The Express.
London, England, 1848-06-27 00:00:00

COLONIAL.,

NEW ZEALAND The New Zealand Spectator
of the Ist of March contains the following coup &aril
of the state of the colony at that time :
'the departure of a Teem' direct for England freighted with producer
of thin settlement renders it merman- for tut to my a few word. on
some of the topics affecting our loyal interests, on w: ich those in the
mother country interested in our welfare desire imormation. On
most of there subjects we have, us opportunity onered for their de-
emotion, entered tally; but on anus. ion like tee pieoent it sell le
necessary again to refer to them fn a summary manner. Alter a
wetry interval of eight years crown grants have at length been trotted
to the New Zealand Company for the dint:Mtn in the nciali-
bourbood of Port Nieholeon; and the atatement of this
fact proclaims the final adjuatment of all disputes with the natives
relating to iambi in the districts for which thew grants bans
been made. The rondo undertaken by the government are carried on
with increased vigour, opening the mt.ntry districts for the oecupa-
tion of additional settlers, and affording when they are completed the
means of it ereasing our trade with the natives by the Improved
facilities of communication. The avoid) obtained by the natives kw
their labour net the roads is for the most part npent either in the pur-
chase of clothe., and other nocerattries the produce of English manu-
factures, or invest,' in stock (tithe. hums or cows), thereby adding
to the permanent wealth of the colony. The work of clearing at
cultivatt s is prooreding this summer with renewed vigour, root the
cargoes of stock imported from tae neighbouring colonies that ready
purchasers in the country settlers; PO that the diderent country
districta present indiontima of hopeful progress. There sae
eccouraging nign• of returning prosperity, but we want the
assurance of their permanence. There are the bright won% the lights
of the picture, on which the eye, attracted by their prominence, rests.
But if we turn is the other side, if we name the the great watts of
the settlement, they are precisely those evacntial elements of colonis-
ation which it was to be the peculiar bunnies. of the New Zealand
Company to keep in their due relation to each other, so Of. tO ensure
the greatest prosperity. We want land, labour, and eapitaL The
rondo now in pogrom oren up fresh districts to the setUers, tut the
absentees in too malty instances interfere to prevent their profitible
occupation. There is an nt.olute scarcity of labour of all
kinds, and but little prospect of a remedy fur this want. The wages of
labouring men are from 3s. (al. to 4s. bd. • day, while female tervaLtS
are hardly to be procured on any terms. An influx of fresh capital,
would materially assist in developing the tc.ources of the colony,
sines the recovery of the old settler. from the IrA-es indicted on them
by the previous minmanneement of the government and the company
must he the work of time. But our pronpects on those points are unsate-
factory. As bog as the New Zealand Company are allowed to mar
I our prospects, as long an they continue their precarious and miss
chievons existence, tire poscress of the settlement will he slaw and
uncertain; the result of Monday's meeting will at hunt convince thirst
of the estimaton in which they arc held by those who loroU rly moat
trusted them.i They may linger on foe a time by the aid ot a friendly
minister, but the settlera ear only
body forward to
the peri sl when the claims of th rapacious Must Le tinalty
extingui•dmi, and the whole colony placed under the more vigorous
management of the British governmen4 To this consummation we
ore tending; it is a r1uestion of time—but until the consummation
arrive% tineoy inheritance—la wasted, and we shall still re-
main the victims of their broken pledges, of their repudiated obli.
gallons.
The Npeciator appears to participate in the opinions of the.
purchasers. Its rival, the Independ al, apps an to attack
with impartial seal both the purchasers and the company.
This last named journal, in its publication of the 4th of
March, announces that might)t number of a Maori news-
paper (to appear once a f is about to be published
at the same office.

bt Court.
The Queen and Prince Al rt, attended by the
royal suite, honoured the performance of the concert of the
Philharmonic Society with their presence yesterday er.ning.
The royal party arrived at the Hanover-square oms,
eight o'clock, an four carriages. In the first carnage were
her Majesty and Prince Albert, the Viscountess Jocelyn,
Laly in Waiting, and the Master of the Horse. In the sc.
cod carriage were the Bon. Min Cavendish and the Hon.
Flora Macdonald, Maids of Honour in Waiting ; the Groom
of the Stole to the Prince, and Lord Eiphinetone, Lord cn
Waiting. In the third carriage wt re Lord G. Lennox, Lord
in Waiting to the Prince ; Lieut.-Col. the lion. It. Boyle,
Groom in Waiting ; and Col. Wylde, Groom in Waiting to
the Prince. in the fourth carriage were Col. Buckley,
Equerry in Waiting, and Col. Bouverie. Equerry iu Waiting
to his royal highness.
The Duchess of Kent, attended by Laly Augusta
Bruce and Sir G Cowper, also honoured the pertormat.ce of
the Philharmonic Concert with her presence.

