The Gray River Argus PUBLISHED DAILY MONDAY, MARCH 9, 1903.

Grey River Argus, 9 March 1903, Page 2

The Gray River Argus PUBLISHED DAILY MONDAY, MARCH 9, 1903.

Tris easy to see thafc Mr Seddon is nofc afc all satisfied wiih the result of thelast loan. We have nothing to add to the opinions we have already expressed on the matter, and would nofc have bf en incline.l to make further c immeii- had not the Colonial Tre.:suier given an interview to a reporterof the New Zeai.-m 1 Timrs which has led fco a suggestion from thafc journal thafc has a very important bearing on showing our indebtedness in the future—that is, should the suggestion be acted on, and ifc is not at all improbable tint ifc may. Bufc we shall deal with thab feature of the interview presently. Mr Seddon pointed ont in a general way fchafc of late years fully one-half of the amount borrowed had been for purposes other than i hose for which money was borrowed in days gone by. For in.stance, the advances fco settlers are lent on securifcy given by borrowers to the state, the Government thus taking the place of private lending companies, and from which the settlers borrowing obtain an advantage of getting their nioney afc rates afc leasb 2 or 3 per cent lower. The advantages are apparent. In the same way the operations ofthe Land Purchase Department in order fco facilitate close settlement are equally well secured on the land purchased, There is now to the credit of fche estates purchased a surplus of over LBO,OOO. As for Native lands' purchases, they have been acquired at very low prices as compared wifch their value and must largely aid the work of settlement in the North Is'and. Mr Seddon also dwelt; on the advantages of the State borrowing money, at a choper rate than the Jocal bodies could do, and then lending ib to them afc a lower rate of interest than they could obtain it in the Home market. TJnd r these heads, continued fche Piemier, whilst nominally increasing the public debt—and here comes the significant point thafc is worfchy of general attention— "there is iv e>ch instance a specific security consisting largely of real es(ate, and if a borrowing board ha. been established during fche lasfc ten years, taking the place of private borrowers under debenture?, as was the case in the pasfc, bon owing by fche Government for the ordinary purposes which obtained some years ago would have been reduced to aboufc eight millions for the twelve years. Special security has been given for the balance of the public debt borrowed for advancing purposes, and the interest by those receiving the advantage and in no way falls as an increased charge on fch-. general t.xpayer. Through the State, stepping in, the settlers and local bodies have had the advantage of lesser rates of interest, whilst the Sfcate has only no'ininally increased ifcs liability, for fcbe reason thac specific aud ample securifcy in every instance is given and fchc p tymenfc of inter-.sfc is insured and punctually paid by the Corporations and individuals, who have tlie advantage of the, monpys borrowed, ancl though the credifc of bhe colony i-. pledged, bhe general taxpayer is nofc cal'.ed upon either to make good or pay." In an editorial article in the same.paper which contains the report of the interview with Mr Saddo: 1, after the editor has ie echoed the Treasurer's views as to the..borrowings and investments of bhe co'.ony, he seiz s the idea of a finance board and says: — ' A recognition of the foregoing facts and considerations suggests that something should be done to set fche British investors right as to the real financial position of New Zealand. We assume that ifc is still necessary for us fco rely fco a large c-xfcenfc upon the London money market. If ifc were nob so, we might very well leave the British capitalist in his more or les_ blissful ignorance. If, however, we are bound to obtain money from London for some years to come, ib ls desirable that we should take active steps to enlighten investors. Perhaps the mosb emphatic and effectual way of doing this would be to introduce a radical change in our methods of dealing with our loan accounts. Why nob create a Land Purchase and Lending Board, and hand over to it the management of the land purchase systfgfc the advances fco settlers and fchejo.ns to local bodies. By doing fchis we should detach a good few millions from the colouial debt, and

