OUR LONDON LETTER.

Otago Witness, Issue 1805, 25 June 1886, Page 3 (Supplement)

OUR LONDON LETTER.

(Fhom Ovu Own Cobbespondent,) London, May 7. THK OLD WOMAN OF SHOE LANE.

The above elderly dame, or in other words, the Standard newspaper, has been indulging in her favourite pastime of giving the colonies — New Zealand in particular — a good *' dressing down -; on the score of their extravagance, and their fondness for running into debt. The peg upon which "grandmother" hangs her homily is the South Australian loan of last week, a few words upon which will be necessary, before dealing with the Standard's serrnonisations.

The South Australian loan could hardly be regarded as a success, but this circumstance was due to a variety e>f causes. Iv the first place there was to be considered the depressing accounts received from the colony owing to the failure of the Commercial Bank of South Australia. In the next place the loan was floated in holiday week, and in the third place, Sir Arthur Blyth, the Agent-General for South Australia, had in his wisdom kept matters so close that no one knew anything, except the vaguest rumor about the loan, until it was suddenly thrown upon the astonished market on the day after Good Friday, when moßt city men had gone down into the country for their Easter holidays. The consequence was that at first the syndicates held aloof from the loan, and although they eventually did come in at the eleventh hour, and even tendered pretty freely, their action had the effect of preventing the loan being as successful as Australian loans usually are. The amount sought to be raised was £1,332,400, and the tenders, which were opened at the National Bank of Australasia, amounted to £2,711,500, at prices ranging from the minimum of £99 to £102. Three syndicates together nearly covered the loan, but the prices quoted by one were so low as to put it altogether out of count. The average price was £99 9s 6d. Tenders at £99 6s will receive 95 per cent, of the amount applied for, and abore that in full.

The loan was floated a week to-day, and on the Saturday morning following the Standard m its second leading article sarcastically congratulated South Australia on having at last succeeded in reaching the level of its rivalß, Queensland and New Zealand. These three colonies — New Zealand, Queensland, and South Australia, the Standard describes as the three mo3t debt-ridden of all the Australian group. "Their public burdens." says Graudmamma, " have obtained an amount of between fifty and sixty pounds per head, and everything they possess is in some degree mortgaged. New Zealand, desponding colonists allege, has now nothing left to pawn except its climate ; " but, nevertheless, our fair elderly friend goes on to say that the bulk of the people in New Zealand, afflicted with the mania for raising loans go on with a light heart* The Standard then proceeds to adduce Mr Froude, above all men as an authority upon the financial stability of your colony, and dwells iv all seriousness upon the statement set forth in that gentleman's " Oceana" that a "shrewd" New Zealand gentleman assured him that New Zealand would only pay interest so long as she could borrow. It does not seem to have occurred to the Standard that an ex parte statement made to Mr Froude by someone else, whose identity is disguised under the vague anonymity of " a shrewd New Zealand gentleman," constitutes a rather insufficient ground upon which to seek to take away the financial credit of a large nourishing colony. Your contemporary accepts the statement as gospel truth, and, with a gasp of righteous horror, assures the British public that " New Zealanders discuss the prospect of repudiation as calmly as farmers might last year's weather " Regardless of the fact that we have just received the information of Sir Julius Vogel being able to present the colony with a surplus, the Standard goes on to say that Sir Julius "Vogel has lately come forward with a remedial programme for his beggared Treasurj . which is worthy of his past career, but one more fraught with danger to the colony it would be difficult to lind. With the facts as Mr Froude describes them, further borrowing for N ew Zealand is nothing short of madness. New Zealand is a country, says your con temporary, where want dogs the heels of a tawdry piecarious splendour, a land in which millions of its borrowed money are wasted simply because it could not pay its way for a week without fresh loans, a land in which the true course of life of its inhabitants has been twisted and contorted out of the natural channel by the pernicious habit of living upon borrowed money, a land whose very life is lobbed away on the stock exchauge with oo more thought than if it were so much hemp. " Such a country," concludes the Standard " ought not to have another penny of English savings, be the consequences what, they may."

