THE OTAGO DAILY TIMES. THURSDAY, FEBRUARY 11, 1892.

Otago Daily Times, Issue 9347, 11 February 1892, Page 2

THE OTAGO DAILY TIMES. THURSDAY, FEBRUARY 11, 1892.

The accounts of the Otago Harbour Board for the year ended December 31, 1891, have been certified to by the Controller and Auditor-general with the exception of an item L 9, portion of the travelling expenses incurred by the chairman and secretary on their journey to Wellington. Mr Fitzgerald has a keen eye for illegal expenditure, as hesurcharged the Oity Corporation, and more recently the Dock Trust, for expenditure similar to that to which he has now taken exception. We have not heard, however,. that the gentlemru who incurred the charges have refunded them out of their own pockets, and we question the advantage of demurring to perfectly legitimate expenditure, and compelling the body interested to resort to artifice, in order to comply with the opiniou of the Auditor-general. The accounts as now printed afford the opportunity for considerable reflection. The Beard has several very adverse critics, and the public will therefore be glad to hear how its affairs really stand. The Board commenced the year with a credit balance of L 10.400 5s 6d, and closed it with one

of L 6501 Is. The gross revenue for the year from ordinary sources was L 48.567 9a 7d, or, excepting the hire (L 250) received for dredge 222 from the Lyttelton Harbour Board, as we think should be done seeing that in the previous year's accounts the sum of L 5500 earned in Melbourne by the dredge was entered as a special receipt, a net revenue from ordinary sources of L 48,317 9s 7d. The receipts for the previous year were L 44,885 8s Id, so that a net increase of revenue has resulted of L 3432 Is 6d. The increase in the revenue is apparently sound, and is swelled from all the three principal sources—viz., harbour improvement rate (increase L 27 221 s1 d) pilotage (increase LBBO. 17s 9d), and port charges (increase LSO 9s 7d). I Against this increase in revenue and accounting for the diminution of the balance on the year's operations, it will be noted that works have absorbed L 6184, of which the lower harbour received L 3623 3s 9d, and the upper L 2560 16s 3d. These must be regarded as new works, and as distinct from maintenance, which is provided for separately by the sum of L54114s 2d I expended on repairs to sheds, wharves, buildings, &c. Only one month's earnings (L 250) of the dredge have been brought to account in the year's statement ; but there is to bo completed a six months' engagement at Lyttelton, and a new one of six months at Wellington undertaken at the same rate. Thus L 2750 will appear to the dredge's credit iri'next year's accounts, which should be sufficient justification for incurring the special expenditure referred to ; and besides this must be reckoned the saving by having the dredge off the Board's hands during the time it is away. The.special work in the lower harbour was the straightening of the channel, whereby the navigation of the large steamers has been greatly facilitated. When we come to analyse the imports and exports for the } ear, with the view of estimating the progress of trade, there is food for speculation. The import of general goods for 1890 was 79,300 tons, and for 1891 78,100 tons, but the revenue was L 11,715 for the latter year as against LI 1,740, the imposition of a general iate of 3a per ton upon 78,100 tons instead of a differential one of 3s on 76,200 tons.and 2s on 3100 tons lessening the decrease. Transhipments fell off by 2800 tons, and the revenue from this source by L2BO. Coal increased by 900 tons, and the revenue by L 348, this being enhanced by the substitution of a 3s rate for one of 2s 6d. Timber increased from 3,563,000 ft to 5,265,000 ft, and the revenue from L 671 3s 6d to LIO3O 5s 4d. The export trade has contributed an increased revenue. General goods showed au increased export of 2700 tons, and an increase in revenue of L 270. Wool, however, fell off very much, there being a decrease in export from 45,900 tons to 38,700 tons, and a fall in revenue from L 2295 to L 1935. Frozen meat shows considerable increase, both in volume and in the revenue derived therefrom. In 1890 there were exported 118,860 carcases, and in 1891 137,500 carcases; and, as these were rated at l|d instead of Id as formerly, the increase, in ■ revenue was L 364 2s 6d. Though the number of vessels berthed at the wharves was less than in 1890, the actual tonnage was greater. There were berthed afc Duuedin in 1890 672 vessels representing 276,144 tons, and in 1891; 551 vessels' representing 302,040 " tons. At Port Chalmers there was an increase in the number of vessels, but not a proportionate increase in their tonnage, the numbers being for 1890 115 vessels -with a ..tonnage of 132,996 tons, and in 1891 138 vessels with a tonnage of 147,237 tons. The character of the trade is best expressed by stating that it appears from the foregoing that in 1890 the average tonnage of vessels at the Dunedin wharves was as nearly as possible 410 6-7 th tons, and in 1891 it was 548 l-6th tons. At Port Chalmers the average was 1156^ tons in 1890, and 1067 in 1891. This indicates that a largfer class of vessels is now frequenting the upper harbour.

