THE COLONY'S FINANCE.

Manawatu Standard, Volume XL, Issue 7941, 24 October 1904, Page 4

THE COLONY'S FINANCE.

A fruitful subject for discussion at the present time is the depressed condition of the,money market, which pessimists regard as a serious matter for this colony. That the'exceptionally prosperous times New Zealand has experienced of late years are not likely to continue few people who have given the question consideration can doubt, but on the other hand there is no ground for believing that a lengthy and severe depression has overtaken us, for the resources of-this colony will continue to aid expansion and development, and anything in the direction of a serious set-back is not likely to eventuate- This is the view held by a number of persons connected with financial institutions in the colony, and in this, connection the opinions, expressed by some Christchurch residents in responsible positions to a representative of the Lytteltori Times are of particular interest at this juncture. The first gentleman interviewed, said there was not the slightest doubt that the present tightness has been brought about mainly by the big tramway loans and other local loans. He points : put that in the. larger centres of population heavy sums have been raised for tramway and other local purposes. These sums are not directly remunerative. That is to say, they are devoted to increasing facilities for traffic, and do not yield a direct return such as is obtained by farmers when they spend money on their properties, and reap a high interest with their crops. The action of the Government in floating loans in the colony has undoubtedly been another factor in bringing about the position. The resources of the colony are limited, and heavy drains made upon the sums available in the money market must .have a marked effect, such as is being shown now. It is not anticipated, however, that the present tightness will last for any length of time. It is regarded merely as a temporary thing, which will soon' pass away. Thel colony's income from the wool is double now what it was four years ago. The ! money for this year's.wool is. beginning to come in even .now.. It will continue to do so during November, December, January, and February,' and when it is all in there will be about JE3,600,000 or £4,000,000 more money in the colony. That alone will relieve the tension, and it will then be found- that the financial position will probably resume its normal condition. The banking returns for the September quarter have been given some attention,' but it is considered that the figures bear no special significance. ■ As compared with the June quarter, the fixed deposits have increased by over £80,000, but free deposits, or credit balances of 'current accounts have,been re-, duced by £584,778, • discounts have

decreased by £29,000, and open advances have increased by £82,082, the aggregate credit balance of the community having been reduced by JE557.800. The figures indicate that more money has gone into absorption, but there is _ every likelihood that before long the normal condition of things wi-H fee resumed. /

Anofibfer 'financier whe was consulted also believes that the tightness soon

pass away. He says that his firm has seen absolutely no indications that the conditions at present pre\ ailing swill last for long. Indeed, there are signs of a -light easing in the money market. He attributes the tightness to a great extent to the increased business done in Australia, considerable drafts being made on banks there for the requirements of the Commonwealth. A bountiful harvest, however, has been reaped there, and Australians will .• not want as much accommodation as in the past. This gentleman- holds a strong opinion that 1 the tightness is only transient. He says ( that the tendency at.Home is towards continued prosperity, aridhehasno doubt that the position there will be reflected here. Eecents events at the scene of the war in the East, he maintains, supports his view, as Britain's ally is winning the fight, and Britain is not likely to be embroiled. He does not see how anyone can express anything but complete confidence in this colony's soundness. The colony's industries are not likely to fluctuate as they did in former years. Although the growth of mutton might be decreased, much of the land that used to be devoted to pastures will be in a good condition for grain-growing. The colony is now reaping the benefit of the roads and railways and other public works constructed at great expense some years ago. He compares New Zealand to a property that has been reoently bought. For the first few years it only absorbs its owner's capital, but after it has been planted and stocked, it yields a good return. A friend of Mb, who was in Australia a short time ago, found that New Zealand holds a high place in the Commonwealth's opinion, and many men are making arrangements to come here themselves or send their sons to take up land inthis colony.

On page 2 and 3: General news. Oril page 6: War news, commercial. On page 7: Telegrams, cables, etc.

