THURSDAY, JULY 24, 1890.

Auckland Star, Volume XXI, Issue 172, 24 July 1890, Page 4

THURSDAY, JULY 24, 1890.

The cable messages from day to day

narrating the progress of the financial crisis in the Argentine Republic probably make only a very small impression upon the majority of our readers, but the circumstances attending this collapse are fraught with lessons to all countries that attempt to build up prosperity upon an artificial basis.

The Argentine contains an enormous area of fertile land, much of it covered with native grasses and capable at once of carrying stock. In the natural order of things, when Government became settled there, and the country was delivered from the distracting influences of war, wealth accumulated very rapidly. The people as a whole were comfortable and many of the landowners immensely wealthy.

Curiously enough, it was in the year 1870 —the very date when New Zealand's great loan scheme was launched upcm the world—that the Argentine Republic resolved to embark upon a system of wholesale borrowing. The proposed objects were very similar to those which commended a similar policy to the colonists of New Zealand. Railways and public works were to be pushed onin every direction, and amighty stream of immigration was to be directed into the country. In pursuance of this policy the public ddbt has been raised from a little over ,-£9,000,000 sterling to more than sterling. In the earlier part of the period under notice the borrowings were moderate, so that in 1880 the public debt stood only at a little over During the past eight years, therefore, the Government have increased the public debt by the enormous amount of sterling. In addition to this, the different provinces have borrowed sterling, and the city of Buenos Ayres nearly 000,000. Corporations of every description have participated in the general scramble. The foreign money pouring into the country has been squandered in the most reckless fashion upon unreproductive objects. Everywhere there was profusion, waste and corruption. High wages on public works tempted people away from land, and cultivation was neglected. The total area of land under cultivation in the Argentine at the close of 1888 was 5,899,895 acres, or not quite one per cent, of the total area of the country.

The immigrants brought in were, many of them, of the poorest description. For the first ten months of 1889 the Government paid upwards of in passages, and 226,715 persons arrived in the Republic. Mr £. L. Baker, American* Consul at Buenos Ayre.'!, writing with regard to these and to the Government policy of assisted passages, says: " The quality of the arrivals has decreased in an inverse ratio as the number increased. It was the signal for the promiscuous shipment of the halt, the lame, the diseased and the destitute from the cities of the Mediterranean, a large number of them, as it appears, having been inmates of the poorhouses and hospitals. Never before have there been landed upon these shores so many and such repulsive professional beggars." About 45 per cent, of the emigrants were from Italy, 37 per cent, from Spain, and about 8 per cent, from France. The Consul adds:

" Among the immigrants during the present year were about 1,200 from England "and Ireland, who came in one lot, and nearly all of them ■in quite straitened circumstances. Being unable to speak the language and thus find opportunities for employment, they very soon became a charge upon their countrymen here in Buenos Ayres, who finally succeeded in placing them in a colony by themselves, about 300 miles south on the line of the great Southern railway, in an open country entirely wild and uncultivated. They have now succeeded in establishing themselves in wretched ranches, and, with good luck, they may finally succeed in their farming operations; but, when it is considered that they have bought their farms on credit from a rich landed proprietor at the rate of $25 per acre, and that they are charged for all the advances of foodand implements furnished to them, payments to be made in ten annual instalments, it will be seen that they are weighted down with obligations much beyond what they will be able to meet, unless they should be favoured with harvests far beyond what have thus far been known in that part of the country. Many of them whom I have conversed with heartily wish that they were back in Ireland."

Of course, the borrowing policy was attended by a vast preponderance of imports over exports. The balance against the nation from this cause during the past seven years amounted to over sterling. In addition to this there was the out-pouring of gold in the shape of interest upon loans. While borrowing continued, the balance was adjusted with the money accruing from fresh loans, but for the past two or three years there has been increasing stringency, and gold has rapidly risen in value, while the issues of paper currency with which the Government hoped to stay the torrent, became proportionately depreciated. At the close of last year the paper dollar in Buenos Ayres was only worth

43 cents, and it was then only a question of time when gold to meet foreign exchanges would be unobtainable at any price. This point, as we have lately learned by cable, was reached a week or two ago, when the National Bank suspended payment, and since then financial chaos reigns. Gold is quoted at a premium of 212, business houses have no doubt been brought down in every direction, and ruin or lack of employment facing a large proportion of the population make a sad reckoning for the piping times of the past. No wonder that the Government is menaced by the disaffected people who have become the victims ot their vicious finance and reckless waste and jobbery.

