OUR LONDON LETTER.

Otago Daily Times, Issue 10478, 29 April 1896, Page 3

OUR LONDON LETTER.

(Feom Odb Own Correspondent.) , London, BSarch 21. ' THE NEW 4OENT-C3ENB4AL. Mr W. P. Reeves arrived in London early last,week, and entered upon his new duties as I Agant-general on Wednenday. Mr.Reeves telia ' ! me ho had in exceedingly pleasant'jourfyey all the way until he reached tha English Channel. j He travelled to England via Dieppe and New- | haven. Thia involves a swa passage of four hours,' instead of 60 to 70 minutes, as via Calais; and, unfortunately, it is not uncommon to eneottnter a very rough and disagreeable sea on the longer route. This was Mr Reeves'* experience, and he caught a very severe cold and was obliged: to taka tiro or three days to recruit. ' Mr Reeve» expresses great plaasare at being in London, and looks forward-to an agreeable as well an a useful term of office. Already he has been inundated with callers, who up to the present time have managed to occupy most of his hours at the office. They jinclnded a number of prominent people, aniong i'whim were all the Agents-general for the other colonies and most of the principal New Zealanders vow in London. Bat the caller of whose vitit the, new Agent-gener.il speaks with the greatest pleasure wa3 Sir George Grey, who, in spite of his increased feebleness; managed to get as far as Victoria street directly he heard Mr Reeves had assumed office, and wan oue of the first to offer a welcome and good wishes. Mr Reeves spoka with maoh feeling of the pleasure Sir George Grey's vfstt gave him, and at the nma time of his regcet io see 80 great a change in the veteran statesman since thoy lasb met in New Zealand, three years ago. The two gentlemen, prominent representative} of old and young New Zealand, had a long chat, and did not confina themselves to the exchange of greeting's aud friendly withe?, but entered very fully into certain public matters, on which I might hove occasion to touch later.

Mr Hogan, M.P., ns might bs expected, was one of th« first callera at thn Agency-general. He conveyed an earnest request that Mr Beeves would address the Colonial parky at the House of Commons at an a&rly date. Mr Reeves has not yet given a dtfluite reply, and has the matter still under consideration. But hs tells me he does not think it would be judicious to accede to the request, because it would be virtually impossible for him to steer clear of party politics, and this he holds to ba hi« stringent duty while he occupies his present official position. Oue of the subjects on which the Colonial party desired an address from him was the labour question, especially in relation to the labour legislation ol New Zealand, in which he has had so prominent & part). But this, he think*, is just one of thoss burning political questions on which it would be indi«creet in the highest degree for him to speak at present while he comes so freshly from the most active participation, and indeed leadership, in the fray. He does not see how he could de»l with that question without entering largely into points of a most controversial character, unless he were to deal with the whole matter from a, purely artificial and insincere standpoint as a quasi outeider. This he cannot briog toimsslf to do; If, he says, he discusses the labour question at all—which at present he believes to be entirely inadvisable—he can only do so in his true character as one who has taken au active p«t in promoting legislation in a csrtaiu very decided direction. Therefore, as to speak with insincerity is not to be thought of, and f.s to speak with sincerity mast necesisrily stir up all kinds of strife, and perhßps place him in an undesirable position of combativeness, he appears to have thoroughly made up his mind that he will preserve & policy of prudent reticence. He may, however, speak on the subject of the working of the time limit for speeches.; ' ■ Although Mr Beeves has already plunged with characteristic vigour into the duties of his office, he is very earnest in deprecating tiny idea that he imagines ha hss come Homo to teach the Londoners, or evon the officers of his department. On tha contrary, ha says vsry frankly that he feels strongly—what any sensible man must feel—that one who has been ! absent from London for 20 yesr3 mast be 1 content for. som& time to come to be a learner. He freely admits that be has, and must have, i i very great deal to learn in London before he | can regard himielf as thoroughly au coward j with pa»sing affairs. For this reason he has [ declined several urgent requests to allow him- ; self to be interviewed on behalf of leading i journals. He did have a lengthened chat with a representative of one Anglo-colonial paper, I but on the definite understanding that he was ! not to be regarded as being "interviewed " in i theordinary sense. | "For, you see," said Mr Reeves tome, "I I eonld not with propriety talk with an interviewer yet on any public question. It would ba i very unwise, jf not improper, for me to discuss Naw Zealand politics, seeing that I have only just left the Ministry end ceased to t&ke aa active part.in; them, and that dow I muai regard myself as directly a non-party man. On the other hand, it would be utterly premature for me to txproHs decided opinions upon the English aspect of colonial topics and matters of interaat, because I have not been hers long enough to entitle me to speak with any authority on those subjects." " Still more injudicious and undesirable."_ he continued, " would it be for me to say anything yet about my fotnre plans and policy. Yuu will readily understand that to do so would in somo instances be to court defeat, by possibly arraying against myielf various interests. If I were to publish now all that I hope to do in the future I might be ensuring my own failure and rendering it possible for my vplang to be blocked ot every stage, wherean by taking time and adopting prudent processes of explanation and conciliation I have every reason to hope that I may succeed in, my various plans to promote the interests of the colony. So, on the whole, I maintain that it ii very much better that I nhould not for the present 'show my hf.nd,' either by means of interviews or otherwise." .

