North Otago Times PUBLISHED EVERY MORNING. THURSDAY, SEPTEMBER 20, 1804.

North Otago Times, Volume XXXVII, Issue 8081, 20 September 1894, Page 2

North Otago Times PUBLISHED EVERY MORNING. THURSDAY, SEPTEMBER 20, 1804.

Tiik latest side-splitting farco of tho Government is tho Advances to Settlers Bill. Messrs Seddon, M'Konaio and Ward iu'0 the comedians of tho Ministry : if ono is not cutting ridiculous capers before tho assornbled senators another is, and tho latest ridiculous caper is that connected with this Cheap Money Bill How the Government expect any fanner whoso head has more in it than ono of his own field turnips to imagine that tho Government tiro conferring a benefit on his class none but a Minister could be

expected fco explain, if explanation is possible. For the purpose of lending monoy at a cheap rato of interest to farmers, loans aro to bo raised in London, and tho monies so raised are to bo lent to farmers at 5 per cent, tho Government assorting that tho difference between the sum they pay tho money-lender and tho interest thoy chargo tho bottler will pay ftll expenses and costs. So that tho remarks wo havo to offer on the subject may be the more readily understood we publish in another column of this issue a table showing tho rato of interest and repayments on a loan of L100. Tho L10'> is merely stated aa an oxample, and our remarks apply equally tolargor or smaller loans. It will bo seen that tho rato of interest is D per cent, and that a .sinking fund of one percent is prescribed. This is plain sailing. It is in connection with this sinking fund that thesido-splitting nature of tho Ministerial joko comes in. When a public body borrows monoy tho sinking fund is always handled by itself, and applied to some interest earning purpose-, so that at the ond of tho term the sinking I fund with accrued interest is available for the purpose of paying off tho loan. No so with these Government advances to settlors. Tho sinking fund is collared by tho Government every half-ye.vr, and the accumulations are lent out to other sottlers at 5 per cent, so that instead of tho Government advances earning only 5 per cent, they will earn not much short of 8 per cent If tho intelligent settler will cast his eyo down the first column of tho table ho will observe that notwithstanding the fact chat he has boon steadily decreasing his liability ho has always to pay LO per centum per annum on his loan. J'Jven when his liability is only LG 4s OJ he has to pay LC per annum. These payments would be perfectly fair did the settler havo tho handling of his sinking fund, and the application of tho money so set abide for Uie repayment of his loan to some interest earning purposo ; but when tho Government annex tho sinking fund as well as tho interest, then tho Ministerial insertion that tho money is cheap i« a deliberate perversion of tho truth. Tho money is not cheap. It is dear— dearer than tho settler can borrow anywhere olso in tho money market. Why ono of tho much abused commission agents would treat tho settler bettor than this Liberal Government intends to do. This cheap money is a barefaced fraud, and we wonder at any body of men calling themselves tho Parliament of New Zealand hesitating to laugh the whole thing out of tho Houso. The thing is not worth a moment's consideration of tho man with any business training, and tho fact that the present Houso is soriously discussing this measure shows to what a state of density tho heads of our law makers havo come. The whole scheme is tho old building socioty method of lending over again. To give an exemplification of how it works : A building society lends money at 7 per cent, tho principal to bo paid back by instalments at lixed periods. Tho 7 per cent rato of interest is continued on tho total sum till the loan is re-paid, and tho Society is, on this rato of interest, able to pay its shareholders 14 or 13 per cent. How is it dono 1 Wo answer that this is accomplished much in tho same way as the Government intend to deal with the sottlers who borrow money frcm them, if any of them aro so far lost to reason and sonae as to do so.

