THE N.Z. AGRICULTURAL COMPANY.

Otago Witness, Volume 01, Issue 2123, 1 November 1894, Page 3

THE N.Z. AGRICULTURAL COMPANY.

The balance sheet and report of the New Zealand Agricultural Company (in liquidation), dated July 31, 1894, is a curious reminder of the boom time in our affairs and its after consequences. The company was floated in London just a quarter of a century ago to take up certain properties, freehold and leasehold, generically known as the Waimea JPlains. The capital sum engaged in the adventure amounts to £1,140,719, being .£600,588 in shares and £540,131 in mortgage debentures. The freehold property held is 168,852 acres, but the amount of leasehold is not stated in the report. The profit made during the year was £833 13s 2d, or just over one penny per acre ; but in the balance sheet appears the item " Distribution to debenture-holders, £7816." This distribution is made out of the cash resources in hand. The freehold land with improvements is Valued at £6 4s per acre, which is in all probability a positively preposterous over-valuation at the present time. Mr Dbbveb, the liquidator, whose report is based on that of Mr Rodger, the general manager in .New Zealand, has £1 his report the following sentence. trhich is jwefinant with meaning ?-^£

"The only other offer was a practical instance of how great a sacrifice you would be forced to make if sales were effected' on the terms put forward by buyers. I was offered for some 1800 acres of land far above the average selling value, the price of .£3 11s per acre/ It must be remembered that the company at a meeting held October 5, 1893, resolved " that the property should be realised as quickly as may be expedient." We fear that if the properties are held for anything approaching to the sum at which they stand in the books, realisation will be almost indefinitely deferred. A close examination of the voluminous report leads us to the conclusion that there is a considerable want of the power of generalisation on the part of the present staff of this unfortunate concern. There is scattered through its 14 pages an immense amount of detail information, of the material out of which a proper report might have been made. Sometimes even these detail statements are missing. Take sheep, for instance : under the heading of live stock, the statement is made that the number has increased by 1107. Apparently this .increase is arrived at by carrying forward all the old sheep of the flock with no due allowance for culls. Then, again, under the heading expenditure there is a diminution of £860, of which the reduction in rabbit expenditure figures at £164, but since the report was issued the local papers have reported a prosecution by the Rabbit department, which resulted in a conviction and fine, and the manager will be obliged to spend far more money than he professes to have saved. There are several other short paragraphs showing a few pounds saved here and a few pounds lost there, but when we regard these statements in connection with the stupendous sum at risk it becomes clear that the case is quite hopeless. Under even the most careful management there can be no satisfactory result to the liquidation. Probably the shareholders are still buoyed up with the hope that by nursing their property they may ultimately diminish their loss. This may be so, but we see no indication of any probable rise in the value of lands of this description. On the contrary, subject to any possible rise in the price of wool, all indications go to show that prices of products, if they do not fall, are at the best likely to remain stationary. Under these circumstances land values cannot improve. JSfow the JS T ew Zealand Agricultural Company's land is at present valued at £5 10s per acre, while the improvements thereon are valued at 14s — making a total of £6 4s. We have also an announcement in the paragraph quoted above that the offer of £3 11s per acre was far above the average selling value of land. Should we be far wrong if we say that the estate stands in the books of the company at nearly, if not quite, £4 per acre more than its selling value either now or for a very long period in the future ? Meantime the business is being carried on at a profit so infinitesimally small, and for this reason so liable to be turned into a loss any day — if it do not actually mean a loss at present, — as certainly not to justify its continuance for another year. No business man would even dream of carrying on under such circumstances when the amount at stake tras so large. Of course the company is already in liquidation, and it appears on the surface as if it were intended to hurry on sales. But it seems also clear that the desire expressed by the liquidator that " the property should be realised as quickly as may be expedient " may mean anything — the significance of the words " may be expedient" being obvious. The whole question resolves itself into thia— viz.i Is i* likely, that

