THE OTAGO DAILY TIMES TUESDAY, JUNE 9, 1891.

Otago Daily Times, Issue 9137, 9 June 1891, Page 2

THE OTAGO DAILY TIMES TUESDAY, JUNE 9, 1891.

The New Zealand Trade Review recently published certain figures regarding our exports, imports, and bank discounts, which have aroused some notice in the commercial world. The Review notices that, while in 1881 our imports exceeded our exports by about one million and a-half, in 1890 the balance is the other way, our exports exceeding imports by no less a sum than three millions and a-half. Now, on the face of it, it appears from these figures that New Zealand did a better business in 1890 than in 1881 to the tune of five millions for the year. We do not know that this statement can be impugned by any nicely calculated array of economic laws and figures. The exports of a country like this differ profoundly from those which economists have to subdivide and re-arrange when they deal with a country like Great Britain, which is the commercial clearing-house of the world. The exports of New Zealand are the actual products of our soil and our labour, and as truly represent our output as the grain and stock periodically sold off a farm represents the actual output from a particular piece of land. It is, of course, quite true in a sense that the prosperity and progress of a colony may be partially gauged by its imports. No qualifying phrase, however, is necessary when we say that the prosperity of a colony may be directly and accurately gauged by its exports. The volume of these exports has risen from a little over six millions in 1881 to almost 10 millions in 1890, while over the same period the imports have fallen by a little over a million and a quarter. Prom whatever standpoint we regard these figures it must be admitted that there is every evidence to show that as a colony we are steadily growing richer at a very rapid rate indeed. The frozen meat trade, of course, accounts for a very large proportion of the increase in our exports. What the colony would have been like by this time if the frozen meat trade had not succeeded it would be very difficult to say; but we may legitimately claim the export of our meat as a direct increase to the wealth of the colony to the extent of at least two-thirds of the figures which now represent the London returns in this branch of trade. It seems clear that the increased volume of exports, coupled with the diminution of imports during the past ten years, means that the colony, as a whole is richer every year by five millions of money. If this be so, the question at once arises, where is the money 1 We are all complaining; it is almost impossible to express the want of confidence which prevails in the commercial world and the unwillingness shown by careful, prudent business men to invest money in undertakings intended to bear fruit in the future. Amongst other signs of curtailed business, according to the Trade Review figures, is the remarkable fact that we are leaning on the banks to an extent of something like one million and threequarters less than we were in 1881. Taking the years 1886 and 1890 for our comparison, covering a period of five years, we find that the imports and exports for those years were nearly equal, while the average bank discounts for 1886 were almost four and a-half millions and those for 1890 were only two millions and a-half. We may take another item in the banking returns to show where the money is. In the March quarter of 1881 the deposits bearing interest in all the six banks amounted to exactly 14,620,996; in*the March quarter of 1891 the deposits bearing interest were L 8,586,152, or in other words nearly four millions increase. On the other hand, while in the March quarter of 1881 the notes and bills discounted by the six banks amounted to 1,4,241,770; in the March quarter of the present year the same item stands at L 2,347,885 — nearly two millions less. The increase of bank deposits is so marked as to be well worthy of the most attentive consideration. What seems to have happened is this : that the public generally, mistrusting its own judgment, has confided its interests more and more to the experienced hands of bank managers, contentedly accepting 4 or 5 per cent., instead of 7 or 8 in the open market. The banks, on the other hand, taught by a sad experience, have tended ever more and more in the direction of the safe and sound customs of English banking, and have avoided even more and more the speculative risks in which they were wont to indulge in an earlier period of the colony's history. There is no want of money in the hands of the various banking institutions, there are plenty of funds readily available for legitimate commercial adventures. Never probably were the banks so strong in finance as at the present moment, and a comparison of their cash reserves with those of the great London joint stock banks shows that our New Zealand banks hold 5 per cent, more cash against their liabilities than the London banks.

