The Daily Southern Cross.

Daily Southern Cross, Volume XXV, Issue 3733, 6 July 1869, Page 4

The Daily Southern Cross.

LDOBO NOW URO. If X h»T« beta •xtloiuiibtd, y»t UiM« rb« i. thoaiand biaooiu from tin *p»rk I box*.

TUESDAY, JULY 6.

The letter of "Veritas" which we publish elsewhere gives ft warning which we must consider greatly needed by the community at present. Although we are far from desiring to throw any doubt upon the really great successes that have been, and are daily being, realised on the Thames goldfield, we cannot but view with much alarm the excitement which these successes have produced. The large finds of gold in a few claims, whose names are now in everybody's mouth, have been made the occasion of far greater expectations, not only in these particular localities, but in others which may, or may not, have anything in common with the Long Drire, Shotover, or Golden. Crotrn Claims. Thus we have entered upon a season of wild speculation which cannot but be unhealthy while it lasts, and which ail former experience seems to stamp as being most unlikely to last long, without bringing on a serious reaction. At the present moment it is no uncommon thing to see shares in a company run up in tht course of two or three days to something like two or three hundred per cent, above par, when there has really been no discovery made of a kind to warrant any sober man in paying a sixpence above par for them. Such a. state of things may be — or rather may seen to be, for it is no more than this — good for the sharebrokers, but it is very unhealthy for the public. Fictitious prices paid for shares in claims that are well situated, or for scrip of companies that look well, and are next some claim that has struck gold, are in reality so much sunk money. The individual who, led by the hope of telling at a higher rate in a fevr days, pays a monstrous price for a mining interest, not only injure* himself, but seriouily embarrasses the community at large. Bills are not paid when due, accommodation paper becomes common, and trade and commerce suffer in every way, in ipite or the apparent prosperity of the place and the real productiveness of the field. "We do not say that as yet the evil has grown to very alarming dimensions, but we cannot help seeing that it is rapidly growing beyond our control, and we think it our duty to warn our readers against the serious danger inrolvod in it. That great discoveries have already been made at the Thames we are, of course, willing to admit and most happy to see. That these discoveries are not now confined to one or two favoured spots on the field seems to us fully proved, and we are prepared to find it more and more proved by new discovery over a widely extended area of country. Thin, liowevtr, does not appeal* to us to warrant the tone of intense excitement which is now prevalent in our mining share business. Once alrtady the people of Auckland have overdone this speculation in claims, and many have lost seriously by the folly. "We can remember when, about a year ago, the raga for buying into claims was as wild as it novr aeeras to be for buying into companies. That mania led to a small reaction ; but small as it was it was felt quite severely enough by many. It was soon found that the money paid for those claims, which were warranted so vtry good, yran absolutely sunk. Nothing came out of tht claims except an insatiable craving for wages, »nd the unlucky speculators looked in rain for some one to give tliem even half the money which they had so rashly paid for their interests. And we can see no good reason to doubt that, if the present spirit of mad speculation which seems to be abroad is not in some degree checked, the same thing will occur again. There is no charm in the possession of a company's scrip which there was not in the poa- j session of a transfer of a claim to save the ' speculators from the evils of a falling market. We are aware that the very idea of a falling market seems monstrous to the speculativt public, but it is well that they should be warned that a falling market is the natural sequence to a speculatively rising market. The fall may not come this month or next perhaps,

"but as surely as shares are raised to a fictitious price, and no justification of the price is found in actual remits, so certainly will there come a fall — possibly a panic — whick may do infinite mischief to the community, and to the goldfield itself. In what we now nay it must not b© for a moment supposed that we would discourage a reasonable and legitimate degree of speculation on the field. There are many inveitments into which money may be put with as much safety as it can be into any gold-mining speculation, and with the prospect of a return second to few if any investments. Nor are these aecessarily confined to few claims or a fe «v companies, because although but a few lire giving large present return* there are many others almost certain to do io soon. The two points to be observed in such speculations appear to us to be that care should be taken not to buy at unreasonable prices, and in no cane to speculate merely for a rise in the selling price. "Where a claim or company is paying dividends it is not difficult to judge of the value of shares, as it is, we believe, an Australian rule, and we should imagine a sound one, that no mining interest i» worth inors than twelvemonths' purchase. Tkus, if a claim is valued at £100,000, it ought to be yielding in clear profits between £8,000 and £9,000 a month ; and, if it does not do thin, th* price i« excessive, and the speculation rash. Valued in this way, we fear that th« very tichest claims on. the field would hardly "bear the test, and .some of the most favourite investments of to-day would be found to be even more risky as speculations than some of the yet improved claims that are still lowpriced. And, as for the maxim never to speculate for a rise, we are aware that it is one which will meet with little or no favour at this moment ; yet we are sure that it is the only safe counsel to give the general public. For a time the course may .seem good policy, but a moment of reveres is sure to come, and the ardent speculator will then find that h» has burnt his fingers ; indeed he may be thankful if he does not find himself singed all over, Such times at the present are most critical, and a little plain speaking is not only good bat necessary for the public. Any unreal and fictitioui trading is injurious to the commonwealth, but none so rapidly brings about its own punishment as rash speculation in gold-mining shares. "Wo are far from desirous that the public should test the truth of our word* by practical experience, and for this reason we would warn them now to be careful. It is still in our own power to keep matters within reasonable bounds, but it will not be so long if we allow ourselves to b» led along by every new ruih that is made after shares in this company or that. That the claims are not only valuable, but in many instances of unparalleled value, is, we believe, true ; but we do not believe that the way to develop their wealth, and to reap the fruits of their produce, is to give way to the current of wild speculation which has for the lasfc few days be«n growing more and more apparent among UB,