Hot nross buns are notably difficult of digestion, and one must charitably conclude that tbe writer had breakfasted and lunched upon tbibonne louche in such heartiness as to bring oi. an accute attack of dyspepsia. The only other hypothesis upon which we can account for the extraordinary tirade of the Standard is that In which Charles Lamb sought to explain his indifference to the eloquent and moral preachings of his friend Coleiidge:— " You can uever believe what that fellow Coleridge says, he's m full of his fun." It may be that last Saturday tbe Standard was merely " full of his fun. 1 ' The Pull Mall Gazette in commenting upon the shrill scoldings of Shoe Lane says :— " Mr Froude having taken a scamper over the more backward and poorer half of New Zealand, and carefully avoiding both the political and commercial

capital.*, of that Culuiiy, has undertaken to damu the credit of the New England of the Southern Seas. The Staiular lin it» customary pessimism in money nutters eagerly grasps \hi.s opportunity ot showing up New Zealand, and th--"•access of a South Australian loan yestt-riiir, attordj it a text tor Hiving a* a glimpse of Vi\pieaent position of New Zealand thiough Unquiet unprejudiced eyes of Mr Fromle. Than who remember the ghnrpsts of South Atrica obtained through the eyes of 'Mr Froude will smile at the adjectives. No man ha.-, a queerer squint on these matters than Mr Froude, unless it be Sir George Grey, the obsolete oracle whom he seems to have taken as hi= chief authority as to the condition of New Zealand."

In Anglo-Colonial circles the belief is that. this article was written by the »ame melancholy individual as writes the monej article in your contemporary, who rarely losses an opportunit} 1 of reading the colonials a lesson, and who ever since his tranference irom the staff otthe Time? some two or three years ago, has indulged iv. lamentations over the borrowing propensities ot denizens of the Antipodes. At one time it wasbelieved that this gentleman was very much under the influence of Sir Julius Vogei, .uid joiw;quently inclined to take a roseate view o! New Zealaud affairs But after that statesman's departure he seems to have fallen into i.Le uan<U of another New Zealand authority of somewhat saturnine disposition, who takes the opposite view ot colonial affairs to that of the versatile Sir Julius.

COMMERCIAL CLIPPINGS,

The stricbtnes of the Standard, however, tio not prevent tresh appeals being m<ule to British, especially North British, faith, in the soundness of New Zealandas afield for in vestment. Our friends north of the Tweed seem to have taken Australian and New Zealand investments very much under their own protection. If any additional eviilonce of this circumstance be needed, it is to be found in the fact that another Scotch-New Zealand Company is just now being floated. The North British and New Zealand Investment Company, Limited, which bas or is to have a capital of £250,000, divided into 25,000 shares of £10 each, is being formed to lend money upon land or other mortgageable property in New Zealand. The company appears to be promoted by a number of Hawke's Bay coloni,sr«, the names un the provisional Colonial board being those of Messrs John Chambers, Jun., Cecil Albert Fitzroy, Lieutenant-colonel Jasper, Lionel Herrick, Alexander M'Hardy, and R D. Douglas Maclean, all of Hawke's Bay. These gentleman have secured as their colleagues and coadjutors on this side Messrs R B. Bryce, A A. Fergupson, T. R. Johnstone, David Murray, Robert Pirrip, and Edward L Weigall, all of Glasgow. The manager in New Zealand is, as no doubt you are aware, Mr W. Kinross White. Of the 25,000 shares which are to form the capital of the company, only 10,000 are to be ssued at present, and of these 7500 are to be offered in this country and the remainder in New Zealand. I have reason to believe that about four-fifths of the capital now required to be raised was applied for some days before the closing of the share-lists on Tuesday last, and no doubt the whole amount has now been taken up The New Zealand Midland Railway Company, Limited, which is to be formed for the purpose of constructing a trunk line connecting the east and west coasts of the South Island via Christchurch, has at last been definitely submitted to the British public, having been launched upon the market last Friday. The share capital is £500,000, of which only one-half is at present to be placed upon the market in the form of 25,000 shares of £10 each. The present proposal is thus, it will be seen, a very modest one compared with what was originally contemplated. This may perhaps be wisdom on the part of the promoters ; because, had they applied for a capital of between two and three millions the company would probably have had to have been considerably more "financed" than is now necessary. Judging by present appearances, the company will be a success. Applications for shares are coming in freely, and when the lists close tomorrow the amount of capital required will no doubt be covered. The Pall Mall Gazette has interviewed Mr H.Alain Scott, whom itdecribes as an "intelligent" New Zealander upon New Zealand affairs in general, and Mr Scott described the Midland railway of New Zealand as the " marriage ring of a great colony." He, however, admits that the ring will be an expensive one ; for he confesses that the line, which is to be 235 miles long, will cost about two and three-quarters millions sterling, though, the promoters are at present content to appeal for only £500,000.

