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THE OTOGO DAILY TIMES MONDAY, AUGUST 30, 1886.

The Oity of Dunedin borrowing powers are limited and controlled by "The Dunediii Corporation Borrowing Powers Extension and Debentures Act 1875." The sections dealing with the four specific objects for which only money can be raised run thus, omitting what is purely technical:—" It shall be lawful for the Council to borrow ab interest on the credit of the rates which the Council are by law authorised to levy from time to time (except special rates) any sum or sums which with any amount previously borrowed shall not exceed on the wit ole three hundred thousand pounds.

Provided that of the sum of three hundred thousand pounds hereby authorised to be raised an amount of one hundred thousand jiounds shall be devoted to the purpose of draining the said city and for the sanitary improvement thereof, and for no oilier purpose whatever." In 1878 the City of Dunedin was constituted a borough under the Act of 1876, as from De cember 21, 1877, ancl in June 187S the Corporation began to keep a separate account for drainage and sanitary work in accordance with " The Municipal Corporations Act 1876," section 126. From June 1878 to March 31, 1886, the. sum spent on the two purposes on which alone this loan of LIOO,OOO can lawfully be expended is L 41,305 6s 3d. The remaining L 58,695 is no doubt somewhere ; but the question is, Where 1 The answer we fear is that it lias teen us>:d up in ordinary municipal expenditure, and has disappeared in tiiis way, being now represented (so to speak) by the yawning cbasm of an overdraft of more than half the amount. Taking tbe overdraft—which has been variously and most inaccurately stated of late, —and adding it to the sum thus misappropriated, it will be found that the city proper, apart from gas and water, is nearly LIOO,OOO to the bad. A Government auditor examining the accounts would doubtless require the defalcation in the drainage loan to be made up from the city rates; and if the Bank called up the overdraft at the same time it would take three years of a half-crown rate to square the accounts. Our hypothesis is doubtle-s improbable, but it is by no means impossible. In section 127 of the Act of 1876 the condition of things shown now to exist in the drainage loan was evidently contemplated as possible. This sect on pr .vides that the ratified general aciount may iransf r sums to the separate accounts if auy of them are insufficient to meet the lawful charges thereon, but expressly declares that no other transfer save this is to be ■ permitted. After all, this is in accordance with the dictates of the commonest honesty. We are all too sadly familiar with the procedure of the weak brother who borrows a lump sum to clear his small debts and gets drunk on the proceeds of his loan. The

Corporation of Dunediii liave been financially drunk with flu; proceeds of Uie drainage loan, and the morning of v.'-pentance has now dawned. Dropping , allegory, it is pretly clear that the Corporation had been guilty of malversation of this drainage loan money, of which it was a trustee, and there must be investigation into. tho above figures. It is tho duty of the Corporation to spend money in accordance with law, and we have little doubt that a responsibility might be allixed on offending members which they do not dream of. It will undoubtedly be the duty of the future Council, now that attention has been drawn to the matter, to repay by degrees, and as can be most conveniently done, this drainago loan; aud again we would point out that this will have to bo done by rates.

