THE Wairarapa Mercury. MONDAY, JULY 29, 1867. TOWN EDITION. THE ENGLISH MAIL.

Wairarapa Standard, Volume I, Issue 30, 29 July 1867, Page 2

THE Wairarapa Mercury. MONDAY, JULY 29, 1867. TOWN EDITION. THE ENGLISH MAIL.

By it we have telegrams to the 14th June. The news is generally favorable to the peace of the .world, Mexico excepted. Poor Maximilian has been caught and is threatened with death by a savage., We hope the gallant gentleman, for such he has proved, will get better terms. If he. do not the Mexicans will finfi at no distant date that the follcs of the United States will turn the murder to their .own advantage without the civilised world wishing them anything but the fullest success. For Mexico there will bo no peace until under a foreign yoke, but in the meantime its abundant resources' will remain’ unapplied 'whilst the savages

continue by force of arms to contend for the plunder which may be obtained through power. , Many of the telegrams are very suggestive. Thus on the 27th May we are told that the. Banks of England and France held gold, on the 24th May to an amount upwards of £52,000,000—g01d and silver we assume is meant. Then we are informed that the rate of discount is lower. On the 14th June the bank rate is stated at two and a half per cent, and a'reduction expected. At the same time We find it stated, that the total stock of cotton in Liverpool was 86,000 bales, and ; that the market is steady.. In this stated stock there must be a great error, or the market must have ■ advanced greatly without our being acquainted with the fact; but the advance Would have been indicated by a demand for bullion for the East Indies attended with ah upward tendency of the price of money' at least, whilst we are informed that the tendency is in the contrary direction. We have often speculated upon the probable stock of. bullion the banks would have had there been no civil war in the United States, for then' cotton would have remained cheap and would have been paid for in British manufactures, under the old tariff which existed before Morrell and a faction seized the moment to carry protection to the extent of madness. That war compelled the manufacturer to obtain supplies at very high prices, for an inferior article, from the East, for which payment had to be made in millions and millions of bullion, which has been hoarded according to the custom of the country—buried in all probability,, and rendering, with the accumulation ox a very long period before, India the richest diggingsin the world, not to be dealt with by the most sagacious miners because without any of the usual indications of deposit. Now that cotton is partly again supplied from America, the price is much lower, and the American portion does not require shipments of bullion. The enormous roguery lately detected in commercial circles of England had so deadened faith that new undertakings will not yet meet with attention and we have the appearance of an excess of capital, which is an impossibility speaking in general terms, and as the cause is before us wo need not seek it elsewhere. But already the monied class is getting uneasy at the non-pro-ductiveness of their property, a good, sign for us and all other colonists who need to borrow if we are to maintain approximately the civilization we hoped to enjoy in ' leaving the mother country. The sign of the uneasiness is shewn by the New South Wales Government loan, as we are informed, having been all subscribed in two days. Many will call to mind that the “ Times ” we think, stated a few months since that it was a waste of effort to offer Australian and New Zealand, loans in the London market, for that it had a surfeit of them and would have no more of them—though it has’ since'been found that the sickness arose from mqro serious causes, and those having England and its social state for the source. We have read with pleasure that Mr 1 Jefferson Uavis is out on bail and has retired to Canada; also that the release has afforded universal satisfaction throughout the United States; arid that the Judicial Committee only proposed to censure President Johnson. These are the most healthy signs we have had for some time from the United States and are very pleasing to Jonathan’s cousins even out here', ' '

We are curious to know the unprecedented changes of weather which appear in England, totally beyond the powers of astrologists and meteorologists to 'explain. It does not appear that Dr Gumming has been consulted. This is it great omission, for doubtless he could furnish a solution, though probably not satisfactory to the agriculturists in these colonies who have an interest in the advance in the price of grain but are not prepared for the destruction of crops, land and all else. Probably Dr Gumming will give us' another “Last Warning Cry” which will be highly appreciated by his numerous followers. We see the P & 0 Company’s report, for the half-year shows an'excess of expenditure over receipts of £6OOO. Query, .ayill-it propose ; to wind up or to amalgamate with the New Zealand SteamNavigation Company, making Wellington its head quarters. Mrs Chishotm, who was so long useful in connexion with female immigration to Australia is stated to have been' awarded a pension of £IOOO, we fear it is too liberal to be true, for she does not belong to the class which receives largo payments for services rendered to the British people.