The Westport Times AND CHARLESTON ARGUS. In the cause of Truth and Justice we strive. THURSDAY, JUNE 1, 1871.

Westport Times, Volume V, Issue 819, 1 June 1871, Page 2

The Westport Times AND CHARLESTON ARGUS. In the cause of Truth and Justice we strive. THURSDAY, JUNE 1, 1871.

The success which has attended the issue of the first instalment of the New Zealand Four Million Loan is as •decided as it was unexpected. Thore were many causes which led to a feeling of doubt as to the result of the negotiations. The disturbed political state of Europe, and the contingency of England, together with her possessions, being involved in hostilities, rendered the time far from favourable for one of the most distant of her dependencies to enter the market as a borrower. Besides,, tho condition of the Colony was not oxoctly such as to inspire the fullest coufidence. With an extreme taxation, a declining revenue, an annually increasing expenditure, and, in proportion to our population, a larger national debt than any other country or colony, it appeared improbable that thore would have been sufficient confidence in the undeveloped resources of tho Colony to havo induced strangers at a distance to lend money on such easy terms. Added to this, the Russian loan of twelve millions and the immense requirements of France appeared to render the moment singularly unpropitious for tho issue of colonial debentures. The Russian loan, we find, was issued at 81, and that for New Zealand at 96, both bearing tho same rate of interest—s per cent, thus showing the very marked preference of capitalists for New Zealand securities. We trust that this unexpected success will not blind our legislators to the necessity of caution and prudence in using the means thus provided -