OUR LONDON LETTER.

Otago Daily Times, Issue 9294, 9 December 1891, Page 4

OUR LONDON LETTER.

(From Oui: Own Correspondent.)

London*, October 31.

THE OAMAUU IIAEllOUI! HOARD.

The circular of the Oamaru Harbour Board announcing it's inability to pay the half-yearly interest ou the LIOO,OOO loan has created no small stir in the financial world. It is not the magnitude of the default, but the lesson wbich is to be derived from it, that has caused so much attention in the press. Of course, LIOO.OOO is nothing much, and can affect but few bondholders; but, in view of the pessimistic opinions held in money circles here concerning New Zealand harbour boards and other New Zealand investments, the news of this default is pretty serious. As early as December last year the Financial Times—certainly tho most trustworthy of all financial papers—called attention to the "unsatisfactory financial transactions" of the harbour board, and insinuated that several changes of its bankers were not particularly auspicious. Now, this same paper may take credit to itself (as it does) for having warned investors. All the papers have spoken pretty strongly on the subject, but the Financial Times has spoken plainest aud at greatest length. For all that, aud although New Zealand and New Zealand finances are not in particularly good odour just vow, the news of the default has had no effect whatever on New Zealand stocks. So that it would seem as if tbe favourite colony had still a hold upon the confidence of

the city. TAXATION* AND THB B.U.I.AXCE GOVERXMEXT. • The paper which I have referred to above, and which seems to keep a special New Zealand man on the premises, so learned is it in the affairs of your colony, has a further article on the subject of New Zealand taxation. The writer considers the present Government, "admirable as it is in many respects, is falling into the same error as its predecessors, though in a dilferent form. Previous Governments endeavoured to conciliate the "labour vote by a lavish expenditure of borrowed money. The present one is committed to a policy of nonborrowing, but is urged on by the labour interests to the imposition of taxation on capitalists which may ultimately do more harm than will counterbalance its other achievements of a far more praiseworthy kind. AA'e

do not propose to raise the question of direct versus indirect taxation, because we hold that cut-:iiiil-drjed theories such as may be fittingly discussed iv relation to fully-developed communities are not always applicable to new countries such as New Zealand. In such cases

as the latter the discussion of academic theories is, to a large extent, beating the wind. The rule for their guidance must be that of expediency, and it Is undoubtedly inexpedient in the highest degee that in a countiy like NewZealand anything should be done tv discourage the introduction of trading capital. The colony has boundless possibilities of development, but capital is needed to bring these to fruition, and fiscal legislation directed.'it capital is, under the circumstances, suicidal ill practice, whether it be right or wrong in theory. In Great Britain. ' for instance, we can alford to discuss such I questions academically, knowing that the stability of our finances will enable us to let the theoretical accuracy of our methods prove j itself, but the best theory in the world, though supported by all the accepted text-books of political economy, will not make up toa country like New Zealand for the disastrous effects of heavily taxing her very life-blood in the interests of :i pampered laboui- party. Criticising the Treasurer's Financial Statement, the writer consi'deis tliat the Budget Estimates ■• hardly pointed to the necessity for such nn extraordinary measure as the Land and Income Assessment Act. of which the full details have como to hand by the last New Zealand mail. The fact is that new brooms art* sweeping a little too clean, and that the present Ooverimiont, in its desire to avoid the errors of the past, is trying experiments of a startling kind which, in the long run, may prove no less disastrous. The act to which we refer is not the only instance lit' this ; the whole tenor of current legislation is similar, and the best friends of New Zealand entertain grave doubts to the wisdom of the present policy." The act, the Financial Times considers, "can have but one ell'ect—that is, to render Hie holding of large estates in New Zealand an impossibility. Indeed, the* Government has avowed this intention; if it had not done so, wo should have declared, without the slightest hesitation, that its members were criizv. His certainly desirable that the land should go into the hands of small holders, but this way of attaining such an object i.s altogether too drastic, and it is bound to bring , retribution on the Government which has adopted it in the teeth of those who gave wiser * counsel." THE AUSTRALIAN CONTROVERSY. If you are not out of patience with this long- : continued quarrel I will give you the gist of Mr i i Fitchett's final reply. He reproaches Jlr j I Murray with misrepresenting himself us ! ' cournjft'DUfly m Jis m'w[»'«i>nU Austwlin, j j

