The Wairarapa Daily FRIDAY, JULY 2, 1880.

Wairarapa Daily Times, Volume 2, Issue 505, 2 July 1880, Page 2

The Wairarapa Daily FRIDAY, JULY 2, 1880.

Some few months since reference was made in tliese columua to the mistake made by Sir Julius Vogel in placing the last five million loan, by selling the same was pointed out that Six* Julias Vogel ought not to have funded the loan without the consent of the Colony, or at least without colonists being made aware of the step they were taking. It was also shown that we were giving £6OO for every £SOO, and since then the Hon Mr Waterhovlee has brought tb© matter before Parliament. We do not exactly agree with Mr Waterhouse's figures, but it is. sufficient to eay that a loan with.such favorable clauses of sale ought not to have been sold at ao low a price. It is quite true that the Colony badly wanted the money, and that will be a fair excuse ior the Agent-General to offer in hie defence. The Colony itself is as much to blame as th& Agent-General, for thus Singing its loans recklessly upon the London market. Instead of a fire million loan we have borrowed six millions, but we only get about four and three-quarter millions out of the six. Just a million of money thrown away. The annual saving of interest need hardly be considered in so great a waate of the capi-: tal sum. The saving is not a real one in comparison. It comes to about £IO,OOO annually : 5 per cent, upon £5,000,000 being £250,000, and 4 peri cant, upon £6,000,000 being £240,000 i par annum. We, therefore, in the face: of these figures, may say that Ws have thrown away a million of money. It is not exactly clear whether Sir Julius Vogel war guided by his own opinion with respect to this sale, or whether he was acting under instructions from our own Government, but ®ne thing is very certain, that; judging by results, SirJuJius Vogel haa made & mess of the loan. There can ba no question of that, However good a man he uj*y be, he has in this instance cost the Colony a million of money. Add this sum to his extravagant conception of a public works policy, ten or fifteen years before it was required, and colonists can form some opinion of the man. The public works policy was a hazardous venture, and it is turning ©ut & miserable failure. It is well for the Colony to get rid of hazardous adventurers when endeavoring to meet bad times.

la our opinion the. Colony ought to change its Agent-General. It is quite time for Sir Julius Yogel to go. The Colony has had enough of him. This last million ought to be the last straw necessary for breaking the back of the particular party camel which supports Sir Julius Vogel's claims in Parliament. That camel is purely a local animal, an animal which has seen but little of the world. Could the majority of our Ministers pass but one day in London, and hear the opinions there expressed by leading merchants and city men upon our Agent-General, little hesitation would be made in sending him abeut his business. If there is one thing that invites the confidence of London magnates, it is an honest, upright, truthful man. A man need not be clever, but he must be strictly honorable and truthful. Now, Sir Julius Yogel is not exactly regarded « the "soul of honor," or a strictly truthful man. Indeed he is looked askance upon by many influential men, who regard him with curioufe eyes, and have exactly taken his me&sur®. TJnlike the Abbess in "Guy Livingstone," who pleaded " that though she was unfortunate, still she was respectable," Sir Julius Vogel has no such excuse to offer, and the result is that when he places one »f our Joans on the London market, it doe# not command the respect that it would 'do if offered through a different channel. New Zetland can well bo its own AgentGeneral. It® London ' representative can be the most stupid, obtuse, hobby•riding gentleman whom we might select, but he must b® a gentleman. Is. these economical days Sir Julius V«gel is too great a luxury for us. He kas . just now thrown away another million as coolly as he would crack an j&gg. To him millions are as nothing. We really had better pension him off as quickly as possible, if it is a pension. he is waiting for.