The report of Mr J. L. Gillies, treasurer of the Otago Harbour Board, on the conversion of the loans raised at various times by the Board gives excellent proof of the wisdom of the course adopted in consolidating the loans and offering terms for converting all of them into one common 5 per c nt. stock. There were several reasons for this course. In the first place, until this power was obtained the successive loans ranked after their predecessors as second and third mortgages, and so on • and had the last j_,iDU,OOO been raised on tlio old system it would have ranked as a fourth mortgage As it is, it was accepted as a firdt-class security and realised a cash premium of L 11,105. Then tho first 6 per cent, loan is subject to a sinking fund of 1 per cent., or L 2500 a year, which is a heavy strain on the finance* of the Board. Ample proof is afforded that sinking funds are now unpopular in the English money market by the fact I hat while the first 6 per cent, loan stands at 109-11 with sinking fund, the second loan at same rate of interest without sinking fund stands at 121-123, though technically only a second mortgage. The fact is, that investors do not like to run the risk of their investments being broken into by having year by yen' to accept repayments for bonds drawn under the sinking fund arrangement to an indefinite amount, and then having to seek fresh investments for comparatively small sums. This is one of the chief inducements to investors to accept 5 per cent, in exchange for 6 per cent, bonds at the rate of LIOO for L97 ; the other inducement, which applies to all loans after the first, is that the security now runs concurrently. And although we know the security for all of them is ample, this may not be the view taken by cautious financiers at Home, to whom the idea of a second or third mortgage is necessarily that their security is not so good as a first mortgage. It is, however, premature to calculate on the whole of the loans being consolidated on the terms offered by the Board. At present, or rather up to 30th June last, only L 53,500 of the L 350,000 G per cent, loans have been exchanged for 5 per cent, consolidated debentures, and it is probable that the process of conversion will be gradual. As it so happens, however, that of the 34 bonds last drawn under the sinking fund arrangement 13 were for bonds already consolidated, there is an immediate saving of LI3OO, which will go to augment the present year's revenue. The total annual saving if all the bonds were exchanged for 5 per cents, without sinking fund would be L 6050, which would go far to pay the interest on the last L 150,000 borrowed• but as we have said, it is too soon yet to reckon upon so large a saving as this. We quite agree with the treasurer, however, that even as far as the matter has yet gone there is ample justification in the results obtained for the course pursued; and ihe treasurer himself cl serves a good deal of credit for working out the scheme in conjunction with the general manager of the Colonial Bank of New Zealand, to whose assistance he acknowledges his indebtedness. The recent improvement in the revenues of the Board, the success of the Victoria Channel, and the possible prospects of the works at the Heads all combined with the advantageous results of the loan operations have placed the Board in a far more satisfactory position, and given it a far more encouraging outlook than was the castwo years ago. The only unfavourable feature is the poor demand for building sites, which renders the Board's landed estate less immediately available for revenue purposes than was hoped * but we may fairly hope that this is only temporary, and for the next year or so the revenue is likely to be ample without additional rentals.

Local reports, letters to the editor, and other matter appear on our fourth page.

The public meeting called by the Dunedin Ratepayers' Association to consider municipal matters will be held this evening in the Lyceum Hall.

The annual iuterprovincial football match between Canterbury and Otago was played on the Carisbrook ground ou Saturday and resulted in a draw, no score having been made on either side. The game was played in the most friendly spirit. At Auckland, the New South Wales team played their first match and were defeated, Auckland having scored 6 points and the visitors nothing.

The Hawea encountered a strong gale after her departure from Lyttelton on Saturday morning, and put into Akaroa for shelter. She had not arrived at Fort Chalmers nt 5.30 last evening, when the telegraph office closed.

Mr H. S. Fish, jun., will be a candidate to represent South Ward in the City Council.

There was but a short sitting at the Police Court on Saturday, there being only two cases to be dealt with. For drunkenness a first offender was fined 5s and costs, the presiding justices being of opinion that where a conviction takes place a penalty should be inflicted. The practice of convicting and discharging persons who are charged for the first time with drunkenness was some time since objected to and its legality questioned, but this opinion has subsequently been disregarded. The other case before the court was a charge of assault arising out of snowballing. As is usual in assault cases, the evidence was directly contradictory, but the bench accepted the defendant's version of the affair as correct, and dismissed the information.

It is probable that one or two further cases of sly grog-selling on the Otago Central line will shortly come before the Police Court.

" Mr Charles Edward George was elected unopposed on Saturday to represent Ravensbourne Ward in the West Harbour Borough Council.

A meeting of ratepayers (writes our Gore correspondent) was held at Gore on Friday evening last at the request of the mayor, to consider or ascertain the ratepayers' views with reference to the Salvation Army playing and singing in the streets on Sundays. There was a good muster. A motion " that the bye-law be rescinded," was met by an amendment by Mr Canning " that a poll of the ratepayers be taken as to whether the army should be allowed to play on Sundays or not," which was carried by acclamation. Lieutenant Shand, who was fined last week £1 and £2 0s Od costs, yesterday elected to go to gaol. Just before his departure, upon the railway platform, ho stated that " a fortnight in gaol was a short time, comparatively speakiug, to that eternity of fire that was awaiting same people iv Gore."

