OUR LONDON LETTER.

Otago Daily Times, Issue 10619, 14 March 1896, Page 2

OUR LONDON LETTER.

(From Our Own Correspondent.)

London, January 31.

THE MIDLAND RAILWAY.

Anxiety and apprehension still ride rampant' over tho unfortunate shareholders and debentureholders of the New Zealand Midland railway. The poinb as to which they aro chiefly anxious now, and as to which no authoritative information is as yet available, is whether or not the Government, being declared to have been justified in seizing the company's property on its default as to tho fulfilment of the contract, is thereby enabled to treat alUwork done aa tpso facto forfeited and liable to seizure without payment ia compensation for the loss sustained by the colony through the company's default. Nobody here seems to know whether the Government will have to pay tliß company for the work actually done or whether it ia claimed j an- a- ju6fc forfeit on account of default. I Naturally this doubt is a very serious matter for the debenture-holders, who 3tand to lose everything in such ewe. Surpriße is expressed that no steps wers taken to afford information by cable on so important a point affecting such large English interests. However, Mr Robert Wilson, the general manager, is on his way and is expected shortly, while Mr Salt will not ba long behind him. I do not envy them their meeting with the debenture-holders. The opinion is strongly expressed in city financial circles that the proper course would be to appoint as receiver or liquidator for the Midland Company, some first-rate and wellknown business man in Now Zealand—l have heard the names of Messrs Charles J. Johnston, M.L.C., and Walter Johnston mentioned in this connection—and to give him plenary powers to effect the most favourable settletaen1; obtainable and do the beat he can with the Government in tha company's interests. It is suggested that if one of these gentlemen, or someone of similar standing and capacity, were empowered to deal freely with the Government in the matter and to make osr accept an offer of amicable settlement, the,best plan would be to negotiate for the purchase by the Government, at a- reasonable price, of the work already actually done, payment to be made in colonial 3 per cent, debenture stock. But the main point strongly urged by everybody here is that theie should be a speedy settlement and no more waste of time or money in litigatioa. "Agree with thiae adversary quiokly while thou art in tha way with him," say the experienced city veterans to the unfortunate Midland Company. But the question is whether any course bub that of implicit submission is opea now to the directors, who aro pronounced to h&ve broken their contract and incurred the penalties, whatever they may be, of such breach. ANGLO-COLONIAL NOTES. . General satisfaction is expressed ia the City that the New Zealand Government have abandoned, for the present ab any rate, their intention of removing from the Banjs ot tingland the management of the New Zealand stock inscription business. This plan was always regarded in the City as a mistake, and it is just as well that it has been given up. This judicious change of front will obviate the necessity of moving tho Agenoy-general into the City, which could hardly have been avoided if the contemplated alteration had been made. The report of the directors of the National Mortgage and Agency Company of New Zealand eets forth that the prevalence of low prices for New Zealand produce during moßt of last year has seriously reduced the company's earnings, but that the volume of its business has been well maintained, so that as prices have improved materially during the last few months better results ore expected for the current year. After providing for all bad and doubtful debts and for depreciation, the net profits will enable a fourth dividend of 6d per share to be paid, making Is for the year, while £2+26 will be carried forward as against £2292 last year. The csll of £1 per share has, the directors state, been well met, but they anticipate default in the case of 7000 shares. The meeting takes place on the 12th February. > At the last meeting of the council of the Koyal Coloiiial Institute Sir George Maurice O'Uoike, Speaker 6f the New Zealand House of Representatives ; Mr W. B. Vaux, formerly of the Colonial Museum, Wellington, but now in business in London ; Mr fidward Martin, chairman of the N.Z.L. and M.A. Company; and Mr E. C. Mills, of New Zealand, were elected Fellows. ' All the colonial Agents-general forwarded a joint note of sympathy and condolence to the Quean and Princess Beatrice on the lameated death of Prince Henry, and received a very gracious reply. Many musical New Zealanders who delight in "Rabekah'f (with its "Soft southern breeze" and "Bridal march") and "Sweat and low "will read with regret of Sir Joseph | Barnby's very sudden death. i Sir George Grey seema to think that Mr W. P. Beeves will make a satisfactory Agentgeneral, bnt he refuses to Bee that euch an offica or officer is needed at all. "The London Agencj-general could be abolished to-morrow," he remarked a day or two ago to a friend of mine, "arid nobody would be a bit the worse, except, of ; course, the discarded officers." " Yes, I know," he continued, " they bII sesm to have plenty to do in the office, but you must remember that the Agent - general and Mr liennaway can easily find work enough to keep the officers employed. Whether that work could not be dispensed with is quite another question.". Had Sir George been at the Agency-general yesterday as I was, when the San Francisco mail came in he might perhaps have modifies his views on this head. It . will bs an evil day for New Zealand if her Agency-general should ever be abolished in a passing fit of false econony. Sir Walter Buller's pamphlet, containing » full account of the proceedings in Parliament when he defended himself against Mr John M'Kenzie's grosß attack, has been read here with much interest and sympathy. In an early issue of the Statist you may expect to find an interesting and instructive article on New Zealand miaing. The mining editor of that well-known financial journal spent all this morning in your London office, carefully studying the New Zealand Eerald, Christchurch Press, and Otago Daily Times, with the object, as he said, of gleaning the fullest and latest information on the subject. He has since been interviewing the Agentgeneral with a like purpose.

