should blame you. Father, do not forget to inform me of the time of your departure, that we may witness your going. From your loving friend, HEMI MATINI, Native Assessor. Hokianga, August 17, 1861. FRIEND THE GOVERNOR, Salutations to you. This is a word of farewell from us, the chiefs of this part, as representing all the men of Hokianga, for we have heard that you are going away, that you are leaving this place. We had become friends and now you arise and depart. But what can be done? It is the command of our Queen and yours; the Queen of the Ngapuhi and of the Rarawa. This is a song of love : On this day the wind is still, There is a turning away to the corners of the house; Kindle, O Governor, the light. There is a breath of love. Go, O Governor, our love goes with you. Although you may reside at a distance, Governor Browne will always be remembered. Te Hira Ngaropo, Te Tai Papahia, Rawiri Tahua, Wiremu Tana, Hori Karaka, Nae, Te Moanaroa, Atama Tohu, Rangatira Moetara, Marupo Te Tahana, Te Ahi Mawiti, Hakaraia. FATHER THE GOVERNOR, Mangere, August 2, 1861. Salutations to you. Your word has reached me, informing me of your being about to leave this island, and of the coming of Governor Grey. I grieve for you, therefore, because of the love between us, and I thank God, who has directed us aright. Although you may be absent, I will not forget your word about te Ja, because up to the time of your departure the ridge pole of the house has not been broken. Although there may a great deal of bad news from Waikato, yet do you continue to forbear as I will. Friend, your word is correct where you say that I will be glad. Wait until he is on the other side of Manukau; then I shall be glad, and shall be thankful if there is love left behind. Let us wait for the good day. Friend the Governor, it is correct that my heart is relieved because of the jeers (threats) against Waikato not being fulfilled. I say, therefore, go upon your and my loving work. Me you will leave here. Enough. From your loving friend, TAMATI NGAPORA. Waiomio, August 23, 1861. THIS is my word of love to you. Sir Governor Browne, I greet you in love. This is my farewell to you, go to your own land, O Governor, the father of the tribes of this island of New Zealand. Sir, great is my love. for you. It was you who lifted me up; hence my love for you. love will continue although you are separated from me. Enough. This is my love for you. Our From your loving son, MAIHI P. KAWITI. Taranaki, August 27, 1861. Go, our loving father, Governor Browne; great is our sorrow because of your going away, and leaving us here fatherless; for you are our father; it was you who saved us from this evil, and who knows whether another Governor may be as kind to us. Go, kind father, the post to which the canoe is tried. Go, great cloud which enveloped us and saved us. We thus figuratively express ourselves because of your separation from us. We are separated, O Rangi; we are parted. We are far apart now, O Rangi, and can but vainly lament our separation. Enough. From all the men of Te Pontoko. We write our names that you may see them. Ropata Ngarongomate, Porikapa, Taituha, Henare, Hohepa, Haimona, Himiona, Wi Kamokamo, Honetana, Nikorima, Matiu, Eruini, Pehimana, Mohi Rahui, Mohi Ngatoro, Hamuera, Ngahoro, Te Manihera, Te Mutu, Tamati Kaweoar, Kerapa, Kamariera, Etaraka, Hare, Epiha, Hopa Poaka, Te Meiha, Hopa Taperi, Te Keti, Te Wirihana, Wi Tamihana. FRIEND GOVERNOR BROWNE, us. Moturoa, August 27, 1861. Salutations to you. Friend, you are about to be separated from Great is our love for you; you were very kind to us during the days of evil, and hence my love for you. These words of " tangi" (sorrow) for you are from the "Runanga" of Moturoa, and from the Runango of Potapete. From POHARAMA TE WHITIORONGOMAI. MOKENA HURIWHENUA. This is a farewell to the Governor. FATHER, THE GOVERNOR, Auckland, August 15, 1861. Saluations to you; great is our love for you; because, O Governor, the Ngaiterangi never came to see the former Governors, it was only in your day that they came to see Governor Browne. The chiefs came because you very properly invited the chiefs of New Zealand to assemble together, in order to effect a union between the two races inhabiting New Zealand, that is, the Pakeha and Maori. Hence our love, and we now write this farewell letter to the Governor :-Go, O father; return to your place. This is a song of love: How is my heart opprest with love; Come, that I may pour forth for thee the tears that fill mine eyes. Waking me up from this my sleep. I start, and fancy that thou'rt still in life; I will climb the intervening ranges, That I may clearly see the smoke Ascending from Otuatara. You, O Rangi! whom I love, are at the north; You took away your sacred person, And left me here to seek in vain, This concludes the expression of our love. From your loving friends, HAMIORA MATENGA