THE OTAGO DAILY TIMES TUESDAY, DECEMBER 15, 1891.

Otago Daily Times, Issue 9299, 15 December 1891, Page 2

THE OTAGO DAILY TIMES TUESDAY, DECEMBER 15, 1891.

Ik November 1889 a prospectus was issued in London of the Westport Wallsend Coal Company, Limited, witli a capital of Ll 00,000, Sir William F. Drummond Jervois (late Governor of New Zealand) being chairman with an influential body of directors to support him. The prospectus stated that the company had secured valuable leases, comprising upwards of 3000 acres, part of (he celebrated Westport coalfield, which Dr Robertson, a Sydney expert, estimated to contain twenty million tons of coal. It describes in glowing terms tbe high character of the Westport coal; it quotes from Captain Kane's report to tlin English Admiralty, in which he attributes his escape in H.M.S. Calliope from the hurricane at Samoa largely to the excellence of the Westport coal. It states iv large letters that " the colliery is a going concern. Contracts for sale of coal secured. Minimum dividends of G ncr cent, guaranteed for six year.-?." Anyone reading this prospectus might be pardoned for supposing that the description referred to the well - known and long - established Westport Coal Company, whose works are situated in the same coalfield. It is needless to say, however, that the prospectus does not refer to the Westport Coal Company's property at all, hut to another lease situated at Ngakawau ; and although it cannot for a moment be supposed, with Sir William Jervois' name on the prospectus, that there ay-is the slightest intention to mislead investors, we think there should have been some explicit statement Unit the two companies were entirely different. From the first report of the directors, which has just been issued to tlie shareholders, and copies of which have reached the colony, it appears that the company has paid the vendors, partly in cash and parlly in paid-up shares, LG7.500 for tho property, besides recouping them for moiiey spent on a short railway to the extent of L 3200 ; and that of the 1,100,000 of capital ouly some L*20,000 or L 25.000 noAv remains to develop the property and to supply all the plant required for an output estimated in the prospectus at ISO,OOO tons per annum. This is probably not enough |to purchase the moveable plant for such an output, not to mention the cost of opening up tbe mine, constructing tramways, ccc., which would probably require fully another LiiO.OOO. The reportstatostiiiitanotlier. Xpert, P.-oiVrsror Kenton, had vLsiied the property, and l,„rl vn.r,r,.t o d «(.*--.- To v<-.ii ,-■■ !,!«* -.1 it. Ir,

the directors' report, liowovor, matters aro not quito so rosy ns in tho j prospectus : a warning note is sounded in (ho following words :- "On tho lower portion of the area, which is at sea level, soft or coking coal wns Winy raised from what was known as tho Albion mine when (lie property was taken over. Tho directors regret that the supply, however, trout this source has Veen most unexpectedly eurlailed, subsequent working having shown that this portion of the property has been isolated by granite intrusions" : which means that tlio portion of the lease to which the railway lias been made and paid for by the company, having produc d a few thousand tons of crushed coal, tho supply is now entirely cut oil' and cannot again bo worked from that level. The remainder of the property is situated at a much higher level, and cannot bo worked without a dillicult and expensive tramway. Let us now see what the history of this property has been, and if we can throw some light on a concern for which tbe British public has subscribed 1100,000. Some time ago what is known as the Albion Company's lease was held by a syndicate in Westport. They took up on prospecting licenses a considerable area adjoining, and sold the whole property to a firm of solicitors, for which we understand they were to receive LSOOO in cash and LSOOO in paid-up shares in a new company. The property was resold to a syndicate in Sydney for L15 ; 00O, but the terms of payment we are unable to state. This Sydney syndicate sent over Dr Robertson to report on the property, and his report was published with the London prospectus. Shortly after Dr Robertson's visit an additional area was taken up, and subsequently sold to the company for I*loo, though why they should require to buy more leasehold Avhen the doctor had certified that the original holding of 3080 acres contained twenty million tons of coal doc 3 not clearly appear. Not satisfied with one report, the