The Wairarapa Daily. TUESDAY, OCTOBER 14, 1884. A SOUTH SEA BUBBLE.

Wairarapa Daily Times, Volume 6, Issue 1813, 14 October 1884, Page 2

The Wairarapa Daily. TUESDAY, OCTOBER 14, 1884. A SOUTH SEA BUBBLE.

Sir Julius Vooel has dangled several attractive but costly toys before tbe public of New Zealand. One ot them which is supposed specially to fascinate Auckland, is a Bill now before the House to incorporate the " New Zealand International South Sea Trading Company." The object of this company is, of course, to cultivate a trade between the Islands and this colony, and with a benevolent that may carry favor with philanthropic investors, it also contemplates civilizing the Islanders, educating them, and training them in industrial enjoyments; but this, we presume, is merely a side show, and will be altogether a sudsidiary to making a commercial profit out of the poor heathens. The Government is to bave power to appoint the President of the company and two of its directors. It is also to guarantee an annual payment of £IO,OOO for interest i/ required, No sane man can doubt that this pay nient will be required, and that it may be fairly assumed to be the price the colony will have to pay for its south sea trade. The price is not a heavy one, and if this were all, we might be willing for Sir Julius Yogel's Bill to pass, but it is not all. We know by present and past experience that a limited guarantee is only the thin end of the wedge. Jf the company got into difficulties, and no one would be surprised if such a company became embarrassed who would come to its rescue? The colony as a matter of course! The credit and honor of New Zealand would be at stake, and if the Company wanted fifty thousand pounds a year instead of ten it would have to get it, The guarantee of £IO,OOO is merely a stepping-stone to an unlimited liability, and under these circumstances it would be better to leave the development of the South Sea trade to the enterprising merchants of Auckland, who may be depended upon to cultivate any paying business obtainable in the Islands, They may not, it is true, undertake the civilisation and education of the Islanders, and this iB to be deplored, but after all it is better for us not to saddle this responsibility on to the heavily burdened back of poor New Zealand.