North Otago Times. PUBLISHED EVERY MORNING,

North Otago Times, Volume XXXVII, Issue 8079, 18 September 1894, Page 2

North Otago Times. PUBLISHED EVERY MORNING,

TUESDAY, SEPTEMBER 18, 1894.

"It is not at all unusual to put on a nought too many " So said the Colonial Treasurer whon ho 'was caught trying to convince tho House that L 15,000 \rero tho Uguroa instead of Ll5OO. It came about in this wise : The Colonial Treasurer was explainingt he technicalities of the cheap money Hchemo, and in making special reference to tho valuers and solicitors said ho would sot ton valuers down at L6OO a year each—at which there wore cries of "Oh !"— and ten solicitors at salaries ranging from LIGGO to I4QQ a year each. Then, said tho Colonial Treasurer, supposing tho L1,D00,000 to be lent iv sums of LlOOO oach, oagh carrying a solicitor's foe of one guinea, 1y15,000 would^ bo raised by the Department. This is a !«W roofcliod of calculating— probably that Oil which tho Colonial Treasurer constructed > Financial Statement-and the Treasure* ' *as pulled up by Sir llobertStout and Mr Pirani, who each asserted that the figures should be Ll5OO. Tho Treasurer would not accept tho correction, although it was twice pointed out to him, telling thoao who did bo to " work it out.' However, at the conclusion of his speech he had to acknowledge that tho figures should bo Ll5OO and said "it is not at all unusual to put a nought too many. It may not bo unusual for tho Treasurer to put in a nought too many, ftot us take for example tho surplus about which ho told us so much. This was L 300,000, and judging by subsequent events it is apparent that thero are too many noughts in this bya long way; in fact, thoroshould havo been no figuros in this •• surplus ' whatever. The rosult of the explosion of ike Colonial Treasurer's figures is that tho ratio of fees for drawing up deeds in connection with tho cheap money scheme w jU be— if tho country is to avoid a loss—that instead of tho foe being one guinea it will have to bo ton guineas, 'iho joke about this cheap money scheme, however, is tho salaries. Ten solicitors and ten valuers— of tho right color— alone aro to draw L 13,000 a year, and if the money is borrowed at a£ per cent those ewitlemen absorb tho interest of about LDOO.OOO of tho total of LI, 500,000. This is not bad for a start, and it plainly shows that whatever else may bo cheap tho eorvicos of tho friends of tho Government who aro appointed to billots will not bo included in tho category. Tho Minister says ono of tho principal Departments of tho Government will carry on tho bustness of tho aheap money scheme, and that no oxpenso will be incurred for de partmental work. This is all very well, but Mr Ward has said so njiny peculiar things that vro havo no intention of ac* cepting this statement. Even if it wore quito correct, it shows that thak pavtiou* , lar department is over-manned ftt the present time, and that economy should havo prompted a reduction of expenses long before this. , These additional duties either make the work of tho department excessive or afford tho means of filling in time that could not bo properly filled in before. Therefore it cannot bo said that there will be no additional expanse, Wo make the statement without fear of the ultimate reault proving us to be wrong, that sevon per cent interest will barely pay tho charges on tho cheap money scheme. We aro not averse to farmers or anyone also getting cheap monoy, for monoy at tho present time is too dear to make it possible for many of our industries to flourish ; but it is impossible for tho Govornmont to do anything cheap with so many hungry and needy followers hanging to their tails waiting, like Wilkins Micawber, for something Liberal to turn up.

Tflß amalgamation of tho Bank of Now Zealand and the Colonial Bank ia pracfci* cally an accomplished fact. Tho managers of tho two banks have corno to terms. There can bo little doubt that thoso torms woro submitted to tho Government and approved by thorn bofore tho final agreement was ratiQed. Tho Bill consummating tho compact will bo discussed by both [louses, aa there is no pretence of emergency in the present case ; but it is hardly likely that it will receive much opposition. Tho Government party are, of course, bound to support it, and we do