company sent over Professor Benton, who appears to Lave recommended extensive boring to be made on the upper ground ; and upon a second visit he made no secret of the fact that the borings had proved there was not sufficient coal under the land held by the company to warrant them spending nioney on a tramway to open up tho mine—iv fact, that if some other adjoining land could not bo obtained, he should not be prepared to recommend his principals to go on with the Avork. JS ro mention Avhatover of this unfortunate state of affairs is made in the directors' report, but from the fact that the company has made overtures to the Westport Coal Company to purchase their Granity Creek lease adjoining, and that failing this they have been endea.'ouriug lo induce the Government to cancel part of the Westport Company's lease and grant it to tbem, we think there can be no doubt that our information is correct. It will be interesting to see what the directors have to say in explanation in tbeir next report. If our surmise is correct, all the shareholders have to show for the large capital subscribed and paid away is a short railway leading to the crushed coal on the lower level which bas been entirely cut off by granite intrusions, and the lease on the upper level, which their own expert considers to lie not worth working. It is true they havo 6 per cent, guaranteed for three years ; bui seeing they paid the vendors some L 40,000 in ca Ji, besides 127,500 iv paid-up shares, it is easy enough to give them ba k some of (heir own mo::ey. It is tolerably clear that the Westport Wallsend Company is likely to be one of those unfortunate colonial ventures of which the British investor has already had too large an experience. A case of great hardship—indeed, of injustice—has been brought under our notice, ar.d in the public interest we deem it desirable to state the facts, so that others in a similar position may havo warning. The holder of a small grazing r.m in an out-of-the-way part of the province, required to pay bis rent at Invercargill. The rent was 115 every half-year, payable on the Ist September and on tho Ist March. The last half-year's rent, which was payable in advance, became due on the Ist of September, and the tenant of the run sent to his agents in Dunedin instructing them to pay the rent. Owing to tho distance of the run from town some little delay took place in forwarding the rent to Invercargill, but tho 115 roache! the Invercaigill office on the Ist of October, being 31 days after the rent became payable. The receiver of land revenue at Invercargill refused to receive the 115 unless a sum of 131 Avas also paid, this penalty being claimed under section 188 of the land Act, being at the rate of 11 for every day the rent was unpaid. This penalty being absurd under the circumstances, an appeal was made to the Hon. John .M'Kenzie, Minister for lands, who gave directions that, the fine for nonpayment of rent must be insisted upon. The receiver of land revenue accompanied this instruction of the Minister for lands with an intimation, dated 7th of this month, that " if payment of the penalty demanded bo not mado Avithin one Avcek the matter would bo brought before tho land Board in order to have the run gazetted in forms of clause 188 of the 'land Act 1585.' " The meaning of this is thnt if the tenant of fhe Crown will not pay a penalty of 131 for allowing his rent of J.-15 to bo in arrear 31 days he is to have his run forfeited and be driven off it. We can scarcely conceive a more ihigrant act of tyranny, and it' Mr .M'Kenzie imagines that he is likely to promote settlement in the colony by such conduct he is greatly mistaken. If a private landlord were guilty of such cruel harshness lie would be universally condemned, but when such unjust treatment is muted out to a bona j'ulc settler un-.e-r the Crown it is simply disgraceful. Mr M'Kenzie's object would seem to be to exercise lii.. brief authority in I lie harslie:.!-. manner he ran think of. The tenant in question is beyond all doubt a bona full and hard-working settler, but it would not surprise us to find lhat a bailiff had been sent down to arrest him and hive him committed to the ciutody of her Majesty's gaoler. Tlie H.M.S. Mnriposri, with th.- Hughs), mails on board, left San I-'rain-is.-o at 1 p.m. on the 11th inst., one day late, Sin- is due in Auckland on the Ist .'auurii-y. The llobni-t Mercury states that already (];,-, action of tlie X.-w Ninth Wales I'lm-rem.-nl in propu-riiir,' a pr'li.-y of protection for that colony is m.-.kim- its--ll" feh in Hobart. Several IV. i-tni-ies ,-ire .edm-in;* I heir hn,ids, as file inipi.,l jrlne.-,| on Hi.-rolMr- ,„ ioii!"a.-i urcd prevent-, its i-viinihto NYwr-i.uth U'.-ib-

