THE OTAGO DAILY TIMES FRIDAY, NOVEMBER 4, 1887.

Otago Daily Times, Issue 8020, 4 November 1887, Page 2

THE OTAGO DAILY TIMES FRIDAY, NOVEMBER 4, 1887.

The general election was decided on the distinct issue that the financial proposals of the Stout-Vogel Government were not satisfactory, and as alternative to these the leader of the Opposition declared in his place in the House, and subsequently when through the medium of election speeches he addressed the country, the principle upon which in his opinion a safe and stable financial policy should be based. By a sufficiently substantial majority the constituencies endorsed the general drift of these views, and it is to be especially observed from the Financial Statement that Major Atkinson stands to the principles he then enunciated. He has been distinctly placed in power to carry them out, and his proposals are in due accord with and in fulfilment of the pledges he virtually gave as to what he would do should the opportunity be afforded. The grave importance of equalising the ordinary revenue and expenditure is fully realised, and the scheme of economy designed is thorough, comjprehensive, and essentially honest, major Atkinson has kept his word with the people, whom he assured at the very commencement.of the election campaign that he would initiate retrenchment throughout. "We must " begin," hesaid inhis speech at Hawera early in July, " with the Governor " of the Colony. . . . Ministers'

" salaries should be reduced at leasb ""20 per cent. Then I come to " the Legislature, and think that " we should reduce the honorarium of " members of the Council to LIOO, and " that of members of the House to " Ll5O. I should review the whole " salaries throughout the Colony, and " consider what they . should be. I " would do no injustice to the present " men ; but like men in other employ- " ment, they must be prepared to meet " the times. If we revise fairly the " salaries of the Civil servants, we shall " save a large amount." We have quoted these words because they afford so decisive a proof that the retrenchment proposals are neither hastily conceived nor framed with a view to the political exigencies of the moment, but the result of deliberate thought and in direct accordance with the policy submitted to the country by the late Opposition. In one respect Major Atkinson has been forced by the pressure of circumstances to modify his views. In the address delivered at Wellington in August, speaking in reference to public works, he said these should be carried on slowly, but he was of opinion that we should not borrow next session, and he would do all in his power to prevent it. He was no doubt not so well informed as he is now as to the state of the Public Works Fund; but he did not speak unadvisedly, since the expediency of going into the money market so soon is at least questionable, and is a course which should not be resorted to if it can possibly be avoided. That portion of the Financial Statement which deals with the Public Works Fund, public works, and the contemplated loan does not open itself out to the intelligence with the same facility as the plain, straightforward enunciation relative to economic reform. In order to understand what the Government propose, it will be necessary to briefly explain the exact present position. The legislation of 1886 necessitated the separation of the Public Works Fund—a fund created by the proceeds of loans—into three separate accounts. Against what may be termed account No. I—the balance of loans raised before 188G—are charged all miscellaneous works such as harbour defences, roads and bridges, school buildings, purchase of Native lands, and telegraph expenditure. On the 30th September there was in this account a credit balance of L 247,292, subject to liabilities amounting to L 280,495, of which at least L 162.000 will come on for payment by March next, leaving L 85,292 for expenditure next year, with outstanding liabilities of LI 18,495. No new votes can, it is evident, be taken against this account; whilst there are works, the Treasurer states, to the amount of at least L 150,000, which it is impossible to avoid executing, as they are absolutely necessary complements

to undertakings already entered into, and include roads to open up Crown lands before sale, public buildings, school buildings, telegraph extension, &c—" In point of fact, the L 150.000 is " a liability, though not brought to " book, and must therefore be provided " for." No. 2 account is the account of the North Island Main Trunk Railway Loan. Tho unexpended balance on September 30 was L 615,258, with liabilities amounting to L 137,474. There is therefore a sum of L-177,784 availablo, subject, however, to tho costs and charges of raising tho whole loan in tho market. An Act "to limit and deiine tho "application" of this loan was passed in 1886, and not one penny can be deviated from the construe-

tion of the railway without specific statutory authority. No. 3 account is the account of the loan authorised in

