IN THE PUBLIC MIND.

Auckland Star, Volume LXV, Issue 2, 3 January 1934, Page 6

IN THE PUBLIC MIND.

MR. ALLUM'S MISSION, BONDHOLDERS AND BROKERS. (To the Editor.) Two lessons can be learned from th<s fruitless result of Mr. Allum's mission to London. One is that in any attempt to obtain some relief in interest payments the main obstacle is not the attitude of the creditor, but of the London Stock Exchange; and the other is that negotiations on behalf of individual local bodies are not likely to lead very far. It is not so much a case of convincing the bondholder that the debtor at this end is entitled to consideration; it is more a question of converting the stockbroker. The bondholder in fact, is not allowed to do what he likes' with his own,,bu| as soon as he shows himself sympathetic and willing to take less, the broker enters with a determined expression and refiuses to countenance anything of the kind. S» Mr. Allum has come back °vith the feeling that "as for the gentlemen called financiers, there is no hope for them." That, of course, does not help to explain their attitude. The bondholder probably is thinking more of his security, the broker of the invest" ment market. They are both looking at the contract from different points of view, and brokers, it seems, can be very conservative. Or perhaps they have not been interested in the difficulties of Mr. Allum and the Auckland Transport Board, or were, thinking of other requests of a similar kind that might follow if .anything were given awav. They might even have reflected that the" board had the New Zealand Government to thank for the position in which it was placed, and that it was not for them at the London end to suffer because there had been a rise in the exchange, which added to the cost of overseas loans! But in fairness to Mr. Allum, hi s appeal for relief went deeper than this; he contended and still does, that, high or low exchange,' the interest on New Zealand local body securities in London is above what it should be. If so, let the Transport Board consult the other bodies concerned, and let all act together in any future move. It is humiliating, undignified and weak to embark on fruitless missions. CITY RATEPAYER.

TRADE RECOVERY IN BRITAIN. Eloquent testimony to economic recovery in Britain is borne by the quotations for railway stocks. During the last twelve months Great Western Ordinary has risen from 22 to 53 j London and North-(Eastern Preferred from 5§ to 22; London Midland and Scottish from »J to 25; while Southern Preferred Ordinary has risen from 13J to Co. Southern 5 per cent Preference, which twelve months ago stood at 35, is now quoted at 105, and Lendon and Worth-Eastern 4 per cent first Preference has recovered from 15 to 64. During the second half of last year there was a remarkable expansion in traffic, partly due to the wise policy of the railways in endeavouring both by lowering fares and increasing conveniences to reattract the travelling public to the railroads, and partly to the general improvement in trade. During the last six months one Tailway shows an increase in gross receipts of £359.000; another of £570,000, and a third of £608,000. These figures show that the steps taken to promote trade recovery in Britain are bearing fruit, and tbey also show that the railway can still hold its own if proper steps are taken to attract the public. INVESTOR.

A PETITIONER'S GRIEVANCE. Is Parliament justified in rushing through the business of the House -towards -the end -if a session in the way the public have just witnessed? On October 12 last a petition was presented to Parliament by the member for Roskill on my behalf. *I hare had ten favourable recommendations from the M to Z Committee to pay petitioner a sum of not less than £4 per week from 1921 up to 1932. I went to Wellington on November 26 last, .and I had a personal interview with the chairIman of the M to Z Committee, Mr. Lye, who informed me that 3S petitions were before |my petition, and that my petition would not be inquired into on account of so many petitions being presented before my petition. I told Mr. Lye. that I was 90 years old last August, and he replied that a lot of witnesses were coming, and that I could not be heard in support ofi my petition. This is what is called British justice. The public petitions that are recommended by the committee for the favourable consideration of the Government arc ignored by the Government, and petitioners are deprived from getting justice. JOHN - J. MEIKLE.

CHRISTMAS BENEVOLENCE. Will you allow mo to express my sincere thanks on behalf o£ hundreds of poor children of our city for the kindness shown to them during this season of the year? The hearts of hundreds of poor children have been gladdened by the generosity of our citizens; homes hav e been made happy, and to many of these children Christmas will ever remain a happy memory. With the returning tide of prosperity, the avenues of love and benevolence have been opened up, and never before, in the history of Auckland, have the interests and happiness of children been manifested as they have been during this festive season, and it is because of this, and on their behalf, that I desire to express their thanks, and trust that to all who have so kindly shown their sympathy and love for poor children there may be sriven to them a happv and prosperous New Year. "FRANK CRESPI'N. SHARKS—OR BLACKFISH? Can anybody say how it is possible to identify a shark in the water? Once or twice every summer it is reported that sharks have been seen oIT Takapuna Bench, but those who say they saw them usually have slender grounds for their belief. Apparently, for some people, any flail larger than a snapper that breaks the surface of the sea must be a shark. Yet it may be, and often is, a porpoise or a black fish. Is there any certain way of distinguishing the shark? RESIDENT. CORNWALLIS PARK.

The condition of Corrnvallis Park, an the Manukau', merits the attention of the City Council, the responsible body. This point on the Manukau Harbour is popular with holiday | makers, and the monument to the pioneers [gives it a historical interest. These holidays [there 'have been many visitors, but adequate preparation was not made for their reception. The grass where motor ears park is very Ion;;. The track to the monument, which every visitor takes, is a water-worn rut. A liti!.'effort by the City Council to make this attractive spot more attractive would be appreciated. VISITOR.