EVENTS OF THE DAY.

New Zealand Times, Volume XXVII, Issue 5731, 28 October 1905, Page 4

EVENTS OF THE DAY.

NEW ZEALAND AND THE MONEY MARKET.

The member for Bruce has two admirable qualities—persistence and confidence in bis own ability; but it cannot be said that his display of these characteristics in connection with the finances of the colony have added to his reputation. From his place in the House he has asserted that the recent slight depression of New Zealand stocks in the London market is due to distrust of the Government, and he has made the boastful offer to restore the colony’s credit on condition that he is given control 'of the administration for two years. The assertion and the promise are both, of the visionary kind. To begin' with, the true value of our stock is its face value; every pound of it is worth twenty shillings, because the security is ample and the character of tho debtor gives character to the , investment. The real touchstone is not the value of the stocks as permanent investments, but tho temporary value of money in the market. The circumstances of every country ano factors, and for that reason some Turkish and South American securities are discounted 50 and more per cent. But the circumstances are not of administration, but of ability to meet obligations and the honesty of will which keeps pace with the ability. There is nothing in our circumstances to justify suspicion of any kind. The quotations for our stock are altogether dependent upon the fluctuations of tho money market. In tho second place our quotations compare extremely well with those of our neighbours of the Commonwealth. The Premier, in answer to the member for Bruce, quoted comparative figures showing the very satisfactory position held by New Zealand stocks. It is beyond all doubt that temporary rises and falls in their value take place in obedience to causes entirely outside of colonial influence op control. The notion that the money market follows the ideas of his Majesty’s Opposition in New Zealand could not be seriously advanced by veritable babes and sucklings of finance. Sir Allen is not at all likely at present to got the opportunity he desires of proving his fantastic theory.

DOUBLING THE TELEPHONE WIRES. As has been mentioned in these columns, the telephone system of Wellington is being fitted with the "metallic return” instead of the old “earth return,” which has been found to be so seriously affected by the working of the electric tramways. Indeed, so bad is the telephonic communication to some persons residing along the tramroute that a marked decrease in the use of this convenience has been noted. The. metallic return means the supplying of an additional wire to each telephone, by means of which the electrical current is conducted back to the exchange. In the system this reform is supplanting, the circuit is completed by the earth. In the neighbourhood of Featherston street the work of suspending the wires for the new system is now in progress. They are hung by the bunch from pole to pole in airtight, damp-proof leaden pipes. It has been admitted that sooner or later the wires, instead of being hung overhead, must bo buried underground; and the question naturally arises whether it would not he in the end more economical to commence the burying of the wires with the present introduction of the metallic return system. It has been stated that the installation, of the metallic return over the business area of Wellington will occupy about two years. When the Government ultimately takes in hand the underground disposal of the wires the expenditure upon the whole of the present work will be wasted. The work could be done just as gradually and possibly almost as cheaply as the stringing of these heavy metal pipes on overburdened poles, which in our breezy climate constitutes a possible danger pot very, pleasant to contemplate.

BOWLS: A YOUNG MAN’S GAME. Among tho summer games that are gaining rapidly in popularity is “yo ancient game of bowls,” a form of outdoor recreation that has behind it historic memories of Queen Elizabeth’s sport-loving captains and tho defeat of tho ‘'lnvincible Armada.” Another game claims to be “royal and ancient” ; but tho lapso of time has not in any way impaired tho prestige of bowls. A tour round the city greens any fine Saturday afternoon will disclose a popularity of the game of which Drake could never have dreamt. Until tho last year or two bowls has been associated with well-frosted ancients doddering about tho grass, measuring distances between round balls of wood, and saying, generally in a thick North-o’-tbc-Twccd dialect, “Ay, that’s tho shot, nao doot!” and then retiring to tho pavilion for “a woo tot.” But now younger and smarter (not bettor) bowlers have taken tho game up with enthusiasm, and vie with tho elder folk in “covering up the jack.” Tho season just beginning is remarkable for tho number of comparatively young men who have apprenticed themselves to tho game, and colts’ matches bid fair to create just as much interest and sober ■amusement as tiro contests so gravely undertaken by those of a more matured and deliberative age. Tho opprobrium attaching to “the old man’s game” may now be regarded as antiquated : and bowls is now one of the “ livost” summer games that serve healthily to wile away a sunny afternoon.

EHYMB OP THE WEEK. The Spring-time rocs gaily, with rain almost daily; Our Industry leaders show deftness as feeders, With speeches in plenty—some nineteen or twenty; St. Pat's gave a junket in honour of Plunket! The Audit Commission, without intermission, Sat on with due patience, but found • strained relations, Because Mr Jellicoe’s style was so bellicose; “Be brief,” said the Chief; and J. threw down his brief! To Carterton going, the farmers were showing Their cattle and horses and other re-

sources; The play gives variety—bargees. Society, "Hankey" and Duchess—with humorous touches 1 , Our bold Rugby players still show themselves stayers— Two victories more, but with lessening score; Extremely refractory grows tho Talk Factory; Its clear shining light should be quenched by to-night!