ANGLO-COLONIAL NEWS.

New Zealand Herald, Volume XXXIV, Issue 10412, 9 April 1897, Page 5

ANGLO-COLONIAL NEWS.

[fkoji odb own corrkspondent. ! London, February 26. Notifications have appeared in all the papers that outstanding New Zealand Government securities of various kinds can ba converted into three per cent, inscribed stock on application to the Agent-General. This, I find, must not be taken to convey the idea that any extensive process of conversion is going on just now. But several holders of various New Zealand stocks, provincial, municipal, harbour, or otherwise, which are now approaching maturity, have approached the Agent-General, with the objecb of getting their investments placed in it more permanent form instead of being paid off in a year or two from the present date. A good deal of convoision of this sporadic character will probably be carried out during the course of the next year or two, thus tending toward the ultimate extinction of every class, of New Zealand Government security, excepting the inscribed threes. Tho 8.8. Aorangi will soon be ready for sea, and is announced to sail on the 17th prox. Nothing more radical than the change she has undergone or more complete than her conversion, could well be imagined, She was literally stripped to the bare shell and her old internal fittings of every kind have been swept away end everything is now internally from keol to masthead. The special feature of what I may call the new Aorangi will be her engines, which are among the finest of their class that have yet been constructed. Id is estimated that she will, with perfect ease, and without any strain on her engines, maintain an average speed at sea of 16 knots per hour, while if occasion requires it she will probably be able to work up to 18 or 19 knots. Her other salient feature will be her passenger accommodation, which is of the most commodious and splendid character. The Newcastle papers wax absolutely enthusiastic about her, and describe her as a veritable "floating palace." She will accommodate 100 saloon passengers besides 50 in the second saloon, oho has great advantage for tropical voyage by being fitted with a complete system of punkahs. Messrs. Huddart, Parker, and Co. are announcing a trip round the world, to be made in the s.a. Aorangi as far as Vancouver. The trip is to occupy 115 days and the price is to be exactly as many pounds. Mr. Thomas Salt, M.l'., yesterday, in his speech as chairman at the meeting of the Gas, Water, and General Investment Trust, referring to the Company's investment in the New Zealand Midland Railway mentioned that the Trust had lent £40,000 to the Railway Company, the sum being secured by land valued at about £90,000. The debt, he said, onght to be wiped off before tho next balance-sheet was issued. Referring to the position of the Midland Railway Company generally, Mr. Salt said: "The New Zealand Midland Railway Company is an undertaking which is exceedingly pecular. Its difficulties hare arisen not from commercial trouble, bnt from political feeling. As an undertaking it has been, and always will be, a good fair commercial undertaking, subject to the circumstances which affect any commercial undertaking of the character. Bat politics have largely entered into the matter, and the way to arrive at a satisfactory conclusion with regard to the saving of your property is to avoid litigation, to unite all interests, and to approach the New Zealand Government in a fair and friendly spirit. Unfortunately, the trustees of the debenture holders, since they went to tho Court, have entered upon a career of litigation, and, as I have said, placed a caveat upon all the secured creditors. That has created much expenseand delay. I donotsay for a moment they were not right, but I do say that instead of presenting a strong and united frond on behalf of the debenture holders, with plenty of money at their back to fight their own battles, many months have been spent in anxious and troublesome litigation."

Captain W. 0. Crutchloy.R.N., formerly commander of the s.s., Kaikoura, who resigned the post of secretary to the Navy League last year, has consented to resume that position, and is once more exerting himself with his well-known vigour. Talking to me a day or two ago he expressed great regret thatmoreactive interest wasnot taken in the matter in New Zealand. He hoped that the branches of tho League which had been established in Auckland and Christchurch would continue to agitate the question of Imperial Defence, and that means wquid be found to start branches also in Wellington, Dunedin, and other important centres. This afternoon the seventeenth annual meeting of the New Zealand Mortgage and Investment Association was held ab the company's offices, Queen Victoria-stroet ; tho Hon. Norman Grosvenor in tho chair. Only two shareholders were present. The Chairman, in moving the adoption of the report, expressed the satisfaction which the directors felt in stating that the loss on the past year's operations had been little more than nominal a 9 compared with that shown by recent previous balance-sheets. The directors regretted it was not in their power to hold oab any hopes of an early winding up of the Association, but they held that their policy of endeavouring to effect the gradual realisation of the properties remaining on hand was the righb one to pursue. The report and balanca-?heeb having, been adopted, the retiring director, the Hon. Norman Grosvenor wan duly re-elected. Mr. Henry Gray, Produce Surveyor in London to the New Zealand Government, has tendered his resignation of his appointment. And 1 understand that the resignation has been accepted, I. have reason to believe that Mr. Gray has something decidedly better in view. In losing.Mr. Gray the Government and the colony loie the valuable services of an exceptionally capable man t . ..,..,. ;