POLITICAL INTELLIGENCE.

Otago Daily Times, Issue 9039, 14 February 1891, Page 2

POLITICAL INTELLIGENCE.

(Fbom Oue Own Cobbespondent.)

Wellington, February 13,

Mr Ballance's speech is, of course, the topic of the day, but most people seem to agree that it is excessively vague as a disclosure of policy— that, as far as it goes, ifc might as well not have been delivered at all. At the came time everybody who knows anything about politics is quite well aware that no specific announcement of policy could be expeoted just yet, or, indeed, could bo mado. I fancy you will find-that tho forecast, which I telegraphed to you several days ago, will be very closely verified. The New Zealand Times this morning publishes a vague forecast, but there is nothing in that either. It says that the Legislative Council Reform Bill will provide for a seven years' tenure, which we all knew long ago, and that is the only specifio point mentioned. All the rest is even vaguer than Mr Ballance, and ifc is clear that the Ministerial intentions havo not yet been confided to th 9 Wellington morniog journal. Both the morning and evening papers, which aro friendly to the Government, condemn Mr Ballance's attack of Mr Kolleston as wholly uncalled for and ungracious. Comment is also excited by Mr Ballance's defence of the Governor, in connection with the Legislative Council appointments as being strangely inconsistent with the tone of his former representations on the subject, and it is thought that he could nofc deal with the matter as Premier without feeling I obliged to defend his Excellency. He would have been more prudent fco let it alone. As some surprise may bo -felt that Hansard for tho past session has not yet been published, it may be worth while for me to explain that it has been decided to issue only a single number of Hansard for the session, and to include in that one number all the " nine days' wonder " of tbe session, This will.probably make a bulkier number than usual: but the real delay does nofc rc3t with the Government printers. Tbe actual impediment is that members have not yet returned the proofs of their reported speeches. Whether it ba that they wero not wholly pleased with their own utterances as they appeared whon recorded verbatim by stenography and embalmed in the printed columns of Hansard " proofs," and find so many alterations needed to make them satisfactory that an undue amount of time is required for the task, I do not profess to say, bufc the fact is all the same—that tbe printers are still awaiting the return of members' proofs, and so Hansard cannot yet appear. I daresay the country will nob be too impatient. I learn on authority that the Bum actually banked on account of railway receipts for the four weeks ended 31st January amounted in round numbers to £98,000. t» The results of many current mercantile accounts have still to be ascertained, and these may either increase or diminish this sum to a small extent as representing the gross receipts from Ithe railways | Anyhow thero seems to have been a slight improvement; on lasfc year notwithstanding lhe extraordinary spurt of pissenger trafiic carried in January 1890 to tho Dunedin Exhibition. There is, of course, 6ome falling off in the passenger traffic on the Hurunui-Bluff section as compared with the exhibition year, bufc this in made up for by an improvement in the goods traffic. Assuming the receipts to be approximately represented by tbo money banked up to the 31st January, then the gross railway revenue for the 10 months will have been just about £925,000, or afc the rate of £1,110,000 per annum. The estimate being £1,080,000, that would be £30.000 to the good. It is possible thafc this high averago yield msy not be maintained to the 31sfc March, but it is not likely to fall materially. A handsome surplus may be looked for under the head of railways. The working expenses have, as a matter of course, been increased by the additional traffic, so thafc tha the net; profit will probably be not very much in excess of the estimate. , This, however, is a 6pleudid result when the heavy cost of fuel during the strike is taken into account. This alone added several thousands to the working expanses which otherwise would have gone instead to the credit of the nefc profit. Another drawbrack wifch which the Railway Commissioners have had to contend has been the impossibility of obtaining money for necessary works, which in all other countries of the world are invariably charged to capital account, bufc which in New Zealand (being absolutely essential and nofc otherwise to be provided for) have had to come out of income. The heavy working expenses on the Nelson section last month—l 33 per cent, on the receipts—are accounted for in this way: Extensive additions were required by the Government railway wharves, aud the cost of these had to be borne by revenue, though elsewhere ifc would be charged on capital. The replacement of 401b iron rails by 531b steel ones, going on so extensively on main lines, is also paid for out of earnings. Thus the public property is being improved to a very largo extent at tbe same time that the railways .are returning 3 per ceut. on their cost. The net profit for the current, year is afc present expected to be considerably over £100,000. I uuderstaud thafc fche commissioners fear tbey will be unable to estimate uext year's revenue as likely to be so large, owing to tho unfavourable reports received from all tho chief grain-producing districts of fche colony as to the prospects of the harvest, which are described as the reverso of promising; while the flix trade has greatly declined. I

