THE OTOGO DAILY TIMES WEDNESDAY, SEPTEMBER 16, 1896.

Otago Daily Times, Issue 10598, 16 September 1896, Page 2

THE OTOGO DAILY TIMES WEDNESDAY, SEPTEMBER 16, 1896.

The Financial News of August 6 contains a letter headed " New Zealand Finance," purporting to be from its , correspondent in this colony, and dated from "Wellington" on June 29, which we have read with no small astonishment. We have placed the . word "Wellington" in quotation marks because the, contents of the letter provoke a grave suspicion that London, ' riot New Zealand, was the place of production. We are aware that this is a [ serious insinuation to make, but our readers will hardly think it unjus- [ tifiable when we have given a few extraots from the latter. Here > are a ] few of the gems.(the reference Feing : to the eirColonial Treasurer) :—" His • breach of faith in connection with the last Government loan will not have bean forgotten, nor his address to the • bondholders of the Taranald and Midland Railway G'onypany. ... It has not, however, been the disappoint- ; ment of the British bondholders of , i the Taranaki and Midland Kailway Company. . . . Dr Newman, formerly Treasurer of New Zealand, . is also submitted to the lash, of Mr Waed's accusing tongue." | Again, the writer, wherever his habitat ■ may be, refers to the " proposed j amalgamation of the bankrupt Colonial Bank with its chief creditor, the Bank of New Zealand," and comments on what he describes as the " obvious fact" that Mr Waed used his position as a Minister to " further the interests of Alia own banks." There ig a passing j allusion "to the leader of the' Opposition, Sir Kobeet Stobet," who ! is said to hay© been accused bj]_

J Mr Waed of " purchasing by bribes enormous concessions' from the Bank of New Zealand—sums exceeding £250,000." But we have yet to quote what is perhaps the most significant J sentence in this curious letter from " Wellington." Mr Waed's troubles, says the -writer, " hare for some weeks past formed the subject of a judicial investigation, and the result has been his conviction of something which we in England should call by a somewhat harsher name than ' indiscretion'—the term applied to it out 7iere" The writer is a sad bungler, whether he be "in England" or " out here"; but the "we in England" looks uncommonly like an inadvertent slip on the part of an individual concocting in London (by the aid of New Zealand newspapers) a letter purporting to come from Wellington. It is inconceivable that the Veriest political tyro in Wellington could-have made the,,extraordinary blunders which we have noted. Whatever may have bsen the circumstances of the production, the whole letter is deplorably unfair. We ourselves have felt it necessary to criticise Mr Wabd's actions with considerable severity, but justifiable severity is one thing, blundering brutality another. The second sentence in the letter is, so far as regards malevolence, a type of., the whole-. "The number of scandals with which, during his brief career as a Minister of the Crown, he has been connected have at length compelled his resignation of a post which he never should have been allowed to occupy." We cannot too strongly deprecate this tone of bitterness and exaggeration. • Even if there were no exaggeration, small credit could be given to a writer who describes Dr Newman as a former Treasurer of New Zealand and " Sir Robert Stoebt " as leader of the Opposition, and who talks about the " Taranaki and Midland .Railway Company." As regards the "we in England" and the "out here," —indeed, as regards all the matters which we have mentioned;—we shall await with in--1 terest the explanation of the editor of the Financial News.

