ANGLO-COLONIAL NOTES.

Evening Post, Volume LXVI, Issue 55, 2 September 1903, Page 6

ANGLO-COLONIAL NOTES.

(From Our Own Correspondent.) LONDON, 17th July. " Recent Australasian banking returns," says the Financial Times, "go to emphasise the fact that banking is in a much better way in New Zealand than in Australia, where tbe drought has played such havoc -with pastoral j»ursuits. Thus, during the last two years Australian deposits have increased by only £734,277,^118 against an expansion in those of New Zealand by £2,551,955, while in the same period Australian advances have decreased by £635, 726, as compared with an increase of £732,705 in the loans made bybankers in the neighbouring colony. . . For the quarter ended 30th March the Commonwealth deposits actually show a decrease as compared with the same quarter in 19u2 of £526,367, and those of New Zealand an advance of £1,787,285, while the advances show a. similar state of things." On Tuesday a meeting of the holders of certificates issued pursuant to a declaration of trust dated 21st October, 1897, in respect of 10,000 trustees' preference shares of the New Zealand Loan and Mercantile Agency Company, of £l each, which were created pursuant to the scheme for the readjustment of the Company's capital and income account, dated sth June, 1897, was held for the purpose of considering, and if thought fit approving, a scheme for the purchase of the said certificates, and for cancelling the privileges attached to the said trustees' preference shares. Mr. Vesey G. M. Holt (one of the trustees) was in the chair. The agreement embodying the scheme to be submitted for the approval of the certificate-holders was read by Mr. Harold Brown, of the firm of Messrs. Llnklater and Co., solicitors for the trustees. In moving the formal resolution approving the scheme, the Chairman referred at some length to the history of the company and to the creation of 1,000,000 trustees' certificates. The certificates, he said, had no actual face value, but represented a one-millionth part of whatever money might become distributable under the Articles of Association in respect of the ld,ooo preference shares standing in the names of the trustees. The total number of trustees' certificates now outstanding was 823,822. It was found that the existence of the trustees' preference shares and the certificates did not conduce to the true interests of the company, but, on th!e contrary, prejudiced its position in various ways. It was believed that the removal of the certificates would not only efface the injurious impression existing with reference to the position of the company, buf that it would materially conduce to render the ordinary shares less and less unmarketable, and thus make the value of the company's uncalled capital year by year greater by the introduction of the new transferees. The resolution was seconded by Mr. Biscboff. Mr. Harold Brown announced th,at there were proxies from holders of 298,323 trustees' certificates in favour of the scheme, and 16H against it. The Chairman intimated that as it would be necessary to furnish the Court with exact information as to the votes recorded, a poll would be taken at once. The result, of the poll was in favour of the scheme, the result being : — For the resolution, 343,219; against it, 22,949 — the majority in favour therefore numbering 320,270. [We have since learned by cable that the Court decided against the scheme.] Lord Avebury (better known as Sir John Lubbock), speaking in the House of Lords on the preferential tariff question, asked what were the views of the colonies. "We had given them," he went on to say, "long ago a free market for all their produce. We did not ,ask them to exclude foreign manufactures. What we wished was that they slrould treat us as we treated them. Did their wisest 'statesmen ask' us to do more than we had done? . . Mr. Seddon, speaking at the New Zealand dinner, declared thai the New Zealand Government, in proposing to grant preference to the Mother Country, did so 'in the spirit and desire to help — to give, and not a desire to take. They felt it was an opportunity to assist the Mother Country ; it was lovo and not sordid motives that prompted the sending of the resolution.' That there were grounds for enquiry could not, he thought, be denied. On the other hand, the subjects which had been mentioned as the subjects of the enquiry did not include 'one of the .most important. What were the colonies going to do? Hitherto their object had ,been to exclude our manufactures. How could wo decide whether any alteration in our fiscal policy was desirable until we knew what line the colonies were going to take'/ It was no answer to say that they were willing to impose 33 per cent, more on foreign goods. If they excluded our goods, what did it matter to us if in the case of the foreigners the duties were higher still ? Our real competition in the colonies was not with foreign manufacturers, but with colonial manufacturers. . . . It was of course very interesting to know the views of our leading statesmen, but it was still more important to ascertain the views of the colonies. Were they prepared to abandon protection and adopt free trade within the Empire? If they were, it might be worth our while to alter our policy ; but if they were not, how could they expect us to depart from our present position?" Speaking in the same deba-te, Lord Eipon said : — The colonies would not give up their protective duties, and from Australia, and especially from New Zealand, whence a loud voice was heard from time to time giving this country advice, came the declaration that preference to 'this country would not take the form of reduced duties, but of increase of duties against other countries. That was a dangerous policy." "Seddon's Goldep Sovereigns" are still being served up for the amusement of the British public. Under that heading one journal remarks : "Numbers of persons rush into print to give their views on the question of the day, and in many cases it is evident that no attempt whatever had been made to understand the facts and bearings of the problem. Mr. Seddon's case is peculiarly sad. He is at the head of one of the 'great selfgoverning colonies : ' to him New Zealand looks for guidance, and not New Zealand only, he is Mr. Chamberlain's righthand man in the present controversy. He is supposed to represent in an especial manner the 'sister nations,' and he takes on himself to read us of the Mother Country lessons of which it is difficult to say whether the folly of the matter exceeds the impertinence of the manner. No-doubt his belief that England pays the balance of imports ever exports by means of the 'gol-den sovereigns' is a real genuine belief. If it were not that, he would not have ventured on so absurd a statement. A moment's reflection would have shown him that his belief could not express the fact. If England exported in a year a hundred and sixty million golden sovereigns there would not be one left with which to bless ourselves. The most elementary text-book would have told him that these balances may be, and generally are, settled without tho passing of any coin. It is terrible to reflect that a great community could place at the head of its affairs a man perfectly innocent of elementary notions of matters deeply affecting the well-being of States. But Mr. Seddon does not stand alone. There aie many who, while they would l eject tho 'golden sovereign/ theory have a settled comic-

