NOTES AND COMMENTS.

New Zealand Herald, Volume XLIX, Issue 14985, 6 May 1912, Page 6

NOTES AND COMMENTS.

A TITANIC VICTIM. Among those who went down with the Titanic was Mr. James Carleton Young, of Minneapolis, U.S.A., the founder \ of what has been described as the most unique library in the world, inasmuch as it ; contains all the best books V of all the 1 best writers of all nations, not only containing the author's autograph, but having on the fly-leaf a special message in' prose or poetry written, signed and dated by. the. author. Australia and New 'Zealand were among the very few Countries whose writers were not represented in* this wonderful library, and a pathetic interest attaches to a letter '.written on November 23, 1911, by Mr. Young to a. Sydney friend, Mr. W. Farmer Whyte (formerly of the New Zealand Herald), in which ho stated that ha was about to: visit the Continent, and on his return he hoped to take, up the collection of Australasian literature. - This letter was pub-; lished in the Sydney Morning Herald a Jew days ago. " I certainly should be delighted to visit Australia," Mr. Young wrote. " It was one of my great regrets, on my journey round the world-two years ago, that I went within 700 miles of your shores and was not permitted to see them. As you know, I am not a collector in the ordinary sense of the word. I am striving to bring together a library of current literature, which shall represent the beat of the world's literature:—the best of all countries—each volume characteristically inscribed by the author, the selection of tho books being left to the most, competent judges I can obtain in the various countries. Your English "Who's Who" has been good enough to say that my library is the most important one of its character in existence. Some years ago I had correspondence with Henry Lawson and A. B. Paterson, and they promised to inscribe their books according to my plan, but when I sent them the books they only autographed them, doubtless through a misunderstanding. To be admitted into my library it is necessary that a book must have a special inscription by the author. Accompanied by my wife, I am leaving New York on December 12, for Paris, to visit my only child, a young lady, who is there studying music and the French language. I shall probably also go to Rome, the climate of which agrees j with me. Upon my return in the spring ! I want to take up the Australian and New Zealand literature." Mr. Young was a master of arts of Cornell University. As a young man, he "went west," and made a fortune out of real estate and this fortune he had devoted for the last. 20 years or more in building up his great library. It is presumed that his wife was rescued from the wreck, and probably the Miss Mary Young who was interviewed on the arrival of the Carpathia at New York is the daughter to whom he referred. THE OUTLOOK IN AUSTRALIA. In the course of a review of the Australian money market, the Insurance and Banking Record points out that after a long period of monetary ease, conditions are becoming disturbed, and rates are hardening. The banking returns show that the inflow of deposit money for the first quarter of the year has been- less than usual, the export trade has declined, while imports have gone up. The position, says the Record, is not one to occasion alarm, but it is suggestive of the need of caution. "For a new country," it remarks, "money has been remarkably cheap in Australia lor some years past, owing largely to tho accumulation ' of capital made possible by a succession of favourable seasons, with large production and remunerative market prices. With the revival of a spirit of enterprise an enhanced demand for the assistance of capital has naturally, followed. But latterly it. has become evident that Australia is not only spending a. large income, but , is drawing upon capital resources. The people at large are spending freely, and the Governments are not only indulging in profuse expenditure, but are sending money to London to pay for a battleship and materials for two or three other vessels, a large quantity of railway and other material, and a freehold site. Some five or six millions are thus required within a short time, nearly the whole of whiob

will, so far .is appearances go, have to be found out of Aus-tntfian capital resources. Another factor in the position is the fillip to importation given by the almost general advance in wages, the wage-earners buying larger quantities of imported goods. But the most serious factor is that constituted by the unfavourable outlook for the coming pastoral and agricultural season: The drought in many districts is causing serious losses and is necessitating expenditure on feed. There :is the possibility that prices may be good enough to balance any diminution in the quantity of the wool clip, but in this'connection the abundant supply of cotton this year has' to be taken into account. As regards agriculture, sowings for the next harvest are being delayed and a curtailment of the area may be anticipated. The fanners, moreover, are showing a disposition :to depend 1 less upon wheat-growing. Last season, for instance, the area reaped in the State of Victoria was 10 per cent, less than that reaped during the previous season. The comparative scarcity and high cost of labour are causing many farmers to limit their operations to what they and their can manage without outside assistance." .-, ■■