LONDON GOSSIP.

New Zealand Times, Volume LI, Issue 9117, 14 October 1890, Page 2

LONDON GOSSIP.

{prom our own correspondent.) Middle Temple, W. 0., September 6. THE BANK OP NEW ZEALAND. Although the extreme importance of the changes made in the character and working of the, so to say, national Bank, will probably require and receive full treatment at your hands, a abort resumd of what has happened cannot but be interesting to those who cannot afford the time or trouble to read a longer account. Two meetings have recently been held, one on the 26th alt., the other on the 28th. At the first Sir James Ferguson, who took the chair, said that the meeting had been called to elect a London Board of Directors, in place of the colonial one, which had resigned, and he gave the names of the Directors proposed. They are • as follows : —Sir James Ferguson, Colonel Baring, and Messrs J. A. Ewen, E. Herbert Fison, R. H. Glynn, A. J. Mundella, and T, M. Stewart. The Chairman went on to say that a circular had been issued to the shareholders, indicating generally the proposed changes, but that these would be stated in detail at the immediately ensuing general meeting. Very drastic measures of reform were indicated, but they were necessary to pat the Bank on a firm footing. The gentleman proposed as Directors, he added, would only consent to assume office on condition that they were empowered to take the steps indicated. After the Chairman had finished, an attempt was made to introduce a proposal to sell the Bank as a going concern. This was ruled out of order, and the gentlemen named were unanimously elected Directors, after which the proceedings closed. Quite a model meeting was hold on the succeeding Thursday. Everyone present commiserated himself and his fellow shareholders, but one and all agreed to put the best face mi the matter, to learn and submit to the worst and to start afresh. Consequently all went like a marriage bell. Sir James Ferguson was again in the chain He premised bis remarks by explaining why he was unable personally to be Chairman of the new Board of Directors ; but congratulated those present on the fact that Mr Glynn had consented to accept that position. He then shortly referred to the change in the management and the causes for it, the negotiations for selling and sale of the investments and properties of the Bank to a company, and the great advantages which would accrue to the shareholders from this sale. In particular he pointed oat that the whole of the shares in the Assets Company would remain the property of the shareholders. As the valuations upon the basis of which the transfer had been arranged were extremely strict, it was highly probable that by the profits from that source alone any sacrifices made would be recouped. Having slightly touched on the reviving prosperity of the Colony, he referred to the conduct of some members of the Bank, and severely criticised the action of Mr Buckley. Ha wound up by expressing every confidence that the fresh sacrifices they were jailed upon to make would reap their reward. After an amendment had been proposed, and on the urgent request of the Chairman and others gracefully withdrawn, the formal resolutions were read and carried. Shortly their effect is as follows :- —L 300,000 is to be written off the capital of the Bank, leavingitatLDOO.OOO. TheL7shares are to be reduced to L 5 ss, and the to LTlOa, and dividend is to hi paid on that basis There will still remain a liability of LLO on each share. It was resolved, however, that any shareholder might at

any time pay the sum necessary to reinstate his share at its present nominal value of L 7 or LlO respectively, In case of such payment dividend will ho calculated on tho larger amount, and the remaining liability will be reduced by the

