TOPICS OF THE DAY.

Press, Volume LXIV, Issue 13108, 6 May 1908, Page 8

TOPICS OF THE DAY.

It must bo consoling to The tho BritiGfh, working man Downfall' <to know that, while his of boor under tho new Diamonds, licensing law may cost

I }urn more, his diamonds may cost him lees. For such may be the effect of tih© war between two of the throe groat diamond producers of SoulJi Africa, the Do Beers omd the Premier mines. Theihigh price of dinmonds is artificial, for if the stones in hand and in sight were put on tflio market tho price would drop like a stone. Until the "financial crisis in America diamonds had 'boon going up in 2>rioo, 'but the decrease in tie purchasing power of rich Americans haa disorganised the marked, and tihero have lately 'been a series of announcements of non-payment of dividends and shutting down of mines. Some interesting particulars of tie South African mines are given by the editor of the "Mining Yoar-Book." Dβ Beers have paid dividends ranging from 40 to 70 per cent, in "tie last few years; last year's income totalled £6,570,000, and t«her© ie a reserve fund in Consols of nearly £1,000,000. Tho Premier Company have had a highly romarotio history. No attempt was made to i develop the property until 1902, fruit ■within a year -the £1 shares changed hands ait £50 each. Tho accounts for last year eihow an income of £1,700,000, the profit being £593,000, of wibidh the Transvaal took £306j000. Tho capital is £80,000, and the dividend on the deferred shares 'has been 400 per cent, for the last three years. BuA payment of iiho last dividend of 400 per cent, was deterred "until such time as tflie condition of tho diamond trade warrants," and it was recently announced tlhat the arrangement with De Beers would no* ibe continued, which, meams that both concerns will be at liberty to put as many stones as they like on the market. In tihe meantime Dβ Beers have (passed tlheir interim dividend, and reduced tibeir output Jby one-quarter. The shrinkage in the market vakie of diamond shares lately ibas been enormous. De Beers stock has depreciated by > £20,000.000, and Premier by <msr £3,000,000, tho total shrinkage m the' three stocks being over £27,000,000, or about one-half. The companies declare that 'by resbrioting i&e output tihey will stiil keep up *he prioo, but the editor of the Yoar-Book thinks there is a fair prospect of our diamonds cos-ting uer less. Householders worried 3>y tihe rieing cost of laving ought to feel relieved. Not for ■ many years bad Pierce England witnessed a byPolitice. election, like that in Peckham, in which a Liberal majority of 2339 iwas changed to a Unionist majority of 2494. The whole of Peckham wae plastered with placards. A pitiful procession of unemployed from Woolwich paraded tie sfcreete, bearing banners condemning tho Government. In the laefc week 1000 set speeches were delivered. On the d>ay of itihe poll over 300 motor-cars, beside* scores of carriages, were employed to .take electors to the polling places. H-uge crowds, estimated ait from 300,000 to 750,000 people, assembled to hear the declaration. There were tumultuous scenes in the House of Commons -when the resuOt was annourfood, and when Mr Gooch, the new member took his seat. 'Mr Swift MaoNeil was speaking when the news arrived, and being interrupted by Unionist cheers, wanted to know the reason for this "outburst of simiaai dauigjhitor," juid whether he was "in the House of Commons or a Peckhaan tap-room." When the figures arrived tho enthusiasm of ifoo Unioniste knew no bounds. Hats, 'books, papers woro waved 'by cheering members', some of whom literally danced for joy. "Beer, glorious beer," shouted some of the Nationalists, referring to the participation/ in the contest of (the licensing- interests, embittered by the Government's Bill. Tho Liberals copied the rude example of the Natdonaliste when Mr Goooh took his seat. While tho Opposition roared "Hear, hear," in an unceasing chorus, EiadicaJs joined in with tho words "Beer, beer, glorious beer." "Thus tho House had before it the extraordinary situation of logitima.to cheers met by unparliamentary affronts in rhymo," says the "Daily Mail." The Liberals attributed their defeat largely to the The defeat**! candidate declared that he had been, drowned in beer. Mr Barnes, one of the Laibour .momibers, said Peokfoaan had been "drowned in ,'booze,' " and Mr Ramsay Maodonald declared that the ejection wbs the most degrading event he had ever witrwesed. Unfortunately for these gentlemen, there Wore only two cases of drunkenness at the local police court, arising out of the election; "a remarkable fact," commenite a reporter, "having regard to the enormous crowds which gathered together." In the Upper Murray "Patterson's and in other parts or Curs©. ,, itiverina theTe flourishes a plant with a curious history. The story goes, according to a writer in the "Argus," that a farmer named Patterson, having jnoro eye for aesthetic effect than, for the practical concerns of his calling, was delighted with a graceful foliaged plant with a beautiful purple bloom, whicn he came across in his wanderings, and took it homo to his garden. Patterson was so charmed with it that he invited neighbours to come and look at ita beauty. The strange plant needed

no attention. Soon it moved out or the garden and began to spread over the run.. It was observed that it toofc the place of fodder, and' that nothing would grow near it. Eventually, so the local legend has it, the plant took possession of Patterson's run and drove him elsewhere. "In the spring and early summer a great expanse of shimmering, dazzling purplo marked the scene of Patterson's late homo, and in riotoue profusym of colour was pointed out to travellers that way as a baneful warning against any sentimental weakness for combining a taste for beauty with agriculture." This may be a case of "splendid legend, splendid lie," but it ia a, fact that tho plant caused great anxiety m the district, and boon the subject of solemn discussions at shire meetings. "Patterson's curse," as it was called, was regarded as true to name, and was included in lists ot noxious weeds. So strong was the dread of it that if an Upper Murray man heard of a purple flower having been seen on his holding he would ride all day in search of it. But now it is declared to be, not a curse, but a blessing. At the recent Municipal Conference at Albury to discuss noxious weeds, Councillor Chrisp declared that ho had been among tho weed for years, and that he was prepared at tho present time to pay a high rental for a few acrea covered with tho flower. Idle affirmed that it was unquestionably a first-rate food for stock in time ot drought, and ho succeeded in converting to his view men who had placed tho plant under a ban as a deadly enemy of pasture and crop. ,By a large majority it wae decided that "Patterson's Curse" was not as black as it had been painted. But the fact romains that it vigorously drives out other vogetation—tho writer has seen plants in fertile country surrounded by ground entirely bare of grass— so it a farmer decides to feed his stock on it, he cannot have other fodder.