ANGLO-COLONIAL NOTES.

Press, Volume LII, Issue 8990, 1 January 1895, Page 5

ANGLO-COLONIAL NOTES.

(FROM OUR COEUKSPOJ-DKKT). LONDON, November 16. SIR W. JERVOIS.

I met your late Governor, Sir William Jervois, at the Colonial Institute a few days ago. He was looking very well and as spruce as e7er in his characteristic style of military smartness. He chats, too, with all his old vivacity and shrewdness about colonial affairs. He seems quite to have recovered his health, but one cannot help noticing when he walks across a room that his gait is not quite so firm and vigorous as in the old New Zealand days. But time stands still for no one 1 Sir William still speaks with enthnsiasm of New Zealand and of his wish that he could live there again. But that, he cays, cannot be. Sir William has just returned from a round of visits among his numerous relatives in this country, including Major and Mrs Jervois— names which will always awaken pleasant recollections in New Zealand. Lady Jervois is in excellent health, but suffers, as I fear she always will, from thab spinal weakness, which made her while in New Zealand so largely a prisoner within doors. LORD ROSEBERY: NEW ZEALAND AND SAMOA. New Zealand has the honour, if honour it be, of having been the unwitting means of getting Lord Rosebery into about the most shocking mess that any English Premier has ever had the misfortune to blunder. At the Lord Mayor's banquet at Guildhall last Friday night, Lord Roßebery in his speech made the following extraordinary remark :—" Twice during the present year intelligence has come to England, and from a source which I for one cannot trace, that the New Zealand Government hud some wish or intention to administer Samoa or to send a delegation to Samoa to inquire whether it would be possible to administer iter not! These reports go forth. Even the Government, on account of their sheer absurdity, does not think it necessary to contradict them !" Now I shonld not dream of insinuating that the Prime Minister had found Sir Joseph Renei's excellent champagne exercise a confusing effect on his mental faculties, but what can one think of an English statesman in his position who could deliberately say anything so silly as this, or who could display such amazing ignorance of recent events in which his own Government had been concerned. To sneer and gird at the newspapers for publishing statements which Lord Rosebery ought to have known, and must have known to be absolutely true, seems so utterly foolish and childish that nobody can imagine what had come to the Premier. Naturally the papers on both sides of politics " go for" him with zest. He gets indeed some very rough handling. Most stinging of all is the quietly dignified answer of The Times. ''We accept at once," says The Times, "Lord Rosebery. statement that ho cannot trace the source of this report which he deems too absurd to contradict, we therefore supply him with the information." Tlie Times then shows that in April last, Lord Glasgow, as Governor of New Zealand, officially informed the Colonial Office that his Government was anxious for the abrogation of the Samoan treaty; that the New Zealand Premier wrote expressing/ the wish of the New Zealand Government to undertake the whole control of Samoa, or to administer it under the Imperial Government; that ithe Governments of Victoria, South Australia, and Tasmania supported this proposal; and that the matter occupied the attention of the Colonial and Foreign Offices from the 26th of April to the 17th of May, and formed the subject of much official cor-; respondence on the part of the Imperial Go- j vernmeut. After setting all this forth in i detail The Times calmly observes:—" These . are the data which justify the statement! that * the New Zealand Government had some wish or intention to Samoa.' If Lord Rosebery finds on thab our information is correct, we have ntf i doubt he will withdraw the statement as rathe inaccuracy of the press in thiß particulate i instance as publicly as he made it on injr perfect information. [We have since keen informed by cable that Lord Rosebeip- [ apologised for his remarks about the pre_jfj> j LOAN AND MERCANTILE. if Judgment was given yesterday by' Mr Justice Vaughan Williams in the case of the New Zealand Loan and Mercantile Company. The gist of that decision has/of ! course,. been cabled to you, namely, that the Judge refused to authorise the continuance of the proceedings against the .old Directors, and directed that. such proceedings should not go forward. But tho Judge conveyed this decision with an accompaniment of some very 'strong observations on the whole case. He said he did not Ifeel warranted in disregarding the of the Directors of the new Company that the i proposed proceedings would operate most injuriously against the'interests of the new ! company. He believed that opinion was a I perfectly honest opinion founded oh j commercial grounds, and that it was not tainted ;by any corrupt or personal considerations. For that reason he accepted it and acted upon it. Nevertheless he regarded such an outoome as " unfortunate—most' unfortunate." His Lordship continued,' )' The examination disclosed a prima facie case of breach of trust But for the re-constriction scheme, that case would have been _<_rd and determined on a misfeasance summons, and the respondents would have been found liable, or declared free from liability— would have been exculpated or condemned. It seems to mc a matter for regret body's interest, from every point JSj view, that the prima facie case disclosed by the examination should never be disposed of one way or the other. It is to be regretted, but I do not know that it conld have been avoided." It may be worth while to mention here that the opinion of counsel (Messrs Bray aud Howard-Wright), taken by the: Official Receiver, was, that the old Direotors and officers were so clearly liable for. the improper payment of certain sums as dividend when no dividend had been earned, that there could be no occasion for a commission to take evidence at the Antipodes, the facts being admitted by the Directors and officers themselves, in their examinations. On ' the other hand, the counsel (Messrs CozensHardy, E-dy and Eve) consulted by the Directors of the new Company, advised that even admitting this, it had not yet ■ been shown, and would have to be shown ' that the Company's reserve. fund of £330,000, which was clearly usable for dividends, had been exhausted; and this . could only be done by evidence of depreci- ■ ation, &c, taken, by commission in Australia and New Zealand. The Jndge, how- - ever, held that the evidence of the old ; Directors and officers themselves had plainly ; established tbe exhaustion of- the reserve fund.

