THE MONEY MARKET.

Otago Daily Times, Issue 15824, 24 July 1913, Page 6

THE MONEY MARKET.

Me Watt, Premier of Victoria, las been expressing the opinion that there -is nothing to lead to the belief that the London money market ia shut against the Commonwealth, and that when the present congestion is relieved the Governments of Australia can pursue a policy of borrowing with perfect confidenca. In this he may be rather jmore optimistic than the occasion actually warrant's. That'Mr Watt found some difficulty in arranging terms for the new Victorian loan was indicated by his remarks at a luncheon in London two months ago when he rathor plaintively commented on the fact that, although the finances of the dominions were of the greatest importance to the whole Empire, a man like himself, the representative of ono of theie dominions and charged with an important public trust, occupied in the City 'of London exactly the same status as a private company promoter and generally got the same kind of reception. If the Premier of Victoria had been able to indicate on his return to Australia when the present congestion was likely to bo relieved he would have offered an assurance that was less vague in character. Of course, however,he was unable to do that. The outlook for Australasian borrowing seems liltoly to remain unsatisfactory enough for some time to come. ''With monoy growing dearer," observed the Economist, tho great financial authority, early last month, 11 borrowers are likely to become less insistent: with peace established between Turkey and the Allies, and—what is still more important—with relations between the great Powers growing every day more friendly, there seems no reason why capital should, not flow more easily." Yet

if with these encouraging symptoms the markotfi wero, ae the Economist then emphasised, in a nervous and unsettled state, the prospect of their improvement will not have been enhanced by tho fact that since the statement we have quoted was published the position has become decidedly worse with the resumption of war in the Balkans. As Mr Asquith has aptly expressed it, Turkey has, with the ink on tho treaty of London not yet dry, been advancing beyond the stipultttod boundary in an endeavour to recover her lost territory; and there are movements in Austria which suggest that an enlargement of the arena of conflict, if it is not actually being expected-, is at least being apprehonded. The Australian States and New Zealand have only been a few among a large number of applicants to the investing market, for the demands for capital from all quarters of the world are just now unprecedentedly large, so large indeed as to he temporarily exhaustive of available loanable capital. For this dominion the near future is not devoid of all anxiety, since next year tho Government will have to go upon the market for the renewal of loans to the extent of several millions. And although a renewal may certainly present less of a difficulty than a fresh issue usually does the volume of the loans that are maturing is such that the duty which will devolve upon

the Minister of Finance is not one which lie may lightly be envied, The fact that these heavy renewals will have to be provided for is attributable, of course, to the system adopted by the Continuous Government of borrowing upon loans of short currency. The comment of the Economist upon the practice of raising short-dated loans is, therefore, of interest in New Zealand. "The hand-to-mouth finance," it 6ays, " of which these notes are the outcome is indisputably bad: borrowers are

placed at the mercy of the money market, and must refiew as the money market

dictates, or go under ignomimously.'' The opinion of this high financial authority on this point may be commended to the attention of members of tho Opposition.

The Hon. Jas. Allen (Minister of Finance), who has suffered severely from tho effects of vaccination, has been confined to his bed during'the last day or two (says our Wel-

lington correspondent). . He has not yet been in the House this week, but he may be able to attend for,.a time to-day. It is possible that Mr Allen's indisposition will delay the appeiranco of tho Financial Statement for a short period.

When • the report of the Public Work 6 Committee came up for discussion at the meeting of the City Council last night Or Cole spoke strongly with regard to the bad condition of the streets of the city. lie said that almost every street in the town wanted looking after, and that far too much attention was being centred in the trading concerns to the detriment of the care of the roads. He regretted that councillors should have to draw attention to this matter; it was a question which concerned their engineer—ho was the man who should see to the kept in a better state. It was time, ho oontinued, that the engineer did something or olse tho council should get another engineer. By liis actions of late their engineer was losing the confidence of tho ratepayers. Or Green said he regretted Or Cole's references to the city enginecr. He considered bhe bad condition of the streets wa6 primarily duo to the manner in which they were laid down and then blinded. Cr Small (chairman of the Public Works Committee) eiid that the weather had been very trying during the jjast fortnight. Ho also was sorry to hear tho remarks made about tho city engineer, who, with the inspector and staff, was doing his utmost to cope with a very great difficulty. As a matter of fact, aa.id Cr Small, there was only a certain amount of money placed on the allocations for this work„and during tho past two weeks an extra Bum of over £200 had been expended in scavenging, etc. A Press Association telegram from Christohureh states that tho ferry 6teamer Mararoa did not reach Lyttelton- until 10.50 yesterday morning. She left Wellington at 8 p.m. on Tuesday and experienced a heavy southerly gale while crossing tho strait and until she was well south of Cape Campbell. The wind then moderated, but the Mararoa had to steam against a fairly heavy sea, her passage being prolonged to I4J hours.