With reference to certain reports which have been circulated as to a heavy slip in the Manawatu Gorge as beiDg likely to delay the opening of the through lino between Wellington and Napier, the Chief Commissioner informs me that, so far, no such information has been received, and that a train with tho engineer passed through this morning. No one, of course, can say what effect to-day's heavy rainfaU may have on the loose sand on the banks of the river should there be a flood, bufc, barring contingencies, no delay is anticipated. Indeed Mr M'Kerrow tell- me the line might have been opened earlier had fchsy nofc deemed it advisable to exercise special care wifch such an awkward piece of road, and they thought it better to delay for a week or two than that the line should commence work prematurely and then the regular working be interrupted by slips. Ifc is intended to send another through train, and the engines have been sent up to Palmerston. They are those known as the"W"C, which used formerly to work on the Bluff line and then on the Lyttelton and Amberley Hues, where the rails weighed over 701b to the yard, as they were too heavy for 441b rails. Tbey have now been converted at Aldington from six-wheeled engines (all coupled into ten-wheelers and four coupled with two bogies) so as to lighten their average weight per axle, and they are expected to do good work on the through passenger trains running aboufc 30 miles an hour between these favourable parts of tho road. ~ Ifc is not generally known, I believe, tbat loans to the amount of over £1,700,000 this year will have to boprovided for. Tbis includes various small unconverted balances of tho loans of 1860 and 1863, tbe balances of (£150,000) of the Atkinson deficit of 1884, and the balance (£400,000) of the Stout-Vogel deficit; of 1887-8, also seven small sums ranging from £3000 up to £87,900 remaining uticouvertcd from various old loans, proved aud other wise; aud lastly, there are two sums of £44,700 and £804,384 respectively, clas?ed as " new loans—various." These, I find, on inquiry, represent the debentures set up against the accrued sinking funds under tho New Zealand Consolidated Stock Act of 1884. I understand that the manner in which these matured loans will bo dealt, with will depend very much on the course decided to be adopiod with regard to the Urge conversion which is proposed. Should this be approved; then probably most of the=e oxpin'ng loans will be included io theeo; otherwise a considerable proportion of tho total are to ba extinguished by seemed sinking fund, and most of tbo maturing debentures cro capable of being expended by law to various dates not exceeding seven yearn from the time of issn?; so tho Government will have ab'.m'i.-.t-i option as to j alternatives, aud will have no difficulty ; iv financing the various sums, should ie be j deemed expedient to postpone for a time any j large conversions. Some four and a-half mil- •

lions will also mature next year, but the bulk of this is convertible into 4 per cent, insoribed atock at 107; in fact, over four millions can be converted on those terms, and £43,600 at 110. I believe the late Government were indisposed to go in for an exteneive conversion scheme ab present; believing that the market would be more favourable in a year or two, but the inducement of securing a "windfall" of some half million or so in the shape of released sinking fund is thought to be too strong for the Dew Ministry to resist, and co it is fully expected thafc the conversion will bo carried out if the lasn agents can see their way to do ifc, in which case tha released fuiids will be available for publio works. I hear that a vote of £13,000 for the Welling-ton-Te Aro railway is a dead certainty, in addition to tbe other votes mentioned by me a few days ago. I know, too, that the Eailway Commissioners are very anxious fco remove and rebuild tbe Oamaru railway station so as to get a continuous run to Dunedin, instead of the present inconvenient backehunt. They regard the present Btation as much too small, besides beiDg very awkwardly placed. They would like a larger station built and north of the lagoon, which is now being partially filled in, and would be partly bridged if tbe same engines could go right through between Dunedin and Christchurch both ways, thus effecting considerable saving both in time and working expenses, Tho goods station would remain where the present paesenger station Btßnds. So largo an affair as this, however, cannot be carried out until a further capital sum is available, and out of loan or otherwiee, but the improvement is considered very desirable on the score of publio convenience, and of economy in working.