ANGLO-COLONIAL NOTES.

New Zealand Herald, Volume XXIII, Issue 7694, 20 July 1886, Page 6

ANGLO-COLONIAL NOTES.

[FROM OUR LONDON CORRESPONDENT.] London, Jane 4. The Economist publishes some statistics with regard to the colonial banks, whioh are of interest to Australian readers. Acoording to the figures of yonr finanoial contemporary the monetary status of the Australasian banks in the present and the preoeding year is as follows :—ln May of this year the paid-up capital of the Australasian banks amounted to £12,377,300 ; the market value of the same was £27,439,050; and the premium 122' 1. In May, 1885, the paid-np capital was £12,254,300; market value, £26,836,800 ; premium, 1185. Thus, eays the Economist, though the paid-up capital is) less than one per cent, larger than a year ago, the market value shows a gain of 2£ per cent. This, it goes on to say, is soarcely, perhaps, what might have been expected but with one notable exception—the Commercial Bank of South Australia—there has really been no heavy fall in Australaeian bank shares during the past year ; and in several important instances, there has been a decided rise in price, a result which is certainly satisfactory, in view of the depressed condition of business which has existed. The secret respecting the Queen's Birthday honors was better kept this year than the last. Even the colonial official world was in complete ignorance of Her Majesty's intentions. In fact, the Colonial Office eeem to have done their very beet to intensify the mystery by throwing out little indications which were obviously intended to create a wrong impression. It wan from this aouroe that the idea originated that it was extremely likely that no honours would bo conferred until the anniversary of the Coronation Day, though why such a departure from ordinary practice should be resorted to was not stated. The list came out in a special Gazette on the evening of the 28th, the day preceding that on whioh it is customary to celebrate the Qaeen's Birthday. An unusually long list of honours was announced, but the bulk of them go to the mihtaiy element in India, and comparatively few to the Australasian colonies. The Observer gives what it professes to call a short biography ef the new knights, but its liet is limited to the Indian and English recipients of that distinction, and does not include colonial names. A good deal of surprise is expressed in Anglo-Australian quarters at the omission from the list of the alumni of New South Wales, and the Sydney people are furious at this oversight. Mr. iJalley has refused the empty bauble of a "Sir " before his name, but it was confidently expected that Mr. Barton, the Speaker of the New South Wales Legislative Assembly, would have been offered this honour, especially ae it has been conferred upon the Speaker of the South Australian Parliament and the President of the Victorian Qhamber. AngloMew Zealandere over here are very well pleased at the elevation of their Premier to the dignity of a Knight Commander; It is a remarkable evidence of the keen interest which has been taken in Australian geographical discoveries, that as many medals have been awarded by the Royal Geographical Society for explorations in Australia as tor geographical work in the romantic region of India and adjacent countries. In each instance the number of medals has been eleven, while so far as other colonies are concerned, the total number does not exceed live. The latest recipients of substantial recognition from the Royal Geographical Society are the brothers F. and A. Jardine, who have just been awarded the Murohison grant this year, for the remarkable journey they made more than twentysix yeare ago into the extreme north of the Australian continent. The Royal Geographical Socitty, who by the way, have been a loug time in recognising the exertions of the Messrs. Jardine, sum up the results of this journey by the concise statement that it solved the question of the course of the northern rivers emptying into the Gulf of Carpentaria, and distinctly ascertained the area of York Peniueula adapted for pastoral occupation. lhe retiring president (the Marquis of Lome), in his valedictory addrees, alluded in very complimentary language to the good work which had been done during the year by the Australasian Geographical Society. The Colonial Office are aimost ready to open the hmigration Information Bareau which Earl Granville promised some time since, in response to the request of the State-directed Colonisation Assouintion, to establish ae a separate Government Department. It would have been open before now but for the difficulty of tindiug proper offico accommodation. This may strike colonists ae a singular objection to raise, but as a matter of fact Government offices in this great metropolis are scattered about in all directions, a circumstance which renders it extremely difficult to communicate with some of the minor departments. A very large number of Government clerks are just now located in the upper portion ot the premises of the Royal Colonial Institute. The Observer has one or two very good comments upon the plans of the National Association for promoting State-directed emigration. This society has brought under Earl Granville's notice its system of colonisation and emigration for unemployed people from Oreat Britain to British colonies, bnt, says this paper, before the Secretary of