Experts wero recently appointed by the Otago University Council to examine various properties offered as suitable 6ites for tho proposed Veterinary College to to established in connection with the Otago University. The site recommended is within the Borough of Mosgiel, near the * railway station, and tho council has now asked the Government to purchase the property. So fax no reply has been received from the department.

At the meeting of the City Council last night the debate on the remit from the Town Clerk concerning the operations of the Electric Power <md Lighting Department at Waipori and the cost of tho installation of the third unit was continued. At tho previous meeting of tho council tho position of the department had been traversed by tho chairman of tho committee (Cr Marlow) and the remit was freely discussed last night. A number of councillors expressed surprise at tho manner in which the engineer's estimates had in many cases been eiceeded, and his figures were freely criticised

" There are a very large number of apparently homeless dogs wandering about tho city and constituting a menace to the ordinary residents," said Cr Clark at the meeting of the City Council last evening. The speaker proceeded to ask Cr Green (ohairman of tho General Committee) if he would see that something was dono to remedy this nuisance. In reply Cr Green stated that the appointment of bji assistant ranger wonld enablo the matter to bo dealt with moro effectively than of late. Quite recently objection had been taken to \ tho method of destroying these dogs, but a new system was about to be introduced, and in futuro the dogs would be drowned in a tank erected for tho purpose.

The week-end excursions to Queenstown next Saturday and on August 9 from Dun-1 edin, Invercargill, and other stations should bo largely patronised if people in tho centres could form any conception of the magnificonco of the- which is peculiar to these parts at this time of tho year. The recent falls of snow have thoroughly covered the higher altitudes, and thus givo them an imposing appearance. But the majority of our mountain scenery is comprised in the panorama that meets the eye of the traveller by steamer, both from Kingston to Queenstown, and from Queenstown to the Head of tho Lake. On the former journey tho traveller is tho beholder, on his right, of that grand ohain of mountains, tho Rehmrkables, which w'ere never truer to their name that at the present time. On the trip to tho Head of the Lako the spectacle is much more entrancing. Hero tho traveller sees tho Humbolte on the one side and the Richardson Mountains on the other, with the Cosmos Peaks and Mount Earnslaw (9165 ft), forming an imposing background. The sight is a glorious one on a, bright sunlit- day, and it is not surprising that tourists aro enraptured over it. Extraordinarily mild weflther prevails at present, and it promises to keep fine. So that no oho nocd have the slightest fear of the discomforts which aro caused through an exceptionally cold climate. Those who want to skate, will, weather permitting, find plenty scope for this fine winter exercise on some of the smaller lagoons or lakes in the vicinity of Quoenstown. A drive to Arrowtown or Skippers should not bo omitted from the itinerary.

A letter was received by the St. Kilda Council on Tuesday night from the Drainage Board notifying that tho drainage rate in respect of tho borough was 12 13-I6d in the pound on tho unimproved value for the sewered area, and 13-16 d in tho pound for tho unsewered area

A remarkable recovery of a man from a complicated smash is to be credited to modern surgery (says a. Timaru Press Association telegram). Mr J. Millar, an cn> ployee of Messrs Scott Bros., electrical contractors, fell from tho top of a lighting pole on February last, striking his head oa the ooncreto kerb of the footpath and fracturing Ilia skull. Besides this his pel™ was broken in three places, five ribe were broken, one piercing a kidney, the breast bone was broken, the left arm was broken in three places, and he reoeived minor injuries and shock. Ho lay in the Hospital for five days unconscious and the case was deemed hopeless, yet this week he has resumed .work and says that he feels as well as iver he did.