On the Bth inst. we published some account of the so-called " ore atomic reduction process," as given by the cliairman of the West Australian Trading Company, which has secured the sole right to use tke process in Western Australia. The description of the alleged discovery was, and still is, very shadowy, the nature of the process not having been ■■ disclosed ia detail; the prospective results, rather than the methods, were described. So wonderful- and revolutionary did the claim of disj covery seem to be that a certain I amount of scepticism was naturally provoked — scepticism which we naturally shared. The thing eeemed too good to be true. Even now a tentative attitude may suitably be adopted, pending the proofs which are promised almost immediately; but it must be confessed that the further statei mejits ;■:. made at a meeting of the West Australian' Trading Company on July 27, a report of I which we reproduced yesterday from I the European Mail, are calculated to make incredulity pause. The circumstantiality of the chairman's remarks, the confidence of his tone, the detailed references to expert opinions, the promise of speedy realisation, are all calculated, we will not say to justify public faith in the discovery, but at least to excite keen •interest and expectancy., A simple j process by which quartz is 'to yield its results in less than an hour's time without the use of stamps or engines— a process by which the ore is to be reduced to powder at a cost of about !6d a ton .'—why, the idea is almost i staggering :in ite suddenness and the ! extent of its import. Details, as ■we have said, are not yet forth--1 coming; but (according to the London Financial Bulletin, quoted in our local columns on Monday) "heat, and the action of certain combined gases upon the ore, effect the disinte- | grating process." The West Australian Trading Company is evidently in a large way of business, with credit to lose in a matter of this kind, and it is quite certain that the chairman thoroughly believes in the genuineness of the discovery and the extent of its value. His own interests, .to say nothing of his credit, are largely at stake.r Of course, this might be a case of mistaken enthusiasm so far as Mr Goodman is concerned; but he does not depend upon his own opinion.. To quote from his speech on July 27: " We have obtained the views of scientific men of distinction and celebrity, who have made metallurgy their special study, and who have been struck, I may say, ,with the simplicity arid completeness of our system. But perhaps the | most satisfactory evidence which I can : give you will be to read to you the letters ' which have been written to us by our trial engineers and assayers, whom we sent j out in a body to Australia on Friday | last. The process was conducted under their eyes, and they were instructed in all its details. If, therefore, ! anyone were qualified to give an ! opinion it must be pre-eminently those who have seen the inmost working of i the process." This is circumstantial i enough, and Mr Goodman added that ! within two months— i.e., from July : 27—the company would be working the process in Western Australia, and "I venture to prophesy that in a very short space of time you will read a cablegram from the richest _of the West Australian mines announcing a practical and successful result of such working." The trial engineers and assayers are in Western Australia by this time, and people interested in mining must possess their souls in patience for a verdict which, however, presumably will not be loDg delayed.

In the Legislative Council yesterday a resolution w*s carried, as a protest against the Million Loan Bill, regretting the departure from the non-borrowing policy hitherto advocated. The Advances to Settlerß Bill was considered in Committee, but after the clauses which extended the scope of the scheme, had been rejected one by one the whole bill was thrown oat. In the House of Representatives yesterday the Premier announced that Mr J. C. Martin, B.M. at Wellington, had been appointed Public Trustee, and that Mr M'Gowan, Tax Commissioner, would have charge of the Advances to Settlers Office. He also gave notice of a Chinese Immigration Bill to increase the poll tax on Chinese, as the Asiatics Restriction Bill had been reserved for the assent of her Majesty. The Loans to Local Bodies Bill and the Public Revenues Bill were read a second timo. In the evening the Old Age Pensions Bill wss discussed, and the second reading carried. Mr Panlin's forecast at 10.15 last night was as follows:—"Light to moderate N.B. to S.K. winds, and fine for about 2* hours; barometer islU. indications wanaand-elestricftl," ,

The decision in the inquiry into t"hs foundering of the Patrician will be given »t the Magistrate's Court at 10 30 this morning.

A patent for an "idler pulley or belt rest has been taken out by Mr C. A. Arnold, of the City Sawmills, who has had a neat model of the pullay made. The " idler" is a loose pulley placed on the driving shaft, and is intended to receive a belt when it ia thrown off, and thug avoid the danger attendant on the system at present most in favour of allowing a belt thrown off the driving pulley to run on a loona pulley. The " idler pulley "is made in two sections longitudinally, and these are fastened together by screws. The' pulley can be put on a. shaft in a few seconds, and being larger than the shaft the latter revolves inside, leaving the pulley and belt at re»t. The bearing portion of the pulley is small, and there is little or no friction, The " idler pulley "has many advantages which will commend it to owners of factories and mills, and aa it has been put to a practioal tesb with satisfactory results, there is every reason to believe that there will be a demand for it. :

At a meeting of the Port Chalmers Prohibition League, at which Mr-A.' Thomson presided, the Secretary reported that a Temperance Political Committee had been formed, which would meet in a few days, whenifc was expected that about 60 representatives from all parts of the electorate woald bo present. The Rev. B. C. Tennant then addressed the meeting. A committee was appointed to assist the Salvation Army in the demonstration in favour of prohibition which it is intended to bold.

Mr James Duncan, who has filled the position of rabbit agent in the Tuapeka. District for the past three year.?, has been appointed to succeed Mr Hull as rabbit inspector in the Clntha District. Mr Hull has been transferred to Falmerston North.

The report of the Royal Humane Society of Australasia, which is juat out in pamphlet focm, shows that daring the last year awards have been granted in 57 out of 87 oases considered. The only gold and silver medals awarded go to Victorians, who also receive five bronze medals and 12 certificates of merit. New ZeaUndera were awarded six bronz* medals and six certificates, and New South Wales 13 bronze medals and six certificates. • ■

Keen competition is erpeotad in the various classes at the Horticultural Society's Spring Show, which will be opened this afternoon. In the evening there will be a promenade concert, given by the Citizens' Band under the direction of Signor Squarlse.