This, of course, does not prevent Mr Reeves being interviewed at all, but merely limits the scope of the subjects he is prepared to talk about to interviewers. For: instance, in this week's British Australasian appear two whole columns about an "Interview with the Hon. W. P. Reeves," illustrated by a very fair portrait of that gentleman. But Mr Reeves explicitly told hio interviewer that he could not with propriety discuss New Zealand politics, or with prudence reveal his own programme. He gave, however, a good deal of interesting information about the position and progress and prospects of the colony, and appears to have sent away his interlocutor quite bsppy. There is some talk among the members of the little "New Zealand colony" in London of endeavouring to arrange some suit of racial meeting or festivity which shall (.ffeet the dual purpose of bidding farewell to Sir Westby Perceval in his official capacity and of giving a cordial welcome to his successor. The idea has not yet assumed any very definite shape, but is at present merely in the " talk over " stage.

, L»st Thursday was a day in Mr Reevos's career to be marked with a red letter, for tbeu he had his first interview ac Agent-general with the Secretary of State for {he Colonies. Mr Chamberlain gave him a very pleasant reception and chatted freely with him for more than half an hour. As in the case of everyone who | bus been brought into contact with Mr Ohamtierlr.in, Mr Reeves was greatly impressed by bis commanding personality, his singular sicuteness of perception; and the quickness with which he seized upon and dealt with the salient points of every subject discussed. He spoke with epecial interest of New Zealand and Australia, slid was anxious to know the latest turn j colonial erents were taking in the direction o£ federation, either Imperial or Australasian —if one muefc use that very awkward and undesirable term. He asked very pointedly what was Mr Reoves's view as to the likelihood of New | Zealand joining any Australian federation that might be formed. Mr Reeves told him very frankly (hat hs saw no probability whatever of New Zealand consenting to be absorbed into any Australian federation. Whatever direction the i publio tVfeling might take in the future, at pre- I Bent he declared it to be distinctly adverse to any abnegation on New Zealand's past of her entire freedom of action. Pie alto stated that bis recent tour through Australia, when he was in communication with all the leading politicians of the different colonies, had convinced him that Australian federation at any rate was within measurable distance of accomplishment. Mr Chamberlain seemed to regard this as satisfactory. THB MIDLAND IUILTVAJ. Those very able »nd worthy gentlemen who went out to New Zealand a few mouths ago, apd who are rudely known in the.city as'" the Midland crowd " —namely, Mr Bait, M.P., Mr Robert Wilson, C.E., jar Burcbell, Sir Bruce Burnsido, &c ,—have returned to London, and j have since been the targets of numerous earnest but unsuecessfnl attempts at interviewing. ! Both Mr Salt and Mr Wilson very prudently went into the country immediately, and I believe did not meet even their fellow directors of the New Zealand Midland railway until yesterday afternoon, when a board raeating took place. I believe that Mr Wilson and Mr Salt are extremely desirous, and rightly so, to avoid committing themselves to any casual state- ' ment nbout the company's affairs until the ■ whole circumstances of the award, its mesp-

