DUNEDIN. (FROM OUR OWN CORRESPONDENT.) Dunedin, November 20th, 1866.

North Otago Times, Volume VII, Issue 157, 23 November 1866, Page 2

D UNEDIN. ( FROM OUR OWN CORRESPONDENT. ) Dunedin, November 20th, 1866.

A large body of strangers were in the Provincial Council Hall to-day, to hear the result of Mr Vogel's efforts to form a new Executive. There was considerable disappointment when a new adjournment was asked ibr, and it was learnt that Mr Dillon Bell was not prepared to take office under tho new arrangements. The Ministerial Crisis, as we grandiloquently term it, has ceased to be the prominent object of interest amongst us. The Finance Committee of the City Council brought up a report on Wednesday last winch has caused no small excitement amongst the hapless ratepayers of this great but by no means wealthy city. All other subjects are thrown into tho shade by the prospect of a rate which throws your Oamaru Is. 9d. into tho shado completely. Here is tho statement of our affairs as^a municipality, which has evoked so much alarm and wrath. For the information of all whom it may concern, tho Finance Committee informs the Council that to carry on the city business for the ensuing year, the following sums are requisite. The amount of the rate necessary to supply each sum is set against it : —

Oamaru may learn a lesson here of what a few years of Municipal Government can do for a little community. The amount of the estimated expenditure is only betw een L3000 and L4000 more than the rate of last year at Is. 4d. in the £ yielded, but the value of the property is so changed that the total assessment of the city has fallen from more than L180.0UO to about L120.000. The ratepayers of Bell Ward, which is the ultra-democratic portion of the town, held a meeting last night, and alter some mis-directed declamation passed a very sensible resolution, viz., that the Ma} or be asked to make public a full declaration of the revenue and expenditure of the city, so that the Finance Committee's figures might be better understood. The truth is, the Council is laboring under the burden left to it by the mismanagement of the Town Hoard. If it had started clear w hen it came into being, it would be in a pretty fair condition, but under any circumstances it 13 evident that our city officers are too expensive for the times. The lighting contract is a job which the citizens owe to the Town Board of 1862, which included sundry directors of the Gas Company. There is no getting rid of it for eome years to come. You will see that

light alone costs us a rate of 8±d. in tlio £ on the present value of property. The Southern Steam Navigation Company held its first annual general meeting last week. As your 1 town is interested in tho success of the Company, and some of your townsmen are shareholders, I append the report in full : — "Your directors have much pleasure in reporting, that notwithstanding the difficulties they have had to contend with, during a period of great mercantile depression, in the shape of insuffi* cient capital and boats not quite suitable for the trade ; with an income — from shares, L11.628 11s. 5 from Geelong and Tuapeka's earnings, L9.798 18s. 4d. (less their expenses, L9602 3s. 7d ), L196 9s. 9d. } and a loan from their bankers of L2.50O, making a total of L14,325. They have exponded : — On pur* chase of Tuapeka, L4.400 ; on account of Gcelong, L1700 ; on account of building Pareora, L7O55 ; on preliminary and general expenses, L486 10s. lid.; on interest, L63D 16s. 3d. ; total, L14.282 7s. 2d. j leaving c*sh on hand, L42 13s. 7d. The position of profit and loss, after careful estimate, is as follows : — Loss on interest, L6O2 10s. 6d. ; on preliminary and general expenses, L106 3s. 2d. ; on furniture and btationcry, L28 2s. 9d., or a total of L933 16s. 5d. Profit — on Geelong working account, L170 193. lid. ; on Tuapeka working acconnt, L594 18s. lOd. ; totalj L7G5 18s. 9d. ; thus showing a deficiency of only L167 17s. 8d. This balance, however, they feel every confidence in predicting, will bo speedily wiped off after tho arrival of tho now steamer, to bo looked for in about two months' time — a delay of soveral mouths in her completion having occurred in consequence of tho lock-out in tho Clyde building yards. They beg to offer their congratulations to the share* holders upon tho comparatively successful result of of the first year of the Company's existence, having every confidence in its future prosperity. It now remains with you to elect your directors for the present year, those retiring being eligible for re-cloo-tion." The figures are not as promising as the directors would wish, but I believe there is just reason to expect that the Company's operations will in the end be profitable. The news that Southberg and Co. had crushed 2556 ozs. of gold out of 440 tons of quartz out of their claim (the Otago Quartz Mining Co.'s claim at Skipper's) has been corroborated in the most practical manner by the exhibition in tho windows of on© of our jewellers of tho two cakes of gold themselves. , These are by no means very clean, aud will lose a ! good deal in smelting, but they are no doubt an encouraging sight, and speak more than volumes of prospectus literature for the future of tho country.

interest and mortgage due Lighting )a,y labor )epartmeotal... ... ...' Sundry expenses and Fire Bngade... 10. d 8jd 4id n& £5125 4125 2375 3625 750 £16,000