Tho uiu&l forWightly meeting of the member! of the City Board wu held yesterday, vrhen & large amount of business was laid b»f>re them. Five candidate* were propoied for th« office of chairman, two of whom, howsver, withdrew, and one w»» not secondsd. The successful competitor waa Dr. Let, who bad intimated his willingneia to undertake the duties if eleoted. It was also reiolved that the office should be an honorary ouo. Several letters were received regarding the state of various streets of the city, and a letter from the Deputy-Superintendent statins; that the Government were willing to pay over tha moiety of the £1,000 voted by the Council, after deducting the amount duo by the Board for interest and sinking fund on the consolidated loan, and for road metal supplied. Some otbtr businesn wa3 disposed of, a report of which will be found elsewhere. The usual monthly meetiass of the Auckland Acclimatisation Society was held at tha new office of the Society, Fort-street, at 1 1 o'clock yesterday morning, when a go )d d«al of buiin»n was brought before the meeting and diipoiad of. An extsnded report of the proceedings will bt found in another column. It seems that during tha maroh of Colonel Whitmore's expedition th»y came to a place named Omaru to Aai, the most sacred place in the Urewera country, being the res.ting.plaoe of the bone* of the great ancestor of the Urewera, Te Mura Kareke ; his tomb, though 300 or 400 years old, ia still tended with great care, and leapt fenced round by two rows of •mall totara splinters, and as soon as one of those sticks decays it it oarefully replaced by another. The Ngatipukeko, to offer the greatest insuli to their enemies, cooked their food on this spot with these sacred sticks. A correspondent-, writing on the sxcitement in the share market yeaterday, conoludes hi* obsarvAtions as follows: — " People are only just beginning to see that bargains may now be obtained which era long will be impossible, and this light breaking in upon them together with the fact that there is a good foundation for the rise in mining propei ty hai no doubt caused that briskness which has marked the share market during the last weak or no. And, after all, thii buying and selling of shares is not suoh a matter of rash speculation as many people are at first sight inclined to think. Eighteen months, or even a year ago, investment in shares was without doubt 'speculation,' for people recklessly bought into claims on the strength perhaps of a few small specimens, or tha proximityjof the claim to a good neighbour with a remote chance of striking its leaders. Now, however, when there ia no want of machinery, aad when stuff can be tested with unerring results, the state of things is very different," We regret tkat owing to continued indisposition Mr. Beokham was unable to attend at tha Police Court yesterday. In his abstnea, Messrs. D, B. Thornton and W. A. East prasidad. Messrs. Crulakshank, Smart, aad Co., th« American Consular agents, Messrs. Quick and Co,, Mr. Williams, and one or tiro ether plaoei of business, yesterday hoisted tha Amerioan flag in honour of the anniversary of the declaration of American Independence, A misprint ooourred in our notioe yesterday of Parliamentary papers, by which Captain Hutton's report on the coalfield was rendered goldfield. I The monthly muster of Auckland Rifle Volunteers was unusually well attended last evening, there being about 100 men on parade. The various companies were put through a number of manual and platoon exercises, in which they acquitted themselves most orcditablj, and they were also inßtructem in tine bugle calls. Tht following gloomy vaticination is from a contemporary :— " If ye look So Otago, we see her population leaving her, ker export decreasing, and her debt is over £15 par head of population. Mouthland is e»on worse; Marlborough is bankrupt; | Nelson struggling in her deadly agonies ; Hawke's Bay is tremendouily in debt, and her popn- | latien fast going, and her settlers bsing drive* | in ; as for Canterbury, tha Superintendent has lately expressed his belief that provincial institutions wera passing away ; and poor Taranaki exists only in name, Auokland, indeed, secsas to be the only prospering place in the colony, and we know bow mttoh less her prosperity is than we would like to see it. These are signs that our representatives cannot shut their eyes to, and the one conclusion to be drawn from tham is, that provinces, as provinces so constituted, are pas-ring from amongst us. And as parting from those we have onoe known, we must learn to bid them adieu." A rifle match for £5 a side was to be 3red yesterterlay (weather permitting) at the Thames, between Captain Barcett and Mr. Hazard, of No, 2 Company Haurakl Rlflas, and Sergeant Small and Mr, . Hchofield, of the Thames Rifla Ranger*. Tha match , ia tht result of s> challenge from the tno latter gentlemen to fir* any two volunteers on the Thames, The rangei will be 300, 400, and £00 yards. A rifle natch bfltwien ten members of N#. 1 Company