Probably there will be comparatively little compunction about repudiating in the Argentine Republic, and foreign capitalists will have to pay for their folly in giving their money as they have done to be made " ducks and drakes " of. With gold at its present premiam, it is utterly impossible that the country can go on discharging its foreign obligations, and the sponge of insolvency will have to wipe a large proportion of them out. Even so, the prospects before the Republic for many years to come are not of the happiest description. On a smaller scale in these colonies, with a fine class of immigrants, wehaveexperienced something of the d i ess produced by large bands of " unemployed " discharged from public and private works. But what may we expect with regard to the condition of the half million immigrants who have poured into the Argentine during the past three years, many of them the scum of Southern Europe ? Fortunately, a large proportion of the immigrants were agriculturists, and these will be speedily absorbed upon the unoccupied lands, In the end, no doubt, the Argentine will recover its prosperity, but meanwhile the people must undergo severe sufferings, and many business houses which were carrying on a sound and prosperous business, backed by substantial capital, a few years ago, will have been ruined by the gross misgovernment which has prevailed in the country.

During the lasb couple of days ib bas been blowing steadily from the eastward, with extremely cold weather tor Auckland. Today a very strong breeze from the eastward prevailed, with sharp gusts which raised clouds of dust in the streets. It is blowing a fresh gale outside the harbour, and the s.s. Mararoa, which left here at noon to-day for the South, would have to contend againsb a very heavy " blow" right in her teeth with high head sea. Several sailing vessels ready for sea are detained in port here through the unfavourable weather.

Sixty or seventy passengers of all classes left for the South and Melbourne to-day by the Union S.S. Company's. fine steamer Mararoa, which is running trips across to Melbourne at specially reduced rates. ■-

A reporb before the Sydney Chamber" of Commerce urges that steps should be taken by mercantile houses of Australasia for a more equitable bill of lading. Reference is made to the continuance of the labour difficulties, and it is remarked thab capitalists are nob disposed to invest money in new industries. Gratification is expressed at tbe largely increasing proportion of wool sold locally, and the increased attendance of home and foreign buyers.

Dunedin has also an " exiled lunatics " grievance against the Government. The question of the discharged lunatics came before the benevolent trustees again yesterday. A letter was received frpm Dr. Hacon, of Christchurch, congratulating the trustees on their decision not to admit lunatics, and asking them to consider the action of the Government in appointing medical men of no special experience to act as inspectors and medical superintendents of asylums in the colony, and to assist him in demanding a commission of inquiry in lunacy. The trustees decided to inform Mr Torrance, chaplain, who haa charge of the patients, that they cannot advise him what to do in the matter. The Chairman mentioned that he was quite sure no one would be found to take charge of a woman who had been released. She had been sent to gaol before going to the Asylum tor cutting and wounding, and had rather a homicidal tendency.

Judemenb was to-day delivered at the R.M. Courb by Dr. Giles, R.M., in the interpleader cases, which have occupied the Court for some days past, viz.—Mrs Margaret Ward v. Mrs Lindsay and Miss Hickey v. Mrs Lindsay. The claimants were represented by Dr. Laishley, and Mrs Lindsay by Mr Napier. Dr; Giles gave judgment to-day in favour of the claimants for all they claimed, with costs against Mrs Lindsay (£8 55..

