The Evening Star. PUBLISHED DAILY AT FOUR P.M. Ressurexi. MONDAY, JUNE 10, 1878.

Thames Star, Volume VIII, Issue 2907, 10 June 1878, Page 2

The Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Ressurexi. MONDAY, JUNE 10, 1878.

The remarkable success which has characterised the floating of the three and a half million loan—New Zealand's latest borrowing effort — has been ascribed to various causes, and we are glad to perceive that the most influential sections of the public Press are in unison in giving Sir Julius Vogel, Agent-General* credit for having largely contributed to this success. Some of the papers, which have no very decided opinions on any but purely local questions, have said that the successful placing of the loan is mainly due to the excellent understanding arrived at by the Premier in his late interview with the Kingite3. We are inclined to doubt this. The capitalists of Great Britain know so very little of the nature of our relations with the Kingites that a corrobboree is neither here nor there: it is decidedly so-so. But they have a lively appreciation of the stability of the British Empire, and when they sec a flourishing Colony—an integral part of that Empire—spending its millions in building railways ; with a vast landed estate and unbounded mineral resources to give in security for advances, the British capitalists are not unwilling to part with their money. They are beginning to see that moderate interest secured and punctually paid, and a feasible guarantee of getting back their principal, are better than speculations on Turkish and Egyptian bonds, with an uncertain interest and a prospect of repudiation. The. plethora of English capital, and the preference for Colonial instead of European securities, are. beginning to tell; and while we may accord every credit to Sir Julius Vogel for his timely article on New Zealand and its resources, and the goodfeeling created by Sir George Grey's diplomacy with the King Natives, we cannot overlook the fact that the placing of the loan was in a measure due to the renewed confidence of capitalists in Colonial investments: Sir Julius Yogel, it must be remembered, has had a great deal to do with bringing this about. He it was who conceived and carried out the inscription of stock, and so placed Colonial securities on an equal footing with the more fashionable monetary investments of the -London market; and Sir Julius has further placed New Zealand under obligations by exercising his pen in setting forth the Colony's immense natural resources. We believe that the present Government will feel constrained to admit that the Colony is greatly indebted to the much abused Agent-General.