THE PRINCES' TRUST.

Auckland Star, Volume XLV, Issue 82, 6 April 1914, Page 4

THE PRINCES' TRUST.

The failure of one <xf the largest and beet known business enterprises in Berlin, to which reference is made in our cable massages to-day, appeals to be involved in come not very obvk>U3 wey with the collapse of the. Princes' Trust; and this incident may renew public interest in the remarkable financial experiments in which several of the Kafeers most intimate friends have recently bren concerned. The "Princes* Truet" was an attempt on the part of a. coterie of high-born and enormously wealthy Germans to prove that under favourable fonditicn» the aristocratic eeotion of the nation is fully competent to manage its afTaLns, and to make a great commercial and financial success of any bueine«s that it undertakes. The head 3of thie select and curiously constituted syndicate were Prince MaxEgon zu Fnretenlberg and Prince Christian of Hohenlohc, both immensely wealthy, and admittedly aMr men. Tlioee two princes alone possessed properties worth at least £20,000.000, and with

the assistance of tthrir aristocratic friends and allies tlrey controlled on behalf of th« "Princes'" Trust a capital fit at least £100,000.000. Jt was known that the Kaiser, who is a personal friend of the t.vo princes, took great interest in this experiment; and. ■Uie syndicate started with all conditions—wealth, prestige, personal influence, popularity— entirely in its favour. But within five years the operations of the "Princes' Trust" ended in a complete collapse. Early in ite career the trust came into conflict with the Deutsche Bank, which stands for the commercial ability and financial strength of middl«-class Germany, ac opposed to the aristocratic interests represented by the Princes. The contest did not last long, and it wae only at the instance of t)he Kaiser that the Deutsche Bank was induced to stay its hand, and give assistance to the "Princes' Trust," which the inexperience and recldeesness trf its leaders soon brought to the verge of ruin. The operations of "the Trust were conducted on a gigantic ecaie, and in the most optimistic spirit; 'but, unfortunately, results did not work out in accordance with the sanguine anticipations of the Princes. Apparently the Princes are safe enough as regards solvency, for their enormous landed estates provide ample security for t&eir liabilities. But the experiment provided a useful lesson on the value of business training, and the failure of th« "Princes' Trust" certainly suggests that neither wealth nor .personal ability nor social standing can compensate for the lack of that commercial and financial experience which is co absolutely indispensable for success in modern commercial life*

The following is Mr. D. C. Bates' weather forecast for 24 houre from 9 ajh. this day:—The weather continues threatening." The indications are for variable and strong breezes, but moderate to strong westerly prevailing. Expect changeable end 6howery weather. The barometer ihas a rising tendency temporarily, but falling after about 24 hoars- Tides good, ees moderate.

The new system of tolls on the wharves during the arrival and departure of passenger steamers was in operation for the first time yesterday, when the Monowai came in from the South and the Maheno from Sydney. It is not the intention of the Harbour Board that persons desirous of going to any part of the wharves on such occasions should have to pay twopence each, but that only those who want to pass inside the barriers at the actual berthage of a vessel should do so.

]n urging the need for a children's hospital in Auckland during an anniversary service last night, the Rev. Howard Elliott remarked that the ecenee of adirit suffering among which youthful patiente were placed under the present system were calculated to leave life-long impressions on their minds. Special hospitals for children existed in moefc t-ities, lie eaid, and Auckland should not be behind-hand in that respect.

The system of week-end cables 'between New Zealand and the United Kingdom ie being well supported. The eyetem was inaugurated on January 4, 1913. The return for the year ended DecemW 31st showed that rthe number o! messages forwarded was 2.645 via 'Pacific, of a vaJue of £3,155, and 539 via Eastern, of a value of £735. The massages received numbered 837 via Pacific and 771 via Eastern.

Dr. A. W. Averill, Anglican Bishop of Auckland, yesterday afternoon performed the ceremony of laying the foundation stone of a now Anglican church, 6ituat«l midway between the Wesleyan and Presbyterian churches art, Henderson. The fitone bore the followiujr inscription: "To the glory of GodThis stone was la-id by Bishop A. W. Averill, on Palm Sunday, April 5, 1914. This etone was donated by Mre. C. iFhilipson." After the (Bishop's address a collection "xa& taken, amounting to £30 13/3.

Wfcih attempting to recover a number of cases of benzine that had been dropped down a well at the reaT of an Upper Hutt hotel on the night of the explosion, a young man named Whiteman had a narrow escape froni death. He descended thie we!] by a rope 30ft long, and had sent up three cases and three tins of benzine. He gave no answer to a call, after the rope had 1 come up the next time, and a member of the Town Board, suspecting an accident, immediately slid down the rope and found him unconscious, overcome by the fumes escaping from the benzine. It was not tUI early next morning that he recovered consciousness.