The interesting facts and figures which we have cited above point directly to a probability of an allround rise in the price of commodities. Unless there be some financial earthquake to disturb legitimate calculation it is clear that the largeness of the funds available for trade in the colony must produce the invariable result, There is no more infertile and useless thing in the world than hoarded money, and there is always a pressing necessity incumbent upon those who have temporary charge of

large sums to use them for reproduction May we add that it is curious to observe our New Zealand stocks falling regularly on the London market just now, at a period when New Zealand finance is exceptionally strong. The English money lender, we notice, subscribed our loans two or three years after we all began to foel the pinch of hard times. Now, when the finances of the colony are on the up grade and private indebtedness is being largely diminished, the London financier still looks askance at New Zealand. There was a long sitting in bankruptcy of the Supreme Court yesterday. Orders of discharge were granted in the cases of bix bankrupts; and in another oaso the order oE diicharge was suspended for six months, Me Justice Williams considering that the bankrupt had carried on his business without proper regard to the interests of his creditors, and that he ought to have earlier called his creditors together. An order of adjudication was made on the petition of creditors in the estate of a young man who has been carrying on business as a butcher in Port Chalmers, and who opposed the petition for his adjudication. The whole of the afternoon was occupied with an nuflnished argument of a highly technioa' character, which arose upon a motion for the proof of claim by the Bank of New Zealand against the estates of two of the Nenthotn miniog companies which are in liquidation. The monthly meeting of the Athenreum Committee, held last night, was attended by Messrs D. White (in the chair), J. R. Sinclair, V.'. A. Sim, W. S. Fitzgerald, J. H. OhapmaD, W. MAdam, J. G. Moody, W. B. Harlow, Professsr Gibbons, and Dr Colquhoun. The secretary was requested to acknowledge with thanks the receipt of one set of Blue Books (1890.- and one set of Acts (1890), forwarded by the Government Printer, Adelaide; also, Vol. XLVI. " Journal of the Legislative Council of New South Wales," forwarded by Clerk of Parliament, aDd copy of " The Light , ' that Failed " (by Kudyard Kipling), presented I by Mr R. Hay, C.E. ■■ The Library Committee's " | report, recommending that about 500 replaced 1 I and new books (which include 12 volumes of 1 J "Dictionary of National Biography") should be ' j ordered, was approved. It was decided to order ' i the quarterly magazine " Economic Journal." ! j Accounts amounting to £42 Is lOd were passed i ! for payment. Several works recommended in i I suggestion book were ordered, and a number of minor matters were considered and dealt i with. Mr K. Beotham, R.M., the commissioner 1 appointed by the Government to inquire into the charges made by Mr James M'Donald against the official assignee, in connection with the former's bankruptcy, will commence his ■ investigations in the City Police Court this • forenoon. I At the City Police Court yesterday, three first > offenders for drunkenness were convicted and l discharged. Percy Austin Quinlan was charged . with obtaining, by false pretences, two sums of , £6 and £5 respectively, from Joseph Francis , Nixson, of Dunedin. Mr Solomon, who appeared ' for accused, applied (or a remand till Wednes- ' day, which was granted. Dr Hislop was the presiding justice. The monthly meeting of the George street 1 School Committee was held last night, and : attended by Messrs W. Simpson (chairman), S. i -M'Donald, C. Haynes, J. W. Jago, and the Rev. [ J. Gibson Smith. An apology was received from ; Mr R. Cogill, who was unable to be present owing to illness. It was decided that the midI winter holidays should be from the 3rd to the i 13bhofJuly. The Chairman reported that Mr A. M'Lean had given the committee notice of his resignation as second assistant, he having ' been promoted to first assistant. The report of > the head master showed that the number of t scholars on the roll was 832, and there was an ) average attendance of 742 for the past four ■ weaks. A large number of children were still ) absent through colds. Accounts amounting to t £7 153 6d were passed for payment. A man named John Dickson, aged 28, who resided with his parents on the west side of Lake Waihola, died suddenly on Suuday after- ' noon. Dr Stewart was called in, and, after an 5 examination, stated that death resulted from ' pneumonia. ' With the view of putting a stop to the adul- ' ter&tion of liquor in South Danedin, the Licens- . ing Bench in that di3trict h&ve given instrac--1 tions to the sergeant of police resident there to ; obtain at intervals, for analysis, samples of ; drink sold in the several hotels in the district, j The Omimi Dairy Factory Company have been advised of the sale of their shipment of cheese per Doric. The quantity was five and a-half tons, and the price obtained, 58s per owt in London. The Hon, R. J. Seddon made an inspection of ' the relief works at the Bealey, where he found 1 74 of the "unemployed" at work, and well ' contented with their surroundings. The earnings i of the best men amongst these (says the Lytteli ton Times) come to 8s or 9a for each day that • they are actually at work, and even the most ; indifferent workers earn 5s a day. The cost of living ranges from 63 a week the lowest to 11s ' tha highest.