amount so paid. The proceedings were characterised by great moderation and good sense. The effect of the meeting can hardly be overstated. Great good has been done by the full and free baring of the Bank’s position. Uncertainty has given place to certainty. People know the worst, and they see that the Worst is far from hopeless. We mAy now reasonably look forward to a new era of prosperity tor the Bank, and a sign of good omen is that, since the meeting, the shares have shown a decidedly upward tendency, THE LABOUR TROUBLES. Monday, the first of September, marks an epoch in the annals of British Trade Unionism, for it witnessed the largest gathering of delegates ever held in the British Empire. No fewer than 400 attended. They represented close upon a million and ajhalf of labourers. There was a great deal of self-ooagratulation and jubilation, especially over the results of the later strikes. But there was evidently a smouldering antagonism, which occasionally burst into flame, between the leaders of what may respectively be called the Political Economist and the Communist parties. Upon one point there was apparently unanimity, and at anyrate groat enthusiaam. This was in reference to the Australian strike, which in now apparently in full swing. The delegates metaphorically shed lears of gratitude for the help the dock strikers had received from Australia. They didn t, by the way, mention how the money had been applied, or rather misapplied. They resolved that their sympathies were in every way engaged with their downtrodden brethren at the antipodes. Givilityoostsnothing. \yhetheranythiug more will come of the resolution is ■doubtful. I cannot but think that it will boa case of those who could wont help, those who would can’t. The Dockers’ Union have certainly voted LlflOO, but as they received nearly L 40,000 in their heed from Australia, they ought to do more than that. Mr Tillott addressed a large meeting of dock labourers on Tuesday, on the subject of She Australian strike. He spoke of (lending out L 15,000 to L 20,000. Nous verrons, only LIOOO has gone so far. The great prestige that labour would gain by a victory in Australia may undoubtedly produce some effect. The leaders of labour here sao the importance of the issue, and they are quite willing that the men should make great sacrifices. Large sums are reported as having been voted—L3ooo a week by the United Society of Engineers, LXOOO by the gasworkers, and a similar sum by the Sailors and Firemen’s Union, But even if it be the case, voting is one thing, collecting another; and the Australasian strikers would be very ill-advised to rely on such promises before they have tasted the fruit.

A counter-blast was blown by capital on Tuesday. A huge meeting of shipowners, probably the greatest over held •anywhere, took place at the Chamber of Shipping. L 100,000,000 worth of capital was represented. Sympathy was expressed with the shipowners and others engaged in the struggle in Australia. Their action in the matter was heartily approved. Whether the approval and oyrnpaihy will assume a pecuniary form is at present an open question. It was, however, agreed, without a, dissentient voice, that the time had come fur a federation of the entire trade of the British Umpire, in order to grapple with the growing tyranny of labour. This is a large order. If it can be carried out is doubtful, but at any rate an attempt is to be made. ’ If such a body should bo formed and should support the Australian capitalists, labour there can hardly hope to win. At any rate, it looks as if the struggle would be protracted. It cannot but bo ruinous. ANTAItCTIO EXPEDITION.

There is now an opportunity for some enterprising colonial to make his name famous in history. All that he will be required to do is to advance LSOOO or MOOD, A proposal has been made that au expedition should be fitted out for farther exploring the almost unknown southern regions. A German bacon of Gottenburg, whose name is Dickson, has himself offered to pay half the expenses. Baron Nordenskjold has consented to assume the leadership. The only thing wanting is the other half of the expenses. Surely the Colonial Governments, failing any patriotic individual, will not allow such a chance to pass by. The exploration of the antarctic region much more concerns the Australasian colonies than anyone else, and it would be a lusting blot on our escutcheon if the expedition were to atari under the auspices of foreigners only, or if it were to full through for waut of a few thousand pounds.

