LONDON.

Dunstan Times, Issue 1802, 18 December 1896, Page 3

LONDON.

[Fbom the Evening Stab's Correspondent.] ANGLO-COLONIAL NOTES. London, October 31. THE agent-general. The Hon. W. P. Reeves's well-known predilection for the pen has caused many colonists at this end of the world to assign to him the authorship of «Notes on Political Economy from the Colonial Point of View,' by " A New Zealand Colonist," which Messrs Macmillan are about to publish. In this brochure an attempt is made to deal with some of the problems connected with capital, labor, currency, land tenure, and the like, which are continually presenting themselves in all parts of the world. The author has endeavored in particular to give a clear conception of the difference between credit and capital, to consider the relative interests of individuals and of the nation in tho annual product of wealth, and to prepare public opinion for possible reforms, social and political, which may help to lessen existing difficulties. The titles of the chapters are * Individualism : Its Rise and Fall,' 'The Nation and Nationalism,' 'National Wealth,' 'The Creation of National Wealth,'' Capital and Credit,' 'Joint Stock Companies,' Value and Price,' and ' Exchange.' The very nature of the book would seem to point to the Agent-General as likely to be the author, but he is not, and indeed confesses that he cannot even guess at the New Zealand colonist's identity. Mr Reeves, moreover, denies responsibility for any of tho numerous articles which have recently appeared in all sorts and conditions of papers signed " W.P.R." One of these—a light sketch on the lines of Anstey'a 'Voces Populi' of a scene outside tho Mansion Houao on a big dinner night—saw light in the * St. James' a few days after Mr Reeves had been present at one of the company dinners in the city. As a consequence half a dozen kind friends sent me marked copies of the paper, and one of them in defiance of post office ruleß drew my attention to the possibilities of framing "an elegant paragraph" out of the article in question for the Star. As a matter of fact Mr Reeves has done nothing in the nature of literary work since he came Home beyond letters to the ' Economist' and ' Statist' on New Zealand finance, etc., and contributing an appreciative article to the ' Spectator' on Major-generalßobley's book ' Moko,' which tho latter avers gave the book a considerable fillip. Tho AgentGeneral 1b of course anxious that the literary efforts of Mr W.P.R. should not be placed to his credit for sundry good reasons. That writer, for instance, has no particular groove, and might at any moment take it into his head to, say, flagellate the present Government of New Zealand or wax funny at the expense of the Juvenile Depravity Bill. " W.P.R.," of course, is Mr W. PettRidge. The Agent-General is to lecture at the Imperial Institute on November 13 on the hot lakes district of the colony. DOOMED DUNEDIN. Both the New Zealand shipping companies issued notices to shippers last week to the effect that, owing to the increased size of the steamers employed in the New Zealand trade and the reduced depth of water in the dredged channel 'twixt Port Chalmers and Dunedin, their steamera will discharge at Port Chalmers only, and consignees will be required to take delivery of their cargo at the latter port. By way of sweetening this pill for Dunedin merchants the companies state that, notwithstanding the general advance in outward freights, they do not intend at present to make any other alteration in existing rates to New Zealand. The announcement has not so far affected the price of the Otago Harbor debentures and bonds, which seem on the whole to be very firmly held; but one is quite prepared to see a mild "slump" occur when the shipping companies' decision to boycott Dunedin is more widely known. Some people here pretty well acquainted with the Victoria channel smile broadly at the announcement and say the notice should read : " In order to increase their profits on Dunedin cargo to the extent of half a crown a ton the New Zealand Shipping and Shaw, Savill Companies have resolved to discharge all goods for that City at Port Chalmers." MR WRAGGE. Mr Wragge, the Government meteorologist of Queensland, who arrived back from a professional tour in the Iberian Peninsula on Monday, called at your London offices on Tuesday afternoon. He looked very fagged, as indeed he well might after several days and nights' travelling in the third claBS carriages of slow Continental trains. But he had achieved his object in learning something of the manners and customs of the Spanish plebs. For the latter, whilst admitting tho necessity of occasionally holding your nose and deprecating their exuberant though marvellously expert expectoration, he entertains sincere kindliness. The Spaniards' politeness to him and to each other was beautiful to witness. Every man or woman who had either solid or liquid refreshment insisted on sending it round the carriage. Mr Wragge, indeed, found the frequent draughts of Eour vin du j>ays he had to swallow between Lisbon and Madrid rather alarming. The observatories of the Peninsula were, Mr Wragge discovered, scarcely worth the prodigious journey he had taken to inspect them. The sole novelty the Australian astronomer learnt was a specially delectable way which his Iberian colleagues have for exposing their instruments for measuring the actinism of the sun's rays. Mr Wragge is now off again inspecting our Elnglish observatories—Kew, Falmouth, Valencia, and Ben Nevis. He hopeß also to go to Russia before leaving for home on November 22. In a general way Mr Wragge doeß not find European observatories and weather prophets far ahead of the Australian articles. On the contrary, he feels more satisfied than ever with the work done in the colonies, and with the new instruments he has ordered looks hopefully forward to even greater successes. The new instruments include fresh anemometers for measuring the force of the wind. The pattern has yet to be decided on, but most likely that of Professor Neumeyer, of Hamburg, will be selected. Mr Wragge has also ordered a novel instrument for measuring the amount of evaporation and thirty solar maximum thermometers and thirty terrestrial radiator thermometers. The solar maximum thermometers (with black bulbs in vacuo) are being made by Hicks, of Hatton Garden, from Mr Wragge's own planß. Each one will be exactly alike and verified at Kew, in order to give standard values for the highest temperature in the sun's rays. The terrestrial radiator thermometers are likewise all alike and verified at Kew. They will be distributed amougst Australasian observatorier. Mr Wragce has also placed important orders with Richard Freres, of Paris, Negretti and Zambra, of London, and Adie, of Westminster.