1886 for the specific purpose of railway construction. On the 30th Septerabur there was a balance to credit of L556.C44, with liabilities outstanding of L 304.004. There is therefore still available L 252.640. The credit balances of all three accounts are only in part represented by cash, and the power of spending depends upon the release of securities and the floating of the North Island Main Trunk Kailway Loan. The cash available on September 30 was indeed only L 140,449, but there was LI 20,387 imprest advances in the hands of officers of the Government. Having plainly sot this statement of the loan accounts be-

fore the House, the Treasurer proceeded to point out that there were only three courses open : Either the works must be stopped the funds for which are exhausted ; the cash to the credit of the several accounts applied to the general purposes of all; or a new loan raised. The first course Major Atkinson considers to be out of the ques-

tion, since the stoppage of these works would materially retard the progress of the country. The second course involves the use of moneys allocated fey permanent appropriation to one work in the prosecution of others. If Parliament should determine to repeal the legislation of 1886, it will be possible, the Treasurer asserts, to find the means to carry on necessary works to a moderate extent "by borrowing from one account " in aid of the funds exhausted in " another," and by doing this to carry on the public works until the end of December 1888, by limiting the expenditure to an average of L 70,000 a month for the 15 months. It should be clearly understood, he sajs, that by the time indicated, in the absence of any further loan the total cash to credit of all loan accounts would only be about L 370.000, and there would be liabilities incurred and rapidly accruing due, to about an equal amount; whilst the works in hand would be scarcely any

of them complete or in a profitable state, "as the borrowing from one " fund to the other in order to keep " things going would necessarily leave " every fund short for the purpose for " which itwasinteaded." This course—

which, by the way, it is exceedingly doubtful whether Parliament would approve—the Treasurer declares himself unable to recommend; especially since it would only be putting off further borrowing for a year, whilst what is imperatively demanded is "a " total change of policy as to borrow- " ing altogether." The Government, therefore, with great reluctance, he affirms, recommend that authority should be granted during the present; session for a loan of L 1,000,000, and the intention is to place this on the market simultaneously with the North Island Main Trunk Railway Loan. Wo confess that we are greatly disappointed that no other way has been seen out of the difficulty than immediate further borrowing, for which we shall certainly have to pay at an exorbitant rate. The purposes of the new loan are to be strictly defined, no new undertaking is to be taken in hand, and a distinct pledge will be given that no more borrowing shall "take place for threa " years from March 1888." The Treasurer says that the Minister for Public Works will be able to show in his Statement that with the expenditure proposed the principal works can be brought to what may be termed an interim state of completion, where pause may be made without serious loss. The amount of the proposed loan, added to °the balance of former loans, and divided by three years and a-half, over which it is intended to spread the expenditure, will give L 690,913 available annually for public works of all classes, the average during the last three years having amounted to L 1,381,866 a year. The policy of the Government, as stated by the Treasurer, is at once to reduce this expenditure largely, and as rapidly as possible, so that by the time the new loan is exhausted there may be absolute relief from the necessity of borrowing further. The public works will be carried on " without any " sudden break, but at a greatly re- " duced rate of expenditure, for the " next three years and a-half, by which " time we hope to have transferred to " the Consolidated Fund a large " number of works hitherto charged " upon loan, and to reduce to very " narrow limits our expenditure "on other works which are " rightly charged on loan." The Treasurer, it must be admitted, makes out a very good case, but experience induces a certain amount of suspicion as to the equitable distribution of the funds. Although hedged round with the divinity of a specific appropriation, we fail to realise under existing circumstances that the lion's share of the money should be absorbed by one wor k—the North Island Main Trunk railway—the advantages of which, in an uncompleted state, aro exceedingly problematical.

Reports of yesterday's local courts and other matter will be found on our fourth page.

In the Legislative Council yesterday a number of petitions were presented in favour of Biblereading in State schools. Tho Hon. Colonel Brett drew attention to a pamphlet on tho rolunteer system, by Lieutenant-colonel NoakcH, but failed to elicit what tho Government propose to do about tho matter.

In tho House of Representatives, tho I'remior denied that there was any truth in the rumour that ho had offered Sir Hobert Stout v Heat in the Council. It waa decided to deal with tho Midland railway contract to-day, and take the Financial debate on Tuesday. Quito a host of private members' bills passed their second reading, including tho North Duucdiii C'emotory Extension Bill and two of Sir Ueorgo Clrey's.

