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Waikato Times, 6 January 1874, Page 2

CORRESPONDENCE. [We do not necessarily endorse the opinions expressed by our correspondents.]

(To the Editor of the Waikato Times ) Sik, — A letter signed G. W. appeared in the Waikato Times lint June, wherein the writer appealed to American enterprise to develop a trade in kauri gum, because "of the dearth of enterprise m thesettlois of Aucklind." Permit me, as an old Australian colonist, and one who has been studying very thoroughly American institutions, social, political, financial, nnd commercial, to offer some remarks on the subject. G. W. mat have personal interest* to sens. Of that I Lnow nothing; but if ho w rites with the idea of benefitling N'evv Zealand by introducing into it any of the B} alums pie\alent in the United States— especially United Statian enterprise, I assure you lie is vastly deceiving himjelf. ltei'entiig to the institutions of this country, there is nothing whatever here thtit is worthy of imitation in any British colony, but there is \ cry much that ought to be avoided if colonists value their interests und the interests of tlieir children. A more corrupt and vicious people nowhere exists than are the people of tiie United States of America, and cue whole system of politics and society favours that corruption. They cloke their « rue character under a plausible exterior, and deceive the world by loud talk, — greit none and bluster; but their true nature is infamous. Much oi their enterprise is fiV.itioua. There is more (;en line, honest enterprise m Australia than in tlie \rhole Un.ted States. I heard an American, only this morning, declare to another of his countrymen, that "to start in bus.ne-s in New York n man wants neither capital or cliiiracl«r, — nil he wants i» brass and a shingle," the latter term being slang for a signboaid And this well defines the truth. All the greatest works in this country. bare been done by foreisn labour and with the aid of foreign capital. Chinese built the Tuciiiu railroad ; Irishmen put up almost all the buildings, and English money ha* paid for everyone of the hest enterprises iv the country. The portion of the public debt duo to foreigners is more than two thousand million dollars. Tlio foreign money invested in this country i* estimated to exceed twenty-four thousand million collars. There are 150 steam-ships from 2000 to 5000 ton 3 running bel ween this city and Europe —not onu is American. More th n 91 por cent, of the property in NVw York is mortgaged. The population of this city is about 930,000 ; the debt is nearly a hundred and twenty million dollars. Within three 3 ear*' the four highest city officers stole and appropriated to their own use not less than twenty millions — almost certiiinly more. This has b"f>n proved, but not one of the culprits 'uij been punished. The city is btdly governed and dirty. People carry their lives in their hands. There is no security for either life or propeity. Corruption pervades the courts of justice as well as the legislature. Every man lias his price. Railroad stocks have been watered till the actual value is unknown. Dividends when paid, are paid from principal not from profit, fiailroads themselves are built upon fictitious capital. The only use of stoek-5 seems t) be as a ba-is for gambling. Speculation, not enterprise, i; the order here, and hence the financial crash, just culminating whore in four days 24 banks have closed their doors, and the shrinkage in leading stocks alone is set down at seven million dollars. For many years I took on active public part in the Austrnhnn colonies, and I feel a sincere interest in their pros- i pentv and progress, — no man more so ; bub my hope is that | they *w ill be content to make baste slowly. They have every | advantage if they will use it aright, and bo aatisfied with a development which if alow is euro. Let them not imitate the United States, and saenfico all that is honorable and solid. The centre of truo enterprise, of capital, of commercial morality is England ; as too it is the heart of an Empire. If the flow of immigration to Now Zealand be smaller than that to Now York, it is purer. If there be less activity with you, there is more integrity. If there be fewer people there is more soluhdy. Be content with these adxanlages, and, above all things, shun contamination with those people, and do not gpek to copy institutions which engender corruption, or seek lor an " enterprise " which is but another name for trickery and scheming. AXGCO-AtTBTB.VI.IAJf. New York, Sept. 27, 1573.