A reduced wheat production nest year in the South Canterbury dietrict is expected by Mr. John Talbot, chairman of the Timaru branch of the Karmere' L'nron. Speaking at the annual meeting, he eaid that prices do liot promise to be good, and tfte cost of production i<s increasing; the item of threshing alone Ims risen from 3id per 'bußhcl to sd, 6d, and even 9d. " rains have aleo prevented the preparation of the land. On the other hand, the nee of land for pastoral purposes Iβ being encouraged by the -higher prieee which are being paid for wool nnd fat fctoc-k. Mr. Talbot eaid that the Wadeclasses at the technical echools had produced a number of competent ehearere, and greater success was expected in future seasons.

The esipriciousness of the British public in the matter of taking up new iseues-Governmental, municipal, or otherwise—has been sbirtlingly emphasised by the fate of the City of"Dunedin 4J per cent. Debentures iesned this week, (says our London correspondent). The.™ iris practically a "gilt-edged ,, security, issued on very reasonable terms at a time when money was supposed to be specially plentiful and investors "right on the feed,' , and yet wp learn that the underwriters of the Dunedin loan have had to take up something like 84 per cent of the issue! The peculiar thing is that a similar issue on behalf of Chrietchurch, issued practically simultaneously, was fully subscribed by the public Evidently luck counts as well as judgment when seeking to borrow from the great B. P., and it is quite evident that for Governments, municipalities, or companies which must have money, the need of underwriting their issues exipte in times of plentiful money just as much as it does when money ie "tight."

iFire broke out on Saturday night and completely destroyed a four-roomed cottage occupied by Mr. J. J. Taylor, motorman, and owned 'by lire. Hurray, Albert Road, Epsom. The- origin of the fire has not yet been ascertained- The furniture was insured for £175, but the insurances on the building are not available.

The crcditoiß of Harry Whietance, gum-broker, of Auckland, were to have •met for the .seventh time at the office" of 'the OflVial Assignee the morning to r aear the further evidence of the debtor, t>ut to meet the convenience of the creditors (he meeting wae adjourned •until after Easter.

A remarkable find was madfe by ont of the Melbourne City Council employees, who was loosening earth a.rtrand a tree in Anderson Street, South Yaraa. He uncanlhed a small mustard tin, which contained 110 spurious half-soveTeigns in an unfinished state. The tin bad not been underground for a great length of tinw, as the wrapper was in. perfect order.

A labourer, aged 56, who was admitted to the Napier hospital last month under the name of James Barry, attempted to commit suicide on Saturday afternoon by cutting his throat wi.feh a razor. The man was found in a lavatory 'by one of the nurses. He afterwards told a priest that hie name was Barrett, and that he came from Palmereton .North.

A tragic occurrence took piece at St. Anne'e Church, Wellington South, on 'Friday night. While a service was being held Mre. Mary Agnes Jones, a widow, who resided in Maneflelo. , Street, died suddenly from heart failure. Dr. Giesen, who was called, pronounced life to be extinct.

During race week in Ha-wera, May 11 to May 16, a tug-of-wax ■will be "held under the auspices of the Winter Show Company. £100 has been allocated for prize money, the firat prize "being £50, the second £-22 10/, and four other good prizes. Entries will cloee on Monday, May 4, with the secretary, M. L. O. Hooker, P.O. Box 99, Hawera.

Substantial additions have recently been made to >t.he Roto Roa 'Institute for Inebriates. A new wing, to accommodate 30 men, ha 3 been finished, and a five-roomed cottage completed, for the use of an aeeietant officer. A new launch has aleo been acquired. There are now 100 men on the ieland.

A seretely-crushed foot was sustained by Arthur Joseph King, an engineer, aged 28. of St. Leonard's Boad, Devonport, while catching a 'bus at the Exhibition gates on Saturday night. He was apparently jostled in the. crowd and had his foot' in front of cue of the •wheels, -when it was run over. The injured man was removed to the hospital, and on inquiry to-day was stated to be progressing favourably.

A middle-eged man, whose name is not asoertainable, had a rather narrow escape from drowning at Narrow Keck beach yesterday afternoon- A party of email boye was playing with a small dinghy that was moored elcee to the shore, when by some meane the mooringe parted, and the boat began to drift out to sec with one small boy on board. The man made a plncky attempt to reach the little craft by swimming, but found himself quite una.ble to reach it, and was becoming rapidly exhausted. His calls for assistance were heard by another man on the beach, who launched a email boat, and by sculling with the one available oar succeeded in rescuing bofch the swimmer and the email boy- Had no boat been available tlie swimmer would almost certainly have been carried out by the current and drowned.

