THE OTAGO DAILY TIMES WEDNESDAY, MAY 15, 1895.

Otago Daily Times, Issue 10360, 15 May 1895, Page 2

THE OTAGO DAILY TIMES WEDNESDAY, MAY 15, 1895.

"We trust that the interest of our readers has been equal tb the strain that we have put upon it in our examination of the subject of bimetallism. We have -rfow discussed this important matter in 'considerable detail, and have endeavoured to put before the public an unbiassed statement of the nature and claims of this method of currency reform. Even if we have failed to prove our points ro the satisfaction of the majority, we believe that* anyone -who has carefully followed our/remarks and the letters that have appeared in our correspondence columns must be ready to admit that the question is of the greatest practical importance to the world in general and to these colonies in particular. And we will close-.our discussion fer the time being .with a brief reference to . the condition of .English and European feeling about bimetallism, and' the possibility that; at the coming Monetary Conference the question will be finally decided in what we ; believe, to be the only jus. and rational way. We have already noted that in the °Plmon of the Eoyal Commission of 1886 the system of bimetallism could be established and upheld by a compact between the chief mercantile StatesGreat Britain, France, United States, and- Germany. It could certainly be done by - any two of these States, hut naturally the more extended union .would have greater strength Hdw far do these States stand m sympathy with bimetallism? For France and America the answer is simple. France soon realised the mistake she had made in 1873, largely through national pride. But in America the reaction was stronger and spread even more rapidly. In 1878 America called a conference of the leading commercial nations at Paris to consider the reinstatement. of silver on an international basis ; but this conference tailed. In 1881 France and America together called another conference ; but England and Germany were still obdurate. The passing of the Bland Act (1878) and the Sherman Act (1890) for the purchase of silver by the United' States marks the growth of the belief in America that silver must be restored to its old level, with gold. The result is shown in the words of Professor Walkee, perhaps the foremost living authority on the currency, ■who said last year that 90 per cent, of the inhabitants of the United States were fully - convinced bimetallists. America called together the Brussels Conference of 1892, to which 21 States sent representatives. Here France appealed directly to England to aid in the establishment of bimetallism; and Eussia and Italy declared by their representatives, in so many words, that the responsibility of checking thia movement rested with England °alone. However, England refused to stir, and the conference broke up without accomplishing anything. The history of the movement, therefore, reveals America and France as eagerly advocating bimetallism for the last 10 years and more, while England alone of the great nations distinctly stops the way. Germany, which at the Brussels Conference sided with England, has lately agreed to be represented at the coming international convention. So that the difficulty centres round England alone. The grounds for this attitude on the part of the English authorities can be very easily summed up. It is admitted hy Mr Gladstone,' by Sir William Habcotjm., by Mr Gife_-I_*, by all the monometallic authorities, that they support the single gold standard because they conceive that it is to England's interest to maintain it. The only theoretical authorities on the monometallic side are Mr H. D. MacLeod and Mr Giitbn. Mr MacLeod is an extremely inconsistent theorist, and Mr Giiten*, great as his merits as a statistician undoubtedly are, does not pretend to discuss the question rationally or even patiently. Yet these are the only names that can be put in the balance against an array of economic and financial authorities comprising all the most eminent theorists in the world. Mr GosonEN", who is in theory almost a bimetallist, supports monometallism for England alone ; for he has spoken of the possible extension of the single gold standard to other countries as a most pressing danger.