PERSONAL AND GENERAL. The Hon. Edward Blake, M.P., has left England for Canada. Mr J. C. Rosa, of the Denton Hat Mills, Dunedin, arrived Home by the lonic on Wednesday, and looked in yesterday at your London offices. His mission is to buy new machinery for his factory, and he goes to the hat country in Lancashire almost at once with this object. I was interested to learn that he finds that he can now purchase in the colony nearly all the raw materials required by his trade. For

example, the cardboard boxes which loom so largo in every hatter's shop are manufactured in Dunedin cheaply and expertly. Not so long ago tradesmen had to seud Home and pay through the nose for these articles. Mr Ross expects to be out again in two months. Surgeon Major-general W. G. Manley, C.8., V.0., whose services in the Crimean, New Zealand, and Afghan campaigns I had occasion to refer to when hi* retirement from active service was announced a few months ago, has been awarded a good service pension of £IOO per annum. He won his V.O. for noble conduct during the assault in the rebel pah at Taurangaon April 29, 1864, risking bis life in endeavoring to save that of the late Commander Hay, R.N., and others. The Hon. R. Oliver has decided to leave England for Dunedin during December, but has not yet fixed upon the route he will take. Mr Charles Cooper, the editor of the 'Scotsman,' will winter in Australia, and leaves for Sydney in an early steamer. Next to Mr Scott, of the Manchester «Guardian,' Mr Cooper is, perhaps, the ablest and most influential of provincial journalists in Great Britain. If I remember aright, there is an appreciation of him in the little shilling volume anent Edinburgh worthies which J. M. Barrie published through Hodder and Stoughton several years back. This 'Edinburgh Eleven' together with * Better Dead ' now forms, by the way, the first volume of the new illustrated American edition of Barrie'a works. The author, in a characteristic introduction thereto, explains that he only allowed the two youthful literary follies to be included in the edition at the request of his publishers. The pair would, he opines, rest very comfortably at the bottom of a mill dam. It seems possible to him, however, that the reasons which the publishers bad for their inclusion was "a well-grounded fear that if I once began to hack and hew I should not stop until I had reduced the edition to two volumes." It consists of eight. Which are the two he would have spared ? The rumors that have for some time been flying about concerning the eccentricities of the Hon. Duncan Gillies, Victorian AgentGeneral, appear to be on the increase. On all sides one hears complaints of the abruptness and peculiarity of his manner, and expressions of opinion that it is quite time he withdrew altogether from public life. Mr E. H. Barber, to whom the credit of fixing up the sale of tho Fame and Fortune mine to the Whitehead and Sultan Company must be given, intends to return to the colony for a brief period shortly. He vi ill probably leave England during November or early in the month ensuing. The "Fame and Fortune" business was, I'm told, entirely carried through in the Bhort space of ten days, Mr Joseph Howard Witheford's indifferent health causing the onus of the transaction to fall upon Mr Barber's shoulders. The latter informs me that the City folk with whom he is associated are confident that a genuine boom in New Zealand mines will ensue early in the spring, providing those mines which have recently started crushing continue to show good monthly results. Mr Barber also confirms a story which I heard recently to the effect that the directors of several Westralian ventures which are not "developing" qui tein accordance with the predictions of the "experts," who reported thereon for prospectus purposes, are punting round for suitable properties in New Zealand. Thoy, of course, require mines which have been developed sufficiently to reduce the speculative element to a minimum, and are quite ready to give a considerable cash consideration for Buch properties. The Aucklander informs me also that the interest in New Zealand mining matters is growing rapidly in Belfast and Dublin. He has himself had several inquiries for properties for flotation locally. Mr Barber, by the way, has had several offers from well-known firmß to take up his crankless bicycle. A machine made to his specifications has been privately tried and passed through the ordeal very successfully. Mr W. Mcndelson, of Temuka, appeared as one of the three-quarter»backß in the 'Varsity Fifteen which encountered and defeated the St. Thomas's Hospital team most decisively by five goals and three tries to nothing at Cambridge on Wednesday. Mcndelson, despite his still tender right knee, Bhowcd a fine game. On several occasions he ran right through his men, and by his accurate passing enabled Filkington and Carey to score. He also crossed the line once on his own account, cleverly tricking the opposing backs by feigning to pass. I understand that arrangements have been made between Messrs Henry Reynolds and Co. and Mr J. C. Lovell, the wellknown London dairy produce merchant, whereby the latter takes over the whole of the manufacturing business of the New Zealand firm in the Auckland district, and becomes proud owner of the famous Anchor brand. Messrs Reynolds retain their consignment business, and, I hear, will considerably increase its scope shortly. Sir George Bowen entered the state matrimonial for the second time on Saturday last, taking for his partner Mrs Henry White, widow of the late Minister of that name. The ceremony, which took place at Holy Trinity Church, Sloane street, was of a private nature, and only witnessed by a few relatives and friends of the contracting parties. Three changeß among the Colonial Office staff are officially announced. Mr Tiddes, who was private secretary to Sir Robert Meade, has been promoted to a first class clerkship in the department, and Mr JohnBon, assistant private secretary to Mr Chamberlain, has become private secretary to Sir Robert Meade, while he in turn is succeeded in the post of assistant private secretary by Mr H. J. Read. NEW ZEALAND MINES IN LONDON.