FAST TRAVELLING. A reoord.has just been made by a postcard in the way of fast and cheap travelling, Many of your readers have doubtless read Julius Verne’s "Bound the World in 80 days,” The postcard was • just a little under two-thirds of the time. It was sent from London via Brindisi on June 13th to Singapore. It arrived there on July Bth, and was despatched the same day via Hong Kong and San Francisco. It was delivered in London on the sth of August. The total time taken was 53 days, and the cost of the journey was B|d. This is not extravagant considering the distance. MU HENKIKER HEATON. Speaking of postal matters invariably leads to Mr Henniker Heaton. He is indefatigable in his exertions for postal reform. Just at presentheia in New York examining the details of the postal system there. His main object is to discover the most economical means of working chiefly in order to facilitate a decrease in the rate of postage to Australia. His visit to America is also connected with the proposed Pacific cable. I am sure all colonists wish him success in both his objects. A RELIC OF JOHN HAMPDEN. Considerable correspondence was, for a short time, carried on in The Times ss to some relics or supposed relics of John Hampden. A Mias Forster wrote to that paper stating that in a desk belonging to her uncle, Mr J. W. Forster, she found a tooth and some brass headed nails. These were wrapped np in an old manuscript signed by Mr Forster, and giving a detailed account of how they were procured from the coffin of the great patriot during its removal from one grave to another. The interesting point in the matter is that the manuscript was dated Wellington, New Zealand, Sunday, September 12, 1847. It appears that Mr Forster was for many years a resident in New Zealand. Perhaps some of your older readers may remember him. LITERARY NOTES. An excellent guide book to New Zealand has just been published. The title is “ New Zealand for Emigrant, Invalid, and Tourist.” The globe-trotter gets rather the lion’s share of a well-written and, for a guide book, fairly accurate work. The author eulogises the climate of portions of the Colony, is duly enthusiastic over some of your grand scenery, and recognises the great medicinal value of some of your mineral springs. There is, however, one point in which but few New Zealanders will find themselves at one with him. He thinks your scenery has, on the whole, gained by the earthquakes. Who that has seen the Terraces will agree with him 1 Volcanic scenery is not unique, the Terraces were. A collection of Australian stories, entitled “Under the Gum Tree,” will repay the reading. “ Bobbery under Arms,” and other colonial novels, have tended greatly to popularise this class of work, and judging from the names of those engaged in producing the new venture it should be quite up to the requisite standard. Mr Patchett Martin is the guiding spirit. Mrs Campbell Praed, Mr Patchett Martin, and Mrs Marriott Watson are to bo contributors. An article, written by Mr Nicholla, a journalist at present connected with Hobart, has lately attracted some little attention. It is an answer to Mr Gossip’s paper on “ Obstacles to Imperial Federation.” Mr Nicholls, writing with some little experience, characterises the feeling of the leading colonists towards Imperial Federation as pure expectation. While desirous of preserving the union with the rest of the British Empire, they are waiting to see what is going to happen. Mr Nicholls’ article is from a Federationist point of view, anything but optimistic. It is, however, worth reading. It is stated iu “ The British Australian ” that the Governments of Victoria, Queensland, Tasmania, South Australia, and New Zealand have agreed to cooperate in establishing joint reading, meeting, correspondence _ rooms, and library at the Imperial Institute, and thus save the expense of each colony maintaining rooms of that character. These rooms will be a great convenience for colonists in London, and will form a capital place for meeting colonial friends. CARDINAL NEWMAN. You hare of course received the news

of Cardinal Newman’s death long before this comes to hand. It was the signal for an almost universal tribute of praise to his unworldly life, Only one or two of the most nhra-Protestant papers venture to attack his reputation. His life must ho well known to most of your readers, and I need only say a few words upon it. One preacher, no other than Cardinal Manning', ventured to say of him the general expression of public opinion was that, whether Rome canonised him or not, lie would always be canonised in the hearts of the English people. For the sake of his opinions he gave up his chances of great future dignity in the Church of England. He had to bear assaults made upon his reputation from all sides, hut ho emerged from the fray with unsullied escutcheon-. He was a great writer, both of prose and poetry. His poem, the “Dream of Gerontius,” was Gordon’s favourite piece. As a writer of prose he endowed even the most common-place details with a charm all his own. lam afraid we shall not for many years look upon his like again. MEETING Or CZAR AND KAISER. The meeting of the Czar of Russia and the Emperor William of Germany at St Petersburg has been the cause of great political excitement. All sorts of rumours as to the results of this meeting are current, but it appears to have really had but little political significance. The young Emperor is in reality preparing for one or two contingencies, a future war or the uprising of the people. Who can say which will happen first 1 'GENERAL BOULANGER. The Figaro, a Parisian paper, has lately created quite a sensation by its articles on “ Boulangisra.” If all the revelations be true, General Boulanger appears to have played many parts, and none of them that of A patriot. At one time the writer describes his meeting, when War Minister with Prince Napoleon, and later nn he is said to have come to terms with the Comte de Paris. This agreement was, the writer says, made even closer by largo sums of money advanned to the General by the Royalists. The aim of both parties was the exclusion of M. Ferry from the Presidency, and in this they succeeded. The writer of the articles is M. Mermeix, Deputy for the eleventh District of Paris, who owes his hia position entirely to General Boulangei. The General does not despair, however, of taking a leading part in French politics. He has, since the publication of these articles, written a letter to the French paper, stating that he was misled by otheis.