Mozart's 12th Mass, preceded by voca and instrumental solos, is to be repeated at the Broad-street Methodist Church on Thursday evening next.

In connection with the war operations Japan is absorbing three millions sterl-. ing a month, while Bussia is wasting eight millions.

Captain Edwin telegraphed to-day :— Sjrong winds to gale from between north-east and north and west; glass fall; rain, probably heavy.

.;. An operatic society "has been formed at Petone, Mr J. C. E. Isherwopd being appointed conductor. " The Pirates of Penzance" is to be staged. -

The^Eey. Sydney Baker announced last-night that owing" to the success attending the recent sale of work the debt on the Congregational Church had been reduced to £300. :

A fancy dress baU was held at Stoney Creek Hall on Friday night. About 200 people, many of whom wore fancy dress, were present. The feature of the evening was a fancy dress competition, decided by, popular vote. A total of 196 votes was recorded, the prizes falliag to the following: —Ladies, Miss Gerty McDonald, Japanes elady, 43 votes Ist, lady's purse; gentleman, Master Arthur McDonald, Cavalier, 31 votes j Ist, pocket book. Befreshments were provided by the ladies, and altogether a very pleasant evening was spent.

At the conclusion of the service at the Congregational Church last evening, the members of the choir took the opportunity of making a presentation to one of their number, Mr A. Byles, on the occasion of his approaching marriage. The gift,'which took the form of a handsome jardiniere and set of fruit dishes, was presented by the Key. S. J. Baker, who, on behalf of the choir, wished Mr Byles and his future wife eypry happiness in days to come. The recipient suitably acknowledged the gift on his own and also Miss Pederson's behalf.

1 The Lyceum Theatre was fairly attended yesterday on the occasion of Mr Corrie Johnston commencing his series of Bible lectures on Prophecy and the Gospel. A diagram with a plan of the ages from creation to 'eternity was largely used to illustrate the periods of the speech and the silence of God as traced in seven different instances in the Bible. The Sunday meetings are to be continued at the Theatre, and* the subject of Kussia's destiny, etc., is to be further illustrated in the Fire! Brigade Hall on Tuesday and Thursday evening this week by the lecturer.

At the S.M. Court this morning, before Mr A. D. Thomson, S.M., Peter Johnson and Robt. Mplvor, charged' ; with drunkenness, were each fined ss, in default _24 hours' imprisonment. J. Jones, jun., charged- with driving a hackney carriage without first obtaivdng a driver's license, was fined ss, court costs 7s, solicitor's fee 21s. Ah Kow (Mr Cooper) was charged, on two counts, with (1) being found.in. possession of opium in a form suitable for smoking, and (2) with being found in possession, of opium that might be made suitable for smoking, whereby he was liable to a fine of JESO. Mr Fitzherbert, on behalf of the Crown, applied for a remand until 31st inst., owing to the fact that the Collector of Customs, the prosecutor, could not be present to-day. The .remand was granted; The charges of theft of harness against Seymour were" set down till to-morrow.: Several other charges are pending,against the.same accused. Hannah Hansen (Mr Baldwin), charged on the information of H. H. Knowles with a breach of the Shop and Shop Assistants Act, 1894, in keeping her premises open after one o'clock on October- sth, pleaded guilty, . and MrBaldwin said that "during the: whole time the Act" had been in ;fqrce Mrs Hansen had kept her shop open on Wednesday afternoon. However, since the Act had been explained to her, she did not mean to, keep open again on that afternooni Mr Knowles said that the goods sold were not fruit but groceries, and in addition defendant had been previously warned of her breach of the Act. A fine of 20s, and Court costs 9s and witnesses' expenses Bs, was imposed.

