ANGLO-COLONIAL NOTES.

Otago Daily Times, Issue 10265, 24 January 1895, Page 4

ANGLO-COLONIAL NOTES.

(FnoM Qua. Special Cobrespondent.)

London, December 14,

Everybody in New Zealand is of course aware long ago that Sic Westby Perceval decided ultimately to accept the oiier o£ the New Zealand Government of a year's extension of his appoiutmenfc. The news has given general satisfaction in Anglo-Colonial circles, as Sir Westby has long been recognised as most emphatically the right man in the right place. As illustrating the view almost universally held en this point, I may quote the utterance of one leading Scottish paper (the Glasgow Herald) :— " People doing business with Ntrw Zealand will be glad to learn that Sic Westby Peiceval will retain the Agenfc-generalship until the end of 1895. Sir Westby, who is a native of his colony, entered public life only seven years ago. He had been known as a successful barrister, and in 1887 he was returned for the House of Assembly for Christchurch. He &t once sprang to the front, became Chairman of Committees, and three years ego was given his present post, in whieli he succeeded Sir Francis Dillon Bell. Sir W. Perceval had intended to gratify h'S political friends by returning home tbis year, but he has been persuaded to remain a little longer, his chiefs feeling that in the present keen cantest among the Antipodean colonies to place their products on the English market, New Zealand requires a young and energetic man." That very fairly represents the prevalent feeling, which is, however, mingled with some regret thst the reappointment was not for another three years' term.*

That unwelcome call of £3 6s 8d ou the part of the Bank of New Zealand is still a prominent topic of conversation in City circles. It Ims created absolute consternation, amounting to something like a panic, and the resentment on the part of the EDglish shareholders is very bitter and keen. They refuse to be comforted by pictures of the beneficial results which may be atfcicipated from this wiping off of so heavy a liability, this stoppage of a severe and constant drain on resources. They persist in dwelling on the immediate "pall," which undoubtedly is a severe one. '<■

One shareholder wrote a warm letter to The Times, contending that the call was illegal, because contrary to the terms of the deed of settlement. But he seems wholly to have overlooked the eff«e6of the recent legislation, which virtually repeals, or at any rate vitally amends, that part of the settlement deed. A very fair and clear statement of this case —so, at, least, it geems to me—is given by the Financial News, which after a, careful analysis of the caEe on both sides ends by a complete endorsement of the action taken.

It is alleged that one very large shareholder in London has obtained an opinion of counsel that the call is illegal and cannot be enforced. But the financial News points out that this amendment of the deed ef settlement was one condition on which the Government came to the rescue of the bank and so averted a call of not £3 6s 8d; but £10, which would have been due without any possibility of question had the bank been forced into liquidation. In the opinion of the Financial News no such limitation of the c»Uing power as existed in the settlement deed was transferred to the act of 1894-, which says plainly that " of the £10 reserve liability due in a certain emergency, one-third shall be available without that emergency occurring." But "it does not necessarily follow," says, the Financial News, "that the Legislature has ths legal right to override what amounts to a contract between the depositors and the sharehslders."

If the latter say " they bought their shares subject to a contingent liability, and that contingency having been averted by extraordinary means, they are not bound by any modification of the original terms," tbe News thinks that is not quite an honourable line to take, and holds ths£ the shareholders have not only no legal ground for resisting the call, but have very little moral ground of resistance either. To resist a, call, which is one of the conditions on which they have avoided a call threefold larger and a heavy loss, is in the opinion of the same financial organ " like the case ef a man who has been saved from drowning begrudging a suitable reward to the person who came to his rescue." So though the shareholders are tendered the "heartiest sympathy in the unexpected demand which has been made upon them," they are advised to be thankful matters are no worse. But it is remarked that " the suspicion has arisen in some quarters that this project of cancelling half the debentures in only parti of a scheme fur re-leaaing the lauds of the Estates Company so ao to furnish custom for tha Government in connection with its new Advance! to Settlers Act."

Much disappointment is expressed at the decline in the price of wool, averaging per lb, for it is not cow expected by moat of the best judges that any recovery will take place this season. It is remarked that the largest clips ever shorn iv the Australasian colonies— and one of the best—will be sold at the lowest prices ever recorded. And though the extra quantity may bring up the gross value of the KXport, it is feared that, as many of the charges are based on quantity and not on value, the net proceeds will not recoup the cost of production on encumbered stations. Such, at least, is the view expressed by some of those who should know, but I trust it was on the Bide of pessimism. Mr Henniker Heaton has of course been interviewed on his return from the colonies, and he is more sanguine thin ever of the ultimate triumph of his ocean penny post, and of the early success of his efforts to bring about a partial reduction—viz., tv Id outward and 2d Homeward. .

