Under his administration New Zealand has advanced in population, in wealth, and in prosperity, in a very extraordin ary degree, and continues to maintain a rate of progress far more rapid than any of her competitors in Australasia. It is true that the public debt has (been increased to over twelve millions, and that some of the public works are aa yet unremunerative. Nevertheless, the Colony grows and prospers and the colonists are flourishing and con tented. Whether sound or not, judged by our old-world rules, Mr Vogel's finance is extremely popular, and is so far justified by the result in that trade and commerce were never so healthy, business so brisk, capital so plentiful, and labour so well remunerated, as at the present clay, in New Zealand. The man who has wrought these marvels has lately announced a new project, which for boldness transcends all his past exploits, and which, whether practicable or not, is certainly conceived in the true spirit of that grander statesmanship which first gave us colo - nies and invested us with empire. Struck with the unsettled condition of the South Sea Islands and the danger to which it ex posed the neighbouring British Colonies, who could not regard without anxiety the disposition shown by some of the foreign Powers to establish a footing in the Pacific, Mr Vogel has addressed a memo randum to the Governor of New Zealand, proposing a scheme by which that colony would be able in future to control the desti nies of Polynesia, with the ultimate object of establishing the South Sea Islands as one dominion, with New Zealand as the centre of Government. The conditions to be met are stated to be — first, the prevention of the growth of lawless European communities, such as have been created in Fiji ; secondly, the development of the self-governing capa city of the Polynesians themselves ; thirdly, the encouragement of native labour ; fourthly, the stimulation of native industry; and, lastly, the gradual introduction, without bloodshed or embroilment with other nations, of a uniform government organisation through out Polynesia. To carry out these objects Mr Vogel proposes the formation of a powerful trading company, upon a guarantee of five per cent, for forty years on the share capital, subject to the control of a managing director, resident in New Zealand, who shall be ap pointed by the Government. 