Mr J. E. Triggs, Conciliation Commissioner, eat at Lawrence yestorday to hear the dispute between the Otago and Southland Gold Miners Industrial Union of Workers and four sluicing companies carrying on operations in tho Waitahuna district. There' was no great disparity between tho proposals of the men and the counterproposals of the employers, with the Jesuit that after some little disoussion 'an agreement was reached, tho principal cffect of which is to make the minimum wage for sluicers 9s tier shift of eight hours. Tho commissioner will sit in Dunedin this morning to hear tho General Labourers' dispute, 'Several of the clauses in " The Shops and Offices Act Amendment Bill," now before Parliament, do not meet with tho approval of the Otago Hotel and Restaurant Industrial Union of Workers, and a special meeting of members is to bo held next Monday night to oonsider the Bill. Strong exception ifl taken to the provisions governing the manner in which holidays may be allowed to accumulate within a period of three months and then bo taken altogether. Tho desirability of having a six day week will also be ventilated. " Our pests are still with us," 6aid Mr L. 0. H. Tripp, president of the Acclimatisation Association, at the opening of the annual conference yesterday. " Under the depredations of hawks, stoats and weasels our game birds aro diminishing, with the exception of ducks, which are holding t'heir own. What lam wondering is what will bo the result when the birds are gone. So far as the stoat is concerned, when the etoata have got rid of the birds and tho rabbits aro they going to tackle larfibs? Sheep • farmers have told mo that they are quite satisfied that'they have lost some of their lambs through tho attacks of stoats. Lambs have been picked up dead with tho typical punotures behind the neck, and shepherds have reported seeing 6toats hanging on to "lambs."

Last evening in the Holy Cross Chapel,

St. Kilda, the Rev. E. D. Evans, vicar of Caversham, gave tho first of a course of lectures on the " Holy Land." There was a good number present, and all thoroughly enjoyed the leoture. The Rev. Mr Evans spoke of his tour through Palestine,. and dealt especially with tho Temple and the surrounding sites, which have become hallowed by association with the life of our Lord. Some excellent aooompanying lantern views were presented, the apparatus .being manipulated by Mr Simpson.

The settlers in the Clarksville district petitioned the Prime Minister and the Hon. Jas. Allen (Minister of Finance) during their recent -tour in tile Bruoe electorate, requesting that facilities be provided for loading stock at Clorksvilk, and pointing out tho inconveniencQ caused by having to drive animals to Milton for taking. A reply has been received from the Minister of Railways declining th& application, and stating that there is not sufficient room on the railway land to provide the facilities asked for, and the cost of providing sidings and purchase of neoessary land would be considerable. There were more urgent works in hand, or awaiting funds.

Advices from Seattle, dated Juno 16, which have reached Christchurch 6tate (says the Press), with regard to the lumber market, that "it remained in good diape until recently whei President Wilson introduced tho new Tariff Bill in Congress. This haa occasioned a tremendous upheaval amongst ■the big money interests and manufacturers .of this country. ' What President Wilson is trying to promote means simply free trade. You can oasily imagine how this must upset and affect more or less all of tho industries in tho United States. At present a financial panic has broken looso in New York, and tho effect will soon become noticeable out West. If it cannot bo checked, and if it should assume the extent of the panic of 1907, \vc surely will buy cheap lumber during this year. All these things have come in quick succession and could not have been foretold. We, of couree, knew about the proposed Tariff Bill, but nobody believed that the president would go at it with such great energy and determination. Now the fight is on, and we can only await the outcome."

1 The unique and interesting exhibition of pictures from tho brush of the well-known artist, Miss Hodgkins, attracted a largo number of visitors to the Art Gallery Hail during yesterday. The works on view which break much new ground so far afl local art students are concerned, are exerting a great doal of attention and admiration, and no ono interested in painting sliould miss the opportunity of seeing them. Yesterday afternoon some 40 or 50 boys and girls from the upper standards of the Arthur Street School visited tho exhibition, and many of thom showed a great deal of interest in the works on view. The children were aJso shown tho large painting of H.M.S.-New Zealand, which is hum: on the walls of the main hall, and were greatly interested thereby. Three of the tads were asked by their teacher (Mr T. Begg) if they thought they could reproduce tho small drawing at the foot of the picture which gives tho key to the painting, and each confidently expressed the opinion that he oould within a short space of time. Mr Begg • informs us that tliree of the lads havo a quite remarkable aptitude for drawing,

