SUMMARY FOR EUROPE.

Otago Daily Times, Issue 10359, 14 May 1895, Page 2

SUMMARY FOR EUROPE.

POLITICAL AND GENERAL. The event"of the month, so fair as New, Zealand is concerned, haß'taken place in London. The news of the successful issue of *the Government's new loan has, of course, beshreceived with satisfaction by the people of thei' colony, inoluding those—a very large number —who deplore the decision to revert to a borrowing policy. It is felt to be matter for congratulation that the credit of fhe colony remains unimpaired, even though the thanksgiving be accompanied by a deyoufe hope that the present success

may ..not prove as an additional incentive to the plunging instincts of the-Ministry. The advance noticeable in the bolony's old.stpeks is also welcome." As regards the suggested conversion of previous loans, public opinion, has hardly' had time to show itself, but it may be qheStioned whether th^r- electors would1 generally approve the taking! 0f..• aiiy. serious step in this direction without the cpnstnt of Parliament. A good deal of critical interest was caused by! a cablegram which arrived more than a fd^trnght ago, to the effect that Mr Ward had., informed the London Chamber of Commerce'thait'" the. colony at; that timo'pos-- , sesse'd" three" millions' worth' of unpledged securities in London, two-thirds of which he 'himseif forwarded at the time of the crisis in' Australia in. order, to gilard "against an ■ If the oable has reported Mr . Wabd rightly, the justifibation of his statement will be awaited with some curiosity in