show our financial position in a truer light. We should demonstrate that for < that portion of our indebtedness we ] hid security as distinct, as ample, and ' as sound as that offered by Harbour ! Boards or Municipal Corporations, \ whose loans always stand well. The stock anl loans for [these investments purposes would then be placed separ- • ately on the London market, and ■ would have quotations of their own, j distinct from the ordinary national < debt. Aproperly constituted Board ' >o control the great lending depart- ' ments of Government would nob only inspire confidence in British investors ; ! it would also allay a good deal of the , har_>h criticism and unjust suspicion in which the political opponents of the ; Government now indulge. The idea i is one that may very well receive the earnest consideration of our statesmen > and financial authorities. In future '• fl tations of loan*, also, the AgentGeneral — if he has nob powers of bis own motion — should be instructed to spend some money in pacing before British investors the true facts as to New Zealand's indebtedness, and to emphasise this country's complete ! po'itical, geographical and climatic separation from Australia, so as to | counteract the effect of generai attacks on "Australian" fin .ace. It may be objected that if this idea is acted on it will still facilitate further lavish borrowing that for prudential reasons has already reached the limit of s ife ty j still, the idea is based on sjund business princip'es, and there is uo more reason why it should not be acted on than that the General Government should allow local bodies to borrow on sound assured local security on the same principle as money is borrowed and lent for the promotion of the work of settlement. The money advanced to settlers is just as much secured on the land that they are cultiva ing as tbe loans to barbor boards and counties are secured on their revenues They all come within the one category, and might advantageously be differenbiated from the other classes of. borrowing by the State. Of coursp, in a 1 case«, the ultimate security is the state ; but with a colony so phenomenally prosperous as New Zealand, the lenders can be in no dinger. Still, there is ne doubt that it would be a public advantage to see our various loans classified in. a way thab would give thos? at Home who invest in our stock a more accurate conception of the loan burdens of the colony. When people talk of the millions that New Zealand has b.irrowed, they would experience greater re'ief and satisfaction if they were made acquainted with the nature of the different loans and their special securities, instetd of being left to imagine in svme vague s -rb of way that the colony is responsible for all of tliem, though the interest on a large proportion of the money boerowed is just as safe as the interest on Biitish Consols.