Evidence was taken in the murder case at Gisborne all day yesterday. Constable Farmer deposed that accused came to him and stated that on March 30th he went shooting with Streeter. They had not gone far before they sat down. Streeter said he would go to town, and Black gave him £3. Accused said thab since then he had heard that Streeter had been seen at Wairoa. Witness produced a photograph of Mrs Streeter found in Black's camp. Joseph Hart detailed a recent conversation with accused, who told him Streeter had cleared out with a Maori woman. Sergeant Carlyon detailed a conversation with accused, who told him there was no fear bub Streeter would turn up as soon as he got short of money. Constable Riddle gave evidence as to the arrest of Black, tbe identification by the prisoner of Streeter's body, and the taking from Mrs Streeter of the wedding ring presented by Black. William Good, jeweller, deposed thab he sold a wedding ring to Black. John Par-, sons, shepherd, told of numerous conversations with the accused, who said Streeter had gone to his mother in Christchurch and had been seen in Wairoa and Napier. He spoke of the improved appearance of Mrs Streeter, and said Streeter did nob treat her well, but added : " Thank God he won't trouble her any more, poor soul." When asked by witness, "Did you shoot Streeter?" he replied, "How could I when he was seen in Napier?" The case was again adjourned.

The teachers of the Te Aroha Wesleyan Sunday-school on Monday evening last.entertained Mr and Mrs Ilofcb, who are leaving the district for Wellington,, at a farewell entertainment in the church. Tea was provided for tho children of the Sunday-school, of whom about 60 were present, and the after-meeting was thrown open to the parents and friends of the scholars. The Rev. J. Law occupied the chair. During the evening, which was spent mainly in music and addresses, Miss Bella. Lavery, on behalf of the Bible classes, presented Mr and Mra Ilott with a very handsome album. Mr Ilotb haß been Superintendent of the Sunday-school, and Mrs Ilotb teacher of the young men's Bible class, for bhe past seven and a half years, and on leaving the district they take with them the beat wishes of the teachers aud scholar- of the school.

News has reached the Thames thai; a, four-roomed house ab Hikutaia belonging to; John TownseDd was destroyed by fire on Tuesday night together with its contents, j There was an insurance of £150 on tha building in the South British.

Hazard and party left Tuakau by boat oai Tuesday last en route for that- large extent! of country known as Ohopia, comprising l some 36,000 acres, where they are about to effect a flying survey. As the Waikato ab| Tuakau will be the natural crossing place when connected with that territory by an easily constructed road, the constant an£l steadily increasing requirements of settl*.. menfc will need a more convenient means of for wheeled traffic than thab afforded by the present inadequate punt; and the Government could not effect a wiser or better outlay in the interests of the farming industry, and therefore those of the general community, than by placing a sum on tbe estimates to defray the expense of a light but sufficient bridge for the purpose mentioned. The con-veniently-situated island midway between tho Tuakau landing place and the Raglan side would render tbe erection of a bridge at this spot a matter of comparatively small cost, and the latter would offer a direct meanß of increasing that progress which the country at large, .through the media of agricultural and pastoral pursuits, so urgently demands.

' Sergeant Soall, the well-known rifle shofc and volunteer, will tomorrow evening lecture at the Drill-shed oh the " Theoreti-j cal Principles of Practical Musketry."; Sergeant Soall is himself a good shot, with/ an experience extending over many years,! and he is as well an enthusiastic student of musketry. The lecture will be delivered to tbe City Guards aud other members of the Garrison Corps. All volunteers should be glad of the opportunity of acquiring information in regard to their profession from such an authoritative source.

At a large and enthusiastic meeting of ratepayers held last evening ab Blenheim, Mr Purser's scheme of municipal insurance was fully discussed. Reference was made to the high rate of premium charged by tha insurance companies notwithstanding thg excellent means of fire prevention. Ultimately, on the motion of Mr Sinclair, a resolution was unanimously passed approving of the scheme, and a committea was appointed to confer with the Borough Council as to the initiatory steps to be taken. The majority of speakers favoured the principle of co-operative insurance, and a suggestion was thrown out that a conference of delegates from all the municipal bodies in the colony should be held to perfect a scheme. ■ .

