We observe that the provision in Sir John Pakington's New Zealand Bill which se cures to the New Zealand Company the payment of five shillings an acre on the sales of all waste lands of the Crown in the colony "until their debt is discharged," is calling forth in various quarters sundry indignant animadversions on its injustice and oppression. The New Zealander de clares against it, the Taranaki Herald and Lyttelloji Times join in denouncing it. For the last mentioned journals, which have as it were only recently started into exis tence, no other • convenient opportunity has presented itself for recording their protest against this piece of flagrant in justice, hut we have always felt some sur prise in observing how tamely, until very recently, the Auckland journals and the i settlers at the North have submitted to this imposition ; never indulging in their right — " the right of fre.e born English men" — of grumbling, until it was too late. From the first, when Lord Grey with la vish prodigality, gave to the New Zea land Company a quarter of a million of the hard money of the British nation to renew its reckless existence for three years, and secured to it another quarter of a million in prospective at the expense of the unfortunate colonists, in the event (which every one saw to be not merely a probable contingency but an absolute certainty) of its dissolution, charging the payment of this sum on the whole colony, from the first, we say, we have always strongly protested against the unfairness and injustice of the arrangement, and its extreme hardship on the colonists. And what are we now to understand by "the debt of the Company ?-" No explanation is furnished, no balance sheet or state- , xnent of accounts is vouchsafed. An arbi trary amount fixed some five years ago when Lord Grey put the Company on their legs is assumed, and we are told to pay it and ask no questions. Only consider for a moment vrhat has happened since that period. 