One of the mainstays of the Board it is landed estate, the land reclaimed from the sea. There are 27 acres, leased at a rental of L 7770, and 48 acres reclaimed but not yet leased. There are 310 acres partially reclaimed, and of course not leased, but which could be made available for leasing at trifling expense; besides which there is an endowment of 580 acres at the North Head. The value of this last is at present inconsiderable ; but the Board has a magnificent asset in its reclaimed land, which, when the time is_ opportune for its occupation by business premises, it being preeminently adapted for this purpose, will make harbour finance au easy matter, and render possible many permanent improvements to tho harbour itself. .It is manifestly unfair to gird at the Board for not effecting improvements when even the most cursory knowledge of its affairs shows that the only thing which has delayed the fruition of its plans has been the long-continued depression, for which it was not in any way responsible, and which has also retarded many other equally promising enter' prises.

We shall now; glance for a moment at another aspect of the Board's affairs, its indebtedness, and the progress which is being made in the conversion scheme whereby the 6 per cent, bonds were converted to 5. per cents., and (he necessity obviated of providing a sinking fund. This is shown separately in the accounts. As the treasurer's memo, says," the terms of the sinking fund loan, 1874, provided for a continuance of 6 per cent, interest on the original amount of loan, L 250,000, notwithstanding the indebtedness on account of the loan being reduced by the annual drawings equal to the amount of the sinking fund. By the conversion scheme and the consolidation of the sinking fund L 25,667 6s 3d has been saved to the Board since they came into effect six years a^o, and the net saving of interest payable to bondholders by the conversion to 5 per cents, has been L 6579. At the time

the Board entered upon the operation of conversion and consolidation its indebtedness was L 682.800, to which were added earmarked bonds, L 16,200, to provi.ie bonds for conversion purposes, making a total liability of L 699,000. At prpsent there are afloat bonds for 1686,800, and L 12,200 of bonds are earmarked for future conversion. Were conversion completed the total liability would be 5 per cent, on L 699,000, or L 34,950, whereas formerly the annual sum t> be provided was L 38.500. A word may b9 necessary with regard to the Board's position at the Colonial Bank.

At the close of tlio y< sar the overdraft at Dunedin was LI 1,676 7s 3d, but the Board had to its credit at the London branch L 18,214 10s Bd, leaving a net credit of L 6583 3s sd. The Board's account with the bank is liquid. Provision having to be made for half-yearly payment of interest to the amount of about LIB,OOO, the overdraft is gradually reduced, and then suddenly increases with a bound. The Board is entitled by law to, obtain an overdraft up to half the amount of its yearly revenue—at present that would be about L.24,ooo—and the bank holds as security for any overdraft a letter from the Board agreeing to hypothecate its dredges, &c. It was this circumstance which caused so much solicitude in certain quarters, and which led to the unfounded statement that the Board was pawning the bondholders' security. We have never on any occasion, when necessary, refrained from criticising the action of the Board; but it is impossible to elude the conviction that its financial affairs are sound ; that it has not borrowed more than it can pay interest upon ; and that the bondholders may rest assured that their interests are safer than their selfappointed advisers would have them believe.

His Excellency the Governor left Dunedin for Christchurch by a special train at 8 o'clock yesterday morning. At Warrington the Countess of Onslow was picked up. The Hon. Mr Ward, Postmaster-general, was also a passenger by the train..

Messrs J. H. Morrison and J. Elmer, J.P.s, presided at the police court yesterday. Herbert Cecil St. John, a respectable looking young man, was charged with stealing a music book, valued at 2s 6d, the property of Helliora Wildsmith, at Ashburton, on January 25. The accused, who was undefended, was remanded, on the application of the chief detective, to Ashburton.

Edward Smith, a village settler at Romahapa, near Balclutha, was arrested on Monday evening by Constable Christie on a charge of shooting with intent at a neighbouring settler named William Kirkpatrick. The accused was brought before the justices at Balclutha on Tuesday, and remanded till the 12th inst.

Mr Battley, of the New Zealand Loan and Mercantile Agency Company, who recently visited Capetown, is of opinion that if the direct steamers adopt the Cape of Good Hope route on the voyage Home a good trade can be done between the colony and the Cape in butter and cheese, and even in wheat. Last year L 75.000 worth of the first-named articles were imported, chiefly from England, and wheat to the value of L 133.000 was also received at the Cape. He met a miller who informed him that he had actually been using some New Zealand wheat which had been sent to the Cape from ■England.

A Peninsula settler writes suggesting that Miles and Wilson, the two prisoners who were instrumental in saving the life of Mr Johnson, when he was jammed by the 6-ton gun on the 29th ult., should have some portion of their sentence remitted. He points out that the prisoners,- who were 200 yards -away, rushed voluntarily to Mr Johnson's assistance and assisted in raising the gun with a common screw-jack, the hydraulic pressure being exhausted.