MISCELLANEOUS.

The following medical students from New Zealand have distinguished themselves in the examinations at the close of the winter session of the University of Edinburgh : — Natural History, senior section;— H. M. Inglis, of Timaru, the same gentleman also taking lirst-class honours in chemistry, anatomy; students of the second year, first-class honours, L E. Barnett, Wellington, and John Somerville, Dunedin ; second-class honours, W. J. Cattan; students of the first year, first-cias* honours, H. M. Inglis ; second-class honours, G H. Monroe. A special certificate of proficiency in practical work was also awarded to H. M. Inglis. Surgery: — Seniors, first-class honours, Joseph Jeffcoafc, Ofcago ; F. Treeby King. P. A Lindsay • Juniors, second-class honours, T. Burns Materia Medina: First-class honours, L Edward Barnett and John Somorville: second - class honours, Alfred H. William's Institutes of Medicine : — Senior division, second-class honours, A. H. Williams; junior division, J. Somerville and L E. Barnet.t Practice of Physic — Senior division, first-class honours, F. Tvuby King, and Frederick H JetfI'.vot. Junior division, first - class honours, W. A. Fleming, Otago, second-class honour?, Lewis A. Hawkes. Midwifery: — Juniour division, second - class honours, L. A. Hawkes. General Pathology : — Junior division, first-class honours, John Somerville and L. E. Barnett; second-class honours, Alfred H. Williams.

At the annual aession of the Grand Lodge of Good Templars in England, a few days since, reference was made to the action of King Tawhiao in prohibiting the sale of intoxicating drink in the King Country. Query : King Tawhiao keeps the drink away from his subjects ; does he keep it away from himself?

A notable English cricketer has been selected for the head mastership of the college at Nelson, md sailed for New Zenlaud this week. Mr W. J. Ford, the gentleman in question, has long oeen a well-known Middlesex cricketer. On May 3rd he presided at the annual dinner of the Incogniti, and received many expressions of regret at his departure. Mr Ford, who ha.s been connected with Marlborough College, is probably one of the most brilliant batsmen in the United Kingdom. Like Ilereward, the last of Mie English, he is a hard hitter, and New Zealand cricketers are to be congratulated on having secured such a brilliant addition to theii ranks.

The Thurstan-Krauel agreement respecting the delimitation of English and German interests in the Pacific has at last been, ratified