The friends of Mrs Smith, ot College street, will-fte -interested to learn ihafcs she has arrived safely in England, having landed in Leeds on Sept. 1. t -

Mr GUrutlv Chief Veterinarian, has passed the plans prepared by Mr JickelK of the abattoirs with slight departmental ' amendment. -

Eats seem to evince a strong likings for ducklings, one local poultry farmer'having lost 50 ducklings in one nightthrough -the depredations' of these rodents. ' . ' '

Intending competitors at the Horowhenua Sports, to be held on November 9, will notice by an advertisement in to-day's issue that nominations for the chopping, mu> race and handicap' have been extended to"October 28. - The latest additions to the Telephone Exchange are-Nob. 210 H. Coles,,,Musie Warehouse, The Square, and 292 H. Coles P.™ at/ residence, Grey-street. A new list of Telephone Exchange subscribers is being printed.

Messis Gamman and Co. aro- maintaming their reputation as one of the most enterprising firms in the colony. They have just concluded the purchase of Messrs Wiling and Co's fine sawmillat Makotuku. ; The Petitions Committee of the House ot Representatives ; recommended that-three-fourths of_ the license fees paid b^ the. Newtown hotelkeepers for the last year, during a large portion of which the." hotels were closed, be refunded. The Parliamentary Education Committee have not had time to deal with the- q ues fc,on of the books in use in the State schools. They state, however, that the matter will receive the fullest consideration at theirhandsin the course. ( or next session. • The Hastings Operatic Society -performed the opera of " Dorothy " last w J° cj:owded houses. Miss- Ethel bright, of Dannevirke, is playing the part of Lydia, and. has won great praise for her rendering of tne character.. The opera .is to be given at Napier on Wednesday evening next. '■■'•■'■

■ On August 28th last, a bottle was^ lound at the extreme north-east oi Chair-' ham Island by Mr James Seymoar.-ofr Maunganui Station, containing-a notice ££ ion? h- een put mto the sea°n 7th, 1903 m 43deg 20min south latitude, by 116deg 20min east longitude/ by Captain P, Chober, of the ship Alhy on the voyage from' Algoa Bay toNewcastle, New South Wales, in order te ascertain the ocean currents. The enclosed paper, according to instructions on it, was forwarded to the German Consulate at Wellington, who will sen* it to the Deutsche Seewarte, Hamburg.. rtJ£ c f^Vg jß^ gave a concert ifc the Zealandia Hall last night. The hal* was crowded, and a very enjoyable programme, comprising the following items was given :-Song "Rocked in the Cradle of the^Deep," Mr Williams, encoredqnartette No. 1, Bandsmen Pickering; Tonkin, Whitaker, and Clareburt: song "Holy City," Miss C. Rush; sons? '« 0 Eest in the Lord," Mrs McFarren •' Woo? r^'- 2 ' BandsmenMcKenzi^ Woods, Gutlu-ie, and Penman. The iS^'™ selections, the contest, S tf- " Ff I)ommo Noir " and themarch "Eimutalia," the playing of which showed a great improvement, andevS aenced assiduous practice. to Mr E. Lai-comb's observation of the neat of a wiia.duck 50 feet from the grpund.ana hisxonjecture as to how the dueklmgs would be transferred to'theriver, states that last season, in theEsplanade, he witnessed a duck takingher young to water. The nest had been built .in the ki-ki, several feet from the' ground, and each^auckling was gathered; in the mother bird's feet and safely transported to its new surroundings; Our correspondent states he had previously witnessed a similar occuiTence in the bush at Fitzherbert. He adds that neither year were there any floods and the fact of the duck building in the tree appears to be more with a view of escaping natural enemies than any indication of a big flood. "

An apricot tree, to which is attached considerable interest, may be seen on , Mrs Wilson's farm, at Dromore (Canterbury) says the Ashburton News. Whor.the new farmhouse was beine erected a 17-year-old apricot tree, whicf had been trained to the building had to be removed.. This was. done when th> fruit was upon the tree, and strange tosay. neither : the tree nor the fruit wihered, but the latter ripened inK S&fT* -S° B°n wa3«moved. with^the tree, neither were the roots cut: The tree is now about 18 feet high and 8 feet wide, and^his year again the indications show a good crop. It should bementioned that part of the tree wheii moved was shaded .by a large sheejl staging, and this part withered while the larger part exposed to the sun lived and bore fruit,'„