TU, RANIERA TE HIAHIA, WIREMU HAETA PEKA. O FATHER, THE GOVERNOR, Auckland, August 22, 1861. Go, our loving parent, return to your place, to Port Jackson, and listen to your people, the people of Kaipara, to this tribe to the men of Ngatiwhatua, who have always been faithful to you and whom you now leave in peace. No wrong has been done by us during your stay here; and now that you are going away you are going with a good character. You have done us no harm, neither have we done any harm to you, that is to Maoris living in New Zealand. The Ngatiwhatua tribe is a good living under the protecting shade of the Queen. There is a proverb among us. O Father, the Governor listen to our saying, to the proverb of the Ngatiwhatua, ("Opokopoko whiti ra") "Opokopoko, shining sun." This is my proverb, hence our good conduct. With us murder was a thing unknown, hence our proverb. Our dispute at Te Wairoa was settled according to law. Father, the Governor, we shall grieve for you when you are separated from us. Let me bid you farewell, for your love for us has been great. I will now recite my "tangi." Descend O sun with hasty stride, Leave me to sigh and weep, As heaven was separated from earth So were we divided. Hence thy untoward departure. I thought though wouldst have stood in thy beauty and bid farewell, That tears might have been poured forth from mine eyes. How stupid it is to weep for nought, But my beloved is severed from me; Step forth, O Uru, pass through the porch; Return not, nor cause me needless pain. This is my tangi for you. FRIEND THE GOVERNOR, From your loving friend, PARAONE NGAWEKE TUHOROPUNGA. Te Muri o Tarariki, August 25, 1861. Salutations to you. This is our word. Hearken! On the 24th day of August, the Ngatirango tribe assembled at Te Muri o Tarariki, for the purpose of laying down rules for the tribe, in order that they may reside within the boundary line laid down by you for the men of Kaipara and for the men of Manurangi. These are the Maori runangas that are under your Government, and under the protecting shade of the Queen; for we have made your words known that the two races should live together under the law of God, and under the law of the Queen. Enough. When they heard your words, they approved of them, as these two tribes have a great regard for you; and now you are soon to disappear from your children, to whom you have been so kind during your governorship. Enough. It will be for you to consider this letter. Mention the matter to Governor Grey, when he arrives in New Zealand: let this be the love that you leave to your children. This is their tangi for you. "Go, O Father, go to your place and leave us here alone; the parent who guarded all the tribes is departing." These words of " tangi" for you are sufficient. That Maori runanga is composed of the chiefs of the Ngatirango. You appoint that runanga and lay down the line under the law of the Queen as a fence for them after you have gone, as we shall not know the new governors that will succeed you. Enough. I will now write the names of the most intelligent men, and of the chiefs of this tribe, the Ngatirango Muripaenga. You establish the runanga at Mahurangi. These are the names of the men which we now make known to you and to Governor Grey to be confirmed by him. Here it ends.-Te Hemara Tauhai, assessor, Hori Kingi Hokingarua, Te Waka Tuara, Henari Winiata Te Urungatapu, Paratene Te Peta, Wiremu Matatahi, Kaupapa Wawa, Hone Weteri Tohetai, Makoari Ponui, Piri Paraone Pu, Nga Kauri Matatokotoroa, Tuniwhatu Wuru, Pene Tiaki, Te Katene Hawea, Tokamai Parekawakawa. FRIEND, THE GOVERNOR,-This is my love to you; my love for you will never cease-never! See the mist rising over Pakehina, By that way my love departed. O turn, that I may pour the water from mine eyes; The first advances were not mine But thine; thou first in truth, To me, the little one, did'st turn aside, Thus was my heart made foolish, And my affections gained. This is a song to the Governor by Te Otene, and the Ngatiwhatua, of Kiapara. EAST INDIA (FINANCE). Copy of a Memorandum on Indian Finance with reference to the alleged Mistake in the Budget of India. (412.) 12th July, 1862. IN In consequence of the publication of a despatch from the Secretary of State respecting Indian finance, indicating there had been a mistake, involving a deficiency of upwards of 1,000,000l., in the Indian budget, Mr. S. Laing, late finance minister of India, explained the circumstance as arising from the mode of dealing with two items in the home charges, viz., the cancelled "Loss by Railway Exchange," and the "Refund of China Advances." As to the first question, that of railway exchange, Mr. Laing maintained that this is purely a question as to the mode in which accounts are kept, and not a real charge on revenue requiring money to meet it. The distinction is obvious between matters of charge and matters of account. If a merchant makes a loss on a real exchange transaction, he has to pay it; but if he chooses to keep his books in dollars at 5s., or rupees at 18. 