Haurakl Rift«* and ton members of No. 2 (Jompmy will take plact oa Wedne*iay, at ti-e vo uatcev range. Wm. Thornton, Esq ,and A. W. East, E'q , J.P <? , sat on the bench at the Police Court y<?btsi\K'y morning. No less thau eleven cages of di'unkeunc&s were diipoied of. Broachan of the Impounding Acb and tht Auckland Municipal Police Act v. ere nex!; on tht li»t ; then followed two charges of assaulting polics whilst on duty; and one ca^e of assnult was diemisaed, the prosecutrix not answering to her name when called upon. The business concluded with n charge of wilful di«ob»dionce on board the luiquo 'Novelty,' whilst nearing Auckland. Wo observe that Mes*rs. Rice and Main waring hare commenced business at Graham's Towu as native interpreters and native l«md ageuts,^ The two men, Jones and Hemsley, who were yesterday committed for trial at Shorhland for the robbery of a cash box at tbe Kuramu Hotel, were last evening brought to town in the p.s. ' Duk'> of Edinburgh, 3 in the custody of Detective Ternuhan (who has been to Shortland on special service connected with the police departmeut) and Coustable MoWilliam*. They were at once conveyed co tho Mount Eden Stockade to await their trial at tho next criminal sittings of the Supreme Court. The clever capture of theie two men soon after the robbery certainly reflects imoh credit upon tho newly-appointed officer, Sergeant Lloyd, and wo have no doubt that, however valuable ;v member of the Shortland police fore* Sergeant Lii-sey may have proved himielf, his successor will be found fully alive to the exigencies of the publio service, and both efficient and trustworthy. Meian. Georgo Webiter aud Albeit Boetham attended at the Supreme Court jeitcrday morning, for tke purpose of being *worn in by his Honor Ciuef Justice Sir George Amay, as Juitice? of Peace for the colony of New Zisdand. Th«y left, however, without going through tha ooremony, Ins Honor not having arrived at hit uiual hour. They will take the oaths, we are informed, this morning. Mesirs. Davis aad Nathan were sworn in duiing the latter part of last week, Tha adjourned sitting of trusties for the putpo«e of hearing objection* to the auesimeut roll for tho Town of Onehunga Highway Dl»trict will be held on Thursday next, at 10 a.m. The foet r»c»» arranged bitTpeea Williams ami Foster and Huntley and Regan came off yesterday. The dlitanae in tho former race was 100 j ards, for £25 ; and the running wai very good, although Williams cams in about thrte yards aheul of hi: opponent. The other race wai for 140 jards, and wa« won by Huntley, the stakes being £5 a, bide. A man named Franois McDaniel w*B brorght up from Tauranga by constable Sanderson josk'icUy, and lodged in yaol. Ke wan *entenccd t<; two month*' imprlionment with hard labour by Mr. Clarke, R.M., for vagrancy, having been found living with the Maoris, aud btiug without any risible means of support. It is intimated by advertisement that the Seciefcavy of the Board ©f Grammar School Commismoneri will attend at the Grammar School, Howe-?tieet, on Thursday next, to receive the lohool feoa for tho quarter ending SOth September. Mr. D»ok will deliver a lecture, in the Young Mon's Christian Auooiation, tkla evening, on "The Holy Spirit." An adventure with a bullock occurred on Saturday, which, however amusing to lookers-on or those who merely hear the story told, whb a rather fouous matter to the gentleman immediately concerned. Mr. McSolvtnt was engaged in driving the caule ashore from the s.s. 'Star of thp South,' at Kohnnarams, and while urging one particularly .stubborn bullock on shore was thrown from bis hor^e, when the bull immediately turned round and charged him. He succeeded in laying hold of the animal's tail, which was remarkably long, and as the bull tinned round in its endeavours to gore lim, he \v?a flung rapidly round, reminding him no doubt of Ins fcliooli boy dayß when he used to devote some of hia time to a turn or two on the circular swing. He wai observed from the steamer to be indulging in th s exhilarating exercise for some miautes, hut hndug that owing to the length of the tail his oaU buig hold was not incompatible with being tickled with tho bull's horns, besidts running the risk ot pulling the tail out, he let go, and a number of men came to his assistance and drove the refractory animal on slime, We regret to h«ar that Mrs. Mack.iy is seiiously ill. This will be regretted by eveiyone heie, ai Mrs. Mack»y is universally esteemed, having t iken an active part in tha establishment of Nnnd.i\ -schools and in other good works, — Advertiser, July 5, The Canterbury Press thus dencuibei tiie coinpo* sition of the party which turued the Government out of office : " They comprise men of all opinions ; men who bftlieve in self-rehaneo, men who ridiculf u. us an abiurdity ; men who depieoate further bL>no.