The Presbyterian Church at Gore, which has been recently greatly enlarged, was re-opened last Sunday, when the Rev. Dr Stuart preached. The church will now seat 270, and the folding seats round the passages will accommodate another 50. The additions and furnishings are expected to cost LSOO.

Joseph Morley, an old Royal Artilleryman, died in the Invercargill hospital last Sunday. He was about .56 years of age, and had gained the Crimean medal, with clasps, for Alma, Inkerman, and Sebastopol, the Turkish medals, and also the New Zealand war medal.

Reuters Telegram Company (Limited) have been appointed sole agents to the Columbian World's Fair at Chicago m 1893 for the purpose of publicity for Europe and the British colonies.

Mr F. Battley, who has long occupied the position of inspector of the New Zealand Loan and Mercantile Agency Company in this colony, arid who has recently been appointed general manager, has returned from a lengthened visit to England. He has been interviewed by a representative of the Christchurch Press, and the conversation turned to the question of the withdrawal of capital. The taxation of debenture-holders and the absentee tax, he said, are looked upon with the utmost alarm. " I know of my own knowledge," said Mr Battley, "that the Ministerial scheme is having the effect of causing capital to be withdrawn from New Zealand. Nor is this all. It is shutting up the springs from which fresh capital is being drawn to send to the colony." He mentioned instances, coming under his own notice, of negotiations for the investment of capital here being suspended as soon as the taxation scheme became known. In Auckland it is already almost impossible to obtain loans on mortgage, although at the present time there is plenty of money in the banks, which, under other circumstances, would be readily available for the purpose. Again, one large insurance company doing extensive business in the colony had decided to raise the rates for money lent by them on mortgage. Impressed with the gravity of the position, Mr Battley had an interview the other day with the Premier, in the course of which he.placed before that gentleman information with respect to the state of opinion in England with regard to the colony. Mr Ballance assured Mr Battley that the Government had no intention of making a raid on capital, and that in the Premier's opinion there was no warrant for the scare. Mr Ballance permitted Mr Battley to make the statement public, and added that he would take the first opportunity of publicly making the same declaration himself.

The first practice of the members of the Gesang-Verein was held last evening, when 43 members assembled. The number who have already joined is very satisfactory, and with a few additional male voices Mr Taylor will evidently have a.very efficient chorus.

M. Leon Driver will give the first of his pianoforte recitals at the City. Hall this evening, when lie will be assisted by Miss Cooper, Miss Lily Cameron, and Messrs Reunert and F. L. Jones. M. Leon Driver will play four solos, including his own composition, "A Storm at Sea." •

The Lowcliff and Chatmos estates have been Court!™™ by °rder of the Supreme

Mr W. H. Rose, for the National Mortgage and Agency Company, will hold a sale of So fetoh estate Sn the Creditors of the Rescue Gold Mining Comnanv must send in claims by the 29th March ompany Inday afternoon wiU be a ladies''day at the a»M en the match ota^ Messrs James A Park and Co. will sell to-day on the premises, Canongate, household furniture o&'SsSi.ffl.a^1 16 th inst- the wwte Or^W^fl*™ 1 ? nd T? 1 COncert by the Dunedin S« tr, a, So^tv will be given in the Garrison Hall on the 19th mst. in aid of an ex-member who has become paralysed and unable to work .JH'S Purchasers can inspeot the machinery mSSSE&SS £&s&&*£* domiJany lhe examinations for the Otago medical preSrofnoToVMtS I'^1'^ Wm be Md » Entries for the Dunedin Cycling Club's sports close on Saturday. As will be seen by our advertising columns, the in ew Zealand Express Company has commenced a regular system of parcels delivery. The deliveries in town are at noon and 5 p.m., and for the suburbs at t> p.m. This supplies a want which business people and the public generally will appreciate.

Marriage Presents.—G. and T. Young notify the arrival of three further shipments of new goods, ineir stock of novelties is the largest in the colony, their goods the best, and their prices the lowest. Inspection invited.—[Advt.] John. Hislop, Watchmaker and Jeweller, 74 1 nnces street. The oldest established house in town. Repairs of all kinds. Good assortment Watches, Clocks, and Jewellery. Spectacles to suit all sights.— Advt We understand that Frank A. Coxhead, assisted by Mr John Beauchamp, is now taking enamelled cabinet portraits at the small price of 10s 6d per dozen, for one month only. A free invite to all to inspect his magnificent premises in Princes street, opposite Colonial Bank. Take the elevator. —[Advt.] Established over a quarter of a century. Of other sodawaters that have come under our notice and take a very high place in Australasia, we would be remiss if we did not mention that of Messrs Thomson and Co. Dunedin.—Brewers Journal, 1890.—[Advt.]

Eden Georgo and Co. (Limited), the leading photographers of Dunedin, who produce by far the best work in New Zealand, take one dozen beautifully enamelled cabinets in any position or style, for 15s. One price list adopted, and no extra charges are made to visitors from the country [ADVX.]