10d., when they are really worth something different, this does not in the slightest degree affect the question whether the result of his year's working is a profit or loss. Now, what does this so-called "loss on railway exchange" really mean? India, finding railways of vital necessity, undertakes to make them, and it being manifestly impossible to do so from surplus revenue, resolves to open a capital account, and charge revenue only with the interest, or with any deficiency in the net earnings required to make up the interest. The amount of capital which must be raised, is evidently neither more nor less than the amount which is required to be spent in completing the railways. If the State had made the railways itself, loans for the exact amount of their cost would have been raised by the State; but it was preferred (whether wisely or not is no longer the question) to raise the capital through the agency of companies; the essence of whose bargain with the State is, that the Indian Government gives an absolute guarantee of five per cent. on the capital required to make the railways. If the capital originally provided should, from any reason, prove to be insufficient, the Government guarantees fresh capital, either in shares or debentures; or, in an extreme case, borrows the money itself, as was done last year, and takes the additional shares or debentures which the public will not absorb. In this process there is nothing whatever that affects revenue, all legitimate charges on which are met, if any deficiency of traffic to pay interest on completed lines is provided for, by taxation; and which, in the case of India, are more than met, inasmuch as we charge to revenue account, the interest not only on completed, but also on unfinished lines, which any private company would charge to capital. Now, how is this state of things altered by the accidental circumstance, that for convenience of accounts with the railway companies, the exchange of the day, or 1s. 10d. per rupee, was taken as the standard in which accounts should be kept? If by paying 18. 10d. the shareholder got a guarantee on 28., this would be exactly equivalent to raising a loan in five per cent. stock at 90l., and there would be a real loss of 10 per cent. ; though, even in this case, what financier ever proposed to treat as a charge on the revenue of the year, the discount at which a loan was raised, and to impose taxes to meet it? He simply raises so much more nominal capital, if the state of the market does not permit him to place his stock at par. But my case is much stronger, for there is no real loss; the shareholder's guarantee is on the 18. 10d. which he actually pays, and no more; and the sole practical effect is, that the capital originally provided turns out to be rather too small, and more new capital has to be provided. I know of no way, Mr. Laing said, in which I can better show the nominal character of this charge than by applying two tests. The first is-suppose the rate of exchange in account had been fixed at 2s. 2d. instead of at 1s. 10d. for the rupee, would the excess of 458,000l. which would have resulted, have been fairly available as a receipt in current revenue; and if not, how can its exact counterpart be a charge? The other test is-how can that be a charge on the revenue of the year which has certainly not been paid in the course of the year, and which, as certainly, is owing to no one at its conclusion? I appeal to this latter test with the more confidence, because, in no estimate or account from England has this sum ever been entered as a charge to be paid there, or included in any demand for remittances; and it is quite certain that no one claims it in India. If, by any forced construction, it can be held that this sum (458,000%) has been paid in India, because during 1861-62 some 60,000,000 of rupees, worth 28. each, have been spent on the formation of railways, the reply is obvious. It has been disbursed from the cash balances, which still show a surplus of incomings over outgoings; and it would have been a blunder of the first magnitude to charge a second time against current revenue what had been already paid as capital out of surplus. The next question relates to the credit taken for 529,446l., shown by the home estimates to be receivable in 1862-63 from the Imperial Government in repayment of advances in India on account of the China expedition. The Secretary of State says, "It is contrary to the first principles of account to treat sums so repaid as part of the income of the year." I must confess my surprise at such a statement, from one who has filled the office of Chancellor of the Exchequer in England. Was Mr. Gladstone ignorant of "the first principles of account," when |