ANGLO-COLONIAL NOTES.

New Zealand Herald, Volume XL, Issue 12402, 26 October 1903, Page 6

ANGLO-COLONIAL NOTES.

[from our own correspondent.]

London, September 18. EXPERIMENTAL LEGISLATION.

" New Zealand is carrying out its reputation for experimental legislation," remarks the Globe. " Mr. Seddon's brand-new Bill . for the prevention of monopolies prescribes penalties to the extent of £1000 for the ' crime' of artificially raising prices by the many dodges so : intimately understood in tho United States. The proposed law -is nothing if not courageous, and its dangers are manifest. It can scarcely be- safe to allow, even to encourage, the association of combinations of labour, and to refuse the combination of capital, which, if it may have dangers, has also great advantages." NORTHERN INVESTMENT COMPANY. In the report of. the Northern Investment .Company of New Zealand for the year ended Juno 50 last, it is stated that the amount borrowed by the company remains the same as at the close of the previous year, : viz., '£357,210, being the amount of debenture stock issued. Loans amounting to £354,49/ were repaid in the colony during the past year, and new loans lor short terms to the extent of £44,860 were made during the same period. The amount invested at the close of the year was £10i,279, being a decrease of £509,638 on the amount invested at the corresponding period of the previous year. Investments outstanding in tho colony as at June 30 last have been realised since the accounts were closed at that date, and the proceeds will bo available by Martinmas next. The investments of the reserve funds will also be duly realised and thereafter the company's entire assets will consist of cash in bank or loans repayable on short notice. The whole of the investments in the colony have been realised without loss of principal or interest. Further, it is remarked that the time having now arrived when, as foreshadowed in previous reports, the business of the company may be wound up, the directors have given notice to tho holders of the company's debenture stock that it will be redeemed at Martinmas next at the redemption price of £105 per £100 of stock. As the debenture stock constitutes practically the company[s whole indebtedness there will be, after it is redeemed, a sum in band more than sufficiert to meet the paid-up capital, the directors propose that the latter should also be repaid at Martinmas. The surplus assets would afterwards be distributed in due course. Before any payment can bo made to the shareholders, however, it is necessary that the company should go into liquidation. For this purpose a special general meeting wi. be necessary. The amount . at credit.of re-, venue account, including the balance brought forward from last year, is £5219. The directors recommend the payment of a dividend at tho rate of 5, par cent., carrying forward £219. Tho amount of tho reserve fund remains at £60 000. This report is to be submitted at a meeting to be held on the 28th insfc. ■■. ■ WOMAN'S SPHERE. In a London paper to-day the following, letter is- published above the signature, "A Wife and a- Mother" :—" see that it is reported from New Zealand that Mr. Seddon, democrat and leveller though lie bo, has declined to appoint women to the office of justice of the peace, on the ground that they habitually express judgments which are devoid of charity. Naturally, I infer from this that in a country where women enjoy many civic privileges and possess the Parliamentary franchise, actual experience has shown that there are limits to their capacity for public life, and that these limits are inherent in their nature. I, for one, hail with pleasure this decision, and I affirm even while 1 regret its cause, the prejudices and petty spite of women are unhappily too- familiar, while their unsexed ambition to enter into the dust and turmoil of publicity is repugnant, I.believe, to the great majortiy of right-minded women." ■ ■■'■:' •RAILWAY. FINANCE. ■ • ■. The Financial Times a few days ago con- j tained a lengthy reference to the railway finance debate in the New Zealand House i of Representatives, and after characterising ' it as an "interesting one" the writer observed: — appears that certain critics who have closely examined the account's of the New Zealand Government railways entertain more than a- suspicion that large sums which, under a proper system of finance, j should be provided out of revenue, have | been charged to capital under the head of ; 'additions to open lines,' and Mr. Vaile, of ' Auckland, has published papers and com- j piled_ tables showing that for years past the > working of the railways has been actually productive of a deficit, although a respectable profit, amounting last year to over 3 per cent, on the total capital, has been shown in the Government accounts. The I Opposition party in the 'House have been only too glad to avail themselves of so good I a stick with which to beat the Ministerial dog, and on July 9 last Sir William Russell Russell raised the subject in a trenchant speech, in the course of which he stated some facts which do not appear to have been at .'ill adequately explained by the Minister for Railways. . . In his reply, the Minister for Railways (Sir Joseph Ward) seems to have contented himself with generalisations. He produced letters from the general manager, locomotive superintendent and engineer of the railways, declaring in general terms that 'no works that should have properly been charged to revenue have been charged, to capital account; but, on the contrary, considerable sums have been expended upon works and charged to revenue which should have been charged to capital.' This (says the Financial Times) does not seem a very satisfactory assurance of accurate book-keeping, especially as tho officers were asked by the Minister ;to write their reports for the purpose' of his speech. But Sir Joseph Ward took an even more questionable line when lie proceeded to quote instances from English railway practice of doubtful allocation of charges; between capital and revenue, and to argue that what was done in New Zealand must be right, because the same questionable policy was pursued by some of the British railway companies." In conclusion* it is remarked by the Financial Times: "We think that such an inquiry into railway finance would do no harm in this country, and if the figures quoted by Sir William Russell be correct it seems to be imperatively demandod in New Zealand."