As a matter of fact there is very little attempt now made in England by monometalliste to fight the battle on theoretic" grounds. As Mr Shaw Lbfevrb said last year, it is solely a question -of England's 'interests ; and the supporters of the gold standard are mostly content to echo the sentiments of the famous London banker, Mr Bertram Currie, who, in evidence hefore the Eoyal Commission in 1887, explained his defence of gold in these emphatic words: " I know that the fall in prices benefits me." ■ It may seem at first sight as if this feeling represented an insuperable difficulty. England's financial councils are _ notoriously guided by the great capitalists, who are the gold monopolists, and therefore the creditors of the rest of the world. It is improbable that their opinion on this matter will suffer much change. But it is evident that other arguments, which are constantly growing more and more urgent, can now be brought to bear upon England so forcibly that the great financiers will not be long allowed to have matters all their own way.- In the first place, the belief in bimetallism has spread downwardfrom professors of political economy to working men. As Mr GRB*t*n?Bi_i, pointed out in a recent letter to the Saturday Iteview, the fate of the byelections is becoming more and more closely involved with the currency problem. In the North of England it has already become a political test! question. And the Liberals, who have hitherto consistently supported the gold monopoly, can certainly not afford to disregard the opinions of voters who are rapidly becoming unanimously bimetallic.: 'As to the Conservatives, they largely follow Lord Salisbury and I Mr Balfour, both professed bimetallists, and the Irish members mostly agree with Archbishop A-^alsh, who is°-an active propagandist of the joint standard; so that the weight of effective ! political opinion is rapidly swinging - over to the bimetallic side. Eurther---1 more, just as the industrial disadvan- ' tages caused by monometallism have helped the trades unions to "make up their minds, so the Imperial difficulties , will soon make some impression on the ' 1 English Government. The condition , of India, staggering as it is on the ! verge of bankruptcy, must appeal strongly to the Imperial authorities.! For India, while running the British i ; wheat - grower and cotton - spinner, is losing £10,000,000 sterling pe r ' 'annum by the fall in the "rupee. And-the position of these colonies should have no small share in England's final decision. We do not refer now to our losses through the collapse of credit and the competition of silver-usino- > nations, for neither of these dis*- ' advantages appeals through us to England so directly as to make much impression upon her. The argument most likely to prevail witli ■ England is based upon our liabilities; and, as we have shown, it is obviously i impossible, however good our intentions may be, for us to go on paying v. constantly increasing amount of in** ' terest fromwhich we derive no benefit. Mr GiYvmSaja that the fall in prices might go on upon the same scale for many years,,to come; and in that case our limit would soon be reached. England must be made to understand that a risein the prices of our products is an indispensable condition of our solvency, and that we protest not against, any natural fall in prices due to the ordinary laws of competition, but to an unnatural interference with th* course of trade by the manipulation of the currency laws. It is to England as our ruler and our creditor and the sole firm supporter of the existing condition of things that we must look for help, and matters have so arranged themselves that it does not seem probable that we shall have to look much longer in vain. At the worst, when tho gold monopolist sees that persistence in tlie struggle for a small temporary gain will mean a great permanent loss, England will come to realise the close and vital con- . nection between the prosperity of her colonies and her own best interests; , and this argument, combined with tlie weight of theoretical authority, the pressure of industrial agitation, and the earnest appeals of foreign Powers, will, we are confident, force the Imperial Government to the only wise and just conclusion. We need not consider the precise form of the ' contemplated rearrangement. So long as the agreement 3is international, self-interest "will ensure that it is maintained.. As to the exact ; ratio to be adopted, it is essential for j our prosperity that silver should be | brought" up to approximately its old level*—-15j| to- I—otherwise we leave I the silver-users their,present advantage as a permanent gift. •;■ Theadvantage to.the present holders of sil vet is plain. But they will "not gain so much as the gold monopolists have gained during the last 25 years; and no 'one will lose by their gain. Bimetallism does not mean that everybody will try to pay debts in a depreciated metal. The silver paid in discharge of debts at 5s per oz would be twice as valuable to the creditor as it is now. Tho results desired would .be gained by no sudden convulsion of commerce, but by the circulation of the reinstated metal through the ordinary avenues of investment and reproductive enterprise. There seems no reason to expect any alteration in the conditions of commercial finance, except that. bank reserves could be held in silver as well as gold. And, as far as we are concerned, there seems no reason, practical or theoretical, to doubt that the change would confer special benefits upon us. We deprecate any attempt to exaggerate the possible gain from bimetallism. But we believe _ that we have shown, beyond possibility of disproof, that our gain would be great and enduring, and that without this reform in the currency we have very limited prospects of any return to prosperity. We trust that the representatives of the Australasian colonies at the next monetary conference will not hesitate to press their claims vigorously, knowing as they will that the verdict of the civilised world has already been given in favour of the wisdom and the justice of their j demand.