tion that disaster threatens a country whose imports aro in excess of its exports. They are belated holders of a creed exploded generations ago." "According to lecent statistics, British trade with Australasia," remarks a London paper, "exceeded by £1,250,000 per annum Biitish trade with India, and was more than double that done with Canada, notwithslarding the larger proportion of the Dominion and the preference which it gives to British goods. Therefore, without the adhesion of Australasia, a British Zollverein, or any approximation thereto, is not within the bounds of possibility, and the chances of Australia asking for preferential trade with Great Britain seem remote in the extreme. In New Zealand. where all political thought and Impeisai sentiment centre round frozen mutton, the conditions are somewhat different, and duties might be reduced in favour of British manufactures, were the people of the Old Country charitable enough to make living harder for themselves in order to increase the price of Canterbury lambs. But in Australia, which in 1901 did £47,700,000 worth of trade with the United Kingdom, as against £16,600,000 worth done by New "Zealand, there will be no disposition among the Protectionists to abolish or reduce duties upon imports from Great Britain, though the British consumer should consent to burden the food which he purchases from the foreigner with duties of even preposterous amount." "It has been stated," says a London ! paper, "that some of the Northern Union football clubs in the Lancashire section are likely to play three Maoris next season. The colonials are described as pupiljs of Joe Warbrick, who toured through South Wales with the famous Maori combination, and one of the players is said to be a 'half-back of great merit, possessing the dash of Loinas with the trickiness of the brothers James.' " At Bow-street on Thursday an application was made to Mr. Marsham by Mr. Martin Connor and ■ Mr. Duncan, on behalf of Mr. Joshua Jones (1) that warrants for alleged conspiracy and perjury should issue against four solicitors; and (2) that summonses, should be issued against two stockbrokers, and three other persons, in connection with matters relating to the Mokau Estate. Mr. Marsham took a day to look through the papers, and then said he had no jurisdiction — the application should have been made to the city authorities. On the occasion of the opening of a cold store at Chesterfield on Tuesday last, by the Imperial Food Supplies Com- ! pany, the Chairman (Mr. Acton-Adams), .in responding to the toast of ''Success to the Company," proposed' by the Mayor, referred to the scheme of the New Zealand Premier, which he was in a position to' state was put forward 6imply to introduce New Zealand mutton into those districts where, through prejudice or otherwise, it was not sold at present, and he further mentioned that the scheme in question would not apply to those cen■tres where the Imperial Food Supplies erected cold stores. Mr. W. H. Key, a director of the company, then proposed the toast of "Our Food Producing Colonies," and pointed out that meat could now be bought in, for instance, New Zealand, and delivered direct through to Chesterfield, with a minimum of handling and exposure, and in perfect condition.