increase in her material wealth. This may be in some measure due to her free trade policy, and the rapid development of her colonial resources, but above all it is owing to the fact that there has been peace between her and her neighbors. Peace still prevails, but there are rumors of war, and these rumors are exercising a temporarily depressing effect on commerce. The check to the consumption of wool which has caused a heavy fall in prices is no doubt attributable, as stated in our issue of Tuesday, from the report of a leading mercantile firm at Homo, to the unsettled feeling which still prevails in consequence of the failure of the Powers to settle the Turkish question upon a satisfactory basis. Were this vexed question set at rest the market for our staple commodity would soon rise; and considering the vast importance to the country that the wool trade is, it is most devoutly to be hoped that the next intelligence from Home will be to the effect that all danger of a European war is at an end.

There appear to be two parties at Home, who regard the great Eastern question from very opposite points of view. One says Turkey is a barbarous nation, that ought to be swept off the face of the earth; and we are told that Earl Russell has given notice in the House of Lords that he will move that England shall discontinue all diplomatic intercourse with the Porte, on the ground that Turkey is unworthy to rank among the enlightened peoples of Europe. The other party says that whether Turkey is barbarous or not, the fact remains that her independence is necessary to preserve the balance of power in Europe, and for this end the blood of the English and French was freely shed in the Crimea. It is urged in support of this view of the matter that Russia has never really abandoned her hereditary policy of getting hold of Constantinople and threatening our Indian possessions. She professes friendship, yet is preparing for war on a gigantic sale; but so long as Turkish independence is preserved, so say. the supporters of this theory, Russia is checkmated. We at this distance cannot so well judge of the situation as those closer to the spot, but we do feel how depressing an effect the present uncertainty has upon one of our chief articles of export, and devoutly hope that the crisis in Europe will be satisfactorily tided over, and that a firm and lasting peace may succeed it. There are some people, we believe, who hold the doctrine that war is good for business, and they point out that during the late American war wool rose in price. This was an exceptional case. The war had a direct effect upon the cotton market, and wool was largely used in its place, but had the cotton element been absent from the surrounding circumstances the result would have been very different. From the most selfish motives, therefore, as well as those of the highest humanity, the aspirations of all wellwishers of this country should be for peace. In times of war a few large army and navy contractors at Home may make immense fortunes, but trade and commerce will be crippled, and these colonies will be amongst the sufferers. The present English Ministry seem most desirous to preserve peace, and so do the Gladstone party, however much they may differ in the way they each set about attaining it. •If there is to be a great fight between the supporters of the Crescent and the Cross England will doubtless, if possible, strive to keep clear of it; but that the situation is critical every one must admit. It seems probable that Russia is not as yet quite prepared to go to war, but is biding her time, and waiting for a more favorable opportunity, when she will be better able to bring her might to bear upon the “sick man” whose health she has been watching for a long time with an unfavoring eye.; Gn the other hand, her professions of a desire for permanent peace may be sincere. Whatever may be the result, however, theleading nations of Europe are evidently so increasing their armanents as to be well prepared for war should it come. We trust it may not; but should the star of peace depart for a time from Europe, we trust it will soon return, and we have little doubt that the trade and commerce of England, especially as connected with these colonies, will be as flourishing as ever, and, indeed, attain far greater dimensions than have yet been reached. Whatever depression wars and rumors of wars may cause us here, can only be of a temporary character. . ;