The Wellington Caledonian Society intend to offer for competition two scholarships of £1210s each, tenable for two years and open to mem bers of the society—one for boys, tenable at the Wellington College, .".nd one for girls, tenable at the Girl 3' High School—and tho President (Mr Duthie) intends to offer ono for boys, tenable at the college.

Tho City (liiiinlsmiil tlio NorthDimodm Rill™ mustered in strong force al the Octagon yesterday uiOrning aud, accompanied hy the Garrison mid North Dunediii Bands, marched to All Saints' Church, whore service wan conducted by tho Key. A. R. Pitchett.

A man linmod John Campbell wa.s committed for trial nt Naseby last week for stealing aud killing three sheep the property of Mr Watson Sheiniiui (of Puketoi station).

A reward of £25 is offered by the Government for information regarding Edmond Morrissoy, who disappeared so mysterio-isly in May Inst from his house at Ophir.

The Lake County Press states that great dis. satisfaction exists among thoso who know him best, with the termination of the inquiry concerning the death of John Hancox, whose body was found in Lake Wakatipu. The body belt, a watch, and somo papers aro still unaccounted for.

Since the recent eruptions country residents in the Auckland district appear to have acquired a taste for the sensational. The meteorite, "as large as n wheelbarrow," which was reported to havo fallen at Cambridge, is pronounced by Mr Pond to be simply a piece of coke. He could find no trace of nickel. A sulphur shower was recently reported to have fallen at Papakura, which is now pronounced to havo been nothing else thau tho pollen from tho flowor of the piniiß insignis. The Government have refused to pay Mr Warbrick for his boat which was used in ascertaining the fate of the natives ou the shores of Lake Tarawera after tho eruption, and was afterwards abandoned. Mr Harrow paid £12 10s for the other boat, and considers that Mr Warbrick, who has to work for his living, should uot be asked to suffer for the loss of his boat.

Mr John Penny, who has acted as sub-agent for the Bank of New Zealnnil for some years at Leeston and Southhridge, has received charge of the Mataura branch.

Mr David Nathan, one of the oldest anil most respected of Auckland's citizens, died last week. The Auckland Herald, in a long obituary notice, states that Mr Nathan, who was born iv London in 1816 and left for South Australia by way of Sydney in 1839, arrived in Auckland in the followiug year and landed at Kororareka, the then seat of Government. lie opened in business in Auckland when the seat, of Government was transferred there, and some years ago he retired iv favour of his two sons. While maintaining an unshaken loyalty to the faith of his fathers, his purse was ever open to the claims of other creeds, and there is scarcely a place of worship in which he had not " a brick." As in matters of faith, so in those of business.

Mr Home, the noted spiritualist, died recently in Paris, the obsequies being observed at the Russian church, he having on tho occasion of his first marriage with a sister of the Countess Gregory Koucheleff, forsaken Scotch Calvinism for Greek Orthodoxy. HiV second wife, also a Russian and a woman of high birth, attended the coffin to the grave. Mr Home claimed to have inherited his gift from his mother, which he affirmed showed itself when he was a child in a remarkable way in Scotland, and displayed itself in a greater degree after a vision in which she saw him seated at table with an emperor and empress, a grand duke and grand duchess, and two angels, whom she thought must have symbolised his future wives. She had, he also said, the gift of second sight, which he inheeited. When Mr Home was at the zenith of his fame he was a favourite at the Tuileries, and courted by the most brilliant society of every capital in Europe. Ho had raised tables to ceilings without touching them, sent sofas dancing around roomsi made hands which were not apparently attached to bodies play pianos, and evoked visages of the dead in the palaces of Naples, Rome, and Florence, aud then scared the Emperor and Empress of the French with his spirit manifestations at the Tuileries. The Crown Prince of Prussia and General Moltke were present at somo of the latter, hut the shrewd old warrior was not satisfied with all that took place when ho was by, and said he ought to have more to go upon, when the Empress tried to persuade him into accepting Mr Home's claims, if the spirits loved light rather than darkness. The Empress insisted on adopting the medium's sister, aud placed her in a convent school. Mr Home was ruined by his great English lawsuit.