State can do anything with it the Colonial Governments must pass judgment on the same, and herein ie the rub. The promoters of State colonisation have to reconcile two conflicting interests, those of business and philanthropy—those of the colonists who want tbe very best class of emigrants, and those of the mother country who only desire to get rid of the wastrels who are exhausting the resources of her charities. The question is complicated also by the feeling agaimt immigrants which exists in Home Rule colonies where political power is in the hands of the working class, who have no desire to welcome what they call pauper labour imported from Europe, because they think it tends to lower wages to the European level. Great good, however, might be done in the opinion of the Observer, if our colonisation societies could direct the stream of emig&tion to colonies where Englishmen are needed* to counteract the preponderance of non-English settlers, and it declares that the South African problem will never be solved save by Statedirected emigration. The spirits of those ooloniala who are connected with antipodean pastoral industries will have been considerably elated at the indications now presented of a decided improvement in the price of wool. The first signs of a better state of things were evinced at the recent sales at Antwerp, where South American wools were cleared at an advance of fully 20 per cent, upon their February values. This advantage did not extend so distinctly to the tew Australian bales which were offered there, but at some supplementary wool auctions held iu London last week un average advance upon the current rates of March and .April of e> penny per lb was fully maintained. Some large holders of wool over hero appear to believe that the tide of depreciation hoe turned, and they have accordingly refused to avail themselves of this opportunity to sell, inasmuch as they profess to anticipate that higher prices will yet be obtainable. There has lately boon a lull in the applications to the Exchange, eo far as Government demands are concerned, though loans for both Mew Zealand and Tasmania are expected. Advantage is being taken of the absence of larger loane to rather "rush" the Exchange with a number of private colonial investments, some of these demands being of a very extreme character. For instance, certain gentlemen interested iu Northern Queensland are very desirous to float a couple of largo concerns at the present time lest the separation of the colony, if it comes about, should somewhat shake public confidence in investments in the northern halt. One of these ie of the mortgage and investment type, and has been registered with a capital of a million. Another, with a capital of one-tenth th%t sum, is the Queensland Export Company (Limited), which is designed to carry on a large meat freezing establishment near Bovven. There has also been placed upon the market the West Australian Land Company, which may be better recognised as the company which is intended to carry out Mr. Anthony Hordero'a railway operations. The company at present only apply for £300,000, one-third of whioh was taken up prior to the date of issue, and tbe other £200,000 has been over subscribed. Mr. Ash bury, the owner of the Merryvale Estate in Otago, ie endeavouring, as I mentioned last week, to float the Merryvale Estate and Stock Company (Limited). This new company is somewhat strongly criticised in the columns of Fairplay, a spicily written financial paper of very

sound views. The object of the Merryvale Estate and Stock Company (Limited), ia to take over from Mr. Ashbury the Merry vale Estate, whioh,Bays Fairplay, Mr. Aihbury only acquired a year ago, with a special view to the export of wool and frozen mutton. Your financial contemporary points oat that both these commodities are at present fetching very low pricea in the English market. It affects to fear that the competition of the River Plate may prove too much for New Zealand in the matter of wool and mutton, while India may take away from her the best part of the wheat trade, and it advises intending shareholders to bear these facts in mind. New Zealand farmers, it declares, have already commenced to abandon the rearing of sheep for wool and mutton because it does not any longer pay, and are transferring their attention to cattle. The demand for shares in the Merryvale Company, however, wae not sufficient to induce the promoters to proceed to allotment. Mr. Aehbury has, therefore, decided to work the estate himself. Amongst those who know the character of the Merryvale property little surprise is expressed at this result, as they looked upon Mr. Ashbury's anticipations as being rather over sanguine. The New Zealand financier, who, under the anonymity of " Pomiiigolarna," is constantly crossing swords with all who attack the good faith and financial credit of his colony, has been endeavouring, in a series of letters, to bring the editor of the Economist to recognise the injustice of his recent animadversions upon New Zealand. " Pomingolarna " points out the unfairness in any comparison that is made between the debt of Great Britain and that of New Zealand of overlooking the important fact that the national debt of Great Britain does not include the annual coat of the railway and telegraphic systems of the United Kingdom, while the public debts of the Australasian oolonies embrace both these