Mr E. H. Wilmot succeeds Mr Strauchon as surveyor in the Mataura district, Mr Wilmot's place at Queenstown being taken by Mr M'Eenzie, draughtsman.

A farmer named John Sutherland has been arrested, at Invercargill, for shop-lifting. The police found £18 worth of clothing on his premises. Ho was sentenced to six months' imprisonment on one charge, and was remanded on the other of stealing four suitß and an overcoat, valued at £10, from the New Zealand Clothing Factory's premises.

In a chess match between Auckland and Wellington, extending over the last three Saturday nights, Wellington won by SJ wins to 6J wins.

It may not be without interest, for our readers to know that the Rev. A. Berry, whose departure for this colony was announced in yesterday morning's cables, is the gentleman who refused the pastorate of the late Rev. Henry Ward Beecher's Tabernacle in Brooklyn. Mr Berry is under 40 years of age, and has the reputation of being one of the best preachers and all round men in the Congregational denomination.

The New Zealand Times understands that Mr W. F. Wheeler, the Wellington manager ol the Union Steam Ship Company, is about to assume the management of the Union Insurance Company in Wellington. He has been for many years an active and prominent officer of the Union Shipping Company, and when transferred from the head office, Danedin, to take the Wellington management his departure caused universal regret amongst his numerous friends, his brother officers, as well as the residents of St. Clair, where he then resided.

Mr G. M. Main, of Auckland, has issued a "Short History of the Newspaper Press of Auckland," whichhecompiled for last year's eight hours' demonstration. It contains both useful and interesting information. Many names well known in Otago figure in the chroniole. Mr W. Hutchison, M.H.R., for instance, was the first editor of the Weekly News, started in 1863; Mr Lambert, who started the Otago Colonist, came from Auckland; and Mr A. H. Burton, photographer, was connected with the Weekly Register, started in 1857. Mr Main, in conclusion, says:—"One fact which comes out clearly from the recital of this array of Auckland journalism—nearly 100 journals in 50 years—is that longevity is not its marked characteristic. Of the older journals only three remain to this day—the New Zealand Herald, the Auckland Weekly News, and the Auckland Star—a further illustration of the doctrine of the 'Survival of the fittest.'"

A correspondent of the Grey River Argue reports the following gold robbery:—William Kelly,» miner residing at Italian gaily, about two miles and a-half from Maori creek, has fallen a victim to these nocturnal thieves by getting 50ft of bis tail race washed up. The robbers coolly lifted the blocks, running the dirt down to a smaller quantity, panning the remainder off in a tin dish, and decamping with the gold. Mr Kelly asserts that a few more days and he would have finished in that place. I am informed that he estimates his losb at about three or four ounces at the very lowest. A noticeable feature in all these robberies is that the knaves wait until some unfortunate person or persons are about to wash up. Should they then leave their race open overnight for the want of water or some other cause the robbers, seeing their opportunity, take the advantage thereof.

