OUR LONDON LETTER.

Otago Daily Times, Issue 8765, 29 March 1890, Page 5 (Supplement)

OUR LONDON LETTER.

« (Feoji Qtm Own Coiibespondeot.) 1 London, March 7. THE "JUBILEE" IN PRISON. Mr Benzon is still in gaol. The sum of £1000 has been advanced by triends in London, and as this will cover the forgery, Mr Hargreavea does not intend to prosecute. However, this is not all the hapless creature has to reckon on, as other alleged offences are being brought again6t him, and the jnge <Vinstruction has refused bail. His friends in the Kiviera are canvassing for subscriptions, and nbout £100 have been collected, £50 of which will go to his defence at the trial to-day. His debts amount to some £200 in addition, which it U hoped to pny off. In an interview with a friend he declared that he was treated very well by the authorities, being allowed one meal a day from the outside. When he was told that Mr Hargreaves did not intend to prosecute, ho burst into tears, and vowed that if he escaped the penalty of his offence he would not retnrn to his old haunts, and would abandon his foolish ways. His sentence to-day will probably be a light one, as the 18 days he has spent in prison will be taken into consideration. He still professes himself vory penitent. COMMERCIAL. UNION BANK OP AUSTRALIA. Tile half-yearly general meeting of this bank was held the other day at the heud office. Major Frederick Fanning presided. The report stated that the balance sheet to the 31st August last, duly audited, exhibited n net amount of profits —inclusive of the balance brought forward from the previous half-year—of £121,787 19a 9d, admitting of a dividend at the rate of 14 per cent, per annum, equal to £1 15s per share, which would absorb £105,000, and leave the sum of £10,787193 9d to be carried forward. The directors had, as usual, after careful investigation, made sufficient reserves for all doubtfnl dependencies. The directors referred with pleasure to the season in the Australian colonies, which had been very favourable both for pastoral and agricultural industries, whilst the good prices obtained for wool and other produce must materially benefit colonial interests generally. Since the last meeting of shareholders, branches of the bank had been opened at Oxford street, in Sydney; and at Buubury, in West Australia; and the branch at Thames, New Zealand, had been closed. NATIONAL MORTGAGE AND AGENCY COJIPANY OF NEW ZEALAND. The fourteenth ordinary general meeting of this company was held the other day,—Jjr H. R. Grenfell presiding. In their report the directors stated that after paying all expenses at home and in the colonies, paying interest on debentures, 6c. up to the 31st December 1889, making due provision for bad and doubtful debts, and writing off depreciation on plant and office furniture, the net profits amount to £7487 5s Bd, which, togather with £1567 11s 2d from last year,leaves abalauco of £9054 163 10.1 to dispose of. From this amount mi interim dividend at the rate of 5 per cent, per annum has already been paid, and it is proposed now to pay a further dividend at the same" rate (free of income tax) and to increase the reserve fund by £2500, carrying forward £155-1 16s lOd to next account. —The Chairman, in moving the adoption of the report, remarking upon the general stats of affairs in New Zealand, said that the evils which the colony had been experiencing had been due to over-eager-ness on the part of investors to lend money, accompanied by a growing inability on the part of borrowers to pay off loans when made. As a result, investments at remunerative rates were very scarce. Amongst the companies which had started since they started in 1877 no fewer than five agricultural agencies had liquidated, or were in process of liquidation. This diminution of competition for investments of that class would be, of course, to their advantage. It was interesting to note- that the Government of New Zealand seemed to have set au example of economy in expenditure and abstention from further borrowing. The exports of New Zealand had risen from £6,500,000 to nine millions sterling. The export of frozen sheep had risen to one million. The stock of sheep had risen by 380,000; there was an increase in the export of wool, and the flax industry had risen also. The growth of cereals ia ISBS-9 amounted to as krgo a figure as that of the whole of Australia, while the prices ruling for the_ commodities generally had increased. The policy of protection pursued by the colonies operated agamsfc the expansion of trade, and it would bo well if those who advocated Imperial Federation would at the same time urge the advantages that would ensue upon the observance of Freetrade throughout the whole empire. The main feature of tha account was the addition mada to the reserve fund 3, The directors hoped to bo able to continue to earn a 5 per cent, dividend: they did not consider it advisable to increase that amount until the reserve had been added to. Having analysed the figures of the report, the chairman said he thought the shareholders might congratulate themselves on the result of the year's work, and he might also express a sanguine hops as to the operations of next year. A large amount of debentures would come due in the etirroat year, exceeding the sum of last year by more than £20,000. In 1889 £132,267 matured, £61,794 were renewed, and £70,473 were paid off. They received for new debentures issued £59,023, leaving a reduction ou tha whole debenture indebtedness of over £10,850. In the enrrent year they had debentures falling due to the extent of £154,990. In consequence of the wont of confidence in New Zealand securities there had been, it was true, considerable chango in their debenture holders, but they hid every reason to be thankful for the confidence which had been placed in the company by the renewals and new'debentures which they had been able to place in England.