NEW ZEALAND PRODUCE. Mr. Kennaway has been interviewed without his knowledge. The representative of a London financier}, paper called . upon him to make some inquiries, and an interesting chat ensued, the chief secretary of the AgencyGeneral affording information freely with his usual courtesy. Ho knew, of course, that the information was sought for. the purpose of publication, but ho was not at all aware that he was supposed to bo undergoing the inquisitorial process popularly known as an "'interview." Naturally, therefore, he was somewhat surprised to find his conversation occupying about a column of the paper in question. One topic upon which information was desired was the likeimood of the Now Zealand Government consenting to furnish roguldr commercial reports. Mr. Kcnnaway reminded his visitor that large sums were expended already in one way or another in connection with industry and trade. New Zealand had her produce commissioner in London constantly watching the. markets and supplying the colony with all particulars. ; Mr. Kennaway declined to.make any "official" suggestions, but remarked that if English merchants and manufacturers wanted good information from all parts of the eolony this could easily bo collected by men cmployed to travel about the country and obtain their information at first hand; If this were done he felt sure that the New Zealand Government would give every possible fa-, cility. Whether people engaged in New Zealand trades might be willing to supply the information desired was another question. It often happened that members of a trade were reluctant to afford information which might, conceivably at some future time, bo useful to their rivals.

"Apparently,"■■says the Australian Trad!ing World,; "Mr. Seddon is anxious •to im- ; press thoroughly i the British" ; public with tine. '■qualities'of .New Zealand' mutton, ' but lie is ft , little .sensitive of the precedent :ho is ■ establishing by embarking the; State upon »ii form iof socialism• which is certainly open to; very great ' misrepresentation.' For the Government to open, retail' shops for the sale of colonial'meat is a step which would bo severely criticised were it to ' emanate from any other part of the Empire. f Without saying one .word .against Mr. - Eioddon's proposals, we would'venture; to express' the view, however, that there are'other ways of assisting the trade of the New ■ Zealand producer than-by competing in this country with those who have put their own money into this class of business. * . V. ■ Mr. Cameron argues that River Plate mutton is being sold as New Zealand , mutton, and we believe that prime Canterbury is often (sold as prima English and Scotch lamb. Delays. dangerous, and although a Parliamentary Committee is at present considering the /whole question, we hope that some practical steps will' very soon be' taken to foster the New Zealand meat trade, and that :'; the : Govern--ment will \ not do ; v anything calculated ?■: to' compote unfairly with private enterprises.", - A TALKATIVE PARLIAMENT. "Silence is':.not golden in Mr. /SeddonV Parliament," remarks a London paper, which arrives <at this conclusion from the fact that "during . the debate proceeding in t the Now, Zealand. House of Representatives when the mails left 72 members .out of i: 77; present--; there are only SO in made speeches." ; i