THE SOUTH SEA TRADE.

Samoa Times and South Sea Gazette, Volume 3, Issue 135, 1 May 1880, Page 3

THE SOUTH SEA TRADE.

DESPATCH FROM SIR JULIUS YOGEL. Wellington, Thursday. The following dospatch has been received by tho Hon. Premier from the Agent-General: bers, London, S.W., 27ch January, 1880. Sir, I enclose to you a translation of the German prospectus for tho establishment 0 f a company likely to exercise great influence in future throughout tho South Pacific The primary object of the company is to take over the assets of the company formed by Messrs. Goddefroi, but inasmuch as its capital is to be largely in excess of what is sufficient .for that rttrpose, with an almost indefinite power to increase, its objects are presumably of a much more extensive description than thoso of tho company it supersedes. Its title is a very wide one, ' The German Maritime Trading Company.' Its objeot is stated to be ' Transatlantic trade purchase and working of factories, mills, and plantations, particularly in the South Sea Islands.' Prince Bismarck considers the company to have an importance of so high a national character that he has undertaken to procure for it a guaranteed minimum rate of dividend to the shareholders. It will be iu your recollection that, iu 1874, I strongly urged the expediency of New Zealand encouraging, l>y a guarantee, a similar company. I greatly regret that the proposal did not meet with sufficient encouragement to induce th • Government ti pr< s>r\ o e with is. Wo had very much opposition at the time to contend with. The opponents of the proposal freely stigmatised it as a .(•viva! of the South Sea bubble. Now, that I read the papers again, 1 am more than ever convinced of die soundness of tho proposal. Tho German company is formed on similar lines', but with almost unlimited powers. If it can suit Germany—so averse to colonising operations to attachsto to such a company a national importance, and to assign to it a guarantee, it need scarcely be added that New Zealand has tenfold inducements to a similar course. The South Sea Islands arc a remote incident of German commerce, but they are probably destined to beja leading exterior feature for we d ■or woe of Xew Zealand's future. Siie cannot afford to continue indWerent to the destiny of Polynesia; and tho hmjcy she remains so the more onerous will be the task when she awakens to the consciousness that nations ami dependencies of nations cannot escape the responsibilities entailed upon them. By geographical and natural laws, New Zeal,mil from its position is tho country possessing a climate to which Polynesia should, and must in future, attach the most importance. 1 trust these remarks will not be thought out of place from one who lias taken so much interest on the subject. 1 venture to ask that immediate publicity be given to this despatch, because I think ■the'people of New Zealand should without delay ponder on what may bo to position "in its hnme.liate vieinitv. We fifcel of a large foreign trading company, ■unpolled by national funds, taking up lishall say what may be tiio limits of th ambition of the company, and to what extent il may be abb' to drag its Government, reluctantly perhaps, into backing up its actions iu self-defecnco ? It seemto me New Zealand should proceed with the project commended in 187-1. State .assistance is of great importance to such an undertaking, because though in the long run the enterprise would meet with •commercial sucoess, it might for some tiinebave tosulinrdinntesuch-Moqesstotho object of laying its foundations broad ami deep. The trade would bring to New Zealand industries in tho shape of mills and factories it would establish. These must also,bo taken into acount. it is worthy of notice that the extent of the risk of the German Government is only £15,000 for twenty years, although the guarantee is for 4.\ per cent. The actual extent to which the gains of the company are to be supplemented is limit"]' to ,'s' per cent., or ±15,000 a-year, or half a-tnillion sterling. With this comparatively trilling encouragement, shares were subscribed for twice over, and a great national enterprise started.-I ha ve.&c., Julius Vogel, Agent-General." Referring to the above, the New Zealand Herald of 2nd April says:—"We publish to-day a despatch from Sir Julius Yogel in regard to the new German company, formed under Imparinl auspices, to carry on and extend the trade formerly managed by the Messrs. Goddefroi. Sir Julius roforato his South Sea Sc.heme,_ regrets that it was not gone on with, and bints at the effect which a large company, backed by a powerful Government, may have in these seas. Probably it is a pity that the South Sea scheme was not tested. We have always considered that Auckland should be the mart and emporium of tho multitudinous islands of the South Pacifis, and that the colony and oven tiio homo Government, should have assisted to this end. The English Government have committed a fatal error in consenting to the establishment of a penal ■oolony by France in these error ■which may yotload to estrangement and ill feeling between tho colouies and the mother oouutsy. It would also have been quite au ■easy matter for England, ou the vantage ground of these colonies, and by moanß of their aid, to havo drawn all the oomuioreo of the Pacilic to herself ami hoi' donnodeneics. Porhapß it may not ho too iatu even for something to bo done,