If is said lhat the Government has sent fo ! England for 1.000 of the present regulation rifles of the British army - the Met ford-Lee— | and tor 1,000,000 rouni'ls of ammunition for tbem. The Railway Commissioners notify that soot in bags will be carried on lho railways as nrlilieial manure, at owner's risk, and classified under class I. Jlr Alexander Maepherson, late manager of (be Land Company's i'areora Estate, has obtained Ihe appointment of secretary to the Lungbum Freezing Company, out of about 100 applicants. A Kingston correspondent writes :—At a meeting of friends in the Lake AVakatipu Hotel on Saturday Jlr V. I'nsworih was presented with a handsome gold locket and chain on his leaving Kingston railway station for another position. Jlr Thomas Spence, who made Ihe presentation, said the residents of the district had learnt with regret of Jlr Ihisworth's removal, as he had proved himself a courteous and obliging oilicinl, who made troops of friends. Jlessrs Cameron, Dully, and Kerr also referred lo Jlr I'nsworth's integrity and straightforwardness, aud after (he presentation had been duly acknowledged, Jlr Unsworth's health was toasted and duly responded to. ' The monthly meeting of the Athenreum Committee, held last, evening, was attended by Jlessrs I). AVhite (in the chair), .1. R. Sinclair, .1. A. Sim, AY. S. Fitzgerald, J. 11. Chapman, AY. Jl'Ailam, A. K. Barclay, AY. M. Bolt, J. G. Moody, AY. B. Harlow, and Dr Colquhoun. Copies of report and rules and regulations of the South Australian and Alctorian Public Libraries, &c, were received with thanks, also Jlr A. (J. Broad's offer to supply free copies of the Prohibitionist. A number of matters respecting the working of the institute were discussed and referred to respective sub-com-mittees to report at next meeting. Accounts amounting to L 137 ls 9d were passed for payment. It was decided to order several volumes recommended in the suggestion book. It was stated that the 329 new books just received by the Home mail would bo ready for circulation in a few days. The service of song entitled "The Oiled Feather" given in St. Paul's Schoolroom last night in aid of the school funds was a pronounced success. The children were prettily dressed and sang very well. Jlr AVest gave a solo, and the Jlisses and Jlessrs A. and AY. M'Carthy a quartet, both of which were appreciated. Jliss Behberg presided at the organ, and Jliss Lo Keong at the piano. The story was read by the Rev. G. AY. York. The Taranaki (New Zealand) Petroleum and Iron Company (Limited) has just been registered (says the European Jlail) with a capital of £125,000 in Ll shares, the object being " to carry into effect an agreement expressed to bo mado between the New Zealand Petroleum and Iron Syndicate (Limited) of lho one part, and the Taranaki (New Zealand) Petroleum and Iron Company (Limited) on the other part; to acquire concessions, oil wells, iron or other mines, mining rights, metalliferous and other lands, estates and properties of any tenure whatever, ill New Zealand or elsewhere, and to develop and turn to account the same." The first name on the list of subscribers is that of Sir Julius A'ogel, K.C.JI.G. There are not to be less than three nor more than seven dirce-* tors, the qualification being 200 ordinary or four founders' shares. Ueniuneraliou, £150 each per annum, with an additional 5 per cent, on the net profits of the company after payment of 10 per cent, dividend. Jlr "Walter Bentley has scored a success iv Jlelbourne as Hamlet. The Argus says : — "Jlr Benlloy's Hamlet possesses the somewhat unusual quality of originality. In conception and execution it departs in many respects from precedent and tradition, and these departures cannot be deprecated. He makes the key-notes of the character a profound melancholy enlivened by a saturnine humour, a reverential affection for his father, and an irrepressible hatred of his uncle, mingled with a scorn that deepens into the utmost bitterness. His scenes with the ghost in the lirst act were admirable in their earnestness, iv their conflict of emotion, and their interplay of solemn awe at the supernatural visiting, and of fierce indignation with the crime of the usurper. They excited the enthusiasm of the audience to such an extent that they endeavoured to call Jlr Bentley before the curtain twice while the business of the act was still proceeding, but he very properly refused to accede to the demand. In the second act he was alternately humorous, poetical, philosophical, and colloquial, always in obedience to the exercise of a sound judgment, and with the happiest effect, wllile his by-play in connection with the espionage of Kosencrantz and Guildenstern served as a skilful elucidation of jhe text. His scene with Ophelia in the third act was especially good.