The Premier, in. his address at the' Women's Social and Political League at Wellington on Wednesday evening said that a few months ago-nay a fewweeks ago, things did not look very bright concerning his health. He wasnow happy to say that he began to feel! something like .himself again. He ?ffi ayl hadpjent vof fight in him; thedifficulty seemed there was hot always Plenty to fight. He did not want toleave the colony of New Zealand,- So long as there was work to do and he was able to: do it, it would ever be a~ pleasant duty. He had had along ten*: ;of ofhce, and he supposed it would be along time before the record was broken v Only a few days ago he celebrated hispohticaUilver,jubilee, and he was quite' prepared to overcome the-hardships^ of * diamond jubilee. This was a tasl? however could scarcely expect t^ accomplish. .- ; - : ,:" r: . J * cv" -™

The McCormick Reaper and Binder bStotr hereothersoniy d°a;

French all WO ol, summer dress ma Best price given for your old cycles in

Spotted delanies for blouses and dresses, 6d per yard r«ii- ? Cunningham^? y Colhnson and

See them sample lace enrtidnslsUa, .TJsmar, merchant tailor, Main-street

The Duke of Connaught, as Grand Master of English Mark Masonry, has reappointed for a further term of three years Mr A. S. Bankart as D.G.M*. for; Auckland! ■■':■::■■'..'■ •-_ V'

Since 1895, a total of £4,066,704 has been lent "on freehold properties, and ;£655,546 on leasehold properties by the Advances to Settlers Department.

Seven hundred sheep purchased in New Zealand for Lord Delamere's station in British East Africa were'sent by the Banffshire, which left Wellington on Tuesday for Durban by way of Adelaide and Fremantle.

It was mentioned in the' Magistrate's Court at Christchurch that. proceedings against a debtor had not been, pushed at a certain time.because the man was then drinking heavily.; "As long as a man is drinking his creditors let him go," commented Mr Haselden, S.M., "and when he gets honest employment and saves a little they crush him. That's the way they help him to drink." .

The Tapanui Courier says a youthful daughter of Mr David Beattie met with a serious accident last week. A disc harrow was working near the house, and she jumped on the main bar for a ride, and the oscillation " threw the girl' in amongst the. discs, cutting one of her thighs to the bone and making a shocking wound. Dr Eobinson was quickly on the spot, and secured the blood vessels and stitched up the wounds, and the child is now progressing satisfactorily.

A man named Chas. Sandelin, aged about 60 years, died very suddenly at Gore a few days ago. The deceased had been suffering from a very severe cold for some weeks, and had come ,to Gore for medical attention. While in a clothing shpp purchasing a hat, he was attacked with a violent fit of coughing. He rushed outside and fell to the ground, blood gushing from his mouth. Dr Matthews, who was near by, sought to give assistance, but the man died in a few minutes.

Mr W. Cooper, of Gisbome, on his return trip from Canada, had the unique experience of a smooth passage the whole way. Eight from Vancouver to Brisbane and Sydney, thence across the Tasman Sea to Auckland and Gisborne. the water was almost like the proverbial mill-pond. This, added to the fact that the passage was made in the Union Company's .fine steamer Manuka—a palace afloat - with the kindest of officers and most attentive staff, made the voyage thoroughly enjoyable.—Poverty Bay Herald.

The Minister for Agriculture is being urged by the member for Otaki to accede to the request of a large number of people in the Otaki-Manawatu district, who believe that the soil, climate, and waiter of that district are suitable for the successful growing of linseed for both seed and fibre, and put the matter to the test by planting, say, twentyfive acres of the Levin experimental station, or the stumped area of the Levin Industrial School estate, with linseed, •and treating the crop at the proper seasons for production of seed and fibre.