not; suppose that Captain Russell will try to obstruct it. It would be to no purpose if he did. Any opposition he could offer would soon bo swept out of tho way by the Ministerial following. The amalgamation, besides, may be a, step in tho right direction, but that remains to be '< seen. The terms of tho agreomont soom to bo fairly reasonable— that ia between the two banks— though we should say that tho Colonial has not got the worst of the bargain ; but the public aa yet know nothing as to tho actual condition of either of them. From what Ministers said tho night tho Emergency Bill wan passed, tho Bank of Novr Zealand must have been on the verge of bankruptcy, nor ia there any certainty that it will be able tv carry on ovon after the guarantee without further assistance. The country i» completely in tho dark on this very important matter. It ia so f at equally in tho dark with regard to the actual circumstancoß of the Colonial Bank. Had that Bank been going alone; swimmingly it may bo taken for granted it would not have sought for absorption in tho Bank of Now Zealand, but how far it ia fromboing in a satisfactory condition or otherwise no one but those who are in tho secret know. Something on this head may come out in the debate on the Bill. It is at any rato to bo hoped so, though wo confess wo do not expect much enlightenment. The country, however, ought to have full information aa to tho financial .state of both banks before the country is further committed. If the Colonial is in iv similar condition as the Bank of New Zealand it ia clear that the guarantee by Government would be ni'ioh moro risky than it la at present. Two shaky institutions would not •idd to the stability of either by uniting their infirmities, and the Government would, of course, have to come to the rescue. For aught we know tho Colonial Bank may bo quite Bound, but it cannot be highly prosperous, or it would not have abked to amalgamate with a bank which had to beseech tho Government to save it from ruin. It is the suspicious part of the business into which tho Houso, if it did its duty, would make strict inquisition. There ia one statement, as outlined in tho papers, which is also apt to excite suspicion. The Colonial Bank stipulated that tho Globo Assets Company was to bo separated from tho Bank of Novr Zealand. Tho Assets Company, however, is neither moro nor less than tho said Bank of Novr Zealand. How then is the bank going to get rid of tho estates which have been tho main cause of its difficulties 'i No company would take them over at the bank's re-valuation. The Bank, therefore, would have to write off part of its capital to meet tho depreciation, and probably a larger part than it could afford. What would happen then 1 The Colonial Bank says, and quito correctly, that tho -Assets Company ia a source of weakness to the Bank of Now Zealand. Mr Murray, tho manager of the latter bank, adds quite gravely that it was a reasonable condition made by tho former (the Colonial) that the said Assets Company either be got rid of or that the Government undertake to make good the ultimate deficiency. This is tho suspicious statement wo mentioned. Why should the Govornmont make good any deficiency of tho Bank of Novr Zealand ? The country has guaranteed a loan of two millions to the bank, but the Act giving that guarantee certainly does not provide for the payment by the country of the bank's liabilicies. This, howover, is simply what the whole thing will come to. Tho country will havo to become security for both banks, and that without knowing one jot or tittle as to tho condition of cither.

Dr Stewart met with a painful accident ou Sunday night, by which hia aukle was broken. He was carrying n bucket of water across to the stable when he slipped on the asphalt, and in the fall broke hia ankle. The doctor is progressing favorably, but his accident will prevent iris getting about for some week9f A private lottor to a gontleman in town (says the Timaru Herald), contains the in« telligonce that the A. J. Balfour recently put into Adon with the crew sick and the captain dead. The captain, A. J. l\lillar (at ono time commander of the ill-fated Elginshire), was well known here, and his untimely death will be regretted by a Urge circle ot friends, The North Qtago Mounted Rifle*) will begin their eighth annual training on the 13th of October. Thin will consist of a route march to Kurow. The march will bo via Kauroo and lijldcrslie, and the troop will parado on the Old Cricket Ground ou Saturday, October I,'Jth, at 2 p,m, The Oamaru Cricket Club presented Mr George Sumpter, senr., with an honorary life member's ticket at tlio annual meeting on Saturday night. Mr Jas Holmes made the presentation, which was in recognition of thp assistance Mr Sumpter had rendered cricket in the district, and the interest he had taken in tho club. Mr Sumpter thanked tho members of the club for their kindly feeling, and said he hoped to be able to take au active interest in crickotiug for some years yet. 'I'here wss a good attendance of the public last evening at the performance of the " Pilgrim 3'athers " by the Wesley Church choir. Those taking the leading yowl parts were in good voice, and acquitted themselves well. Tho chorus work on the whole was gone through in a most praiseworthy mannor. The choir is to be complimented on the successful rendering of this cantata, which is, musically speaking, above tho average standard of works of this kind. A well known Oamaru resident who is now on a visit to the Old Country, and who in tho colony was the exponent of decidedly strong socialistic doctrines was accosted by another New Zealandcr in Regent street in the following disguise : A tall silk hat, a morning coat of tha proper out, a white weskit, inexpressibles o fashionable hue, and lavender kid gloves. A silver headed ijtick completed the disguise. Socialism wag bi*nis.h,cd f or the nonco, The New ZeaUnder ww doing the "lion" business, and was getting along very well with tho " nobility and gentry " dontcherknow. A first offender, on bail, wa3 charged yesterday, before Major Keddell, with being drunk, and was lined 5a with tho alternative of 24 hours' imprisonment. Thos. Watson was charged with being drunjc on Sunday, and was fined 10s with the alternate of 48 hours' imprisonment. Tho. 'Daley, who pleaded guilty, wa<s charged with rescuing a, cow from tho ranger on the 3rd Septsmber. J, 0. B.lack, ranger, said the boy D.Uey drove the cow away after being told that it was seized for trespass. Daley said Black knocked him , down tho bank and nearly broke his back, ! and he had to go to bed, but in reply to the Magistrate suij the pain came on after ;he had driven the cow home. defendant w;ta fined 83 with 10* costs. Iho second selection for the forthcoming 1 contest, wljieh tak.es place at Invercargill i on the 11th of October, was received last evening by tho Navals Band. The selection baa been arranged by H- Bound, of j Liverpool, is entitled " Schubert," and has solos for cornet, horns, and euphonium. Tho fire}; movement is an andanto from "Moments Musicaus," and thore ia a beautiful Jarghetto euphonium solo, " Mit dem gruneu Lantenbaudo," and selections from tho overture of ♦' Koiamundc," and other pieces from this renowned composer. Altogether, this selection is not so difficult as "Weber," but it will be a very good test for the bands of the colony. As it is only three weeks now to the date of the contest,