Mr Justice Vaughan Williams stated emphatically that in his opinion a prima facie case of misfeasance had been disclosed. He said further: " In my judgment there is also a prima facie case against the. auditors who objected to the entries in the balance-sheet and yet acquiesced, and against Mr Paul, the manager, to whom the objections were made," adding, " the* Directors deny that these objections were brought to their notice. Could it have been shown that the opposition of the new Company to the proceedings was due to any desire to shield those guilty of misfeasance and breach of trust from the consequences of such misfeasance he should not nave allowed the proceedings to be.abandoned.. The reconstruction scheme could not be permitted in tbe smallest degree to shield anyone from the consequences of his mirfeasance. But this was not even alleged, '< So he stayed all further proceedings, the new Company paying all costs hitherto incurredThis decision has.,-been received with general satisfaction, npt.t-ftt .anyone sympathises with those who jrere guilty of misfeasance and breach of trust, -lit because everybody wishes to Bee She new Company prosper and succeed, which, now it has | Ta «y prospect of doing. The long pending of this undesirable litigation has been a serious obstacle in its path. Happily that obstacle is now removed. Commenting on the jod_"- ie - t tne *' jno *- cial Times to-day ..mirks that the Judge "repeatedly states, t_ff'»l«^/ ( *? fecas& has-been made out . It says that the judgment •fjfiof 5 the highest importance at the pi-m£3u^Wr'w_«tt , we seem to be withm djstaaoe of the much-needed reform ia comjpaay'law whioh has so long beercaUed for in vain by these who have the inti**** of tavettors **

heart. A strong Judge like Mr Justice Vaughan Williams can do much, and he has done much to modify the rampant abuses that prevail, bat occasionally, as in this case, he has to admit himself baffled and to give his decision most reluctantly." The Judge has announced, in relation to the same case, that ho has learned a lesson which will in future prevent his assenting to a re-construction scheme which creates such a situation as" this one on which he adjudicated yesterday. The JHnanciaLKews to-day says that the Judge has • tardily and much against his will" decided that the new Company shall not be forced, to famish funds for the proposed proceedings. It deems the judgment "eminently sound" and certain to meet with "the universal approval of all sensible men.'* It "P*ds that when a Company gets into trouble, it is more important to save its credit and assets for the benefit of share, holders than to pursue erring Directors with pains and penalties. "By all means lot those responsible be punished or made to disgorge so long as you do not injure the material or shareholders. If the Official Receiver wants to litigate in the interests of public morality," says the Financial News, "letthe public pay the costs. The winding-up department makes large profits out of its work, and if ib must have its orgy of litigation let it pay for the luxury. __ "It is a pity," continues the same writer, " M_ Justice VaughanWilliams has taken so long to come to a conclusion that thrust itself long ago on all thinking men. The Judge himself practically forced this proposed litigation on the Official Receiver^ and now, after serious consideration, he has to change his view and admit himself wrong. It is a blessing he has had the courage to decide against nis own predilections, but a misfortune that he should not have thought the whole thing out in its commercial and common-sense bearings long ago."

