New Zealands Third Governor Fitzroy Sacked For Circulating Countries Own Credit Supply

Fitzroy Prommissory Notes

What is described below could be the single most impacting event shaping this nation since the Treaty Of Waitangi in 1840, the day it was decreed we were to succumb to being a foreign capital dependent nation despite be one of the richest in resources.

From http://www.teara.govt.nz/1966/F/FitzroyRobert/FitzroyRobert/en

“FitzRoy then turned his attention to the Government’s finances. When he arrived the total assets amounted to only £2,770, and the liabilities to about £24,000, while the revenue for 1844 was expected to fall short of the expenditure by about £8,000. He made attempts to borrow or to secure advances, but on these proving unsuccessful his only alternative to stopping payment was to issue paper money. In doing so he trusted that the current depression would pass and that the development of the country’s resources would in the end enable it to maintain itself unaided. The first issue of currency debentures was made in April 1844; by November 1845 debentures totalling £37,000 had been issued. FitzRoy took a serious risk in issuing such a large amount, but his confidence was justified – inflationary tendencies were not seriously noticeable and the most grave distress was averted. This did not prevent local grumbling, and in issuing the debentures FitzRoy was fully aware of the British Government’s inevitable disapproval, despite the fact that it had given him no practicable alternative.”…….. It goes on to say………… “Already the Colonial Office had resolved to replace FitzRoy. This was due to a strong agitation in England led by the New Zealand Company, culminating in an attack on Colonial Office policy in the House of Commons in March 1845. The Government bowed to the storm and in May announced FitzRoy’s recall, giving as their reasons his failure to keep the Government fully informed of events, his neglect to raise a militia (which in fact he had done in March 1845), his contempt for instructions in issuing paper money, and his waiver of the Crown’s right of pre-emption. He was also charged with lack of judgment and firmness in handling the native question.”