items. The reply of the Economist is that the railways and telegraphs in Great Britain are the property of the people, and constitute a free national asset, whereas the portion of the colonial debt, which the railways represent, remains a national liability. " Pomingolarna" justifies his original statement, but in the uucceeding iaeue of the Economist he is met with a simple assertion that a national debt held abroad is a drain upon the creditor country, while a national debt held ac home is not, and that when " Pomingolarna" speaks of New Zealand railways as productive assets, he must have forgotten that, at the present time, these railways do not pay enough to cover interest on the oapital expenditure. The Conference " bore" at the Indian and Colonial Exhibition commenced last Friday was a paper on Imperial Federation by that old stager Mr. F. P. Labilliere. The Conference Committee, of which the Duke of Manchester is chairman, have arranged a very long programme, so long and formidable, in fact, that they are only publishing it piecemeal. The first portion carries us np to June 11, and includes no lees than twelve "events," to use a sporting phrase. The Royal Colonial Institute, the Anthropological Institute, the Geologists' Association, and the National Association for promoting Statedirected colonisation "hold the field," again to recur to sporting metaphor, for the present, but how long it will be before they are reinforced by other associations which exist for the purpose of encouraging profitlens conversation, remains to be seen. If the lists of the future Conferences are to be drawn up on the same liberal scale as the one just published it may be safely predicted that the Kxhibition-pomg portion of the British public will be driven out of sheer weariness of spirit to exclaim "somewhat too much of this." Mr. F. W. Pennefather delivered his first lecture last Tuesday under the auepicee of the Anthropological Institute. His subject wae "A Tour Through New Zealand." The Conference Committee have resolved to allow no dieonssion in the case of lectures, If they had done so there would have been no end to the proceedings. A determined effort is being made to develop the export fruit trade irom Australia, on the strength of the successful shipments that have recently been received here from that colony. The hardier varieties of fruits, such as apples, quinces, and pears, have come over in excellent form, and some perfectly Brobdignagian specimens of pears from South Australia have attracced special atteution to the colonial produce market at the Exhibition. A fortnight ago to-day Her Majesty, acoompanied by the Prince and Princess of Walet., the Princess Beatrice, and the Duchess of Albany, paid a visit to the Exhibition, for the express purpose of inspecting more thoroughly the Colonial Courts. The Queen's attention was adroitly directed to these monster pears, and ■he so admired their form and colour, that she accepted a couple of them as a present; and Sir Henry Ponsonby subsequently announced to the South Australian Commissioner that they had formed the most conspicuous ornament on the Royal dinnertable on the evening of Her Majesty's return from the Exhibition. The Princess Beatrice and L>ach«Bß of Albany were also so pleased with the appearance of fruit which had travelled such a distance and looked so well that they graciously assented to receive a basket of the same. Consequently Mr. David Tallerman'g artistic skill was called into requisition, and elegantly prepared baskets of iruit were despatched to Windsor for these two Royal ladies. The finest specimens of Australian grapes that have yet appeared in this country came from New South Wales in the latest shipment of fruit. They were of the black sherry and black prince varieties, and were pronounced by judges to be remarkable both as regards quality and condition. A basket of these was also sent to Her Majesty after having been exhibited at a fruit ehow of the Royal Horticultural Society, where they were awarded a silver medal, Grapes far inferior to thoie which came from New South Wales have been eelling in the fruit market for from Iβ 6d to 2i per lb. The more delicate class (if Australian fruit appears to suffer from the packing, so it has been proposed to make a few experimental shipments of English fruits to some of the Australian colonies in order to convince fruit shippers there that their methods of packing are defective. Colonials visiting England have never had such a time of it as they are having at the present moment, and will continue to have throughout the summer. It has been suggested in several of the papers that the Queen should give a series of garden parties for the entertainment of colonial visitors. Whether Her Majesty will do thia we cannot say, bat the Princese Louise (Marchioness of Lome) is setting the example to her Royal relatives by giving a garden party to several hundred colonials at Kensington Palace to-day. At the trooping of the Queen's colours in St. James's Park last Saturday — one of the prettiest military epeotaclee to be seen in Europe—a special pavilion was marked off for the use of colonial visitors. Of coursii there was a rush of applications for tickets, and those colonials who delayed asking for them until a couple of days before the parade, found themselves in the position of Peri at the gates of Paradise. Some of the colonial