OUR LONDON LETTER.

New Zealand Herald, Volume XXIV, Issue 8057, 19 September 1887, Page 6

OUR LONDON LETTER.

[ikom OUR own CORRESPONDENT.] London, August 10. A WORD IN SEASON.

The autumn holidays have fairly begun, and there is a general slaokening of aotivity in Anglo-Colonial circles, more especially as regards financial enterprises. It may not be amiss at this juncture to say a word about the unwisdom of those who fanoy that when they have beoome possessed of a small mining property in the colonies they can float the same on the English market by the simple expedient of sending over a representative to interview a syndicate on the matter. Whatever may be the ignorance of the British public on mining affairs, the syndicates have all their wits about them, and keep their north eye steadily open. They are not to be influenced by the most plausible representations of the value of the mine, but insist upon having independent corroborative testimony, and then want to diotate their own terms as to purchase money and the methoda by which the venture shall be placed before the British public. A case of the extreme caution manifested by syndicates came under my notice a day or two ago in connection with a New Zealander who is iu Englaud for the purpose of floating a mine on the West Coast. Up to quite recently he was in a most sanguine frame of mind, and convinced that he had successfully completed his labours. Bat a day or two ago he found he had to sing in an entirely diflerent key, and has been forced to apply to Government for an extension, whilst the syndicate sends over an engineer to give an independent report upon the prospects of the concern. I may here mention that a cadet of the great Sheffield firm of Mark Firth and Co. is going out to New Zealand to look over a ooal mine there which has been offered to this house. Ii may be remembered that some years ago another member of this firm, a brother of the young gentleman in question, was drowned in New Zealand.

THE NEW ZEALAND ANTIMONY COMPANY (LIMITED).