The Eev. J. C Jamieson, the organising secretary of the Young Men's Bible Class movement, began . a nine days' mission in St. Andrew's Church yesterday. As Mr Jamieson makes a speciality of work among young men, the first meeting was one for young men and women, held hvtheafternoon. A most interesting address was given on the subject of ," A :and its lessons."l At the evening service, at which Mr Jamieson preached, there was a large attendance. The mission will be continued throuphout the week, the meetings beginning in St. Andrew's Hall at a quarter to'eight o'clock.

Referring editorially to Miss Gertie Campion's pathetic appeal ior financial assistance, the Lyttelton Times says :— "During the - years ■ when as a member of Mr Pollard's Company, Miss Campion was delighting her audiences by her captivating performances, most of her hardly-earned salary was being devoted to the maintenance of her own people, and at an age when girlhood should be dreaming only of the white ideals of existence, she was bravely facing the footlights as the family breadwinner. With the sweet aggressiveness of girlhood gone, broken in health, sick at heart and desperately helpless, she now turns to her friends for assistance, and we cannot believe that they wnl hesitate in making a generous response."

At a missionary meeting in Auckland: Bishop Neligan quoted some striking figures, for the purpose of contrasting the sacrifices made bythe general public for pleasure with those that they make for more serious and important objects. He said that at the last summer meeting of the Auckland Racing Club the amount invested in the totalisator waß £69,847, whilst for the year 1903-4, the whole diocese of Auckland gave .£1193 to the Home, Melanesian, and Maori Missions. The prizes given at the last summer race meeting amounted to .£9050, whilst the stipends paid-to the clergy of the diocese for the same period totalled £9895. The average income of the Auckland Rugby TJnion varied between £450 and £600, •whilst' the average annual income for the past four years, of the Home Mission was £303, "of the Maori Mission £279, and 6f the Melanesian Mission £420.

Mr Seddon lias assumed the role of apostle. According to him wherever he walks grass and flowers spring beneath his feet, and all is happiness and prosperity. His strenuous antagonism to "Wellington is a matter of. history, but Mr- Seddon declares history is quite wrong. He unburdened himself thus at a meeting, sf the Women's Social and Political League:—" When I look back on Wellington as it was when I first took Ministerial office, I see Wellington to-day almost like fairyland. . In those days there were bleak cold tussock-clad terraces,fnow green with verdure, and with mercantile palaces in every direction. I see buildings on the hillsides, I see, chimney-stacks showing . where the industries are, . I note L, the population, ■ I note their con.'Jft*I;■■1;■■ dition< and I say. 'Look at the popula- '' . tion, look at the industries, look- at the wages now. paid. : Take the position of ■ those ( who had so much to say against •us, and worked so hard, against us. Now they have something at their bankers. They talk now as propertied classes, but-what "were they when we first took office? Properties were then at a discount; houses were unlet and available to any who would go and live in them. There were shelter sheds and soup kitchens, and the wharves were not •as now, crowded with traffic. Now we see a well-fed and happy people promenading tne wharves, but in those days there were-people heartbroken on the wharves being driven from our colony." " ' Evidently the great man has been terribly, misunderstood, and Wellington -" xnust make amends. . :

Mr Macdonald has.arri.ved in Pamierst'on to arrange for the concerts to be: given in. Palmerston '..next' week by the Black ' Family. ;Mr , Macdbhald is •at present confined to his room, having had nis foot badly injured while removing a piano. '

Mr J. W. Granaway, Inspector of Telegraphs, has in." his possession an instrument box made out of a silver pine--telegraph pole. That portion of the pole.of which the box i« made was in the ground for about' thirty- years, and is in excellent preservation. It is found that the silver-pine is excellent for telegraph poles. '.' :

A very successful social and dance was held'in the Newbery Hall last Friday evening.. Over 80 couples were on the floor in the grand .march.-, During the evening songs were. • contributed by Misses S. Jenkins and Smith, Messrs J. Henderson, A. Guest, A. Carson, J. Laurenson and Stevens. Mr E. Cronin supplied- the music, and extras were given by Mies Hansen and Mr S. Barrow. Mr Greathead made an efficient M.C.