—Mr Lindsay Smith seconded the adoption of the report, which was carried. —The dividend recommended having been declared, the retiring directors and auditors were re-elected. ANGLO-COLONIAL NOTES. The death is announced of Lieutenantgeneral Robert Logan, late of the 57th Regiment, who was once a familiar figuro in New Zealand history. He commanded the 57th Regiment in the Maori war ia 1861, and was so successful as to bo thanked in the commanding officer's general orders. Ho commanded four companies of his regiment when they took the redoubt at the Katikare river, June 4,1863. He was a Companion of the Order of tho Bath (military) and received a medal. His age was 65. Sir Charles Gavan Duffy has an article in the " Contemporary "on Australian politics. He is in a hurry for Australian federation, and believes that the moment is ripe for action, provided that active effort is stimulated by Imperial action. Lady Halle (Madame Norman-Heruda) with her husband Sir Charles Halle is to make an Australian tour shortly. She has just been telling a contributor to the Women's World that in this country public audiences, according to this lady's largo experience, are more appreciative and more enthusiastic than they were wont to be; but when she turns from the audiences to the question of musical taste- of what is called '•society" her views ara decidedly less flattering. Lidy Halle observes that "socißty " likes to say " Very charming!" and " How delightfully you play!" In particular such exclamations are liable to be called forth when a classical piece has been given ; but this, we are told, is mostly mere conventional politeness. "Of course (says this distinguished lady violinist)," there aro in society true lovers of music; I have many such among my friends. But speaking generally of tho visitors to 'at homes,' I fear that the admiration for the great masters is more assumed thnn real." —Tell us something we don't know ! Of the Australian colts Narellan and Kirkham, a writer says:—"They are great, coarse, but very hardy colts, lacking tho style of our Derby cracks, although for all. that they aro excellent goers, and so far, at any rate, as one ha? been able to judgo in their exorciso paces, movo with perfect freedom of action. _Narellan will turn out the better of tho two," and the Leger course will suit them both better than the Derby track and distance." Surefoot is still first favourite for the Derby at 5 to 1. The committee of the Pelican Club having requested Mr Q. A. Baird (Mr Abington) to resign in consequence of his connection with the disgracetul Slavin-Smith fiahr, Mr Baird has refused to do so, under legal advice. Mr Lloyd, well known in New Zealand, especially in Christchurcb, where he was resident some years ago, has been appointed to tho management of a largo mining company in the Transvaal, and has left for the Cape. At the evening meetiog of the Royal Colonial Institute to be held at tha Whitehall rooms on Tuesday next, Mr Leslie C. Probyn will read a paper on " The money of the British Empire," describing tho monetary systems which prevail in the British colonies and in India. Sir Henry Barkly will preside. I referred in my last letter to tho fact that Mrs Laugtry after further consideration had decided that Mr Haddon Chambers' new play would not suit her, and so at the last moment had broken off the arrangement. Mr Bancroft, tho well-known actor, has consented to act as arbitrator between the two parties, and is endeavouring to effect an amicable settlement. When Mrs Langtry first signed tho agreement Mr Chambers received £150 down as an earnest of what was to cdqib. Ho now tells mo he expects to receivo at least another £500 as compensation for the breach of contract. Mr Arthur Wood, the Australian swimmer, is about to loavo Liverpool for New York. Mr Wood, who ha-i been visiting the various capitals of Europe during the last two months, has undertaken this journey to America with the solo object oE attempting to swim Niagara—the feat which cost Captain Webb his life. He proposes attempting to shoot the Falls, wearing nothing but an ordinary swimming costume, and expresses himself confident of success, stating that if the authorities attempt to stop him he will find means to defeat their intentions. Mr Wood, who ia about 37 years of age, is well known in Australia as a competitor in swimming contests, but ho has never competed in Great Britain, and has only visited this country once before. On tho occasion of his last visit to tho United State.", some years ago, he performed the remarkable feat of diving from Brooklyn bridge. _____________ The valuation for the Gordon town district this year Is £2560, being an increase during tlio year of £121