Mr. J. F. McCarthy, of Greytnouth, now on a visit to hi 3 .parente at Balfour Boad. Parnell. played several violin solos at St. John's Roman Catholic Church, Parneil yesterday. Mr. McCarthy enjoys the* reputation of a master on the instrument in the South Island, where ■his performances on his famous '-Strad" have been greatly appreciated. Among his contributions at morning and evening sen-ices were: "Nearer, My God, to Thee," "The Broken Melody," and that weird, solemn composition known a-s '■ Uncle Peter's Tjament." The organ accompaniments were played by Mr. J. J. Jjarbidge.

Sir lan Hamilton, speaking to cadets at the military college nt Dnntroon, spoke of the attractions of a military career. "the fascination of a military career," lie said, ''lies chiefly in the opportunity it gives its votaries to get into the closest human relationship with the great mass of the people. Comeraderie hae ever been a marked characteristic of military life- I have heard this emphasised by persons situated ait the opposite potee of society. The Czar himself has said to mc that the happiest hours of hie life were those spent when he was commanding a company. I ventured to ask hie Imperial Majesty why, and lie was pleased to reply, because it wa-s the one and only time in hie life that he had felt himself brought into intimate personal relationship hie own people."

Many points of difference between the educational methods of Canada and New Zealand were mentioned in papers read to a large meeting of Timaru school teachers by iMiss Parker and Mies Pulling, two Canadians, who came to thf Dominion under the fcyfetem of exchanging teachers- They stated that they were "filled with horror with the eize of the classes in the New Zealand city schools." Both papers will be published in the school journal.

Tn connection with the opening of direct trade with Hull, the Hon. Thomas .Mackenzie -has received communications assuring him of support from many people doing a considerable 'business in the meat trade In the North of England. It trill, however, be some time yet before Hull is ready for the new shipping, her whole dock accommodation being more than taken up by her present trade: so that it will foe July or August before the accommodation will be sufficient to receive the extra trade which it is hoped may be established directly with New Zealand.—London Correspondent.

The High Cotnmiseioncr has receited (many congratulations on the great success of the recent New Zealand loans, write, our London correspondent. It appears to have ibeen placed at the .psychological moment. A few days later South Australia called for a £2,000,000 ■loan, only half of which was subscribed by the puWic; and thp South African 4 •per cent loan, at £96 10/ did not bring £1.000,000 from the public, whilst New Zealand had £26,000,000 tendered within one and a half hours. At the time South Australian stock wae actually quoted on the market at a slightly higher rate than that of New Zealand.

The steamer Levuka, which arrived in Sydney last week, brought news of a new island said to have been discovered ' by the Japanese steamship Shinbu Maru | early in March. The new island lies within a few miles of Sulphur Islands, in the vicinity of the Bonin Islands. iin the North Pacific Ocean. From the reports received there appears to b6 no doubt that the island is the result of a recent volcanic upheaval. It is only ass few miles in circumference, and a

little over 200 ft. in height. The attention of navigators is drawn to the report.

Aa announced in our advertising columns, the Tramways Recreation Cliib holds its secoud moonlight harbour excursion to-morrow evening. The secretary, Mr J. R. Loney, has all arrangements well in hand for a. pleasant twihour excursion round the Waitemata. Two bands—bag-pipes .and Bavarian— will be in attendance. The s.s. Kestrel leaves the ferry tee at 8 p.m. Additional contributions to the motor ambulance fund arc as follows:—Auckland Tramway employee's, £5; F. \V. Pbipps, £1 ]/: Pbipps , employees, £2 15/tt; Kempthorne, Pressor, and Co., £3 3/j lieyland and O'Brien, £1 1/; W. B. Leyland. 10/; S. 11. Leyland, 10/; A. Leyland, 10/; Leyland and O'Brien's stAff, £3 7/6: S. D. Hanna and Son. £1 1/; Grammar School Boys, £2 3/; Sharland and Co.. £3 3/; F. Renshaw, £1 I/-. Geo. Court and Sons' employees, £H; N.Z. Rugby League, £2 2/: Butchers' Industrial Vnion, £1 1/; Mrs Micklo (per Miss Grace Palotta.), £1 1/. In comnectiin with the latter donation the following note was cent to Miss Palotta by the donor:—"I had quite forgotten that yesterday was your day for the street collection, so I am forwarding the £1 1/ that followed you to Aus° tralia when you Were collecting for the new ward in the Dunedin Hospital. My husband, Dr. Mickle had, in the meantime, forwarded a larger subscription, and as the time had gone by, I kept it for some future occasion when it might come back to you for another collection, as I felt sure that when you returned to the stage such an ipportunity would occur." Before her departure from Auckland with the Pantomime Co., Miss Palotta received quite a sheaf of letters, eulogising the part she had played in street collections for deserving causes in the different cities of New Zealand.