The Hon. John M'Kenzie, Minister for Lands, arrived in town from Shag Point yesterday afternoon, and was engaged upon departmental busiuesa until a late hour last night. The hon. gsntleman ia in such unsatisfactory health at present that ifc is understood he wiil be unable to accede to the requisition which has been forwarded to him asking him to deliver an address at Milton. The Premier left Wellington yesterday morning on a tour of the West Coast of the North Islsmd. The Department of Industries is sending a parcel of prepared rabbitskins fco Canada with a view of opening a market. It also hopes to begin a trade with Japan in the same article.

An alarm of fire was given at 7.20 last evenj ing, and at the time a strong glare of light I could bo seen from the roof of the premi. es at | the corner of Princes and Dowling streets ! occupied by the American Photograph Company, and it was feared the whole top storey was on five. It appears, however, that some hot ashes, placed in a wooden box on tho roof, set fire to the box. The fl.mes illuminated the wholo of the raised glass roof of the photographic studio, thus giving those in the streets an impression. that the whole place was on lire. A few j buckets of water "set matters right before the ( Fire Brigade cou'd reach the spot, and practi- : cally no damage was done. j Mr Panlin's forecast at 9.45 last night was :— " Light to strong S.E. to N.W. winds and fine ! for 2 ."-hours ; barometer further fall ;■* indica- | tions of a disturbance approaching from the ' N.W." \ j We understand thafc circulars from the ; Department of Labour, have been received by | employers in this city informing them that it is illegal to deduct from the wages of employees the proportions of the premium' upon their insurance against accident under the Employers' Liability Act, and threatening proceedings against them if the practice is continued. The Education Board sat in committee again last evening to consider the evidence recently! taken in the inquiry into the charges made by Mr P. B. Eraser against Inspector Goyen. It is understood that a decision was arrived at concerning the various points which were the subject of the inquiry. : '. The many friends of Mr R. Hi Leary will regret to learn that Mr Leary, jun., yesterday received a cablegram, dated the 13th inst., stating that his father was seriously ill, having had a relapse. A man named Donnelly bas been received into the Christchurch Hospital from Port Robinson", Cheviot, suffering from the effects of a bite from what he describe-, as a large spider with brown body and black hairy legs. The Tariff Commission have obtained a i further extension of time in which to report I till tbe 31st inst. It is stated that boring in the Mokihinui 'Coal Company's lease, now being worked by the Knights of Labonr, has proved the existence of large quantities of coal equal to anything yet found on the West Coast*. The new Government Insurance Buildings, the erection, of 'which is shortly to be: commenced, will prove a banddome addition to the ■ architectural beauties of Dunedin. In Princes ! streetitjwillembraceMesars Pettitand H'aynes's j premises, while in Rattray Street it will extend :to Court's Hotel. The main entrance will be : directly on the corner, while aocess to the. [offices upstairs will be gained from Prince--sireet. The general architecture of . the i buildhig will be a frW interpretation of the Italian style. It will be' 60ft high, consisting of tbree storeja, together with a basement. The ground floor will be occupied by three shops on the Princes street side, and one shop on the Rattray street s.de. The.fronts of the shops I will be almost entirely of glass. Handsosae- | looking arches will extend above them, and polished piers of Ruapuke granite will separate them. In the second storey large bay windows ; will overlook Princes street, white tW appearance of the building on tbe other fide will be relieved by huge columns of Oamaru stone. ! The interior also will ba finished on a complete and modern scale, in keeping with the gencjral design of the structure. The Maoris at Parewanni have been engaged in a series of free fights "recently. According to tbe Bush Advocate the dispute arose in reference to the right of certain parties .to troiri horses on the racecourse and an attempt kt ejtctment. The tall talk culminated on the 3rd in a fight with sticks on horseback, the parties being headed by Wirihana Hania and Mohi Ropiha. The bafcfcie waxed fierce for some time, and a number of the combatants j received severe cuts and