volunteer officers who witnessed the maroh past, professed to criticise the same very keenly, but this is a little weakness which all volunteer officers suffer from. A splendid series of fetes and visits to " the stately homos of England" has been arranged by the Reception Committee, one of which will be to Woburn Abbey, the seat of the Duke of Bedford, K.G. Sir Thomas and Lady Brassey, of Sunbeam fame, will give a series of evening parties fer their henefit; Lord Salisbury will recuivea party of colonial visitors at Katfield House ; Lord Carnarvon will entertain a largo number at Higholere ; on Trinity Sunday a special service will be held at Ht. Paul's—the Cathedral of the nation—for their benefit while balls at the liuildhall, fetou at the Crystal Palace, trips into the country, up the river, down the river, and roundabout generally loom in the distance. The clubs also are throwing open their doors to colonial visitors. The " Travellers" was the first to set the example, and it was imitated by such an exclusive club as the Atheneum—where Mr. Rusden spends most of hia time—and now nearly all the principal military clube are following suit. The example is being followed also in the city, where several well-known resorts of city men have made colonials honorary members during the time that they are in this country. In the sixteenth annual report which has just been published by the Deputy Master of the Mint, that gemtleman, Mr. W. H. Freemantle, notes the fact that the coinages required by the colonies in 1885 were more numerous and of greater amount than in any previous year. In connection with the coinage of those detestable little coins, threepennypieces, Mr. Freemantle observes that the Australian colonies are apparently beginning to appreciate the convenience of these small coins, for, while in 1884 an amount of £3200 was sufficient to meet the ,

demand for New South Wales and Victoria, the demands from these colonies had increased in 1885 to £7600 and £4400 respectively, and 'eince the beginning of the current year, threepences of the nominal value of £11,000 have been shipped to Sydney, and £4800 to Melbourne. The Government of Queensland also obtained £3200 in threepences during 1885, and in the present year £3000 have been shipped to Melbourne. In their half yearly report for the six months ending on March 31st last, the direotors of the Peninsular and Oriental Steam Navigation Company recommend the payment of an ad interim dividend at the rate of 5 per cent, per annum. They also state that tenders were invited by the Imperial Post Office early this year for new mail services to India and China, for which the company's prenent contract expires in January, 1858. Subsequent tenders were similarly invited for » mail service with the Australian colonies, for which the company's preeent contract expires on the same date. The directors are unable to report favourably on the state of trade and it* bearings on the company's operations. During the six months to which the report refers there has been experienced a diminution of traffic, affecting the freight revenue at the rate of upwards of £100,000 per annum, and the prospect of making np this deficiency during the remainder of the present year is at preeent entirely wanting. The passenger receipts during the same period have not diminished, but remain stationary at the same point as last year. Mr. William Gisborne'e " New Zealand Rulers and Statesmen" is the subject of an appreciative notice in the Pall Mall Gazette this week. The writer of the article thinks it would have been better had Mr. Gisborne treated with more fulness the various political events in the history of New Zealand in which the subjects of his sketches were engaged. Mr. Gisborne, says the Pall Mall Gazette, has not told us what New Zealand rulers and statesmen have done. Hf> has given us instead a number of slight character sketches. Word portraits of world-renowned men by the ablest literary artists are permissable, sometimes desirable,|but Mr. Giaborne's heroes, who had the misfortune to act upon a small and remote stage, are, with one or two exceptions, such as Sir George Grey, Sir tlerculea Robinson, or Sir Julius Vogel, almost unknown <to English readers, who cannot, therefore, test the truth or delicacy of Mr. Gisborue's limning. But your contemporary admits that he leaves a strong impression of truthfulness, equity, and urbanity, and is grateful to him for the attempt " to make men who have filled high positions, and have been engaged in arduous political work in New Zealand, personally better known end understood, and in ttiae way to add to the interest felt in that colony." Some of Dr. Moorhouse's storiea of his Victorian experiences are not likely to prove pleaeant to a certain Melbourne politician at present in this country. A few days ago the new Biahop of Manchester gave to an audience in hie diocese a rnoet thrilling account of how the prosperous coloay of Victoria had once been brough' to the verge of ruin by a " political jobber and acatterbraiued demagogue," who, after having persuaded the Government to adopt a particular line of action, boasted that " we had got our hands on the throat of capital." The result was so disastrous that, said Dr. Moorhouse it would now be a very crafty man indeed who induced the Victorian d<riws to again put a hand on the threat of capit.il. Perhaps the politician in