*' It is admitted by Unionists that after Jlr Morley's recent speech in reply to Jlr Chamberlain's Sunderland address, the latter cut a rather sorry figure. This is the manner iv which Jlr Labouchere dealt with Jlr Chamberlain : —" For Jlr Chamberlain he felt pity mingled with contempt. AVns it not a pity to see this ex-Radical donning the Tory livery, putting on first tin: coat ami then the breeches, until he stood forth boldly in the character of a Tory flunkey, paying for the invitations he received from noble lords by*"ex;!ggorated praise of them, and by scurrilous abuse of Jlr Gladstone, whom he seemed to detest with the impotent rage and detestation of the crushed viper. Iv the early stage of the Christian era there was another traitor,.who had enjoyed a notoriety of infamy for nearly 1900 years. He had not como down there to defend Judas. Still there was wimething to be said for Judas, for after betraying his Master he did not attend public meetings ; he'did not sponge on priests and Pharisees and Saddueees, in order to be received into their society; and he did not go swaggering about Judrea, saying he had now joined the gentlemen of Jerusalem. Judas was contrite ; Judas was ashamed ; Judas went out and hanged himself. In some things Judas compared advantageously with Jlr Chamberlain—not that he (Jlr Labouchere) could for a moment venture to compare those j two persons/ The Russians have made a singular discovery I iv Central Asia (says a correspondent of an Indian newspaper). In Turkestan, ou the right bank of the Anion Daria, in a chain of rocky hills near the Bokharau town of Kai-lii, j are a number of large caves which, upon. ( examination, were found to lead to an under- j ground city, built apparently long before the | Christian era. According to effigies, inscrip- I lions, and designs upon tho gold and silver money unearthed from among the ruins, the s existence of the town dates back to some [' two centuries before the birth of Christ. The underground Bokharau cily is about j two versts long, anil is composed of | an enormous labyrinth of corridors, streets, j and squares surrounded by houses and other j buildings.two or throe stories high. Tlie ; edifices contain all kinds of domestic utensils, i pots, urns, vases, and so forth. In some of the streets falls of earth and rock have ob- [ slrucled the passages, but generally the visitor can walk about freely without so much as lowering his head. The high degree of civilisation attained by the inhabitants of the city is shown by the fact that th.-y built in several slrrries; by the symmcli-y of the streets au.l squares; and by lln- beauty of the baked clay and metal utensil-, and of the ornaments anil coins which have been found. It is supposed that long centuries ago this cily so crirefnllv concealed in the bowels of the carlh provided an entire population with a refuge from the incursions of nomadic savages and rubbers. ln July the Paris Jlunieipal Council voted funds for the creat ion of a chair for tb.- Ilisloi-y of Labour at lire popular lor-tnivr rrl Ihe Uolel ,le Ville, bill del.iyo.l ua oliog fhe prof. ■, sor 1111 l 11 I! ml of the autumn vacation. The choice has fallen (tile Daily Xeus I'.,i is correspond.nl. announces) on Jl. Andre Ib-viUc, wln.se. father gave a course of brilliant lectures a good ninny years ago on the history of religions. Jl. Andre Reville'hns devoted himself to the study of the labour questions, to which end he visited all the niamil'acluring centres of Europe ami spent a long time in Eugland. His programme is the nriko.l (ruth, and le- intends neither io point a ! moral nor lo drnw a cm.-lu.-iuii. JI. RcVill.- j graduated at the lv-ole de Chartrcs, which he j quilted ;,, the senior gradllafc. The other j camliilalewas JI. Paul Lafargue. son-in-law of I Karl Jlnr-v, rmd now- a political pri-om-r at I cs.illle-l'elugio. li was renminbi rcdlhal Paris, 1 being now Vue Jleeen of democratic Europe, the p.-.m r-.-or should be a man o.'hir-haftnill- I inuii r, re. p.-med le, itili.e, sif , t.-l-. This is : the t„ ■'. 1.i1.0.1l- c!, ir I li-.I !...., ever been j instituted, al any rate in Europe. I