[ing and possible retnlts, »hall bar* been] 1 dUcujscd by the board of directors. B° j . raanv troublesome questions arise out o_r this case, -and the interest* concerned ere of such magnitude, that it is obviously undesirable that anything should be done preoipitately, and the exceedingly strong, not *o nay aggressive, attitude assumed by Mr SMC aj the annual meeting of the debentu.e-h*lders at the Canon street Hotel. last year has un- , ddubfcedly imposed upon him » somewhat awkward task of explanation. You will j remember he declared that the Midland j Railway Company had been "outrageously • cheated" by th 6 colonial Government, ana that the directors were claiming a million and a-half dnmagea in the pending arbitration, when they were confident of being able to prove their case. This is very certainly an unlucky forecast in view of the oubsequent absolutely adverse verdict given by the arbitrator (Mr Blaks). ' . T With reg&rd to Mr Robert Wilaon'g views, 1 believe I am not committing any indiscretion when I say that he holds the New Zealand Government to have assumed the company s liability to the debenture-holders through the act of seizing the oompauy's assets, by which the debentures were secured. Mr Wilson maintains that this will be found to be the effect of Mr Blake's verdict, and, I believe, j although I say this without any authority, that he is.stronßly supported by legal opinion in this view, I understand that in all probability the debeature-holders will be advised to raise this point aud fight, it vigorously. The matter is a very serions one for the debenture-holders, as, . unless Mr Wilson's view proves legally sound, they will ba left in very evil case indeed. As for the unfortunate shareholders, they will, of course, be in a still worse csse, for while the debenture-holders do seem to stand some remote chance of recovering at all events part of the money they have advanced, it appear* virtually certain that the haplass shareholders must make up their minds to lose every penny they have put in the ill-fated concern. So, at least, I I am told by experts who ought to know, i Some very nasty thiDgs are bftiug said in and I by the London papers about the Midland affair. You see sever*! prominont people are concerned in it—such, for instance, as Mr Walter Chamberlain (brother of the Secretary of State for the Colonies), Mrßrodie Hoare, H.P., Mr Salt, and others, and they can easily impress their views on some paper as to the unfairness with which they protess to consider they have been treated by the colony. For instance, this is what the Financial News has to Bay :—" It id surprising that so little notice has been taken in this i country of the tesalfc of the New Zealand Midland railway arbitration, which, in effect, forfeits without compensation a property on which come £1,280,000 has been expended. We are glad to notice that public opinion in some of the Australian colonies has been aroused by the conspicnous bad faith which has characterised the dealings of New Zealand with the railway company from first to last, and by the rapidity with which Mr Blake, the final arbitrator, I decided against, the company. Technically, the j company had broken its contract by failing to j cumplete the railway within tie specified time ; I but the colonial Government was responsible ! for the obstacles put in the way of the work, ! and beside it vcais understood from first to last I that an extension of time would be granted. If New Zealand wishes to re-estahliab her chs--1 racier with British investors she must think ' twice before acting strictly on Mr Blaks's | decision, aud show a little respect for equity I and right dealing." | And this is what a debenture-holder is good enough to remark on the same subject:— '* As a debenture-holder I have been waiting patiently for some information from the hoard or trustees. I doa't know where I am, bnt it would appear that, with the seizure of the line j by the New Zealand Government on the one ( hand and the appointment of a receiver on j the other, the debenture-holders are ' between j tb.B devil and the deep sea.' I have made soma f unfortunate investments in railroads in the ! United States and Argentina, but nothing so ! bad as this ; and things have surely come to a ? pretty pass when the poor British investor ) csnnot put his money with something like : safety into a company having nue of the ! strongest boards in London, formed to build a I railway in one of our own colonies subsidised ■j by enormous land grants. The New Zealand I Government or the board of directors has much j to answer for with the debentures issued at S £92 10s cow quoted £25 to £35 and no ! market."

It is to bs hoped that the Government will give instruction tot some public notification to ba made in London as to their views and intentions towards these same debenture-holders, if it i« not proposed to confiscate their interests bodily. If this latter alternative is in contemplation, then I feor the colony is in for some costJy litigation.