ANGLO-COLONIAL NOTES.

Press, Volume LII, Issue 9157, 15 July 1895, Page 2

ANGLO-COLONIAL NOTES.

(FROM OUR SPECIAL CORRESPOXDE2.X )

LONDON, May 51

Of two items in Mr Ward's London programme—the 3 per cent, loan and the rednction in coat of loan management, both successfully carried out—l have already written. Bat there vr&a a third one, ana th&t promises to be effected just as satisfactorily. I refer to the floating of £750,000 4 per cent, debentures of the Bank of NewZealand Estates Compauy. The list closes next Tuesday, and it ia confidently predicted by those whd should know beet that the sum required will be applied for several tisnes over. The first £750,000 of the million and a half of Bank of New Zealand Estate debentures were paid off to-day out of the proceeds of the recent call and from other available sources. So all that 5J per cent, interest is saved to the Bank and the floating of the three-quarters of a million of 4 per cent, debentures will save 1£ per cent, interest on £750,000. By means of the various operations just carried out Mr Ward calculates that the Bank of New Zealand will save iv interest and other expenses fully £56,000 per annum. This will be a very nice little ** Christiras box' , to the shareholders, who should bear in mind that the operation has largely been rendered feasible through the various steps taken by the Colonial Treasurer during his stay in England—the 5 per cent, coup included. Another very big operation for which Mr Ward has also now completed arrangements is the conversion of all New Zealand stock into 3 per cents. This, of course, will not be carried out immediately, but the foundation has been laid, and the operation will go on quietly but steadily and continuously until New Zealand has uo other Government stocks that! 3 per cents. Among the stocks thus converted will be all those securities which are so oddly named "idiologies," i.e., stock held as investments by the various investing departments of the New Zealand Government, such as the Public Trust aud Lite Insurance Departments. These have considerable sums invested in Government stock at 4to 5 per cent., but all will be converted by degrees into " Wards"—if I may borrow the English method of naming particular stocks after their originators, e.g., " Goßcbens." Mr Ward's idea is to assimilate as nearly as possible the rates of interest prevalent in New Zealand and in the Mother Country. By his 3 per cent, coup he has taken a long step in this direction. But it is only the first step in a long journey. The Star pronounces Mr Ward " a keen business man as well as a successful politician." It adds that he is ''one of the largest exporters of grain in New Zealand." Too Leader says " Mr Ward is one of the coming men of the Antipodes. His reputation is not confined to pablic affairs, tor it is by his energy and foresight that he has built up a big business." The same paper describes him as " small and keen-eyed, with a direct business-like manner that inspires confidence." Auother paper refers to him as distinctly the most important among the colonial statesmen who have visited, or aie about to visit, London this season.

