WELLINGTON NOTES.

Nelson Evening Mail, Volume XXX, Issue 141, 16 June 1896, Page 4

WELLINGTON NOTES.

(From Our Own Correspondent.) The Governor's Seeech.

Ihe ample dimensions of the Speech and the paltriness of the Bubject matter have made everybody sorry for the Governor ,: having to deliver himself of such a dreary hashup of Mr Seddun's latter - day orations. The only matters in it whioh have caused any Mk are the avowal that steps should be taken to remedy certain defects in the management of the Bank of New Zealand. What the defects are aud what the proposed remedies are to.be no one knows. The other is the assertion regarding the success of the Advances to Settlers Aot, In this matter there is now the light of the returns to the 31st 'March,; 1896, the first return laid on the table. It will be remembered that Captain Russell on March 2Gtn predioted a loss of £50,000 on the first year's operations of this department. This; prophesy waa scouted as preposterous by the Government organs ; then after an interval of five or six weeks, the "Lytteiton 'limes" acknowledged there would be a defioienoy of about £30,000, and now that the return is laid on the table Captain Russell's predictionismorethanjustified.forthe loss is _.3,659. The return merely acknowledges to £31, 159, but only six months' interest is charged, and as the account is made up to -March 31st, and another half year-'s interest falls due next day, it bliows what an amazingly clever fellow Mr J. G. Ward was to so arrange matters that the publio accounts shoul^ be made up twenty-four hours before a trifle lilp £22,600 would be . deducted from the profits— or, es is the case here, added tr the losses. . The following synopsis will show the position on March 31st, 18^6 : — Net proceeds of the million abd a half loan disposed of as follows : — £1,394,116 Government Secubities. Debentures. £ Land Improvement and Native Acquisition Aot .... 65,000 l_oans to Local Bodies „. ... 30,000 Consolidated Stock Act 59,200 Land for Settlement Act 15,000 New Zealand Stock, 8 per cent ... 30,000 „ „ 31 „ ... 109,308 Bank of N.Z, 4 per cent stock ... 46,000 i 313,108 On Mortgage- ._ 423,0-2 Balance not lent - ... 651,900 £1,894,120 ' Pjiofit ahd Loss Account. Dr. Balance from last year ... ... 15,099 Accrued interest on Loan... ... 22,376 £37,477 ""c7~ Accrued Interest on Mortgages ... 4,734 „ „ Temporary Investment... ' .- 654 Overdue Interest on Mortgages *... 439 Interest on Loudon Bank Balance 490 Balance (loss) ._ ... ... 31,159 £37,477 To this loss of £37,-77 mustbeadded the half-year's interest, due when the alleged profit and loss; account was . completed, and we hay. the net result of the first year's operations a deficiency of £53,659 or rather more 'than £1000! a week which the taxpayers will] have to provide for what is called in the Governor's Speech " the beneficent effect of the Government Advances to Settlers' Act."

Rut the destinction of what is not lent on mortgage is instructive, It has gone in renewing old debentures, in purchasing estates, in roads and bridges, and in buying Bank of New Zealand stock, and nearly half the sum realised out of the loan is virtually earning nothing, for £490 will not go far towards paying a year's interest *on the £650,000 still eating its head off. There, appear to be bad debts at this early stage,,for there are arrears of interest £439 and of principal £99. The cost of management is set down. at -29395, and altogether it is a very sorry-looking, result for a scheme which twelve months ago was heralded as a something which was to revolutionize the world, but . it has only succeeded in tying us with tighter bonds to the English money-lender whose bond-slaves we are becoming more and more every day. .-" Lobby Gossip. Thatthe "great united Liberal party" isa thing of the past is no longer in doubt. There was a caucus on Priday of the disaffected ones, and a "round robin" was signed by all present to the Premier informing him that unless Mr Ward resigned ; they would withdraw their support from the Government. The Premier acknowledged that the poor fellow mustvo. It is very hard that he

should be shunted for a little matter such as came out before the Oourt, more especially, as a Liberal legisiator remarked, " when a member of either House is protected by privi lege from the operation of the Bankruptcy laws for three weeks before

andafterthe bession." ... Strang measures are to be taken regarding all persons concerned in the balance - sheets of both the Colonial Bank and the J. G, Ward Assooiation. A well-known criminal la.wyer.hafl been retained, and very distinguished people indeed will have to answer for their indiscretion in sighing unreliable and misleading balance-sheets. The Premier made

a very damaging admission in his speech the other night. He said that the Bank of New Zealand had offered to take Mr Ward over in 1894— .Mr Ward in the witness-box swore that he had never received any letter from Mr John Murray offering assistance in that direction. Sir Robert Stout in his speech tonight referred to this matter, and remarked that it would be the duty of Parliament to make searching inquiry into the whole business, and to send for Mr John Murray to give hia explanation. At tne caucus meeting referred to the members were of opinion that the Opposition had played their game badly in not tabling a nocoLiidence motion as soon as the __.u__ met, as .they would have had a majority, but if Mr Ward resigns the ohanoe of demoting the Government disappears. The Left Wing, as they oall themselves, must take the Opposition to be as dense as their own little ooterie of .Adullamites ; the Opposition has no ' d«si_e to turn the Government out —

.quite the opposite — until the General Eleotion, and then the country will oarry a no-oonfidence vote much more effectually than Parliament as it is at present constituted possibly could, Were Mr Seddon beaten in th. House be would try for a dissolution and then stump the country