BANK OF AUSTRALASIA.
An annual general meeting was held yesterday, at
the offices in Austin-friars. Oliver Farrar, Ese., presided.
The Secaerakv read the report of the directors, which
stated that—
'the statements (made up to the 11th of October Lot) from the
various branches in the colonies, exhibit, upon the while. a etAti.faa
tory result, particularly at llobarttown, Slelbrairne, rand Adel title,
and, viewed distinct from the old accounts, may be c nattered as rea-
lising the expectations extertaiir el by the director.. No miter:Ll
has been incurred by bills remitted from the colonies on houses
that have stopped ins meat, or on three held in the 1.11(1011 office us
security for loans. the directors congratulated the nropriei ors upon
the successful issue of the appeal in tua ea, against the flank of .tus.
trulia. The Privy Council decided every point in favour of the flank
of Australasia, directing the costs of the action at Sydney to be paid
by the defendants, together with interest upon the original debt.
The directors Lave transmitted the order in council to Syklikey, with
instruction. to proceed at once to recover payment of the debt ; and
they will, as soon as possible, place themselves in a position to folliw
such a course as circumstances may render necessary with regard to
the shareholders in this country. The labour question. on
which the interests of the colonists end of the bank re
materially depend, appears at last to have excited the active
attention not only of the government but also of the
public generally. Emigration from this country leis been resumed,
and the directors have substantial groom:, for stating that a Pother
extension is in progress. If labour be adequately supplied a gnat
improvement in the value of all Australian proper)' must follow; but,
up to the latest tideless, the want of hands was severely felt, tarticu.
holy in the older settlements, and formed a topic at loud and Fr neral
complaint. The continued depreciation in the price 01 wool at the
same time operates powerfully to keep the colonies In the state of
depression from which they have so tong suffered. And,
under the joint influence or them unfavourable circumstances.
'the value of land and stock, and all depending into.
mats, remains nearly in the same uncertain position BA heretofore.
The effect of this state of things has been to came a serious falling off
In the estimated value of the properties held in security for old debts,
sad to lead to the apprehension of a considerable loss beyond that
already calculated upon. The direeto wouhave been ad pleased
had they been able to arrive at any .estimate to the ewxtent et •nch
further 10F15 on the old accoun superintendent, b been found mpractio.
able, in consequence of the Mr. hart, arid Mr.
Atherton taking such wide ly different views on the subject. Mr.
Mort is of opini .0 that by following a course of gradual hquidraion
the properties may in most instances be made to realise the amount
which they represent on the tank's books, without Leaving any 0i rioon
deficiency. Mr. Atherton, on the other hand, apparently base.; his
calculations on the present depreciated value of property, estimates
that the loss on winding up these several concerns will be very consi-
derable. It must, however, be borne In mind, that since Mr. Ather-
ton's arrival in the colony, his opportunities of personally conferring
with Mr. Hart had been few, owing to much of the abort time he had
been there' having been occupied in visiting all the branches of the
bank, including the remote branch of Adelaide, in South Australia. The
director' are, however, induced to hope, that after be boa had an
opportunity of duly weighing the reasons soaped for his calculations
by Mr. Hart, who has had much local caperimsce, he may feel himself
justified in forming a more favourable opinion of the value of those
securities. Were sales of properties held by the bank to be forced
there can be no doubt that a very serious sacrifice must be submitted
to, in the present state of the colonies, a coarse which the directors
are not prepared to unction, though they have given instructions that
no favourable opportunity el effecting realisations *hall be neglected.
The following abstract exhibits the operations of the year of account
embraced in this report : Net profits in the colonies and in London fur
the year ending October 11, 1041, alter deducting all =penult of ma-
t, 30,3'.81. Ifs, 10iL deduct detkieney on bad debt fund, at
October 12, 1844, at shown In last report, 8,1241. 154.; law expehaes
in the suit against the Bank of Australis. 1,2611, is. td. ; Irrecover-
able debts written off this year, In Lennon and the colotre;
1,068/.1114. 3d., making together 15,4141. Ps. &L Balreoce on bad debt
tend not yet appropriated, 35,9151.15. 4d. The easels of the hank in
October were. 1.813.2301. Is, 6d., Mg the liabilities 1,823,2201.40.84