This seems to mc hardly fair. The Judge distinctly intimated that he had not changed his view, but that he had refrained from pressing it because, if carried into effect, it would operate injuriously against the very persons who 'had been wronged. Bub it also appears to mc that the Judge, when he said, "In the long run it would be better for the interests of the new Company that the most disagreeable facts in the past history of the management; of the old Company should be <fis. closed than that the truth should not be arrived at; truth and light never do much harm;.' even in commercial matters"—rather misrepresented the objection of the Directors.! It was not these things that they objected to having disclosed, for that had already been done in the examination, and done with a vengeance! But they did objept to having the private affairs of their customers disclosed, as would unavoidably hays been done had these proceedingstgone on. Js. That is quite another affair. However, all is pleasantly settled now, and it only remains to congratulate the new Corhpany on their vastly unproved prospects in consequence. Mr Edward Martin, Chairman of the new Loan and Mercantile Company, writes to m 6 to-day r—" The business of the Loan Company i 0 progressing favourably. Th« judgment given by Mr Justice Vaugha* Williams avoids the catastrophe of lengtb< ened legal proceedings, which would bo ribUßly damage the prospects of the Com pany. Mr Beaumont sails on Thursday bj the P. and O. steamer, to join Mr Forsyth in New Zealand, in the inquiry into the assets of the Company.*' I PERSONAL. l Lord and Lady Onslow are still touring Jax the East. Lady Onslow does nob gr 'farther than Egypt, but the Earl intend! -to travel for some time in India. Befor* bis departure Lord Onslow requested thl ~Agent.General to convey his thanks to • New Zealand correspondent who had forwarded to him specimens of mutton marked by a new process, this being sent in recognition of the active interest the ex-Governor. has taken in this subject since his return to England. Lord Onslow asked Sir Westby Perceval "_cther to say that in his (the Earl's) opinion the process of marking war very effective, and was not calculated either to render the meat unsightly in appearance or to injure its quality. Dr. and Mrs Wallis left to-day by the 11 a.m. train for Dover, on their way to Naples. Both express their firm convictior that they shall like New Zealand and itpeople, and both are manifestly inspired with a determination to do all in their powei to further the interests of the Church in New Zealand. A marriage of interest in New Zealand is that of Mr F. Clifford, youngest son of the late Sir Charles Clifford, Bart., to Miss - Dora Charlton, daughter of Mr T. B. Charlton, of Chitwall Hail, Notts. Their honey* moon will be spent in Rome. Bishop Barry, late Primate of Australia, will deliver the Hulsean Lectures at Cambridge next year. His subject will ■, be " The Ecclesiastical Expansion of England;"* ■ > . At the'seventeenth annual meeting of the Edinburgh Australasian Club, Mr S. W.|B. Fitohett.was elected hon. secretary. Ml W. Anderson hon. treasurer, and Mr CM. . Heotor member of committee. All three are New Zealanders. The engagement is announced of the Earl of Stamford to Elizabeth, third daughter of the Rev. Charles Theobald, rector ol Lasham,- Hants. < I believe that the vacant cure of Palmerston North, New Zealand, will very likely be .' offered to Mr Still, if he still retains hie. former desire to return to colonial work in New Zealand.-. Writing about the new Bishop of Welling* . ton. Bishop Jenner (the first Bishop of Dunedin) says :—" It ia a grand thing for > New Zealand to have such a really eminent man for one of its bishops. He is bound to be a good man in every sense of the term, if only from his intimacy with the Bishop of Salisbury.'* At the Colonial Institute's opening meet* ing of the season last Tuesday evening, I did not notice many New Zealandew • present, though I kept my eyes open. Sir .. Westby Perceval, Mr and -Mrs Beetham, Mr W.. Weddel, Mr M. Paul, Mr S. Edwards, Mr Beaumont, Mr Cowfe, Mr Randolph Mainwaring, Mr C. R. Valen* tine, and one or two others' made up the list, unless I may include Sir William Jervois, as being an ex-Governor of the colony, . . . Miss Flora Shaw's paper on *'Colonial Expansion/ read at the Colonial Institute, was a most eloquent, thoughtful, and philosophical paper upon the history, genius, . and prognosis of British cohausatlon.

MISCELLANEOUS. Since the'hut ordinary and general meet* itog of the Colonial Institute no fewer than ninety-four new Fellows have been elected, twenty-three resident, and seventy-one non* resident. The Duke of York is among the newest Fellows of the Colonial- Institute, and has further accepted the position of a vice-president of the Institute. - Hi and Mrs Billinghnrst, Mr W. C. Watson, Mr S. Stuart, and Mr and Mrs Goodsir, all of New Zealand, were present at the last meeting of .the Colonial-Institute.

The annual football,'match (under the auspices of the London Australasian Clnb), which was in progress when I despatched my letter last Friday—between tbe representatives of the respective AgenciesGeneral for New Zealand and Taamaniaoorn r the ode hand and for all Australia en theother, resulted in ia manner diametrically, opposite to that year, Australia, winning by six goals] to. niL The Continentals, however, had. the luck of securing several very strong' players, while tbe Islanders were unfortunate in having men hurt at starting, and in losing another who arrived late. The Island team last year, it will be remembered, won easily. In the evening, at a billiard match, the islanders'were again defeated, Berry. and - Snell (on behalf of Austra_a) winning by 20 points, against A. W. Smith and J. A. Mason (New Zealand The , match, was for 125 up,, spot-barred.. Later, in a single match, smith (New Zealand) beat Snell (Australia). A pleasant evening was spent, "high tea" being followed by a smoke concert, comic songs, and recitations, Mr Berkley Campbell's •■Xtae till death" being specially excellent. ' The Convocation of the . University of. Oxford has admitted the University of New - Zealand-to the privileges of a Colonial University under the provisions of the statute on Colonial and Indian Universities. .' ;°*