\in^, men who go in for another Join ; mm who a>ivo( ate continuing the war, men who hold that the wushould be stopped as soon as possible. <S< mo voted againit Government on the ground of then genual incapacity to deal with such a itite ot things ai exists ia the North, others became the mtue-its of particular localities have »'een negleoteil ; some because of their presumed hostility to tho povuues, others because they will not frame a system of local government which Bhall supersede the piovincf) ; some because they have nob applied to Knidaud tor troops, to which others again are strongly o poied ; some because of their financial propoaala, withwhic'a others in the main agree." The Hawke's Bay Times of June 28 delivr is itself of the following; — "The result, as v.ill b> s cv from our telegram, has been the defeat of the Stafford Ministry and its resignation, 'i his icsulfc oan soarcely be wondered at when wu take into comideration the obstacles raised in the way of tho carrying otit of it» policy by an Auckland cicpc, through the Governor and the Colonial oiho — a subjaot to which we intend to recur cm a-i early occasion." A paragraph has lately been going " the round of the press," to the effect that every fomth h use m Hokitika ia unocoupied, and that over 30') cotti^cs have been untenanted for months. With r< f leiicc to this statement, a Mr. Mendelssohn wutcs to the the Nelton Colonist ai follows :— "Having be u a resident in Hokitika for noarly four yem, and knowing the stato of that town pretty well, L b»i^ to aontr&dict such a statement, as lam nob aw. we of any house*, with the exception of vtry fevv, and no oettage* at all, being uuteuaated ; and ii would actually give anybody trouble to find an empty cottage in Hokitika to let. The place is goiug ahead daily." Amongst the many companies recently at u ted on this field, few, if any, have been initiated with a fairer proipect of success than "The Mioitland Gold-mining Company." The ground, which ij situated on the Karaka creek, extends fjoia Air. Gibbont's maohine nearly to the top ot the ran.;c, and comprises an ar«a of about ten acres, \l> a^o has been applied for; and at a very fully attended meeting of the shareholders, held last night, ' Vp'-.ain Maisey was appointed legal mana^ei, :<-wi was authorised to tike the steps neceisaiy for bim"in[j the Company under the Mining Companies' Lumtecl Liability Act.— Times, July 3. The quarterly term at the Wesley College will commence on Thursday next. A recent number of the Lancet con tains the following :— " Dr. Mackenzie Bacon, Medical supc riutendsnt, Fulbourn A«ylum, Cambridgesliiie, i^-ad a paper on dipiomania at a recent mectii^ of tha Cambridge University Medic»l Society, lie notice.! the prevalence of the evil in northern climates, and olaislficd drunkards as tbe casual, the chronic, and thoie in whom the tendency to excessive indulgence was a purely mental disease — a form of insanity called dipiomania, The chronic drunkards he described as tho most intractable — women p.eponderatiDg overmen — as generally of the class a'.ove want, and often olever and agree ble pi r-oiis, though fall of dectit, and capable of nny &ti ttagem to gratify their appetite for drink. '1 he viae or the disease i* «fteu transmitted. He quoted Or. Howe, as showing that, in the State of Massachusetts, of 300 idiot*, as many as 145 were the offspring of intemperate parents. Dr. Bacon advoc>ted tho establishment of sanitaria for the treatment oE inveterate drunkard*. It is amazing that such institutions are so rare, and that ws are as yet v, ithout legal sanction for treating chrome or inveterato drunkenness as a cause of insanity or irresponsibility. Many a good life and character would lie s iv< d if the lave would give this power to friends, subject to medical certification. The very fear of being tent to such an institution would operate powerfully iv some caaes. The study of drunkenness a3 a disease is still imperfect, and would well repay moie special attention than it has yet received." The South African goldfields have proved a complete failure. Nearly all the Victorian inmcis v\ ho proceeded there have returned, Mr. Cohen will hold an extensive trade sa'e of sugars, groceries, &c, at 11 o'clock to-day, at hia marfe, Qu«en-str«»t,— (Advt.)