A meeting of the Women s Committee of the Bible-in-Schools League was held in tho Octagon Hall on Monday afternoon. Mra Gray"Dixon presided. Various reports were read, showing the progress of the oanvasv ing, and also the money received. These were very encouraging It was proposed by Miss Kelsey, seconded by Mrs Gilray, and carried: "That a warm letter of appreciation of their arduous work bo sent to the canvassers." After discussion as to future work the meeting adjourned. Our Alexandra, correspondent telegraphed yesterday that the Borough Council was to meet Mr Dofcson, Government engineer :n charge of tho Manuhorikia survey, last night to discuss preliminaries regarding the offer of .the Chatto Creek race to the Government. There has been shown to bo more hardwood timber in a eucalyptus globulus (blue gum) tree 24 years old than :n an English oak 200 years old. Also in California thousands of acres of wheat lands have been devoted to the growing of eucalyptus tree's. These facts were mentioned at a meeting of the Royal Society in Sydney-recently by Mr R. T. Baker, curator of tho Technological Museum, in the course of 6ome very interesting remarks on what the American is doing with the eucalyptus. The Amejican has recognised the value of the tree, and has been quick to make use of it. Tho efficacy of the phellandereno oils derived from tho narrow-leaved peppermint gum in mineral separation has Ic-d to the production of medicinal oils being hugely neglected in Australia, and already the American gum grower is becoming the rival of the Australian on the London market in the supply of therapeutical oib.

Mr Widdowson, S.M., held a sitting of the Juvenile Court yesterday afternoon, when three boys were charged with stealing two mouthpieces, valued at 5a 6d 'each, the property of the 'West Harbour Brass Band. Two of tho boys pleaded guilty, white the third denied the charge. Evidenco was hoard which went to ehow that the hoy who pleaded not guilty was tho real offender, end he was admonished and discharged, while the plea of tho other two was subsequently altered to that of not guilty at the. suggestion of tho magistrate, and the charge against them was dismissed. Their explanation was that they picked tho mouthpieces up and kept them, believing that they were of no use. Threo other little boys, tho eldest aged 13 years, were charged with smoking cigarettes on the Montecillo Football Ground on July 7. Tho eldest boy was also charged with stealing two packets of cigarettes, tho property of Kum Yoon Lee. They all pleaded guilty, and after being severely admonished, were discharged.

" It's like a fog clearing from tho hills," ia how Charles Keefe describes tho gradual recovery of his lost memory. Mr Keefe was an inmate of the Melbourne Hospital for some time undergoing treatment, but was to bo discharged last week. When found wandering aimlessly ho did not know who he waa or where he was. Nor could, he give any information that would lcewi to his identity being established. Ho had completely lost his memory. It was subsequently ascertained that he had signed on tho articles of the ship Harmattan os ohief officer on Juno 19, and that he had worked ono day on that vessel, and then had mysteriously disappeared. Captain Gibbons, of the Harmattan, visited him at the hospital, but Mr Keefo could not recognise him, and could not remember having been on the ship. " I cannot recollect the Harmatttui," he said when referring to his plight; "in fact, I hare only a hazy idea of having been in New Zealand. I must have come from there as a passenger to Sydney from what friends have told me, but how or when I came to Melbourne I cannot remember. • I suppose it will come back to me in time, as my memory seems to be getting better. It is now cloudy, and at times becomes somewhat clearer — and it seems liko a fog clearing from a hill. Everything for tho past three months seems to be a blank. I have been told of events during that period, but cannot recall them." AVihen asked if he had been ill Mr Koefe said that at the end of last year he had a, touoh of brain fever in Melbourne, and that when a boy he fell trom a bridge and sustained concussion of tho brain. He is now 31, and has been seafaring since lie was 16.

Mis Jessie VYatkins, of Perth, a -widow, turned to Australia by the R.M.B. Orama recently wreathed in smiles. A.- few montl» ago (says the Sydney Sun)- she was visited by a great sorrow. Her son, Walter, 25 years of age, who is affectionately referred to as . tho " baby" of the family, was suddenly stricken dumb. Owing to on accident he broke a blood-vessel in his throat. Ho consulted many specialists in Perth, each of whom, after treating him, pursed his lips, shook, his head, and Baid, "No hope." Someone told Mrs Watkins that she should consult an eminent German specialist. She hastily conjured up the probable cost, mortgaged her house, and towards the end of March sot out with her " baby " for Berlin. On arrival there they consulted, tho specialist, Professor Slight, and Walter was submitted to a thorough course of special treatment so successfully that by May 29 he was able to speak once more. "He can speak as well as you or I," explained Mrs Waikins. "It has been a wonderful cure. I was on pins and needles all the time, but now, thank goodness, everything is over." "Is the cure likely to bo permanent?" " L am hoping so. At any rate, my son is not exercising his voice too much for the feai of straining it."