The cricket match Hokitika v Ross, played at Hokitika on Saturday, was productive of very small scoring. Hokitika |battiog first made 18, W Currie taking 7 wickets for 8 runs and doing the hat trick. Ross could only reply with 11, Ongley bagging 7 wickets for 6 runs and Alexander 3 for 5. Hokitika in the second snnings made 54, and at the drawing of stumps Ro.s had lost 7 wickets for 21, Ongley taking 4 fo. 7. We would wish to draw the attention of the electors to the fact that tho 10th, 1 Tuesday, is the last day that claims for enrolment un the new roll can be received i as the new toll is about to be issued. The match between the Recreation Ground Club and a team picked from the Grey Club was played on Saturday afternoon in perfect weather.. The Recreation Clnb were in difficulties from the start through' not having the services of their two bowlers. Cairney and Mooney, who were unavoidably absent up country. A very pleasant game resulted in a win for the Grey by 127 runs or the Ist innings. The following are the scores : Recreation Ground's Ist innings - Sheldon 3, Okey 6, Wickes 2, Rundle 3, Skoglund 9, Warnes 0, Armstrong 7, Skoglund 8, Sotheran (not out) 1, Skoglund T 0, Smith 0, extras 5 ; total, 44. Grey's Ist innings — Robson 19, Winchester 16, Smith 68, Knell 1, Horton 4, Kemple 14, Williams S l2, Williams R4, Phillips 19, Moore 0, Kettle 4, extras 10 ; total 171. Bowling Analysis— Horton 1 for 9, Kemple 3 for 14, Winchester 3 for 12, Phillips 3 f_r4, Sheldon 1 for 26, Skoglund P 2 for 32, Sotheran 1 for 11, Okey 1 for 16, Skoglund T 3 for 27. In the second innings the Recreation Club lost 3 wickets for 40 runs. Mr Alec Anderson, the popular advance agent for the Majeroni Dramatic Company, arrived by the Wainui yesterday to raake arrangements for the Patrick's season, On Saturday, the- Company Gnished a record seasou at Wanganui. They have chartered the s sMoa and are n:>w on their way to Westport. The season opens at the Opera House, Greymouth, on Monday, the 16th inst, when some of the very latest London triumphs will be producad. Mr A A Brown, the resident secretary for New Zealand of the New York Life Insurance Company, is at present in Greymouth on official business and is staying at Revington's. Under the pen aiame of "Aladine Reuben" Mr Brown is a humorous writer of repute and well known on both sides of the Pacific. Mr Kef in S Dillon, special representative of the Equitable Life Assurance Society of tho U S, is at present on a short visit to the Coasb, and is staying at the Albion Hotel. Accompanied by a friend he essayed to cycle, from Springfield to Otira, but coming down the Waimakiriri incline the brake refused to act and the bicycle bolted To save himself he sprang off the machine and was rather badly bruised about che knees and body, but the skilful treatment of Dr Morice, and a week's spell at Groymouth, have set him on his legs again. Mr Dillon is gifted with a superb and highly trained deep baritone voice. Afe the St Patrick's church last evening he sang "The Prince of Peace" in magnificent manner. He is also well known in the cricketing world, having for the pasb twenty years been closely associated with firsb-class ciickeb in Australia. Yesterday the Rev Mr Jamieson commenced a fortnight's mission in the Presbyterian Church. The morning and evening services were very largely attended and the rev gentleman delivered excellent addresses. In theafternoon the Sunday School scholars were addressed and a very profitable meeting held. The meeting will be held every evening this week from eight ' to nine o'clock. The Education Board meets this, evens ing. At tho Wesleyan JOhurch yesterday the services were conducted by the Rev Mr W Greenslade in an able manner Mc Greenslade is an old Greymouth boy, having been born and brought up in lhis town. At the Magistrate's Courb on Saturday Mr Hawkin's fined two first offenders 10s each for drunkenness.

Mr George Caghton, District Manager of the Government Life Insurance De< partment, leaves by the Wainui to-day on a month's holiday leave, which he purposes fco spend in Auckland province Mr Ronald Hood, of the head office, will have temporary charge of the Greymouth office during Mr Crighton's absence. On Thursday evening a Graud Drawing Ko&m entertainment will be held in Irinity Church Schoolroom, the proceeds being towards the purchase and ereotion ot lamps for the new gates of the ehnrch. Lhe entertainment is under the able directorship of Mrs H W Youn*. who has secured the services of the best musical talent of Greymonth. lhe admission prices are 2s and Is, and the seating capacity of the hall m\l no doubt be heavily taxed to afford accommodation forthe large audience certain to assemble. Mr WB Cadzow, the District Manager of the New York Life Assurance Coy advertises in this issue for locai agents. A set of false teeth was losb on Saturday and the finder is requested to return them to the itdinburgh Den.al Institute. We learn that Carmine and Coy's claim is about to turn out ono of the richest claims in the Waimea district, having won no less than 30 ozs for fche opening out of tho claim.— Kumara Times. Mr Gus Shepherd, a Reefton . old identity, has passed away at the a<»e of 70. ° The Stafford correspondent of the Hokitika Guardian on Friday last says : Afc twenty minutes to nine this morning I chancel to look toward the south-west, and saw, over the sea, a very dark cloud from which thero appeared to be a water* spout travelling southward afc the rate of, I should think, twenty or more miles an hour by ics apparent distance, from where I stood, I think ib would sfcrikethe land near the Arahura. I could dis* tinctiy observe a whirling motion of the 'neck' of the cloud. Ladies I— Parker's Hair Tonic will cer tainly cure Dandruff and Falling Hair It renders hair soft and glossy, and is no reasy Sold by chemists and store eepers— 2 6d ted, 3s.— Advt