During the past fortnight but little has occurred which is worth chronicling. There has, so to speak, been a healthy dulness in New Zealand mining matters. Registrations have been few and flotations (or attempted flotations) fewer still, and the mild slump in South Africans has not affected the miscellaneous section to any appreciable extent. New Zealanders have on the whole maintained a firm tone, the fluctuations day by day being comparatively unimportant. Holders of New Zealanders seem, in spite of their disappointment this autumn, to have a firm faith that something will turn up for their benefit, and most of them are sanguine as to the prospects of a " boom " in the early new year. The wish iB, of course, father to the prophecy. But, though no man may know what lies in the lap of the gods, there really does seem to be a fair show for those who have pinned their faith to, and sunk their money in, the goldfields of the colony. 'ware, westralia. The fact that despite ornate reports of Bumptuous crushings hardly any Westralian mines are paying dividends is beginning to force itself unpleasantly clearly on the ingenuous British investor, and from all quarters growls of incredulity and suspicion are beginning to be heard. These are by no means confined to interested or financial papers. The ' Daily Chronicle' came out on Wednesday with a swinging letter, in which the facts of the Westralian situation were put forward with such clearness that even the recollection of unmitigated brag at unlimited Savoy banquetß will not, I fear, cause wise men to disregard them. The writer, after citing many instructive figures, points out that the value of the gold output in Westralia, on whioh •'boomers" of the "coming oolony"

bo constantly insist, is a very different thing from the amount returned to shareholders in the shape of dividends. Few dispute the magnificence of the output, or that the gold goes somewhere, but statistics show us that somewhere isn't into the pockets of the common or garden shareholder. As the • Chronicle's' correspondent says, The dividend record is eloquent in its meagreness. If we exclude the land and finance companies, some of which have paid dividends—not from the profits of gold mining, but from those of land deals and company promotion—we shall find that the total amount distributed in dividends from the beginning of 1893 until the end of last monttuvas the modest sum of £292,267, the amount for 1895 alone being £140,667, and for this year (as far as it has gone) £93,000. If we examine the items which make up these figures the result will be even more discouraging, for they show, not progress, but retrogression. Only six companies are in the dividend list, and of these one has paid nothing since December, 1894, and three nothing since the autumn of last year, while two of these and one other of the six are practically moribund. Mine after mine has opened well only to collapse before it reached the dividend-pay-ing stage, and onlv one mine represented in the £66,000,000 still pays steady dividends. I venture to say, sir, that these figures show conclusively that it must be a very long time indeed before any adequate return in the way of dividend is obtained by the vast majority of those who have put money into the West Australiau goldfields. Vendors and promoters have grown rich at the expense of the public. The proportion of the purchase money taken by these persons has been greatly in excess of what it ought to have been, and the result is that whilst the companies are weighted by immense capital their working capital is in nearly every case inadequate, so that sooner or later there must be amalgamation or reconstruction at the expense of the original shareholders. This much at least is certain: that of the sixty-six odd millions which have been more or less subscribed for West Australian mining purposes since the beginning of 1894 not one-tenth part is ever likely to find its way back to those who subscribed it.