contusions, while the racehorse Marama was injured. Constable Gleeson at length arrived, and his order to j disperse was oboyed.l, Two "days later the parties were out again and had firearms and ammunition , with them, but wiser counsels appear tp have prevailedj.aud one of the parties went to Marton and." took out summonses against the others. \ f-. ■'■'. At a meeting of the committee of the proposed .North Dnnedin evening classes last night Mr M'Farlane was selected from six applicants to fill the - position of teacher. Should a greater number of pupils enrol than is anticipated % the commit.ea the services of ! Mr Baunerman, of the Mornington School, have been secured. Both of the above gentlemen have had experience in the work of conducting night schools, Mr M'Farlane having had charge of a clsss for some years whea tbe Caledonian cveaiDg classes were ih'. existence, and JVfr B_.i_nertt.au had tha management of such i classes in Aberdeen for many years. Intending pnpiis are reminded that the night for enrolment is Tuesday, May 28,'' between 7 and 8 o'clock, fuller paiticolars, of which will be given later on by advertisement. The usual monthly meeting of the Horticultural Society, held in the Y.W.C.A. Rooms la3fc evening, was attended by Messrs A. Bathgate (ia tbe chair), W. Wills, A. Marshall,.G. A, Reade, H. Clarke, .J. Muuden, H. Adam, J. White, Sinclair Thomson, and J. Nimmo. Mr U. Blair tendered his resignation as commitfceeman. and Mr A. Moritzson was appointed in hi* stead. All accounts- 3nd prize money in connection with the May show were passed for payment, and prize money wiil be payable at 'Messrs Nimmo and Blair's. Mr C. Bayley was re-elected as secretary for the current year. It has been d-cided to hold a spring show this year. Mr J. W: Poynton, of* Wellington, has been apjpinted stipendiary, magistrate at Invercargill. :.,■■;.'■.. . ■ i -. ,','*■ -| The Gore borough poundkeeper, D. P. M'Kenzie, was charged before Mr Hawkins, S.M., with illtreating a cow he was removing to the pound. His Worship is reported by the I Mataura Ensign to have said the treatment of I ihe cow had been brutal in the extreme. He ] hoped the day would soon come when the use of the stockwhip for driving quiet cattle would go out. Ifc was a brutal implement. He doubted whether in any case M'Kenzie was justified in interfering with the cow. It was monstrous that a public servant should treat a quiet animal as this cow had been. Defendant knew to whom the animal belonged, that she was difficult to drive and inclined to go home, aud in the face of this tried to tike fche beast away. Mr Neave interjected a remark about the borough by-laws, whereupon his Worship remarked that the borough by-laws were rotten. He could not understand any man venturing on horseback to ill-treat a cow he admitted knowing to be easily driven on foot. He would fine defendant £2, and he would also have to pay £110s compensation for injury to the cow, court costs lis, witni-s-ses' expenses 10s 6d, and professional fee £1 Is—£s 12s 6d in all. The tables were rather unexpectedly tamed on the plaintiff in the Adelaide libel action in which J. L. Parsons sought fco recover £400 damages from J. L. Bonython (proprietor of the Adelaide Advertiser) and Thomas Price (a Labour member of Parliament). Price, in addressing his constituents, had stated that a large landed proprietor had employed Parsons and three others at £3 a week to slander everybody but their own particular class, and this had beeu published in the Advertiser. When pontiff's counsel had concluded bis case, Mr Sytnon raised the point thafc plaintiff had nofc proved Mr Bonython was the proprietor of the Advertiser, and the case against him had broken down. Justice Boucafc agreed, and said as regarded Mr Bonython he must nonsuit plaintiff. Mr Asb, for plaintiff, asked leave to recall a witness to prove the point, but his Honor would nofc allow this. Mr Ash, he added, had pressed for the strictest interpretation of the law as against Mr Bonython, and must nofc feel aggrieved if thoae who strike with the sword are sometimes pricked with the spear. The jury returned a verdict for plaintiff against Mr Price with £100 damages. Mr W. R. Cook, of Messrs Cook and Gray, was appointed supervisor in the bankrupt estato of Friecllauder Bros, afc a meeting of creditors held at Ashburton on Monday. The members of the Roscius Dramatic Society hope to be able to give oa Thursday evening, for the benefit of the missing fishermen's fund, ev.n a better representation than on their previous appearance of "The Heir-at-Law."

