Sir Julius Vogel's Last Official Despatch.

Thames Star, Volume XII, Issue 3886, 13 June 1881, Page 2

Sir Julius Vogel's Last Official Despatch.

[By Telegbaph.]

WELLINGTON. Thursday. An important despatch from Sir Julius Vogel was laid upon the table to-day. After referring at length to the circumstance of raising the five million loan and the inscription, he expresses a doubt whether the five per cent, debentures would have realised even 92 without the inscription proviso of which he was the originator. He says :—" All conversions of high rate of interest stocks to stocks bearing lower rates of interest have a tendency to success in the London markets, because investors are willing to give relatively higher rates for securities which, being at a discount, have apparently better prospects of increased value than premium securities, which must be paid off at a par sooner or later." He quotes Mr Hall's admission that he (Sir Julius Vogel) was " holding office for the convenience of the Government," and points out that had he not trusted to the Government to do him justice, he might have secured himself as Sir Penrose Julyan did. After remarking that Sir P. Julyan's services were necessary to raising the loan, as retirement of his name would have been attended with very evil consequences, Sir Julius Vogel proceeds, " Without egotism, I may say my services were also essential to the Government. If, at the date (November 10th, 1879) of your telegram, when to use your own words, I was holding office for the convenience of the Government, I had declined to hold office unlss the terms were fixed for my remuneration with reference to the loan, there can be no doubt the Government would have agreed to such terms, for they could not have done without my services in floating the loan. With the awful consequences of the failure before Government they then would have thought little enough of according me the extra remuneration of one-eighth per cent. I was, however, content to leave myself entirely in the hands of the Government, and I am now told my services were remunerated by my. salary as Agent-General, as such salary covered the services in respect of loans performed by my predecessor. If I had then had before me the prospect of holding the appointment some years, or if the services of my predecessors in regard to loans had been at all similar, there might be some force in the contention, but my AgentGeneral days were virtually numbered, and the services I rendered as to loans were such as I believe no other AgentGeneral has done. When it is considered that it was entirely owing to my untiring efforts in carrying the Inscribed Stock Acts, and to the statement which I prepared as to the position and prospects of the colony, and the Government were able to attract subscriptions and float a loan of such magnitude, and when it is considered that I receive less for my four years' services as Agent-General, including the work of the loan, than the other agents received as Commission on loan only, can it be wondered at that I feel I have not had justice done me P I cannot believe the Government have had these considerations fairly before them, and I feel it a duty to myself to place them on record. I may, I think, be excused for saying that my case is not an ordinary one. I am retiring from the Government service, not through any fault of my own, but in honorable fulfilment of engagements )known to {members of the Government at the time they were contracted, and not then objected to. I shall have completed eleven years of service of j a most arduous description, during which I have held the highest offices, and have had to make three voyages to England. The best years of my lite and my health have been sacrificed to the colony, and I retire without pension and without recompense, beyond the ordinary payment incidental to the offices I hav*e held, and the actual expenses connected therewith. I have had, however, the happiness of witnessing during these years such development of the resources of the colony, and such advance in the prosperity of its inhabitants as have taken place in no other colony, and I refer with just pride to the important legislation I have had the.honor of assisting to promote, and especially to those measures I which bad the good fortune to originate." Sir Julius Vogel then refers to the continued friendship of his former comrades in Parliament, and says : —" Ido not despair that ere loog a mote generous view will be taken of the services I honestly believe I have rendered to the colony than is at present entertained ; and I look forward with hope that, quite independently of all party views, there will be some recognition of those services with the full concurrence of both parties in the House, and of the colony generally." TRUNK LINES FOE THE NORTH ISLAND. " In this, my farewell official coinmuni. cation to New Zealand, I hardly know if I am justified in the observation I am about to make. If I excoed proper limit in doing so, I hope the conscientious j feeling under which I labor may be held to excuse me. I wish most solemnly to place on record that bat for the consent of the whole colony, the railway and immigration policy could not have been pursued, that that consent was obtained on the fundamental condition that there should be a trunk line through both islands, and that justice requires from the statesmen of New Zealand the fulfilment of the obligation. Let mo add that though I cease to be officially connected with the colony no actions throughout my life will give me greater pleasure than those which enable me to be of service to New Zealand in every way in my power." Mr Hall, in reply, contends that Sir J. Vogel might have continued to be Agent-General if he had resigned the direction of the Agricultural Company, and while acknowledging Sir J. Vogel's public services, feels it his duty, in justice to the colonists, to express the opinion that, in recognising those services, they had uot been either

ungrateful or ungenerous towards him. Regarding the obligation to construct a trunk railway, Mr Hall says he feels assured that Parliament^will make provision as soon as prudent statesmanship and justice to all parts of the colony warrant that proceeding. There is also a cablegram from Sir F. D. Bell that Sir Julius Vogel claims a month's paygfor each year of service, and a reply from Mr Hall that the law doos not permit this, as Sir J. Yog el voluntarily resigned.