In continuation of our remarks on tho cheap money soliomo of the Government, it will bo remembered that tho Hon. J. G. Ward baid that tho Government financial measures would in no way affect financial institutions. Ilo is strictly adhering to his promise in his Government Advances to Settlers Bill. That measure will certainly not affect tho business of any financial institution or money lender, for no settler who is allowed outside the enrirons of a Uurvtic asylum will borrow under the terms of the Bill unless he has mado up his mind to securo a mortgage on the two-thitds valuation, and thereafter do the Pacific slope, or whatovor plopo h tho most expeditious of accomplishment. The Government up to tho present time have dono nothing for tho settler but harass him, and their cheap money Bill is a *<op that tho farming Cerberus does not want, in its present form. Why, tho farmer can borrow cheaper than tho Government offer to lend,

Mr J. A. Montgomery, who will pilot the Kennedy Company through New Zealand, is in Otimaru, and informs us that the company will visit OuinAru airly next month. Arrangements have been nude by Mr Adair with the secretary of the Hhow ((rounds for a balloon ascent and paiachute leap by Miss lyeila AtUir, tlio only lady aironaut, on Hatuaday next, Nominations for the Timaru Trotting Club's handicaps close with the hon. secretary (Mi 1 Fred Watson, Shamrock Hotel; Timaru), on Friday, the 28th inst. 'j'ho following special rates for the carriage of (Utnaru and Mount Somcrs build, ing atone, for distances over 50 miles, uro gazotted : 51 to CO miles, fa 7d per ton j 100 to 110 miles, to Id ; 150 to 100 miles, 7h ; and intermediate stations are rated in j.0 milo stages. Jiy »» advertisement we see that Mr Towsjcy ia again to tho fore with a popular entertainment, comio opera, and tabloau costume concert. By the number of loading performers he lias had practising with him for some weeks past wo feel sure the people of Oamaru have a treat iu storo. Tho choap prices should ensure full houses on the 27th and 28th. An interesting event will take place in Wesley Church this evening on the occasion of the anniversary of Wesley .Sunday school. The event will take tho form of a tea meeting and hocial leathering. At tho public meeting after tho tea musical items, readings, and recitations will be given by tho scholars of the Sunday school, The Wainrito Time* of yesterday says : Ai the fishiug -season is appproaohing it has been suggested that a great boon would bo conferred on anglers if permission weie given to tho telegraphist at Waimatc to telegraph each morning to Waimato and Oamaru tho state of the river, tho messages to bo affixed on a notice board at tho latter places. It frequently happens that parties go to, tho Waitaki only to find that the river is in a very unfit .state for fishing, and Ios3 of time and disappointment are thus caused. Perhaps tho member for the district could obtain the small concession asked tov, At the Land Board meeting yesterday the siinendcr of tlio following snnvll-grazm^ runs and pastoral runs wm accepted, and the land doilt with as follows? Small, grazing run sections ti and 7> block 10, Maerewhenua, surrendered by Mr J. V,. Hutton ; to be offered as small-grazing run at a rental of 9d per acre, with valuation ' fov improvements, LOG 5s. .Small-grazing section 48, block 9, Maerewhenua, surrendorcd by Mr J. Sutherland ; to bo offered as a smalhgra/ing run at a rental of 9d per acre, with valuation for improvements, LI 92 7s. For consent to mortgage on small-grazing run was approved ; F. W. Thlele to T. 0. Hairison, run 17, Macrowheuua. About 11.30 last night a firo was discovered by Constable Suuut in tho furniture shop of Uorsburgh and Searle. Tho fire bell wan rung, and the Brigade were very promptly on tho spot. It was found that ! tho fire was located in the upper room, the floor having been burnt through. A stream of water was turned on, and the lire allowing iu the ceiling of tho lower

room wag quickly subdued. The Brigade tlion effected an entrance into tho upper room, where the fire hid sUrted. Tins room is used for upholstering, and the Ha\, etc., Btoipd there was burning. The Biigude, however, soon had the hre completely .subdued. 'J'he Hre oocured in a valuable block of buildings. The shop is the property of Mr Thos. Kennedy, painter, but owing to tho abbcnoe of Mr Kennedy and Mr Se.irlc we could not learn the iusmanccs on the stock or building. Jamks Gi^iMnWj invites inspection of bin first winter consignment of Scotch and English uitings, coatings, and trouserings, ex Tekoa, A choice selection of exclusive novelties ; also Uamaru and other Colonial goods of tho best quality. This Establishment has long been noted for the first-cla3<5 character of its productions, Suits from 7U upwards. Waterproof overcoats to order and ready made at lowest current ratea.— Jamk'j Gemmkll, Thames Street, i Oamaru.