The Midland Railway Company have made proposals to modify the contract ef 1894. One of the proposals is to accept a reduction of interest on the debentures from 3^ par cent, to 3 per cent.

It is understood that Mr B. MaoSfeimming will be a candidate for Waihemo in the Inde-peudeut-Liberal interest. Mr MaeSkimming is an old pupil of Sir R. Stout.

Mr Michael O'Donnell was yesterday elected unopposed to repreeent St. Leonards Ward in the West Harbour Council.

j A lecture was given last nig Tit in the Caverj iham Presbyterian Church Hall, in connection ! with the Literary and Debating Society, by Dr Don, the subject beiDg " Water 68 a. Geological Agent." There was a liirge attendance, the hsll fcemg pretty well full, and the Rev. D. Dutton occupied the chair. Dr Don treated bis subject in an interesting and instructive manner, and his remarks were illustrated by a number of views thrown on the screen, the lantoruist being Mr Niven. At the conclusion of the lecture hearty votes of thanks were accorded to Dr Don and Mr Niven.

At a recent meeting of St. Paul's Association, excellent essays on "The Art of Conversa-

tion" and "Country Cousins" were respectively contributed by Miss Rehberg and Miss A. Hinton, and the readings were allotted to Miss B. M'Carthy and Mr Wathen.

The circus gave another performance at the Rink Stables last evening, when the previously presented programme waj satisfactorily gone

through. To-night will be the last occasion upon which the company will appear at the Rink Stables, so that those who wish to see a oircus under these novel circumstances should make it a point to attend. On the 24th of this month the combination will make their first appearance in their new tent. New artists have been engaged in Australia for the occasion, and one of the features of the entertainment will be the appearance of a polled Angus steer, which has been specially subdued and trained.

The Railway department will issue holiday excursion tickets from Clinton to Gore on the 23rd September in connection with the Gore Band contest. Messrs James Samson and Co. sell household furniture, tic. to-morrow. Mr T. 1). Paarce, M.A., lectures on " Matthew Arnold" in the Leith street Congregational Church to-night, it 8 o'clock. Messrs Park, Reynolds, aud Co. will sail on the 18th insf. superior household furniture, &c. on account of P-ev. E. P. Caohemailla. ■ The N.Z L. and M.A. Company hold a sale of sheep at Clinton to-morrow. Mr John Thompson will sell stock at Lawrence to-morrow. Offic-rs and members of Lodge Celtic are requested to attend the funeral of their late Bro. j John M'Landress. The combined debate, in which deleeates frnm the Dunedin, Caversharu, and North-East Valley Parliamentary Unions, the Fabisn Society, Moray place Institute, University, Roman OatV.lic, Trinity Wesleyan,an<J K.aikorai Debating Societies take part, will commence on Friday evening in thb hall of Trinity Wealeyan Church. The subject is : " The Nationalisation of the Land and I Industries of the Country." j Where is Pokeno? A Mr Thos. Pope of that township strongly advises all who suffer from | indigestion to try LoaSßy'S " Wahoo." It cur«d him completely.— Advt. John ilisi.oi', Wair.hnvilcer and Jeivo1 .r, 74 Princes street. The oldest estahlis rd .ho:iae in town. Repairs of all kinds. Good assortment Watches, Clocks, and Jewellery. Spectacles to suit all sights.—[Advt.]. Special 1 For two weeks longer I Carter, and Co. will offer the balance of their Winter Drapery at and under cost price. They .are expecting their first shipmi-nt of new gnods" in a fortnieht, when their sale will stop. Come to-day —Advt.

Messrs G. AND T. Young have 'just opened up two large shipments of new goods. Their magnificent stock is now replete with all the latest novelties from the Home markets. No stock in the colony to compare with it.—Advt. lleßsrs A. and J. M'JJ'arlaNe iieg to call attention 10 ■ neir advertisement over the leader. Any optors entrusted to them will reoeive the best attention.—Ad»t.

I Be iVbt Deeeived.—Thia is Peter Dick's adyt. The most reliable Watchmaker (opu". Coffee I Palace, Dunedin). Watches cleaned, ss; niaini springs 4s 6d.—Advt. All are invited to Mollison and Co.'s on Thursday, 17th, to nee the grand show of spring novelties. —Advt.

1 'Wjsndisi/s pure grape winei may be had from Mercer Bros., D. Booth,.Wilsons, C. B. Miller, Peterson, and Carolin, grocers.—Advt,