A correspondent of the Christchurch Press complains that New Zealand potteries were shut out from competing for the 100,000 insulators for which tenders were called because no i'eparture was allowud from tho sample. He states that those now iv use are manufactured in Prussia aud have a white enamel or glaze. This white glaze is the only difficulty with the New Zealand manufacturers, the pottery kilns being constructed so that only a brown, but equally good, glaze can be given. The Government were at once communicated with, showing that the body of the material could he made white as pattern, but not theglaze, which, as before stated, would be brown. The reply came that no departure would be allowed from the sample pattern in any way, thus shutting out auy chance for New Zealand competing for the work. There are eight kilns in Canterbury, .six in Otago, and several others'in the North Island—not a few shut up and the employes . swelling the ranks of the unemployed.

There has recently been opened in London a Ceylonese exhibition. The company comprises more than 70 Cingalese natives, accompanied by 14 huge working elephants, 16 Ceylonese Zebu cattle, from 30in to sft in height, and eight racing bulls, besides an extensive collection of agricultural productions, ethnographical curiosities, and photographic views illustrating the wonders of this enchanting island. Elephants are shown lifting heavy logs of timber on to their bucks, just as they are employed for such work by the natives of Ceylon; the " Devil Dancers " go through fantastic evolutions, and the coffee plantation dance by Tamil men is given, while jugglers, stick dancers, wrestlers, and national representatives of the ancient drama of Ceylon furnish sightseekers with an entirely new form of diversion.

Commenting on the resolution passed by the Exhibition Commissioners as to the statements made regarding the New Zealand court, the British-Australasian remarks :—" There is some natural warmth in this rejoinder, but wo quite agree with the commissioners that the criticisms the court has been subjected to by a number of these colonists at Home have been most unfair. Of course there are points at which New Zea. laud could, aud therefore ought to, have made a better display. For a splendid agricultural colony like this to be so deficient in cereals and grasses is lamentable. She ought to. have had whole sheaves of grasses and wheat, and an agricultural trophy as imposing as that of Canada. Then, too, there is no agricultural machinery exhibited, whereas New Zealandmade implements and machinery would stand comparison well with the other colonies. But these are deficiencies for which the commissioners here are in no wise answerable. They have set off what they received to the best advantage, and, as a whole, the colony comes out of the ordeal very well in comparison with others."

The statements made at the social purity meeting in Baliarat recently havo raised a good deal of discussion in the city. The Age states that the Rev. R. T. Cummiiis, pastor of St. Paul's Church, Baliarat East, said tbat in the house of a certain Baliarat magistrate gambling was frequently carried on and large sums of money changed hands. Mr W. Herbert Jones, secretary of the V.M.C.A., was even more scathing in his remarks. He said that he had a list of the names of persons who countenanced gambling in their homes, and one citizen iv particular defrayed the whole of his weekly household expenses with money won by gambling. He was prepared to furnish the name of the person in question to a private committee. Mr Henry Glenny, J.P., was of opinion, iv view of the statements made, that a public meeting should be called forthwith to arrange for steps to purify the ranks of the local magistracy of the scandal cast upon them by one of the previous speakers. The imputation was a serious one, said Mr Glenny, and inquiry as to the truth of the charge should be made.

A number of the Daily Times' employes having formed a quadrille assembly, the first meeting was held at the Oddfellows' Hall, Rattray streot, on Saturday evening. About 25 couples attended, and dancing was spiritedly engaged in for several hours, tho music being contributed by Messrs Clarke, Fawcett, J. Fraser, and Capstick.