Among the guests invited to the annual Founders' dinner at King's College, Cambridge, was Mr Walter Kennaway, C.M.G., secretary to the New Zealnud Agency-general. Mr Kennaw&y's son, it will be remembered, won a first scholarship of £80 per annum at King's. Unfortunately Mr K6nnaway was unable to bs present, but appreciated the compliment all the same.

A friend of mine met Sir Julius Vogel the other day, and thought the ex-Premier looking far from well. He gets about all right, but seems much out of health just now. \ Sir Julius and Lady Vogel are greatly delighted at the approaching visit of their son Mr H. B. Vogel, and are looking forward to it with very pleasant anticipations. By the way, Sir Julias Vogel has been bringing trader the notice of people interested in New Zealand flax the process invented by Professor Blayes, the distinguished chief of the French Department of Industrial Chemistry in Paris. This process has been applied with much success to the treatment of African fibres, and Sir Julius thinks it capable of application to New Zealand phorniium Unax also. The suggestion ir now under consideration. Old New Zealauders will not have forgotten Major-general Bobley, of the 68th, who served under General Cameron in the New Zealand war of 1864-66. General Robley, who has long been engaged in the collection of Maori relics and curiosities, is about to publish a book on New Zealand and the Maoris, profusely illustrated with representations of Maori tattooings, carving, handiwork, &c, also with specimens of Native legends, poems and folk-lore. General Robley possesses some unique treasures of bygone Maori times, and his book, inspired as it will be by his intense personal enthuniasm in the subject, cannot fail to be an interesting and valuable work.

A deputation will leave England almost immediately for New Zealand to wait on the Government of that colony with a view to some definite arrangament respecting the New Zealand Midland Railway contract. The deputation will consist of Mr Thomas Salt (late M.P. for Stafford), chairman of the Midland Company, Mr Burchell, solicitor to the company, and Sir Rruce Burnside, late Chief Justice of Ceylon. They preserve close reticence as to what fresh proposals, if any, they are prepared to make. I understand, however, that this is to be a last effort to bring abont an amicable and feasible settlement. If this fails, then recourse will be hud to litigation. It seems emiuently desirable on all accounts that New Zealand should, if possible, come to some friendly arrangement, as litig»tion— whichever way it might ultimately go—could not fail to involve the colony in heavy expense, beside preventing any progress being made with the railway, probably for years.

Recently a young girl bound for New Zealand bad a somewhat awkward and perilous experience. She was the daughter of a New Zealand farmer, but was residing in Prussia. Her father arranged with Mr W. Courtney to have her forwarded to New Zealand, and she received fall and explicit instructions as to joiniug the outward-bound steamer in London. Through some mistake the girl reached London jusb after the vessel had nailed and fouud herself stranded, not literally penniless, for she had

exactly 7d in her pocket, bat in a dire straifc, being unabls to speak.a word of English. Fortunately on her arrival «.t the docks from Hamburg ehe fell in with an officer of the Jewish Ladies' Association, whose duty it was to look after unprotected women arriving from Hamburg and elsewhere. He took her tq the shipping office and arranged for her to befcrvr&tded to Plymouth by the night mailtaiin, so ehe duly caught her steamer at Plymouth and proceeded safely to New Zealand. But one shudders to think of what her fate might have been but for this timely rescue. Her friends ought to give a. handsome thankoffering to the Jewish Ladies' Association.

Professor Herbert Strong, who was recently in New Zealand, is going to Exeter for the express purpose of delivering a lecture on New Zealand, uuder the auspices of the Exetei Literary Institute. He intends to illu«^rate especially the effects of the women's suffrage on the fortunes and politics and future of the colony. Mr Marriott Wataon, the New Zealand author and journalist, who has been seriously ill for some time, suffering from typhoid fever, is at present staying in Cornwall to recruit his health and strength. Mr Watson is about to bring out a new book, which will appear very shortly. Mr Watson's mother and four sisters a::e still residing at Anerley Park, near Norwood, in Surrey. >

Mrs Sims, of Christchurch, who has been stay« ing for some time in England, talks of returning to New Zial.md shortly. I met her recently iv London. She seemed to be very well» and to bo enjoying her English visit.