The " Rialto " writer in Society to-d*y, after stating that "the Westralian raining market has been fairly active, and is likely to show a booming tendency in the not distant future," goes on to say, "in that boom we shall find many securities representing enterprises in New Zealand." .

A meeting of the Empire League was hold on Wednesday at the Mansion Honse, the Lord Mayor presiding. The purpose was to devise means of bringing before the public the objects of the league. Mr F. JFaithfull Begg, M.P., formerly of New Zealand, was one of the Speakers!

In acknowledging the receipt of the addresß of condolence to the Qneen and Princess Beatrice forwarded to the Agents-general on behalf of the colonies, Mr Chamberlain says:—" Her Majesty desires me to add that she feels your letter to be bat one more indication of those genuine sentiments of loyal devotion entertained for her by the people of her colonies, the manifestation of whose sympathy is a source of great consolation to herself and the Princess in their deep affliction." *

Sir John Pendec ia seriously ill, and I am sorry to say my latest iul'ormation is that bis condition is regarded no extremely critical. A London papar Bays:—" Bravo for the Maoris of the North Island of New Zealand. These brave men "offered to form a guerilla regiment for service in the Tranovaal. What doubt can there be of the loyalty of our own race in Australasia when even the Natives show sach attachment to the Queen whom they have nsver seen in their own land."

By the s.s. Euapehu, which sails for New Zealand next Friday, the following passengers have already booked:—Lady Ellen Boyle (aud maid), Key. B. H. Soper and Mr.? Soper (and family, 3), General Meyrick, Misses Barker, Canning, Cottoe, Dundas, Gilliat, Maodowall, Mirlecs, Wanen, Mr* Graham, Mrs Jones, Mrs Lloyd, Mr and Mrs J. Maclean, Mr and Mrs Meimriott, Mr and Mra Pearson (and family, 2), Messrs Allan, Allen, Canning, Cowan (2), Fairbank, Hnnter, Irving, Kennedy, Scott, Stanner, Wall, Watson, Wickliano, Wright. Last Monday night, at a meeting of the Royal Geographical Society, held at the University of London, Burlington Gardens, Mr B. A. Fitzgerald read ail entertaining paper : " The First Crossing of the Southern Alps of New Zealand." Mr Clements R. Markham, the president, wai in the chair.- Mr Fitzgerald described the journey which he undertook in the early part of last year, in the Middle Island of New Zealand, to discover some feasible tourist route over which horses could be taken from tho arid plains of the Mackenzie country over fcho mountains to the West Coast, where tuo vegetation was neirly tropical. The Government of New Zealand had repeatedly sent survey parties up all the mr.in valleys of the Weßt Coast, but with indifferent success. Such a path would open up to the gold diggers on tho we»t an easy road. Mr Fitzgerald lit-st climbed all tho stirrounding peaks, in order to get a thorough knowledge of tbe country. Ho soled Mount Scaly (863ia),MountTasman(ll,175?t), Mount HaidiDger (10,107 ft), and the Silbor Horn (10,250lt), and finally, on February 15, after many attempts, reached tbe topmoat point of Mount Set'tou (10.359 ft), the Matterhorn of the New Zealand Alps. Sir Westby Perceval compliraeuted the lecturer upon his-admirabla paper and tbe successful result of his travels, which ho felt sure would be of geographical importance to the colony of New Zealand, which had made several unsuccessful attempts to discover a pass at the southern end of the mountain range.

Ebokbs JONO XOBACCQ.