A musical and dramatic entertainment will shortly take place at the Lyceum Halt in aid of the choir fund of St. John's Church, Roslyn. Several of our best amateur vocalists and instrumentalists are to take part, and som* dramatic amateurs who have appeared with great success elsewhere, but who are new to the Dunedin stage, will also land their aid. Tiie gentleman who is to act as stage manager appears to have had considerable experience, aud his performances have been very favourably criticised by the press. "Tne ftorth German Fire In-urauce Company, of Hamburg, have opened business in New Zealand, and Messrs Harty and Co., Bond street, have been appointed agents for Otago district. Mr Montagu Pym's sale of a weighing maolune takes placo to-day at 2 o'clock.

Mr Tmvsey will give an organ recital at St Matthew's Church on Thursday.

Messrs James Salmon anil Co. will sell household furniture to-day opposite the Normal School; and on Wednesday will sell a i|ii!intity of goods from Messrs Sargood, Son, anil l'wen's warehouse, damaged hy water. Messrs Morrison and Milehell will sell to-morroiv, horse, dray, !it-ewoo(l,roal, kc

A pttition to be adjudged a bankrupt haa beon tiled by John David Herbert, of Tapiinui. Creditors meet un Thur-d.*y.

Several pastoral licenses will ho offered by auction at the Laud Office un the.'lOili September. Mr John Everest will hold a clearing sain of h-irses. cows, liouseh'.ld furniture, &c, on Friday, at the parsonage, Waikouaiti.

Tlie Perpetual Trustees' ltstnte, and Agency Company will sell leasehold property with frontage to llati ray anil Maclaggan streets on the Kith September.

Sir Montagu Pym will sell freehold properties In Duuediu (witli house) and in liotbesay on the 2nd prox. A grand musical entertainment will be given in tho Lyceum on Friday in aid of tlie improvements to the Union struct, school grounds. The first part will be by thesehool children, ami the Union Minstrels makr their lirst appearance in the Beeond part of the entertainment.

Heßides tho largo and commodious shop in George street, I have, for the convenience of my patrons, established a shop in Princes street Boutli and King street north, in lluneilm, and keeji up a shop at the l'ort. Some carts deliver meat direct, and other carts collect orders in all parts of town and suburbs. Any orders loft at, shops promptly attended to,— A. Doiin'wkli,.—[AdvtJ

Spring is coming, and witli the clouds and storms of dreary winter let us hope the dark cloud of depression so long enveloping our fair country may also pass away, and once more we may bask In the sun shine of prosperitj-. Mr Cuming has been sending us tons of New Good 3 for spring and summer, considerably astonished us with one lot—viz., 600 dozen large Sunhats for ladies and gentluineu (white and colour*), to sell at tho fabulously low price of Id (one penny) each. Our Warehouse, 92 and fll George street, now crammed from floor to ceiling with new goods. Visit. Inspect.—Fvi-e ami) Cuming.— Advt.]

Flooded with new reliable drapery and clotliii •; at Carter's. Just landed, £8000 worth new goods *x lonic and Rimutaka. Carter and Co. begspecim.y tn point out tlmt thoy are hot offering nny damaged stock. Note thia: All keen buyers of drapery and clothing should sco our prices ior new fashionable goods, at extreme low prices, before buying damaged goods soaking with seivage water, that will rot in no time and requires fumigating before it can he usfd.—Cahtkh anii Co. guarantee all goods to be reliable and marked at the lowest possible prices, Call early and see for yourselves. A'ote address: HO and th; Geoige street, Dunedin.—[Advt.]

" In onr candid opinion it would prove a most diflicult task to find a ginger ale manufactured by the best firms in the Knglisn mineral water trade to surpass that of Thomson and Co,, of Dunedin,"— Itotract from "The London Mineral Water Trade Recorder and Advocate," January 1,1886 —[AnVT.]

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Bibliographic details

THE OTOGO DAILY TIMES MONDAY, AUGUST 30, 1886., Otago Daily Times, Issue 7654, 30 August 1886

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3,962

THE OTOGO DAILY TIMES MONDAY, AUGUST 30, 1886. Otago Daily Times, Issue 7654, 30 August 1886

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