He defends himself also against Mr Fortescue, who recalls the fact that Sir John Lubbock complained to the Premier of New Zealand on behalf of the Council of Foreign Bondholders " of obligations broken, creditors cheated, and debts evaded through the fault of the Government in the case of the New Plymouth Harbour Board." To this Mr Fitchett replies that when the New Plymouth debentures were floated "every bond bore on the face of it notice that the colony was not liable for the loan." Mr F'itchett denies that the New Plymouth affair, which is still under consideration between the parties concerned, is an instance of repudiation.

THE CRISIS IN NEW- SOUTH WALES,

The Ministerial change in New South AVales has invited comment from many sources. The criticisms of the press here fall, naturally, into party lines, that is to say, such papers as the Chronicle, the Star, and the Pall Mall are gleeful; whereas, the Tory organs are scornful. The St. James' devotes a leader to " Labour on Horseback," the presumption being that the same fate will wait upon labour, as waited in the proverb upon the beggar. This is very plain spoken. The defeat of Sir Henry Parkes must, it considers, be a happy releaseior him and his fellow Ministers, who have had to put up with daily insults from the mob orators, cranks, adventurers, ex-crossiug-sweepers, discharged potmen, and such gentry who represent labour and hold the balauce of power in New South AVales polities."

THK NEW ZEAUND SHIPPING COMPANY'S NEW

STEAMER.

The Ruahine, which was launched on the 21st, is an extremely line boat, and if we are to believe tbe authorities, is an effort to combine great cargo carrying capacity with accommodation for passengers, and suitable speed. She was built by Messrs AVilliam Denny and Brothers, of Dumbarton; she is constructed to carry 70,000 carcases of frozen mutton, and has first-rate accommodation for about 110 saloon passengers, while at the same time tho bulk of her 'tween decks will be free for wool and other cargo. Sho is 430 ft by 50ft by 34ft 6in, and is classed 100 Al, three-decked, at Lloyd's. She has a cellular double bottom, capable of containing upwards of 1000 tous of water ballast ; two complete steel decks, sheathed with wood; and over the citadel or promenade deck she carries a partial shade deck of light wood, upon which the boats are stowed, leaving a free promenade for the first-class passengers. Electric light is fitted throughout the vessel, and the state rooms are so arranged as to hold one, two, three, or four berths. Patent iron beds with spring mattresses are used. The second-class rooms are as comfortable as the lirst. The baths are all fitted with showers. The cargo gear consists of steam and hydraulic hoists fitted .at the fore, main, and aft hatches. A steam windlass and capstan is fitted on the forecastle deck. The steering gear is of the same description as that of the Union Company's Royal Mail s.s. Scot, and is actuated by theu* patent telemotor from the bridge. The refrigerating machinery is of the most powerful description, consisting of two engines supplied by the Haslam Foundiy and Engineering Company of Derby. The life-saving appliances of this steamer are very complete, including 11 boats, of which eight are lifeboats, all being built of teak. The engine room is fitted with Messrs AVeir's appliances, consisting of one of their feed-heaters, also two of- their direct double-acting pumping engines, and one of their evaporators. Steam is supplied from three double-ended boilers, six furnaces in each, worked by forced draught upon Mr Howden's principle. ANGLO-COLONIAL JOTTINGS.

I sco that Jlessrs Longmans announce as nearly ready Mr George Edward Mannering's book about his Mount Cook experience. It is called "AVith Rope and Axe in New Zealand Alps," and will be published at 12s 6d. If it is anything like as amusiugas Mr Green's book it should be worth reading. Mr Hume Nisbet is the most industrious of ivriters. Chatto and AVindus a month or so ago, issued his "Lessons in Art," the other day Messrs AVard and Downey published a tale of Tasmanian life called "The Savage Queen," while we are promised very shortly a tale of adventure in the South Seas entitled, " The Jolly Roger," from "Messrs Digby and Long; then, too, have we not heard that the indefatigable Mr Nisbet is half way through a story which',deals with the life of Hongi, the great Maori chief ?