himself forwarded at the time of the crisis in'-Australia, in; order, to gilard"against an emergency.*': ■If the oable has reported Mr WAbd rightly, the justification of his statement will be awaited with some curiosity in New Zealand, where^nobody knows anything akouttihese unpledged securities. It maybe added -'that", the 'Treasurer's denial of the reasons which he gave for the premature collection of the land tax have also created an-enfavourable impression: : ; Speaking; at.. Marton; -. on. April 19, the Pyejajier tpok occasion to make a statement concerning the resists of the financial year, : which closed on March 31. He declared that--.the .'actual; 'receipts for, the year to- £i,i0_,515, and. the/ actu?,l .^-^dU^e to^ " leceipts-over expenditure : ; was •$139,7'93i' and t^e;-ba_anceto;begin the year £290,238.' The *^p^^rplM ; !fpi*„|-|3|e year wjis £430,031."- Of this.-sum £250,600■.hadjb^i,-|»_ud*:'iiito;.'t_ie puWi(. works "fund; leaving'''a net surplus of ,£180,031.. "•; The b'ustoms'revenue -ibad been reclining for.;. pome-.timb past, and-i the revenue was under ths estimate by £30,000; .- while' the railways showed a shortage of ;,*E17;000, chiefly' 'owing ,to the * failing-pffi of grain export, vUnder, other .heads' the revenue^ more than ': compensated.. for .these losses,: and 'at .^.; end: of the year the Aievbnue exceeded: the estimate 'by; £47,000. 7j[t^iip. doubt gratifying that the revenue in certain departments,has come in^so satisfactorily, especia4ily.duri_ig thb* final quarti-r bi'the year; but itisnecessary to 'add that tfeie • Vernier's: declarations concerning the - surplus have been -..-received with'something lMre'emphaticthan increduUty. .Sir, Robert : jSTODT-iand'other prominent politicians have ,g_i(jwn.that on the actual transactions bf the ■year there is no surplus at all, but a deficit. Nodoubt the Government h*is*£lß(),o3l*(Mr . SEDfiON's " net sirpluß")"in hand, after pay-; . i*ag $250,000 to the;. public works fund; \ but 'this result has only been attained by including l^t; year's surplus and.the absorption of tke*ygaj**.B sinking fund, accretion under the . provi&ions:i:;o.£-,: the Consolidated Stock, Act. '■, On-A the;1 year's; 7. actual there ;ajri>Ms^ ,T|ißr(S! Has been'som^yOTygl^in ,sp •ibglttd to this system by which Goyernmehts co'hVef t"losses into Burpluses. It ia certainly tiime the public were given, a:_.traightforward bj-posft-bn.bf the public finances when they are feeing deaiti.with^by -members of the ■ Ctovehu__ent.-;%:J;7***;7;a'.'; .v^'/; . xA-Aj^iiiT-'^onk r jCaptEdn;.. Rijss*-%VM.H.K., I *Li?B^i^of; ffll^Oj^ Rbp*?*&en^^ a?, pnbhc;|)&tfp]*i__.; in- Dimed-h' on *■ April 17, .whftn, &'c addressed'-.a large "gatherihg. in the &B_t_is6n Hall. A good deal of curiosity, as •w^^a goiuine pbliticai ihterestiW^ excited b^rthe. event,.and.it-ib ■ generally: admitted , ih^j-be distinguishe.'' visitor made,a good impression. His^^speech'Was e*£celleht:in ( both maimer .'and matter,; his/indictment of*-the Gpyernment ■ bMng^thorpngh, and -telling, .whil^;7the: ;_traig_it-Qrwardness, co^inon sense, and general effectiveness* displayed in7 titer address?:;constituted ; what ; must be ,xisgaided::^'V;a'':pleasaat'- change: for a Dhiiedin audience. - Captain Russeli* dwelt ■upon ■ the* • absurdity ' 2of * the Ministerial claim: to "'"Liber^sin,":7the dangerous character; of the-new /borrowing policy, ••tiw^psitiori of; the public debt,' the land question, and other matters of. current pwiti?al interest.He took occasion to remind hia hearers that; though:a large Ministerial .xnajority. was returned at the last general election, the difference between the number of-votea-cast for the successful candidates aiixi the.number cast for the unsuccessful *wai" remarkably ; small, and he evidently enterteuns.aeonfidbntbxjiectation of Opposi-■ty.&iiiump'-V^ .'.W'.; 7., ~ •''. 'trPtei Mmi^er"idr;Min^(Honi A. 3. OADiraisj^s topbnediri,, after s^^ld^■-i^e^weieks;^in -making 'himself • a^qn!4fited}7with'' thiel.galdfields ,pf._, ,6tjigb aiid' the condition: and needs of, the mining interest,;-piling.-his stay in Dunedin the Mlnist&r received a number of deputations whointerviewedthimon subjects of varying importance. :.:a':.' ''■'•■ ..Among, .other; indications :of political aptiyity, ~ during the month may be jnentibned ,a. speech by the Minister for liands. (Hon. J.. M'Kenzie) at Hastings,, a,:ba_iq_.et: to the Hon. W. J. :M. J-SBtSTAOH •" at Lawrance, two or' three speeches by the Minister, for Labour (Hon. W; ;^.*:Re_eves) in Canterbury, and a speech by M^GEORGEHiiTpHisONat Na,pier. , Parliament v^iU be in-session be.ore the-end of next-month, so; that a show of still greater activity in. the. matter of political speaking ihay be expected.during the next six or seven weeks. ','■''■'■' .'■Wa'announced-in bur last Summary that the proposed arbitration between the colony &hd' the 'Midland Railway Company had nnfortuhately been postponed owing to what'seemed a somewhat trivial difficulty respecting the appointment of an umpire. A wordy: conflict ;.betweeri the Premier and the chairman of the company has failed to -ttftke it quite clear as to which party was to blame .for.. the. anti-climax, though . appearances-; >re against the Government. ; Meanwtiile' a: writ" for alleged breach of contract on .'.the- part of the company - has . been threatened by thb Government, but it is understood that should legal proceedings be taken the plan of arbitration will not thereby be interfered with. Signor Bragato, vitlculturist to the Victorian • Government, delivered an interesting and important address on " Viticulture and ifruitgrdwiing in Central Otago" on April 26. : • The l&cturer enlarged upon his previous utterances respecting the suitability of iCehtKt- Otago for the industries indicated, expressing an emphatic opinion that New Zealand ought to become one of the greatest fruitgrowing countries in the world, while the possibilities of viticulture in Otago he declared to be immense. At the close of the lecture a committee, was formed with a view of taking steps to utilise tha information afforded, and an association has since been constituted with the object of promoting the establishment of vine and fruit culture in Central Otago. At a meeting of the Otago Harbour Board on May 9 it was announced that £14,000 of the board's 5 per cent, consolidated debentures had been sold locally at a price which g&towed a margin over-the nrice at whioh the

bonds stand in the London market. Members of the board rightly regard the transaction as a gratifying indication- that the stock is looked upon by local investors as safe and profitable.

At a meeting of the Dunedin Presbytery in Knox Church on.May 1 it was unanimously decided to sustain a "call" to the Rev. William Hewitson, 8.A.,.0f Brunswick, Melbourne, in connection with the vacancy in the Knox Church pastorate caused by the lamented death (just a year ago) of the Rev. i Dr Stuaet.