Captain John Watson was yesterday appointed to the position of dockmtiHtor mid Hecrotary and treasurer to the Otago Dock Trust.

A coalshed adjoiniug tho hoiiHU of William Earnshaw, brassfinisher, of Cutten Htruct, Smith Dunedin, was destroyed by firo on Tuesday afternoon. The damago done will bo covered by £10, the fire being extinguished before tho flames reached Earnshaw's house. Tho littler was insured for £175 in tho Union ollico, Uio furniture for £25, and a machine for £75.

At a public meeting at Hekitika it was r«solved to form a society for the acclimatisation and protection of game. It was stated that tho Chinese wore in the habit of catching whitebait and other small iish by the basketful and using them to manure their land. It was resolved to ask the Municipal Conference to endeavour to get Parliament to give local bodies power to make grants to acclimatisation societies and similar institutions,

A mooting of tho Albany street School Committeo was held lost night. Present: Messrs Trcseder (chairman), Eggers, Smith, M'Lean,

Richmond, Hunter, aud Sinclair. Tho police reported six cases of absentees. It was resolved to send tho report to tho Education Board. The head master reported the attendance for tho mouth to be: Boys, 407; girls, 401 ;— total, 808. Averago attendance: Boys, 3GI; girls, 315 ;—total, 700. Dr Hislop wrote stating that tho communication in respect to tho children in the district not attending school would be laid before the Education Board at

their next meeting. Tho usual mooting of the Maori Hill Borough Council on Wednesday evening was attended by tho mayor (in the chair) and Crs Eastwood, Loug, Thomson, Rossbotham, Booth, AasUoy, G.

H. Smith, Smith, and Hitchcock. Accounts amounting to £138 19s 4d were passed for payment. A number o£ letters wero received and doalt with; permission to build being granted to G. Palmer, and to removo a house to M. Jlathoson. Tho North-East Valley Council wrote with reference to making a road into Woodhaugh, but as it was considered the council had

no power to act, no resolution was carried. The report of the Works Committee was read and approved.

At tho quarterly meeting of the Lodge Pride of Dunediu,l.O.G.T.,heldon Wednesday evening at the Lower Choral Hall, Moray place, there was a largo attendance of members and visitors. Two members were initiated. The various reports for the quarter were read aud approved of. They showed the lodge to be in a prosperous stats. D.D.G.C.T. Bro. W. Carr, assisted by

G.S. Bro. Ewen and G.M. Bro. F. Millar, in'

stalled the officers for the ensuing term as follows :-C.T., Bro, J. Simpson ; V.T., Sis. B. Stewart; secretary, Bro. W. K. Richardson financial secretary, Bro. Connor; treasurer, Bro. Stevenson; chaplain, Bro. Lynd; 1.G., Bro, Birrell; 0.G., Bro. R. Rae; R.H.S, Sis. A. Stewart; L.H.S., Sis. M. Henderson; P.C.T.. Bro. J. Caradus. A vote of thanks to the installing officers closed the proceedings.

The usual weekly meeting of. the Eight Step Lodge, No. 53, was held on Wednesday, when the officers were installed for the ensuing term as follows:—W.C.T., Bro. Marshall; W.V.T., BroForeman; W.M., Bro. Groves; W.D.M., Sis. Callan; W.C., Sis. Sandilancls; W.F.S., Sis. Mitchell; W.S., Bro. Rankin; W.A.S., Sis. Patton; W.1.G., Sis. Solomon; W.0.G., Sis. Kankin.

In introducing the Indian Budget to the House of Commons recently, Sir John Gorst, the Undersecretary of State for India, gave gome interesting figures from a table which had been drawn up at the India Office, showing the credit of the different Governments of the world as estimated by the value of their securities in the London money market. First on the list stood Great Britain, which sold its consols at a price which yielded to the investor £2 19s per cent. Next oamo the United States of America, £3 0s 9d. India came third, with £3 9s. Other Governments appeared in tho following order:—Canada, £3 9s Gd; New South Wales, £3 13s 6d; Victoria, £3 13s 9d; France, £3 Us 9d; Cape of Good Hope, £3 19s; New Zealand, £4 2s; Austria, £4 10s 6d; Italy, £410s 9d; and Russia, £5 3s 9d.