Messrs Heinemaun have just issued a cheap edition of Ada Cambridge's "A Marked Man." Ada Cambridge, as you may be aware, is the norn deplume of Mrs Cross, wife of an Anglican clergyman in Melbourne. Other Australian books issued this month in cheap editions are "A Colonial Reformer" (Macmillans), by Rolf Boldrewood ; and "An Australian Girl," by Mrs Frederick Martin, M'Kay, of South Australia. There is yet no sign of Christie Murray's new Australian novel, "Potts' Point," in which he is to lash the vices and manners of the Sydneypeople. The novelist would seem to have need of money just now, and the sooner he gets into print the better. It transpires that his bankruptcy was caused by the pressure of one individual. Play-writing and play-acting have not been all his fancy painted them. Messrs Macmillan have just issued a weighty tome ou the "Government of Victoria,1' by Edward Jenks, professor and dean of the faculty of law in the Melbourne University. The book is primarily a textbook for university students, but it is also valuable to the general reader, and especially valuable in that no other book of the sort exists.* Hitherto, to obtain the knowledge of the constitution and law of A'ictoria, the young Victorian must needs go to the Statute Books themselves; whereas, now, he has all that it is necessary for him to know about his colony in 400 octavo pages, and that very lucidly aud concisely set forth. I refer to this useful book with some insistence, because it seems to me that some learned lawyer in New Zealand, if not the Government itself, might well follow Mr Jenk's example. The Hon. Howard Spensley, who was Solicitor-general in the Ministry of Sir Gavan Duffy in A rictoria, and was elected for a brief space in 1885 as Radical M.P. for Central Finsbury, has just been chosen as the Gladstonian candidate for Dudley at the next election.

Bishow Barlow, of Northern Queensland, who is now in England, has received the degree of D.D. from the Archbishop of Canterbury. He is staying at present at Hatfield Rectory as the guest of Lord Salisbury's son. As there is some talk just now of attempting to acclimatise new food-producing animals in England, an enthusiasticcorrespondent writes to

an evening paper hoping that the kangaroo will not be omitted. " Its flesh is excellent, and as it ranges in Australia from the forests aud plains up to the suow regions of the highest mountains of that continent, there would probably not be much difficulty iv getting it to thrive in many parts of Europe." The late Earl Fitzwilliam at one time kept a good many kangaroos in an enclosure in bis park at Wentworth AVoodhouse. Mr B. L. Farjeou did not see Mr Lestocq's dramatisation of his first successful novel, " Grit," till the third night of its production, having been holiday-making on the continent. He does not appear to share the opinion of the critics that the flavour of his work has evaporated on the stage, for he declares that Miss Alice Esden's impersonation of the Australian waif drew tears from his hardened eyes, and he has presented the actress an with autograph copy of the book in its original edition. Mr R. F. Cunningham, a young Australian singer who is now a member of the Carl Rosa Opera Company, is coming to the front* rapidly, as his friends expected. At Manchester he has lately been taking the part of Thaddeus in the "Bohemian Girl," and gave general satisfaction. M. Paderewski's pianoforte recitals have been so successful of late, that in Liverpool he has promised to give another. Mr J. C. Williamson,* of Melbourne, has purchased the Australian rights of " Glendalough," by Edmund Gurney. "Glendalough" is an Irish romantic drama, and has not yet been produced in England. Mrs Bei'uard-Beere, who will soon start upon an Australian tour, accompanied by M. Marius as stage manager, is the godchild of AVilliam Makepeace Thackeray, and she is very proud of a Chippendale cabinet, the christening gift of the great author. It appears that the trip to Australia has not benefited Lady Halle as much as was expected. She is now in Switzerland preparing to meet the trials of a Loudon winter. Sir Charles is in splendid health. Lady Jersey, writing to AVoman, contradicts the statement that she declined to patronise Ibsen's play of " Ghosts" on the ground that '•no lmiu could act the part taken by Jliss Janet Aelmreh." Although Lr.dy Jersey did not make the above remark, it is evident she is no admirer of Ibsen ; for she continues, "I felt unable lo give the public mark of approval desired to dramas which, to mv thinking, presented repulsive characters and pernicious theories." Oil learning Lady Jersey's objection. Jliss Aelmreh courteously endeavoured to substitute another piece, but found it impossible to make the change. The letter concludes:

" I should be very sorry that either Miss Ai'hui-eh or her friends should think that I used an expression disrespectful to one whose action was throughout generous and considerate." All Lady Jersey's friends (comments Woman) will be glad to know that she did not misapply the term " lady " in such a ridiculous manner.