At the annual dinner of the London Chamber of Commerce Mr Ward was one of the guesta and his name was coupled with the toast of the " Colonial Governors and statesmen. ,, Mr Sandemau, Governor of the Bauk of England, in speaking to the toast, paid a high compliment to the New Zealand Treasurer for the remarkable financial ability he had displayed daring his stay jih London, and referred particularly to the brilliant success he had achieved in the very successful floating of the first 3 per cent, colonial loan. He expressed the opinion that Mr Ward's visit to England had done the colony great good, as he h&d been able to give a more correct idea of its position and to remove many prevailing misconceptions with regard to its finances and otherwise. New Zealand had now been restored to its due position of credit in the London market. Mr Ward, in replying to the toast, said that one of his great objects throughout had been to show that the interests of the colonies and their tradee were inseparable from those of Great Britain and British commerce. He urged that greater attention should be paid in Eugland to questions relating to the trade of the Mother Country and her ooloniea. Hβ again spoke confidently as to the sound condition of New Zealand and her finances, and, referring to the colonies generally, pointed out how already there was a marked recovery in the fortunes cf Victoria. He assured his hearers that they might confidently rely on the great recuperative powers possessed by all the Australasian colonies, which might be under a temporary cloud of depression, but nevertheless would assuredly, from the vastness of their natural resources and the j>luck and energy of their people, recover themselves at no very distant dabe. Hβ remarked that this was the last time duriug the present visit that he would have the pleasure of addressing a London audience, so he desired ito take the opportunity of thanking the people of London most cordially for the very kind welcome and reception that they had given to himself and his wife. They would never forget the kindness and hospitality which had been offered them, and would always look back on this their first visit to the metropolis as a most pleasant memory. I Mr Ward had a most enchusiastic reception and rounds of applause both when he rose to speak and when he concluded his remarks, which were much to the point and I in excellent taste. Specifications have just been received by Mr Ward for a new steamer to be employed in the New Zealand lighthouse service and in the Government service generally to replace the old Hinemoa. Tenders will be invited immediately, and it is expected that a contract will be entered into in about a fortnight. The steamer will be of about 800 tons measurement, will draw 13ft loaded or 10ft light, will steam 14 knots and will be fitted up with every modern appliance and first-class passenger accommodation. As I mentioned in my last week's letter Mr Ward had an interview -with the English Prime Minister, Lord Rosebery. Their conference was a very long one, but at the express request of Lord Rosebery Mr Ward treats it as strictly confidential. I understand, however, that it, entirely related to colonial matters and particularly to one important question that may yet have to be settled between England and her colonies. I hear tbab the question of the Pacific cable and the new Pacific mail service have both been considerably advanced during Mr Ward's stay in England, but that at present ib has been impossible to arrive at any definite issue. Oue difficulty has been the exceedingly uncertain state of English politics and the apparently precarious tenure by which the Rosebery Government holds office, it being generally regarded as an open secret that a dissolution and general election cannot be delayed many months or perhaps weeks longer. ' Your Colonial Treasurer has thoughtfully provided himself with ample occupation for his homeward passage from Vaucouver to Auckland. He proposes keeping himself busy during that trip in the preparation of his financial statement to be delivered iv the coining session of Parliament. However, as he remarked to mc this morning, it will be so entirely a pleas&nt task in every respect that the work will probably prove the reverse of irksome.

There have beea many lengthened conversations between Mr Ward and Mr James Huddart, with reference to the various steam and mail services in which both gentlemen are officially interested. From a recent conversation which I had with Mr Huddart I could see he was fully satisfied that he will have very zealous co-operatioa on Mr Ward's part whenever the right time shall arrive for preying the claims of the proposed Pacific mail service. Sir Weatby Perceval and Mr Ward were among the guests at the Birthday {state dinner, given at the Colonial Office by the Marquis of Ripon, Secretary of State tor the Colonies. Other ex-New Zealandera who were present were Sir George Bowen and Lord St*nmore, better and less pleasantly known in New Zealand as Sir Arthur Gordon. Bishop Selwyn was one of the speakers at the 198 th annual meeting of vheftj.f.C.K.

held at St. James' Hall a few days ago. His speech, however, rather a rare thing in his case, contained nothing of special interest to New Zealand.

Mrs G. A. Selwyn, widow of the first great Biehop of that name of New Zealand and Lichfield and mother of the present Bishop Selwyn, has been staying with her son at Selwyn College, Cambridge. The venerable lady recently met Admiral Sir £. Sotheby whom she hadn't seen since he was in command of one of H.M. ships on the New Zealand station in the year 1847, forty-eight years ago. I hear that they both immensely enjoyed the delightful talk they had over old times in New Zealand.

The Rev. Thomas Flavell has been in town this week, having come up especially from Devonshire to confer, at their request, with che members of the Standing Committee of the S.P.G. I hear that the Committee express themselves both surprised aud delighted at the vast amount of good work which Mr Flavell has managed to accomplish in the Exeter and Truro diocese, during hie comparatively brief term of office as resident Secretary for the S.P.G. There ia a rumour afloat that Mr Favell may be called on later to undertake similar work ia a more important sphere, that is to say, in the metropolis itself. I also hear it whispered that the Committee's appreciation of Mr Fl*veH'e important services has assumed the agreeable practical shape of an increase in his stipend. lam sure he well deserves it. He will as last year represent the Society for a mealh in Italy, spending the time on the banks of Lake Como, where he will reside during August next.