POLITICAL—GENERAL.

Southland Times, Issue 875, 3 January 1868, Page 3

POLITIC AL—GENERAL.

The General Assembly being in recess, the political sea is more than usually tranquil. Still, the work of consolidation is steadily progressing. The Centralising policy of the Staitobb Ministry is rapidly gaining ground, and there is every probability that before anotlier session opens a majority of the provinces will have elected to abandon the provincial system and combine to make New Zealand one strong and united colony. The war may now be considered at an end. The last and most determined of the leaders of the native rebellion — the Kingites — have tendered their allegiance to the Crown, and express a desire to bury the hatchet and be present on the occasion of the reception of H.R.H. the Duke of | Edinburgh upon his arrival at Auckland. The recall of Sir Geoege G-eey at the very time when his presence was most required has caused much dissatisfaction. Whatever may have been his mistakes or shortcomings, he has the confidence of the people, both native and European. It is a universal feeling that he was entitled to the honor of conducting j PaiNCE Alfred through the colony in which his best years and energies have been spent — a colony that owes a deep debt of gratitude to him for the statesmanlike conduct he has displayed during the long period of his governorship of a colony that is perhaps the most difficult to govern of all the British colonial dependences. Mr Fitzhebbebt, the late ex-Colonial Treasurer, has left for England as Agent for New Zealand ;• his chief mission being to negotiate a loan of seven millions. This amount may to the casual reader appear extremely large, but if understood, it does not. It is not entirely anew loan. Under the provincial system numerous loans were effected, and provincial bonds issued. These, combined with the General Government loans, amounted to nearly the sum now sought to be raised. It has long been felt that the issuing of these provincial debentures had a tendency to undermine the credit of the colony in the Home market. During the last session of the General Assembly it was determined to consolidate the loans and make all provincial bonds colonial script. It is, therefore, not a new loan, but simply one to buy up the fragmentary bonds now afloat. There can be no question as to the wisdom of this policy. English bond* holders of provincial paper will be enabled to exchange it for colonial script, and confidence will be restored. On the whole it may be affirmed that the legislation of the last session "will prove of a most beneficial character. •