ANGLO-COLONIAL NOTES.

Press, Volume LII, Issue 9009, 23 January 1895, Page 5

ANGLO-COLONIAL NOTES.

[feom oue special cokrespohdsnt.] LONDON , /December 14. The news that Sir Westby Perceval decided ultimately to accept the offer of the New Zealand Government of a year's extension of his appointment has given general e&tiafactfon in Anglo-Colonial circles, as Sir Westby has long been reoogaised as most emphatically the right man in the right place. ,' People doing business.. with New Zealand (says the Qlasgoig Herald) will bo glad to learn that Sir Westby Perceval will retain the Agent-Generalship until the end of 1895. He had intended to gratify his political friends by returning home thia year, but he has been persuaded to remain a little longer, his chiefs feeling that in the present keen contest among the Antipodean colonies to place their products on the English market, New Zealand requires a young and energetic man." That very fairly represents the prevalent feeling, which is, however, mingled with some regret that the re-appointment was not for another three years' term. That unwelcome call of £5 6s 8d on the part of the Bank of New Zealand is still a prominent topic of conversation in city circles. It h*a created absolute consternation amounting to something lite a panic, and the resentment on the part of the English Bharebolders~is very bitter and keen. They refuse to be comforted by pictures of the beneficial results which may be anticipated from this wiping off of co heavy a liability, this stoppage of a severe and constant drain ou resources. They persist in dwelling on the immediate "pall," which undoubtedly is a severe one. One shareholder wrote a warm letter to pie Tinies, contending that the call was illegal because contrary to the terms of the Deed of Settlement. But he seems wholly to have overlooked the effect of the recent legislation, which virtually repeals, or at any rate vitally amends that part of the Settlement Deed. A very fair and clear statement of the case—so at least it seems to me—is given by the Financial News, which after a careful analysis of the case on both sides ends by a complete endorsement of the action taken. It is alleged that one very large shareholder in London has obtained an opinion of counsel that the call is illegal and cannot be enforced. But the Financial News points out .that this amendment of the deed of settlement was one condition on which the Government came to the rescue of the Bank and so averted a call of not £3 6s Bd, but £10, which would have been due without any possibility of question had the Bank been forced into liquidation. In the opinion of the Financial News no such limitation of calling power as existed in the settlement deed was transferred to the Act of 1894, which says plainly that of the £10 reserve liability due in a certain emergency one-third shall be available without that emergency occurring. Bub "it does not necessarily follow (says the paper) that the Legislature has the legal right to override what amounts to a contract between the depositors and the shareholders." If the latter Bay "they bought their shares subject to a contingent liability and that contingency having been averted by extraordinary means they are not bound l>y any modification of the original terms," the News thinks that is not quite an honour* able line to take, and holds that the share* holders have not only no legal ground for resisting the call, but have very little moral ground of resistance either. To resist a call which is one of the con* ditions on which they have .avoided a call threefold larger and a heavy loss, is in the opinion of the same financial organ-"like the case of a man who has been saved from drowning begrudging a suitable reward to the person who came to his rescue.' . So, though the shareholders are tendered the " heartiest sympathy in the unexpected demand which has been made upon them," they are advised to be thankful matters are no worse. But it is remarked-that "the suspicion.has arisen in' some quarters that this proepeot of cancelling, half the debentures is only part of a scheme for releasing the lands.of the Estates Company, jso as to furnish custom for' the ' Government in connection with its new Loans to Settlers Act." " A friend of mine "met Sir Julius Vogel - the other day and thought the ex-Premier ■ looking far from welL He gets about ;ail right, bat seems much out of health juafc now. Sir Julius and Lady Vogel are greatly delighted at the approaching' visit of theip son, Mr H. B. Vogel, and are looking for* ward to it with very pleasant anticipations*' By the way, Sir Julius Vogel has been bringing' under the notice of people interested