Thlii company, of which Sir Walter Bailer Is chairman, has i«sued its prospectus, which appears to promise a very remunerative undertaking to the shareholders. Since last referring to this mutter, Lieutenant-General Sir J no. Stokes, &.C.8., has joined the board of directors. His accession will no doubt give increased strength to the directorate because not only is he vice-president of the Suez Canal Company and director of the very successful Hutchkiss Ordnance Company, but he is an acknowledged expert in regard to antimony and its commercial uses. The directors hare decided to put the prospetns in private circulation in the first instance, in order to give their friends the chance of a prior allotment, and so soon as the stockbroking season commences—about the end of September—the shires will be placed on the market In the usual way. The first Issue is limited to 125,000 shares of £1 each, of which amount £100,000 goes to the vendors in Nsw Zealand, namely, the Endeavour Inlet Antimony Company, Limited. The London and Westminster Bauk, in England, and the Bank of .New Zealand, in the colony, are the bankers, and Messrs. J. J. Cnllen and Sons—Messrs. Rotbcfailds' agentsare the brokers. All the remaining appointments appear likewise to have been made with judgment. The Board of Directors now consists of Sir Walter Bnller, Sir Charles Clifford, and Lieut.-Geueral Sir John Stokes. Mr. John Farmer (late M.L.C., New Zealand,) and Mr. Walter Turnbull, competent advisors, believe that the floating of this mine will be a very successful operation, while the influx of so much new capital into the colony will certainly do much to stimulate an industry which has a good promise for the future. The seal of the company is a very appropriate one, the design being >■ New Zealand tree fern, with the ancient symbol for antimony underneath, with the name of the company in the outer circle. The most important feature in the prospectus of this new company is that the directors have entered into a provisional contract with Messrs. Cooksoo and Co., of Newcastle-on-Tyne, for the sale to them at the full market price of the whole of the output from the mines up to 6000 tons per tnnnm for the next five y ears. BRAVO, NEW ZEALAND. Mr. James Johnstone. 8.A., of Port Chalmers, has been distinguishing himself in the Medical School of Aberdeen University. He has taken his degrees of M.B. and C.M.with the highest academical honours; he has obtained with credit the diplomas in public health, and has been awarded the George Thomson Travelling Fellowship. Principal Geddes, in his address to the students of the University, alluded to this ciroumstance in the following words : — "I did not anticipate that the Travelling Scholarship would have fallen to one who has travelled further than most, or perhaps any of us, but we, none the less hearti'y congratulate him on the distinction which he has won. It is the blue riband, I may say, of the Medical School in Aberdeen, and I have no doubt it will be worn well and worthily. It iB not for me to prescribe or suggest any course of study or travel to Mr. Johnstone, but I feel that I express the assurance of the medical faculty that he will repair to the best centres of medical knowledge and experience, and render himself more and more an accomplished physician. It does, however, suggest, jif not grave thoughts, at least matter for reflection to us in Aberdeenshire, that a young gentleman from New Zealand should be the first to obtain in fair ordeal of competition, so important a distinction. It is a feign for na to be up and doing,l mean for oar youth and their preparatory preceptors, when we find that we have here already amongst us from a country where, A century ago, Captain Cook could hardly land for the savagery of its inhabitants, a young colonist who can hold his own, and more, against us in the subtlest Mid toughest contests in academic study. The famous New Zealander who figures in Jlacaulay is among us, not quite in the form predicted, sketching the rains of our Cathedrals, but he is among na picking the prizes of our Colleges. It will be well for us to {take note of the fact that we have now to compete and contend in the race of life not With a parish or a province, bat with all the (corners of the world." Mr. Leslie f>= • 1 Manning, of Christ jChorch, has also >'*en his degrees of M.B. »nd C.M. at the same University. STATE-AIDED COLONISATION. The committee on State-directed colonisation, which has been formed out of members of Jjoth Houses of Parliament, held a meeting Dn Saturday to receive the report of a subcommittee appointed some time ago to draw up a colonisation scheme. This report recommended the formation of a Colonisation Board with imperial and colonial representation. /The capital is to be raised by public subscription to a " Colonisation Land Rent H Charge Stock," the interest at three per •cent, per annum being guaranteed by the .Imperial Government for a term of thirty 'years. Preference is to be given to those classes of colonists who contribute towards outlay. The colonist receiving the advance Is, after the first year, to pay four per cent., or without an extra one per cent, for contingencies, on the amount advanced, •which is to be secured by a rent charge, for the creation of which the colonial Goveminent* are expected to give facilities. £rhe colonial Governments are expected to cive free land for settlement, and the rent •charge is to be redeemed by the colonist Within thirty years. The report was adopted, Ibut judging by a reply given in the House of ■Commons by Mr. W. H. Smith, there is no likelihood of the Imperial Government guaranteeing any advances made to colonists, nor are they inclined to officially Snvite the co operation of colonial Governments in the question of State-dirocted •colonisation. If, therefore, the exertions of {the committee are to bear fruit their scheme will have to be modified in certain particulars. The sub committee was engaged fur about a fortnight in collecting information concerning the colonies, under the guida*ce of Mr. tLimber, M.t'., who visited New Zealand ?ome time ago and formed a very high estimate of its capabilities as a field of (emigration. Amongst the gentlemen invited to attend and give evidence before this subcommittee was Sir Charles Clifford. Sir jCharles w&i of opinion that the proposal to Jpromote emigration in the manner suggested f-by capital raised In this country, the {Imperial and Colonial Governments jointly guaranteeing the interest thereupon—wonld be viewed favourably in New Zealand. He thinks that the scheme woald fit in with Mr. ij3allanoe's plan of special settlements, the „interest on the loan being made a first

charge on the land allot©*! to the settlers in each case. EMIGRATION.

During the last month 22,921 emigrants left the United Kingdom for the colonies and America, 15.168 being English, 2738 Sootoh, and 5015 Irish. Of these, 3538 went to British North America, 2911 to Australasia, and 15,768 to the United States. During the corresponding month of last year, 21 677 emigrants left our shores, of whom 3352 went to British North America. 3819 to Australasia, and 13,764 to the United States. In the seven months of this year 169 761 emigrants left our shores as against 133,943 for the corresponding period of last year.