Referring to the Hod. Mr Shrirmki's remarks oomplaining that the magistrnto never invited J.P'a. to Bit with him, Mr 0. B. Rawaon, R.M. at Inveroargill, says:—"lt is not necessary that the justices should wait for an invitation, as they have a right to sit with the magistrate whenever they desire to do so. As far as lam personally concerned I shall be glad of the companionship and assistance upon the bunch of any of the justices of the peace whenever they find it convenient to sit with me. Mr \V. A. Jinkius, advance agent for the phonograph, has been figuring at the Invercargill Police Court as defendant. A charge of assault was dismissed, but for refusing to admit Detective Maddern ho wae fined £1, and costs, It is stated that the decision will be appealed against, as it is alleged tho theatre is licensed under the provisions of the " Municipal Corporations Act 1886," which did not give a constable the right of free access to a theatre. The city of Louisvillo (U.S.) was recently thrown into a state of excitement over the successful attempt to poison a wedding party by the jilted lover of the bride. The bridegroom was Mr I. A. Snooks, and his bride Miss Herr, the daughter of a wealthy citizen. A young man, for whom the police are now searching, whose suit had been.refused by Miss Herr's father, managed to place a quantity of arsenio in the coffee served at the wedding reception. Three of the guests have died, and many are ill from tho effects of the poison. The bride and bridegroom got as far as Cincinnati on their bridal trip, when they were both taken very ill and had to return. They are in 5 critical condition. The clergyman who officiated at the wedding is dying. Eight of the victims are lying ill at the house of the bride's father (Mr Herr), who has died. ' After the bitter and costly ezperienca of Lady Sandhurst and Miss Jane Cobden, it is not likely (says the London Daily Telegraph) that women will again seek the transitorj eminence membership of the London County Council confers until Parliament passes a distinct and definite law entitling them to wear its honours unmolested. Lady Sandhurst, ex-county councillor for Brixton, was unseated on the petition of Mr Beresford-Hope. Nobody has attempted to deprive Miss Cobden of her place as representative of Bow, but although nominally unassailed, her position is an unenviable one, since every time she attempts to act or vote as a councillor she renders herself liable to £50. Sir Walter da Souzi brought an action to recover five such penalties, and Mr Justice Day decided against her, but reduced the amount to onehalf. The Court of Appeal has now confirmed this judgment, but still further lessened the sums recoverable to 10s per vote. The Lord Chief Justice consoled Miss Cobden with his assurance that her position as a county councillor was indisputable, since 12 months had passed since the election without a petition; while on the other hand the Master of the Bolls and Lord Justice Fry dashed away this comfortless solace by declaring that the election from beginning to end was null and void. The only hope now left is that the House of Lords may take a more lenient view of the case, and wipe away even the 10s. The Liverpool Weekly Courier, of April 18, has the following:—" On Tuesday the Master of the Bolls and Lord Justice Fry, sitting aa a Court of Appeal, gavo judgment in a Mancheater licensing case of great importance. Joseph O'Brien, beerhouse keeper, of Hulme, applied for the renewal of a license, and the application was refused. He obtained a rule nisi for a mandamuß requiring the justices to hear the application again, but tho rule was discharged by Baron Pollock and Mr Justice Charles. From this decision the applicant now appealed. The Master of the Rolls, in giving judgment, said the question seemed to him to be whether the justices had not decided the application on grounds outside their jurisdiction. They could not—inasmuch as the house came under the Act of 1869—refuse to renew the license if tho applicant was of good character. The city justices decided that they could not and would not renew tho license because of the applicant's failure in this respect. No evidence on that point being tendered to them, they were right. But then came the appeal to the Quarter Sessions, and there it was admitted that the man was of good character. The justices, however, allowed themselves to consider the other question, the large number of public houses in Manchester, and refused the application. That being so, they had gone beyond their jurisdiction, and a mandamus must go to direct the justices to reconsider the case with regard to the character of the applicant. The appeal was consequently allowed." An open meeting of the First Church Young Men's Literary Association was held last evening, when there was a very large attendance, not only of members, bnt of the general public. An essay on "Humorous Authors" was read by Mr T. A. Finlay, and was interspersed with readings and recitations characteristic of the authors dealt with by the essayist. The essayist dealt in succession with Thomas Hood, Artemus Ward, Charles Dickens, Bret Harte, Jonathan (Dean) Swift, S. L. Clemens (" Mark Twain "), Thomas Moore, Oliver Wendell Holmes, and the " Bon Gaultier " ballads. At the conclusion he we 3 heartily applauded. A quartet," The chafers," and a trio, " A little farm well till'd," were rendered by several members of the association. " Atticus " in the Leader writes: —An enemy hath done this. Such is certain to be Mr Gillies' reflection"when he reads the account of him inserted in the new edition of " Men of the Time," which now, by the way, assumes the broader title of " Men and Women of the Time." Many Australians figure in its columns, but none are treated so scurvily as our ex-Premier. Half a dozen lines are devoted to telling who he is, and the rest of the notice is made up of an extract from a speech delivered by Mr Munro, in which his blunders as a Treasurer are pretty strongly underlined. We are told of the magnificent opportunity he enjoyed and the ieasy way in which the money flowed into his hands; and yet when the hour of his compulsory departure arrived he left to his successor a debit balance to struggle against of £582,282. This is somewhat rough on the a9tute Duncan, to have the criticism of a rival pat before the world in a standard book of reference as though it were entitled to be read as history. The Standard's correspondent at Sofia has had an interview with M. Stambouloff, who gave an account of tha assassination of his companion. " I happened," he said," to step back and leave a gap between myself and my companion at the very moment when a pistol flashed in mj face, and the ball, which otherwise would certainly have entered my body, hit M. Beltcheff. The report and the flash so close to me, and in the darkness, scared me for the instant, and shoutingl Run, Beltcheff !' I dashed off myself. But the first shot had partly stunned him, and as he raised his arm, which had deflected the bullet, he received a second ball straight in the breast. I stopped at once, and returned with some policemen who came up, in the hops of assisting my friend. Of course I ought to have gone straight on and raised a hue and cry. I cannot tell you how unutterably shocked I am at the whole affair. I assure you that no outside advice or pressure shall induce me to show the slightest clemency, or dissuade me from exterminating all who are implicated in it. I have known of the existence of a plot of this kind for some time, and one of tho men mixed up in it confessed to me not long ago that he had actually lain in wait for the Prince, but at the last moment had lost courage, and had not ventured to fire the fatal shot." Mr James Edgar has received information from his head office in Auckland that Mr Warwick Weston, the present inspector of the New Zealand Insurance Company, has been appointed general manager, vice Mr George P. Pierce (deceased). It has been explained to us that an idea has got abroad that the general public cannot be accommodated in the stalls at the forthcoming production of " She Stoops to Conquer" on account of the students being placed there. We have been asked to state that this is quite incorrect, there being over and above the places reserved for students more than 200 seats available by the public. The Btudents will be seated in the body of the hall, and seats in the front, back, and sides will be obtainable in the ordinary way. In order that the performance may be over in good time, the curtain will rise at 7.45 p.m. The "Huia" schottische, by Mr Francis A, King, of Wellington, is a lively and taking composition, specially suited for the barn dance. The frontispiece gives a well-executed view of Queen Charlotte Sound. On a nikau pslm in the foreground is perched a well-drawn representation of a male huia, in its blue-black plumage. Messrs. C. Begg and Co. are the local agents.