In a letter to the Chronicle, the Rev. Hugh Price Hughes quotes from Rev. AY. 11. Fitchett, of Melbourne, whose esuav was read by Ah* Morley, of New Zealand, at the Ecumenical Conference at AVashiugton : and in the course of his letter lie speaks of Air Fitchett as •• one of the most gifted, enlightened, and cultured of onr Australian brethren." He thinks Mr Fitchett's essay invaluable. In describing the alarming results of the secular system of education adopted in "the name of false Liberalism,*' tile essayist says, "the A'ictoriau secular system undertook to banish from primary education everything to which on so-called religious grounds any one could object. So it banished the New Testament to please the Jew, and both Testaments to satisfy the infidel. It next I banished history to satisfy tho Catholics, and I religion itself of every sort to appease the j atheists, But it was soon found that authori- j tativu morality hnd disappeared with the Bible, No teacher wa* able to say > Thou slmlt net !>■'■• yr *'J/lwu fbaU not sU'«V t° "tlic rf-iWrai j

he taught." ''Thus," remarks Mr Price Hughes, "the Gospel according to Matthew was forbidden, and the gospel according to Mil) endowed, and this was the logical conclusion reached by au extreme secularism."

The " Fortnightly," for November, contains a critical study of Rudyard Kipling, by Francis Adams, whose name has been to the fore lately in regard to the Australian controversy. Mr Christie Murray writes in the " Contemporary" on the " Renaissance of the.Stage." He says that Mr Haddon Chambers "bids fair to go far," and pays a tribute to the young Australian, while denouncing Ibsen and all his ways.

Mr Edward AVakefield* contributes an article to the same Review on "The Brand of Cain in the Great Republic." He thinks that the States are in a bad way and likely to be in a worse. Murder is accounted a small offence and human life is nothing. Ajiropos of his point, he related an interesting experience of his own in America. Having occasion to leave his seat in a car, he asked his neighbour to keep it for him while ho was away. AVhen he returned he found a burly stranger hesitating whether to. occupy it or not, and the two neighbours, each drinking his coffee, and covering the intruder with their revolvers ! The New Orleans massacre, Mr AVakeford declares, is well known to have been the outcome of an Irish feud, not au Italian. There is no evidence of the existence of a Mafia in New Orleans at all. The cause of the' blood-guiltiness of the American nation is threefold: It is due to the slavery until recently existing iv the States, to the civil war, both of which helped to brutalise public sentiment, and lastly to the futility of the law in the States.

The Rev. Thomas Flavell, of Christchurch, is engaged on deputation work for the Society for the Propagation of the Gospel here. Under the title of " The last of tho bushrangers," Mr Francis Augustus Hare, late police superintendent in \Tictoria, has published an account of the exploits and capture of the Kelly gang. Jlessrs Hurst and Blackett are the publishers.

A very sad affair came to light at Manchester the other day at a coroner's inquest on the body of a woman named Frances Emily Bennett, wife of the clerk of the works of the Salford Coqioration. The lady, who wa? 31 years of age, committed suicide by drowning herself in a reservoir, and in the course of the coroner's inquiry it transpired that she had been under the treatment of Dr James Henry Drummond, who took advantage of her. The husband said that she confessed her infidelity; but although he forgave her, she became very depressed and nt times hysterical. He taxed the doctor, and the latter.admitted the charge. About a month ago he sold his practice and went to New Zealand, accompanied by his wife and family. Mrs Bennett had further stated that she had often threatened to confess, but that the doctor frightenedherintosilence. Thecoronersaidsuch a crime was the gravest of which a medical man could be guilty, and that Dr Drummond's conduct was infamous. The jury returned a verdict of suicide whilst temporarily insane.