The Eoscius Dramatic Society will produce once again that well-known and ever famous drama f'The Ticket of Leave Man " in the Zealandia Hall on Wednesday next. The cast numbers about 25. Those who were fortunate enough to see the Society produce this piece a few weeks ago said they have never seen it staged and played so well before. The public may therefore look forward to a treat on Wednesday night, and the Society to a bumper house.

The long-looked-fpr bazaar in aid of the new Convent of the Sisters of Mercy is to be opened next Saturday night by the Premier. We learn that a great array of plain and fancy work has been prepared. Innumerable articles of great value have been presented to the Committee, the whole district far and wide having been laid under contribution by the indefatigable workers. Works of art have come from towns all along, the line between Wellington'and New Plymouth. We are safe in predicting a gigantic success for the bazaar.

A Home paper of August 10th says:— " Harvesting operations have been commenced on two farms in the Stewartry this week. Mr James Bone, of Halrnyre, and Mr Smith, Colgrath Parton, both of whom have this year sown a quantity of New Zealand oats, have begun to cut their crops, which look splendid and are quite ready for harvesting. One great advantage in this New Zealand oat is that it can be cut and harvested before many of the other oats are ready .to cut, and after last year's experience, this is undoubtedly an important consideration."

The Dunediri. Star publishes the following from its London correspondent:—"Mr Walter 'Butherfurd (of Palmerston North), who came Home by the Mongolia last July for the benefit of his health, arrived in London greatly improved by the long sea voyage, and his stay in the Old Country is agreeing with him. On landing he went to Brighton on a visit to his brother, the Key. J. Eutherfurd, D.D.; and then went north to Edinburgh. He purposes remaining in Scotland until the end of October, returning to the colony via New York, and spending some time en route in California. A fellow-passenger by the Mongolia was Mr Alexander Bell, of Makirio, Feilding, who came to Englarid on a visit to his relatives at Oxford."

J. T. M. Hornsby is quite satisfied now that, the electors.of the. Wairarapa constituency" are not anxious to again; avail themselves of hi 3 servicesas their member, consequently he has "thrown up the sponge." His exit from the political arena is accompanied by the following sad statement:—" That I made mis takes during my term of membership I do not seek to deny, and—if some of my opponents are to be believed—l am very far from being one of the best of men! Under all the circumstances, then, and seeing that a number of our once Liberal friends are only waiting an opportunity to go out on the warpath against me, I am of opinion that the Liberal cause will best be served by my absolute retirement from an active political career so far as the Wairarapa is concerned. And so, I say—and not without a wrench—goodbye."

The death took place yesterday of Mr C. B. Izard, for many years a well-known resident of Wellington. Deceased was' born at Brighton (England) in 1829, and arrived in New Zealand in the year 1860, landing at Auckland. He reached Wellington in "the same year, ■and founded the legal firm of Izard and Bell (now carried o4 under the title of Bell, Gully, Bell and Myers). In 1876 Mr Izard visited England. He retired from business.in 1887, and for three years succeeding he represented Wellington South and Suburbs in the House of Representatives. He took a great interest in education, and was for a considerable time a Governor of. Wellington College and the Girls' High School. Mr Izard was educated at Kings College, London, and at Magdalen College, ■ Cambridge, where he took his degree Hvith mathematical honours in ,1854, .and was first senior optime. Two years later he was called to the Bar, and began the practice of his profession in the Chancery division. Mr C. H^ Izard (solicitor, Wellington), Mr H. S. Izard (solicitor, of the Wairarapa), and Dr Izard (Wellington) are sons of the deceased..