the bands will have to put in steady practico to giro a good account of themselves. At the Magistrate's Court yesterday, before Major Keddell, S.M., John Welsh wSs charged with failing to destroy rabbits on his land, run 36206, in the County of "Waimato. Inspector Empson prosecuted, and called John Easton, who said ho was a rabbit agent in South Canterbury. On the 4th of July ho called at Mr Welsh's house, who told htttt poisoning had commenced that day. On tho 23rd July ho examined the run, and found that part of the run had been poisoned, but the ruu wag not as cleau as he expected. Ho saw men on the run, but on tho poisoned part ho counted 34 rabbits. He saw defendant on a subsequent day, and advised him to do more work ou the run. On the 22nd August he inspected ihe run, when poison* iug was finished. He saw 24 rabbits on tho run on that occasion. On tho 2tth August ho s%w Mr Welsh, who informed him he was re-poisoning the ground whero it was rabbity. On] the 4th September he in* spected the boundary of the run, and in threequartere of a mile ho counted 24 rabbits. In hia opinion sufficient steps had not been taken to poison thorn. Dcfeudaut asked that the case o« reminded to Waimate, but tho Magistrate refused. C. C. Empson, rabbit inspector, said he served a notice ou defendant on tho Bth of June. He had inspected tho poison barrel, and wrote to defendant on the 7th July to nuke the poison strong enough. On tho 12th July he inspected tho ground, and did not think the ground was properly poisoned. He saw live and dead rabbits. There was a little snow on tho ground. He wrote afterwards threatening to enforce tho Act if the work was not dono more satisfactorily. On the 3rd September ho visited the run and found rabbits all over it. Defendant asked the inspector what ho considered tho number of sticks of pho». phorus requisite to properly poison a hundredweight of grain, because the grain was mixed on his (the inspector's) own instructions 4W to quantity. Tho defendant said ho had paid away during tho last twelve mouths and two weeks tho sum of L 147 13* 6d for rabbit destroying, and if everyone did sa much there would bo fewer rabbits ; and in June L3O 3s 6d. He had taken every possible means to poison the rabbits. Ho had poisoned for elevoa weeks. He was not a regular hand at ! Elephant Hill, He was employed there when ho had nothing to do at home. A fine of L 5 and 7s costs was imposed. Mr Gbokgb Robinson, Surgeon Bontist, will visit Waimate professionally on I'ues* day, the 18th instant. James GSmmell invites inspection of his first winter consignment of Scotch and English uitings, coatings, and trouserings, lex Tekoa, A choice selection of exclusive uoveltiea ; also Oamaru and other Colonial goods of tho best quality. This Establishment has long been noted for the first-class character of its productions, Suite from 7Cs upwards. Waterproof overcoats to order and ready made at lowest current rates.-— James Uemmell, Thames Streot, Oamaru.