The Princess Theatre was crowded in overy part last evening, when the Lucas-Kennedy Company gave another representation of "The Guvnor." The comedy was gone through very successfully, no hitch of any kind occurring, and the'audience were kept iv a perpetual state of merriment throughout the evening. To-night fche well-known and popular drama "The Ticket-of-Leave Man" will be revived, and tomorrow night the play held in such appreciation by the fair sex—" Bast Lynne "—will be staged. . ',• The Tivoli Specially Compauy appsared agaiu last night at the City Hall in one of their variety performances, which found great favour with those present;. " Predatoria " was given again, and the members of the company foL lowed with songs, dances, and exhibitions of bicycling. The two farces presented were "Slocum's Dog" and "Hurrah for Casey," both proving amusing. For to-night a double bill is announced, and as it is the lasfe appearance of the present company, and seeing that many of the itenn will be new, a large attendance may safely te anticipatsd. Mr Will Hugo has been specially engaged, and Jlaster Trevor Stedman, the youngest cyclist in the world, will ride the smallest bicycle ever mahuactnred. The Second Tivoli Company will arrive in town this morning. Miss Morrison, the manager of fche forthcoming Scottish Carnival, informs us that*in connection with the Curio Court the management have secured a large number of enclosed glass case., where valuable exhibits will be placed. Citizens desirous of contributing to the collection are invited to notify the manager before Saturday morning. Afc Mr Arthur Salvini's concert on Friday evening Signora' Vencsta will sing the aria " Vtishti" and Mr S_ lvini the " Holy City." Indications point "to a full house for Mr Greenaway's benefit, which takes place on Friday evening next. The programme is undoubtedly a strong one, embracing for the first time in Dunedin "The Player "and "Breaking the Ice." The former play is a revised version of "David Garrick,", which Mr Greenaway secured during his recent visit to the States, and the latter, "Breaking the Ice" interpreted by amateurs—should prove a very enticing curtain-raiser. Popular prices are beiDg charged. ■■'..' . — -» ' ' , .The Farmers' Agency Company will hold a sale of stock at.Clinton on Thursday. * Park, -Reynolds, and Co. will hold a clearing sale o£ household furniture to-day On .Thursday thoy.-will sell household furniture' on the -premises; Queen street. _The.s.s, Ooslow will, not run excursion .'.trips' to Portobello ou Wednesday afternoons in future J_.e*srs R. rt: Macdonnell and Co. will sell at trore on Saturday, _si.h. inst., . the remaining portion of the Otakarama estate subdivided into farms. . ■■ . ■. The Eey.J Mr Gardinpr will deliver a lecture this evening, in Old Knox Church, under the auspices ■of the Literary aod: Debating. Society, on Literary Societies and Culture." ■■'. * ... Mr A. Wilton, M.A., will deliver a lecture on Friday evening, under the auspices of the' Field Uub. The subject will be."Some Notes on our Dunedin Birds." *.*"■' '■: f% . Tl-e railway arrangements in connection with the Queens Birthday holiday;are announced this morning. • '■*. ,:•.-■■■ -.... : ...... <t A well-known Huburbah: town clerk says*— VV ahoo certainly suited me better than Seige'l's byrup for indigestion." 2s 6d; grocers, chemists. LOASBY. Princes street south.—[Advt.] JKoi.lison and Co., drapers, George street, are offering 2'iO pairs of soiled Knglish blankets at extraordinary prices—from 7s lld up; worth lis Cd—-[Advt.] . .'..-...' See G. and T. Young's Christmas advertisement on hrst page, and note , that watch, clock, and -jewellery repairs receiye personal supervision of Mr i. -i. Young. Competent workmen only employed, batisfaetion guaranteed. /Moderate prices.—fADV.l Specially prepared sodawater for invalids as supplied by Thomson <ni) Co. to the Dunedin Hospital, Union Company's entire fleet, and other public institutions. In nearly.all cases of sickness Thomson and Co.'s sodawater is held in high esteem by physicians '.for its purity and wholesome action in assimilating with milk and other nutritious: liquids. Labelled with name and trade mark.—fADVT.] > Anyone requiring a gootl serviceable waterproof at a low-figure' cannot do better than'inspect W. Scott and Co.'s stock. - See advertisement third page.—[Advt.] . Messrsi A. aud'.l. AfFARIANE beg to.call attention to their advertisement over the leader Any orders entrusted to' them will receive the best attention.-—[advt.] . John His.oi. Watchmaker and Jaweli-r. 74Prin__s_streot. The oldest established house in town -Repairs of all kinds. Good assortment Watches, Clocks, and Jewellery. Spectacles to suit all Bights.—[Advt.]