by both Powers and received official publication. Practically speaking, it carries out almost exactly the principles and outlines which have iilto-ail.v been placed at tbe disposal of your re.fii-rs. Briefly the effect of the agreement is a- follows:— The line of demarcation definrig Bntish and German .spheres of action in '.X-: Wi'.stern Pacific starts from a point neai Mitie Kock, north-east of New Guinea, on the f-sghth parallel of south latitude, crosses the Solomon Islands, and then passes in a northeasterly direction towards the Marshall Islands England and Germany mutually undertake to relinquish all previous protectorates or extensions ol territory in that part of the Pacific situated on either aide of the said line of demarcation, and agree that neither Power shall make fresh acquisitions ol territory or oppose the extension of the other's influence. The foregoing arrangement, however, does not apply to Samoa, Tonga, or Nine Islands, which will remain} neutral territory as heretofore. Mutual freedom of trade iv the English and German possessions and protectorates in the Western Pacific, and reciprocity of treatment of the ships of both countries is provided for. Penal settlements ai c not to be established, and any land claims in .lispute are to be referred for settlement to mixed commissions, to be appointed ad hoc. Colonies which already possess fully established Governments with Legislatures do not come within the scope of the above declaration. The Marquis of Normanby has resigned the presidency of the Whitby Liberal Association on account of his inability to support Mr Gladstone's Home Rule for Ireland policy. The recent petition of the University Senate of New Zealand that New Zealand medical graduates might be permitted to practise in tb-> mother country and to take charge of passengrt vessels under the Board of Trade is in a fa' way of being granted. A clause in Sir Lye.. Flayfair's Medical Amendment Bill/which passe-* its second reading in the Commons this week proposes to establish complete reciprocity >« this respect between the mother country aii^ the colonies. Their duly qualified medic practitioners are to be accepted here if they it, their turn will accept ours.

The Tauranga and Rotorua Railway scheir» will shortly be placed on the marketprobably next week— by Mr George Vesi-y Stewart. The capital will be £250,000 in £10 .■-hares.

Mr and Mrs Cowlishawand family, of Christchurch, have just returned to England from a trip on the Continent. They are all very much improved iv health.

Dr Yon Haast, Sir John Hall, and a number of leading colonists have been invited to Lady Rosebery's reception on Saturday next. Four families of assisted farming emigrants will go out by the Tongariro. Mr Clayden has been lecturing at Birmingham lately. He will make his appearance at Exeter Hall to-morrow.

So much indignation has been aroused amongst Anglo - New Zealanders by the ungenerous attack made by Mr Froude upon the commercial credit of your colony —to which special prominence has been given by the article in the Standard ibove alluded to — that Mr Froude is said to have been warned that he would do well not to direct his steps towards New Zealand in the future, as his cowardly stab at that colony is not likely to be overlooked.

The New Zealand fern-tree gully is very nearly completed. The plants are in admirable condition and look splendid. The gully will probably be opened with a little hospitality on the part of your Executive Commissioner in the course of a week or so, when it will be lit up by she electric light. It is to be regretted that Sir Dillon Bell's original idea of incorporating the whole of the Australasian fern-gullies into one grand gully has not been carried out, inasmuch as it would have been one of the greatest attractions of the Exhibition.

PRODUCE,

Frozen mutton has been comparatively weak and unsteady during the past fortnight. The Marlborough has cleared her Oamaru cargo of 11,000 sheep at 5d to 5Jd, the meat behi ; * reported " fair." The Kaikoura from Wellington, with 13,502 sheep, 2957 lambs, and 231 pieces of beef, has cleared all the sheep and beef and half the lambs at 5d to s£d for the sheep, 60 to 7Jd for the lambs, and 5d to s^d for the beef; all reported "good." The Elderslie from Port Chalmers, with 20,159 sheep and 5109 lambs— "good" — has disposed of 15,000 sheo at st\ to ssd; and 3500 lambs at 6£<l to 7d. Che Doric from Napier, with 18,003 sheep 2492 lambs, and 321 pieces of beef — " good " — has sold 15,500 sheep at 4gd to 5Jd, 1200 lambs at (id to 7d, and cleared the beef at 5d to ft^l The Canterbury's Tiraaru cargo is declared "part unfatisfactory." Of the 9922 sheei 2000 have been sold at 4d to s£d for souua The 200 lambs have not yet been broken into. The Arawa from 'Wellington, witt a cargo classed as " fair " of 18,3*6 sheep, 6306 lambs, and 273 pieces of bn i, has disposed of 8500 sheep at tfd to s?<l, 3000 lambs at 6d to 7M, aud all the beef at "s.l to (id. The Tongaiiro's Lyttelton cargo — •' good "—of 12,576 sheep, 1157 lambs, and 238 pieces of beef, has been partly disposed of; 4500 sheep have gone off at 4|d to s§d, 100 lambs at 6d to 6kl, and 150 pieces of beef at 3VI to sd.