OUR LONDON LETTER.

New Zealand Herald, Volume XXV, Issue 9065, 28 May 1888, Page 5

OUR LONDON LETTER.

[I-ROM OUR OWN CORRESPONDENT.]

London, April 21. THE PACIFIC ISLANDS.

News has reached this country via Honolulu that Christmas, Fanning, and Penryhn islands have been brought under the British flag. This was an unpleasant surprise to at least one gentleman in London, viz., Mr. Henderson, of Auckland, who is pushing forward arrangements for floating a company to exploit some of these islands, in which he has, for a number of years, conducted trading operations. It is surmised that the prospects of his Pacific Islands Trading Company will not be improved by the bringing of the islands above named under the British flag. Mr. Henderson has been trying to persuade Sir Charles Clifford to become chairman of his company. He seemed likely to succeed in this until Sir Charles' attention was specially directed to the fact that Mr. Henderson was purposing to dispose of his interests in the business he had created in the Pacific for £50,000 ; and he was advised by an experienced friend that this demand was far in excess of what it would be advisable to concede, so that it is doubtful if he will connect himself prominently with the company. THE GREAT LOAN LAND.

A fresh New South Wales loan of £3,500,000 has been suddenly sprung upon the market, and will be floated by the Bank of England on Monday, April 23. This action on the part of the New South Wales Government has caused some surprise, because it was understood that there were to be no further incursions on the part of this colony into the Great Loan Land—namely, the London money market —until well on into the autumn, but the favourable state of the market seems to have led the Government to alter their mind. Contrary to expectation, and also it must bo said to the advice of many financial experte, the Government have adhered to a three and a-half per cent, issue at a minimum of 102, instead of resorting, as it was thought they would, to a three por cent, loan, which might have been submitted at a minimum of 97. In another respect, too, the advice of experts has been disregarded. It has frequently been urged that uniformity should be aimed at in these issues as much as possible, so that all stocks might be in one negotiable form, and that especially the interest dates should, as nearly as possible, be the same. But, instead of adhering to the old dates of interest, January and July for April-October stock, they have gone in for a March-September stock which will create confusion. Another peculiarity of the new borrowing is that the date of redemption is six years earlier than that of the previous three and a-half per cent loan. The Standard, commenting on the subject, thinks the minimum has been fixed too high. This fresh loan, it continues, will bring the public debt of New South Wales up to £4-1,500,000; and it declares that "it is not prudent, even for a prosperous and go-ahead colony like New South Wales to increase this load or its resulting drain."

EMIGRATION. The annual meeting of the Church Emigration Society was held on April 13, at the offices of the Society for the Propagation of the Gospel, Westminster. The Bishop of London presided, and amongst those present were the Bishop of Auckland, the Bishop of Waiapu, the Bishop of Brisbane, and Sir Francis Bell. The chairman, in opening tho proceedings, said that the objects aimed at by the society, which during last year was instrumental in the emigration of some 400 persons, were, first, to supply full information to all those thinking of emigrating, as to tho nature of the country and the cost of living; secondly, to make provision for their support while on board ship by looking after their comforts, both spiritual and temporal; and, lastly, to provide them with good introductions to the clergy and laity in the colonies to which they were bound. The society also gave pecuniary and other assistance to those who, while desirous of emigrating, had not the means to do so. He believed the society, which was still a young one, would develop into a very powerful agency. The Bishop of Auckland, in moving the adoption of the report, spoke of the great importance of such a society to the colony he represented. If the right sort of emigrants were sent out he could imagine no country more suitable for them than New Zealand. Sir Francis Bell, who seconded the resolution, said that nothing could give one more anxiety in this country than the contemplation of the continual growth of the population and the absence of an adequate increase in the means of providing for them. The great work of the Society ought to be to look to the reception of the emigrants on their arrival in the colonies. It was an important duty on the part of the Home Government to afford full and complete information as to the colonies to intending emigrants, and he was glad to know that this duty had recently been undertaken by the establishment of an Emigration Bureau. The Bishop of Waiapu and the Bishop of Brisbane also addressed the meeting, and the report was unanimously adopted. Sir Francis Bell's object in taking part in this discussion was that he is anxious, whenever an opportunity presents itself, to bring home to the public, what he first pointed out at the conferences held during the Colonial and Indian Exhibition two years ago, that Great Britain has reached a point when she must boldly face the work of dealing with her surplus population, which is increasing at the rate of 400,000 per annum ; and that the Imperial authorities will have to recognise the necessity of arranging with the various Governments throughout the Empire for some joint scheme of action in the matter.

Mr. Seton Karr, M.P., an Anglo-Indian gentleman of much experience, has a motion on the notice paper of tho House of Commons on the subject of emigration, and the Government have promised to afford facilities for discussion, so that a debate of some importance may bo expected. There is one point in the Local Government Bill now under consideration by the House of Commons which the colonial authorities would do well to watch. Power is to be given to the County Councils, which the Bill proposes to create, "to make advances to any persons or bodies of persons corporate or incorporate for aiding emigration," where there is reasonable cause for believing , that the amount so advanced will be repaid by the emigrants with or without a Government or private guarantee. It is not' proposed that the County Councils shall emigrate actual paupers, but such persons as would come upon the poor rates if they remained at home.

If this scheme of assisted emigration is worked in cordial co-operation with the colonial authorities, there is no doubt that it will effect a great deal of good, but at the same time there will always be the risk of the worse element of the poorer population being sent away to be got rid of instead of the hard-working, even though poor, emigrants who are so much wanted in a new country.