An unusual incident occurred in the New South Wales Legislative Assembly during the time the Hay aud DenUiquin Tramway Bill was under consideration. Mr Haynes, while addressing the House upon the measure, denounced the bill and its promoters in such severe terms, and so pointedly referred to one of its advocates who was sitting behind the Speaker's chair, that the gentleman, Mr Thomas Robertson, stung by the member for Mudgee's language, called out in excited tones, "It's a lie!" The Speaker instant'y rose, and said that if such an interruption from anyone within the precincts of tho House were repeated, he would have to order the galleries to be cleared. The sergeant-at-arms, however, took prompt action. He heard the words, and going to Mr Robertson he caused him to leave the place whore he had been sitting, behind tho bar, and to go outside the Chamber. Mr Robertson afterwards apologised, and he was allowed to escape any further consequences.

In conversation with Beach recently, a reporter of the Sydney Telegraph gathered that after hia race with Hanlan, Beach would probably retire from rowing. " A man cannot be champion for ever," he remarked," but if I don't hold it myself I shall try and bring out somebody who can." Although he did not positively say so, the reporter imagined this will be Clifford,for whom Beach has a great regard, stating that they broke his heart when he first came out by matching him against two buch men as himself and Hanlan.

A correspondent (" W. G.") contributes the following to tho " New Zealand Presbyterian": "Mr W. H. Murray, a sawmiller in Scotland, losing his arm, became a colporteur nnd afterwards went to Pekin, in China. His pity for the multitude of the blind Chinese set him to devise a system of raised characters for teaching them to read. To this he has devoted eight years, and has reduced the 4000 characters to 420. In six weeks ho has taught a blind beggar taken from the streets to read fluently. What & boon he has thus conferred on the half-million of blind people in China!"

Weather permitting, the Otago Beekeepers' Association will hold its first public demonstration at tho Botanical Gardens on Saturday, at 2.30. The subject will bo most interesting, oven to many who are not beekeepers—viz., the eviction of two colonies of bees from most dilapidated tenements to more commodious and better-fitted premises. The secretary informs us that they may prove more contrary than either Irish tenants or crofters, but they'll have to go.

A sacred concert of anthems, quartettes, and solos, by members of the choir, will be given in the First Church this evening.

A concert under the auspices of the H.A.C.B.S. of Dunedin, in aid of Mr R. Whitty, a member who met with a serious railway accident some time ago, was given in Naumann's Hall, South Dunedin, last night. Mr O'Driscoll occupied the chair, and the hall was crowded. The Kaikorai Band played two selections during the evening. The following ladies and gentlemen took part in the programme, and gave entire satisfaction to those present:—

Misses Ingram, Drumm, Henderson, Nicholson, Blaney (2), Jones, and Conway, Messrs Robertsou, Deaker, Jack, Hill, Jarris, J. Kuox, Martin, aud Miller. Mr Collett officiated as accompanist. After the concert a dance was held in Clark's Hall. During the concert a few young persons persisted in joining in the chorus and otherwise making themselves very objectionable.

Full choral evensong was held in St. John's, Waikouaiti, on Wednesday evening Jast, the musical part of the service being rendered by 18 members of St. Matthew's choir, Dunedin, assisted by,, the St. John's choir. Mr Kelsey acted as organist. The service was Wesley in F, the anthem (Stainer's) " What are these which aro arrayed in white robes." The processioual was hymn 431, and recessional 427. A sermon on tho All Saints' festival was preached by the Rev. F. J. B. Parkes. There was a full congregation, and the service was much appreciated by those present.

" A Run of Luck" again drew a good audienco to the Princess Theatre last night, and the pieco received a very hearty reception. Most of tho performers were applauded, and tho more striking incidents and the best of the scenery were highly appreciated. The piece will be repeated to-night for the last time. To-morrow evening "The World," in which Mr Bland Holt's company scored such a success about five years ago, will be mounted, and it is not too much to anticipate for it a most successful run-