Regarding the very interesting congress held lately hy lho Herman Social Democrats at Erfurt, 'i need only recall the fact (says the correspondent of the Argos) that the party programme as there formulated includes "free liwyoring,"' free medical assistance, free medicine, ami free disposal of the dead. The Social Democrats of Germany are really getting on. Vet they were by 'no means sufficiently thoroughgoing for certain of their number and a split has resulted. Several very powerful men are now engaged in organising the Extreme Wing; and as they are in possession of inure that one Berlin newspaper, they will surely be heard of in the future. It is this sort of tiling which makes Ihe Kaiser hold aloof from honest Radicalism of the Virchow type, aud which cruises him, in sending his congratulation to Professor Non Ilehuholtz, to call public attention to (he fact that the great physicist has kept clear of politics. Dr Vergara, of Villacienzo, in the province of Burgos, states (says the British Jledical Journal) that there i.s in that village a married woman, aged 43, who for the last 17 years has taken no nourishment of any kind ; in fact, we are asked to believe that nothing whatever has passed her lips except a small amount of writer, which she takes every three or four days; During all that time she has not left her bed for a single moment; she lies there in a state of lethargy, which might be taken for death hut for occasional slight movements of her body, and a feeble moan which she utters when disturbed, as by light falling on her face. There seems to be no question of mrtking the case a paying exhibition, as the husband resolutely shuts his door against mere sightseers. <-. Acceptances forthe Dunedin Amateur Trotting Club's races close this evening. Mr I). Jl. Spedding sells one-fourth share in the Cnesus claim, Nenthorn, with interest in leases, freeholds, battery, plant, &c, on Saturday, at noon. Jlessrs .lames A. Park and Co. sell JiOO casks white sugar at the Queen's bond to-morrow at 11 o'clock. Full details of railway arrangements for the Christmas biilidavs are published in this issue. Port Chalmers Jlarine Lodge, No. il/2, K.C., meets to-niorro\v evening for installation of AV.JI. Jlessrs K. (!. Remolds and Co. sell one case cigars (10,0011) to-day at their merchandise sale. The sale of Manuka Island estate, by Jlessrs James W. AVilson and Co., has been fixed for January 22. As will we seen by the advertisement, the terms of sale are very liberal, and as the quality and position of the land are undeniably superior there will probably be keen competition. "Stone's Directory" for IS»2 will be published next week, .-md from a glan.-oat some of the sheets of the book it is evident that, as stated by the publishers, the new issue will fully maintain the excellent reputation the work has acquired in the past, Attention is drawn to the pianoforte recital to be given in the Y.W.O.A. rooms this evening hy Jliss Illaneho Joel and Jlr A. J. Barth. An excellent programme bas been prepared, among the items being Beethoven's AValilstein sonata, which will be played by Jliss Joel. Pianoforte recitals, especially where the performers, like those mentioned, are thoroughly capable, not only provide means whereby the pianoforte student may gain much valuable knowledge, but also gives opportunity to nil lovers nf music of listening to some of the best, works of the great composers, and for this reason, if for none other, they should lie en.-onr.-igo.l. Christmas and New Year presents. Latest novelties in gold brooches set wiih turquoise and pearls, splendid assortment of gold brooches, bangles, rings, pins, studs, alberts, Ac, leather purses, fitted brigs, and dressing cases at ti. and T. Yol'Xd's, NS Princes street. -| Aiivt.l Established over a quarter of a century. Of other soda waters that have come under our notice and take a very high place iv Australasia, we would be remiss if we did not mention that of Jlessrs Thomson an.l Co. Dunedin.—Brewers Journal, lS'.Ml.—[Advt.l Eden George and Co. (Limited), the leading photographers of Dunedin, who produce by far tbe ! best work in New /ealand, take one dozen beautifully enamelled cabinets in any position or style, for Iris. One price list adopted, and no extra charge., are made to visitors from the country.— lAdvt.] John Hislop, AVatchniaker and Jeweller, 74 Princes street. The oldest established house in town. Repairs of rill kinds. Good assortment AVatches, Clocks, and Jewellery. Spectacles to sui tall sights.— Advt