in New Zealand flax the process invented by Professor Blayes, the distinguished chief of the French Department of - Industrial ' Chemistry in' Paris. Thia process has been applied with much eaecesa. to the treatment of African fibres, and Sir Julius thinks it capable of application to New Zealand pTwrmium tenax • also. The suggestion is now under consideration. '- At a recent meeting- , of the S.P.G. at Exeter Hall, the Rev. Canon Scott-Holland made a most bitter and uncalled-for attack on the' colonies. He declared that "the : soul of the colonies was being secularised/ , and that this accounted for the remarkable, non-productiveness of the colonies in respect of works of art and literature. He also said, " Oat there {*.£., in Australia and New > Zealand) our English folk are trying to do their great task without the Sunday and without the Sermon." , "-\ , The Rev, W. Bedell Stanford, late Canon; of Christohurch Cathedral, New Zealand, indignantly and forcibly refuted these misstatements, showing from his own personalknowledge, and experience their entire groundlessness. Canon Scott-Holland has since written a somewhat vague and rattier foolish letter, in which he' endeavours * to - explain away some of bia statements, but he ' made no absolute retractation. ' - Tne brilliant and promising career of the Canadian Premier cametJo an untimely close ! on Tuesday, 12th inatant, undermost pain* ! ful circumstances. Sir John Thompsoshad I been summoned to Windsor to be sworn in , as a member of the Privy Council, and' had : also been invited to dint) and sleep at the Castle. Hβ seemed quite 'well as he .went down in.. tee special train with the Ministers of ,th© Crown ; and - the Lord Steward. He -" seemed still quite well at the meeting of the Council and at the ceremony of swearing in. Bat while sitting at luncheon he suddenly fainted. Lord Breadalbane and a servant took him into the next room and gave him ; brandy. He soon seemed-co recover, and expressed the utmost vexation at having ' made such a " scene," • as he put it. ' But J Lord Breadalbane very reasonably said, ." One does not faint on purpose," v and begged him not to distress himself about it. After awhile Sir John returned with Lord 1 Breadalbane to the luncheon table and was placed next to Br. Reid, the Qaeen'e Physician. Before he had tasted a morsel ! of food a second attack seized the Canadian \ Premier, who fell sideways, almost into Dr. Beid'e arms* The ladies who were present were requested to withdraw, and a careful [examination of the patient was made bat. life was found to be extinct, death being due to sadden failure of cardiac-action. Sir John, it appeared, had long been suffering. from fatty degeneration of the heart. 1 The Queen was greatly distressed at J hearing of the sad event, and caused a dignified and touching expression of her sorrow to be published in tne, official Court Circular. Sir John was only forty-niae years old, and was regarded as among the ablest and most far-seeing of colonial Prime Ministers. New Zealand Government stocks hare fallen considerably. Fours now stand at--104-106, and 3| per cents, have gone down . I to par, indeed some sales have been made at \ 99 and even 98. The downward tendency, - however, seems to be shared by all Colonial Government securities. Iα most quarter* the fall is attributed partly to the Bank of New Zealand call and partly to the Newfoundland crisis. ■• , A deputation will leave England almost immediately for New, Zealand to wait oa the Government of that colony, with a view to some definite, arrangement respecting the New Zealand Midland .Railway contract. The deputation will consist of mx Thomas Salt {late M.P. for Stafford) Chairman of the Midland'Railwoy Company ; Mr Bur* chell, solicitor to the Company; and : Sir Bruce Buraside, late' Chief-, Justice, of. Ceylon. They preserve olose retioeneefts to what fresh proposals, if any, they are , prepared to make. I understand, howtVer,

that this it to be a lub effort to bring about an amicable and feasible aetUeraent If this fails then resourse will be had to litigation. t Mr Marriot Watson, the New Zealand author and joiirnalist, who has been seriously ill for some time, Buffering from typhoid fever, is at present staying in Cornwall to recruit hia health and strength. Mr Watson is about to bring out a new book, which will appear very shortly. Mr Watson's mother and four eietnre are still residing at Anerley Park, near Norwood, in Surrey. Mrs Sims, of Christchurch, who has been staying for some time in England, talks of returning to New Zealand shortly. I met her recently in London. She seemed to be very well and to be enjoying her English visit.