question has learnt wisdom with experience. A lecture was delivered at the Royal United Service Institution on Monday by Captain Oolomb, his subject being " Imperial Federation." The imke of Cambridge occupied the chair, and the Prince of Wales was amongst thu audicuce. As is usual, whenever Royalty is expected to put in an appearance, the interest manifested in Imperial federation was so great that the theatre of the Royal United Service Institution barely sufficed to hold all the applicants for admission. The point of Captain Columb's paper was the eno'tnous relative increase in the commercial importance of the colonies, particularly those of Australasia, in proportion to the increase in the trade of the mother country, and the absolutely unprotected state in which that commerce was left. He advocated the establishment of an Australasian arsenal, so that the protection of the empire might not be solely dependent upon the manufacturing capacities of -Iswick aud Woolwich. The Duke of Cambridge clinched the whole subject of Imperial federation when he said that it was purely a question of money. Imperial defence must be the tirat step towards any system of Imperial federation, and Imperial defence could easily be secured if we and our colonies Were willing to n»y for it, but not unless. The Imperial Federation League announce the issue of a special number of their journal in June. " giving information as to the condition of the empire on the Qieen's accession fifty years ago, and its progress up to the present time." It will be published at a penny, but a fund ha« been raised in order to guarantee the League against lois. Amongst the numerous contributors will be Sir John Gorst, Q.C., M.P. The criticisms of the Stock Exchange upon Sir Julius Vogel's Budget in connection with the recent attacks upon the financial credit of New Zealand is on the whole very favourable. With regard, however, to your Colonial Treasurer's announcement of a loan of £1 500,000 for railway construction, the opinion is expressed that New Zealand, as well aa aome of her Australian neighbours, has shown and is showing a tendency to stimulate public enterprise far beyond the safe requirements of population and trade. Although the money to spent has already proved a good investment in most of the colonies, as far as railways are concerned, and is certain eventually to prove so in the case of all, it is thought that prospective advantages so gained on the one hand are, on the other largely counterbalanced by the loss they entail. Tillers of the soil are tempted by the high wages of these outlays to congregate in oentral districts, much to the detriment of agricultural progress and development. Sir Charles G» van Duffy has in the press a work entitled "The League of the North aud South; a recent episode in Irish history." Amongst those who, though not colonials, yet have a colonial connection, have profited by the Queen's Birthday honours are, General Henry James Warre, C.8., a medalist in the New Zealand campaigns of ISGI-66, and Vice-Admiral George Henry Richards, who will be known to old New Zealauders from his connection with the survey of the colony iu 1847-51. Bath these gallant gentlemen have received the dignity of knighthood. A goodly number of colonialu were presented to the Prince of Wales at the levee held by Hie Royal Highness at St. Jamea' Palace on Monday afternoon. Amongst them were Major Cautley, R.E., on return from speoial service in New Zealand ; Mr. Robert Pharazyn, and Dr. Julius Von Haast. The practice of Belling Mow Zealand frozen mutton as home grown produce has become so common that a question was asked in the Hou«e of Lords on Monday by Lord Leamington as to whether the Government could not take etopa to prevent this fraud being practised, and compel meat salesmen to sell frozen mutton as such and not as English meat. Of course the reply viae that the Government could not interfere in a matter of business of this description, and if they did it would only be to the detriment of the frozen meat trade. The New Zealand frozen muttou stall at the Kxhibition is a centre of attraction to many, and from a financial point of view ie yielding a fair measure of success. The fastest steamer that has yet been sent out to Australasian waters will shortly be plying between Melbourne and Port Philip Heads. It ia faster than any torpedo boat that has at present been seen at the antipodes, as nt its trial trip a speed was attained of 21 miles an hour, The steamer is called the Ozone. The annual meeting of the Australasian Electric Light Power and Storage Company (Limited) will be held on the 11th instant. The directors report that the negotiations with the Edison, Indian, and Colonial Electric Company will result in the amalgamation of the interests of the two undertakings. The direotors, in making this announcement, < acknowledge the assistance which hrfs been, rendered to them by Sir Julius Vogel, who gave up his shares in order to see the amalgamation completed. It is added that the questions peudiug with the New Zealand Company have been settled at a cost of about £6SO. Dr. Buller was one of the gueets at a banquet given on Wednesday by the Clothworkers' Company to the Exhibition Commissioners. Mr. J. Dick Poddie has returned from his traveiti at the antipodes, and has announced his intention of contesting the Kilmamock boroughs at tke next general election.