The Sanation Army's four days' special meetings have been brought to a successful close. The gatherings have been large and enthusiastic, and visitors have been present from all parts of the province. The officers of every station in the Auckland Province, excepting Gisborne, have taken part in the services. Colonel Taylor, head of the Army in New Zealand, was in charge, and was assisted by Majors Veal, Hammond and Rolfe. Ab the Tuesday's meeting Cadet Captain Turton, of the Prison Gate Brigade, was married in the presence of a largg number of people,

An investigation of the accounts of tha Court Zealandia, A.0.F., conducted by a committee of three of the Court, has shown that the defalcations of the late James Andrews extended over a period of aboub 9 years. The auditors were deceived by means of a false bank-book. The money was' deposited in the Auckland Savings Bank, and it is hot ■ known how Andrews could have obtained Jthe book in which to make the false entries. The other books of tbe Court were perfectly correct. The fact that -* something wa* wrong was discovered through one of the auditors remarking that the initials in the false book were not like those of a bank clerk. Ab a special meeting of the Courb held lasb nighb ib was decided to write off the sum, between £400 and £500, that has been misappropriated. and on account of the respect in which Andrews had been held by the members for so many years, and of the friendship they felt for him, to treat his' death as the ordinary death of a member. The Courb is nob pyfj in any financial difficulty by the loss ib has sustained, as its balance ab tbe Bank is) still well over £1,000.

The members of the Southern Cross Lodge, No. 14, Juvenile Templeof 1.0. G.T., celebrated their third anniversary at Cambridge on Monday evening with, an open meeting. They started the tent with amembership of 10, and now number 60. They have also formed, a Fife and Drum v band with a membership of 23. During; the evening the superintendent, Sis. J. Carnachan, presented the prizes (7) that were given for reciting, etc., for the last quarter. There was a very good attendance of parents and friends of the member., who listened very attentively to the programme which was rendered very sue* cessfully, considering a numberof the children had not performed in public before. The Wellington Poultry Association Show was opened by the Governor yesterday. The number of entries is 825, being an increase of 100 over last year, and the Show promises to be the most successful eveheld, as entries are received from all parts of the colony. The Association have; recently imported the necessary pens foe exhibits. .

By the kindness of the ladies of the Young Women, Christian Association, the inmates of the new Costley Home are to be provided with a tea and entertainment on Saturday next. Mr C. Atkin, Chairman of the Hospital and Charitable Aid Board, has kindly promised to attend, and an enjoyable break in the' monotony of their existence is anxiously looked forward to by the inmates.

The Remuera Social Union are a lively little body. The excitement consequent on their two delightful dances has barely died down, and to-night they are getting up a most excellent concert, followed by a come-: dietta, "Ruth's Romance." The promises to be the best yet held aft? Remuera. Miss Carrie Knight is to sing»< Herr Tutschka play the violin accompanied by Miss Wrighb on the piano, and Tom: Jackson will sing "Only Once More, Love," and, in conjunction with MrDuiaur, the Excelsior duet. I;_ the play, Mica Short and Messrs Archer and Forrest will appear. The 'bus which leaves town at 7.15 is sure to take out a gay contingent of Aucklanders.

The local branch of the Hibernian Socieby will celebrate their seventeenth anniversary by a social in the Catholic Institute, Well-ington-street, to-morrow evening. Greab preparations have been made for the affair, which is expected to be a decided sucoes—

The Wesb End Musical Union announce a concert bo be given on Monday next in,; Sb. James's Hall, when they will perform an! oratorio by Geo. Shinn, Mus. Bac. Cantab.,' entitled * * Captives of Babylon." The work comprises solos, duets, trios, quartettes, and grand choruses, and also some line instrumental pieces. There will be about seventy performers, and the conductor is Mr J. H. Phillpob. lb is said, that the oratorio has never been given in this colony before, and should prove a treat to the musical public.

A meeting of the Management Committee of the Auckland Rugby Union was held yesterday afternoon. It was agreed that the match wibh Taranaki should be played on Augusb 9th—the date suggested by Taranaki. The Senior Cup matches will be. postponed till after that date, but the junior matches will go on as usual on Saturday nexb and on the following Saturday. A selection committee, consisting of Messrs W. Speight, J. Arneil and E. McCaußland, was appointed to choose teams in view of the Taranaki match. Practices and trauu >g-r will be arranged by this committee.