SPORTING AND THEATRICAL. A now horse has made his appearance in the St. Legor betting, and has rapidly risen to 0 to 1. This is Queen’s Birthday, a northern trained colt, who has just won four races off the reel. In the last he beat a mare called Ponza, who tan second to both St. Serf and Memoir in different races, more easily tnan either of the Duke of Portland's pair did. Memoir, by the way, struck herself at exercise some days ago, and has retired to a comparatively outside price. It is doubtful whether the stoppage in her work won’t spoil her chance, as we may expect a merry run race. In the Peveril of the Peak PJate, run at Derby, on Wednesday last, Lady Betty, who had Bst 2ib in the saddle, ran a fair fourth in a large field, I see that iu the Oesarewitch, Ringmaster, the only colonial engaged, has been given 7st 61b, and if the little horse be fit and well he should run respectably. More records broken. A horse oilled Roy Wilkes trotted a mile in America in £ min Sjacc, which beats the fastest time on record—-made by Maud S.—by half a second. The other record was the 24 hours’ bicycling. A week ago a cyclist called Holbein, belonging to the Oatford Club, rode 336£ miles iu the time, thus averaging 14 mites an hour. The Australian cricketers have shown much better form of late, as, of their last four matches, they have won three. The other, against All’ England, had to be abandoned because of the weather. In their last match, which was against a fairly strong North of England Eleven, they made 134 and 195, as against 75 and 04, thus winning comfortably by 160 runs. The record up to now stands thus —l2 games won, 13 lost, 8 drawn, and 1 abandoned.

There was a rumour that Messrs Williamson and Garner had engaged the Gaiety Company for another Australian tour, but this, I see, is denied. The great Australian theatrical purveyors have, however, secured two successful pieces for the colonies. One of thorn is Gilbert and Sullivan’s last piece of joint work—the “ Gondoliers.” The other is a groat Prince of Wales’ Theatre success. It is a comic operetta by Slaughter, called “Marjorie.” ' Mention of Messrs Gilbert and Sullivan reminds me of the lawsuit now proceeding between these two and Mr D’Oyly Carto, the manager. Mr Gilbert is the plaintiff. He is not satisfied with the way in which his share of the profits of the “Gondoliers” has been paid. During the existence of the joint operetta partnership he is said to have made over L 90,000, and, as Sir Arthur Sullivan and Mr D’Oyly Carte were equally interested, it will be seen that the playgoing world will not be the only sufferers by the separation of the long-associa'ted pair. It is said that Sir Arthur Sullivan will now devote himself to a more severe class of music. If this be so, his loss from the ranks of the operetta composers will be more than compensated for, as he is one of the few (if not the only) British composers worthy of the name at the present day.

Ths Swansea Harbour Trustees are about to try the patent system of Mr Tydemsn,, with a view to seeing if the present method of keeping open the entrance channel to the port cannot he improved. The principle on which the new apparatus sots is to disturb by means of water ejected with ■ great force — say 12001 b to the square inch—the silt which accumulates with the incoming tide, so that the outgoing tide may carry it awav. For this purpose a frame fitted with jets is lowered to the bed of the channel from a steam vessel, and a large body of water at high pressure is delivered through them. It is stated that at Tilbury, by this means, the coat of dredging has beep greatly reduced. That enterprise, taste, and forethought have been employed to meet the wants of the gentlemen of this city is evinced by the grand display of men's mercery, hats, shirts, and hosiery, which Messrs Davis and Olater are now offering to tho public at exceptionally tempting prices. Amongst other novelties they have imported some superior Oxford and other shirtings for making shirts to measure.