Mr A. Knutzen has commenced the teaching in Dunediu of what he terino commercial shorthand, an adaptation of Everett's system. It is claimed that the system can bo taught in 12 hours, after which, of course, the speed attained will depend on tho capabilities of the student.

Mr Arthur Olampett will glvo lilb third popular concert on Wednesday evening next, 10th June, In the Choral Hall. We hone to see a large attendance on the above occasion, Mr Olampett'o vocal powers being of the ilrst order. Meßars Jamea W. Wilson and Co. sell freehold property at Kaitangala on June 13, at 6 p.m. A general meeting of members of the Peninsula Butter Packing Company will be held on Saturday, at 2 p.m. A meeting of the Otago Institute takes place this evening at the Muieum. Papers will be read by Dr Soott aud Professor Parker.

Messrs Hoid, Maclean, and Co. sell 35 head fat and forward-oondltioned cattle at Burnside to-morrow.

Messri James Samson and Co. tell, on an earl; date, freehold land and housea in the Taierl dUtrlot. They also sell household furniture and other requisites on Thursday, at their rooms. Have you read Kden George's announcement In a column advertisement on another page ? Everyone who neglects to purchase deposit a ticket will ever regret it.—[Advt. ] Marriage Presents.—lntending purohaßers of above are respectfully invited to inspeot tha new goods juat opened at G. and T. Young'f, 38 Princes •treefc, Dunedin. Two shipments new goodi received this month.— [Advt.] Money can be obtained from B. Franoli, Octagon (next Athenamm). Repaid weekly, monthly.—Advt.] lons Hislop, Watchmaker and Jeweller, 74 Prlncei street. The oldest established home in town. Repair* of all klndi. Good assortment Watohei, Clocks, and Jewellery. Speotaoloi to suit all glghti.—[ArjvrJ