. the price of freehold at the Waimea will rise considerably very soon ? We must confess we think but one answer can be given to this question — namely, that such a rise is exceedingly improbable. Moreover, it is not in the interest of the commonwealth that this huge estate should be administered by a moribund company which cannot reasonably be expected to perform the duties of owner with that freedom and usefulness which would be expected from a less hampered proprietor. Hundreds of settlers might be settled on the land, bringing with them the church, the school, and the other appurtenances of modern civilisation. We trust the liquidator will take the hint and bring his unpleasant labours to a close more speedily ; if not, in all I probability the Minister for Lands will have his attention directed to the Waimea lands as among the first which should be brought under the operation of the Land for Settlements A.ct. Tte following n solutions have b6en passed by the WorkerH Political Committee :—" (1) Tbab this meeting regrets that the Premier of a Democratic country insists upon squandering public moneys iv entertaining members of the Royal Family who hhortly intend visiting New Zealand ; thab we again enter our most emphatic protest against the spending of public moneys in ostentatious show upon individuals who are amply provided for ; that we consider our first duty is to be loyal and patriotic to ih« indigent of our own community, and until their wauts are provided for we shall strenuously object to fulsome flatteries being sloweied on Royalty." "(2) That this coruiiuHee htai-oily thank the Premier for upholdiug the plank of our platform dealing with the importation of foreign labour under contract; and we also deprecate the action of Mr Middlemen, requesting police protection for an imaginary disturbance which would not be likely to take place unleas , the manager of Benniore station insists upon imposing conditions upon men which are not fair and just. A copy of tbo^e resolutions to be forwarded to the Premier." At the City Police Court on Thursday Masoud Meree, an Aisjmn, was fined £50 and costs on a charge of evading the payment of customs duty. The fine, and £5 63 costs, were paid after the court rose. The services rendered by Mrs Hatton and j Miss Nicol in connection with the enfranchisement of women were acknowledged at the annual meeting of the Women's Franchise League 01 Thursday night by the presentation '« each of a tea and coffee service. According to the assertions contained in a series of lottos appearing in the Age, it seems that the Government village settlements are a failure. The labour colony is the only one whioh is likely to prove advantagoous. An ex-settler's wife writes :— "What is to be done with the Government village settlements? Scores of men with wives and children are almosc starving. They havo used up their few pounds of monetary aesistacce." France is changing, French character is changing. This (writes Frederick Law tan in the "Literary World") is a fact that cannot but strike any observer living in Frat.ce for the last few years. The change is nioat perceptible among the educated and middle classes. Professional men, and notably doctors, are showing the profound influence upon them of German thoroughness in thought and English clearness in method and aim. The oils of French centralisation and provincialism seem as rife as ever. But a reaction is brewing, and is showing its first effects, not in the couloirs of the Legislative Chamber, nor yet, exeppt in isolated instances, in the current literature of the time, but in the every-day conversation ofreading and thinking people, who are to be found in almost every part of the country. These latter are thus forming centres of peaceful agitation, which are deßlined to extend and combine their influences at no distant date. The war of the Revanche may come, probably will come, bt- fore very long; but whatever its immediate issue, it will only 1 haBten the triumph of the peace party now developing. At a meeting of the Waitaki High School | Board of Governors Mr W. H. A. Craddock was selected out of 17 applicants for the position of firßt assistant master, and Mr W. G. Grave (out of seven applicants) for that of second assistant. Mr Craddock, who was educated in Chriatchurch, is at present head master of the Greymouth District High School. An interesting return has been prepared, says the Sydney Morning Herald, showing the compnrative earnings of the Government railways of the various Australasian colonies. The capital invested in New South Wales Government railways for the year ending June 1894 amounted to £37,104,257, while the capital invested in the Victorian railways up to the same date amounted to £37,748,563, or £644,306 more than in New South Wales. On the other hand, the net earnings of the New South Wales lines during the year ending June 1894 amounted to £1,270,610, or £179,870 more than the net earnings of the Victorian lines, which amounted fee £1,090,740 during the same period. The total capital invested in Government railways in the other five colonies of Sfistb Australia Queensland, New

Tasmania, and Western Australia amounts to £48,172,905, the net earnings, according to the latest returns, being £1,243,932. The net earnings of the New South Walea railways are thus £26,678 in excess of these other five colonies. Thegnsj earnings of the railways' of these five jolonies amounted in »11 to ' £3.376,354, »s against £3,091,735 the gross earnings in New South Wales, and £2,726,159 in Victoria. Ab last week's meeting of the Benevolent Instt ut'on Trustees tbe peoretary reported that Fred R he ; : ceur (age i 67) and John Hall (81) died in the institution dnring the week. About 40 applications for relief were dealt with. A cablegram received last we k states that the Canadian (Government are issuing a 3 per cent, loan at a minimum of 95. The amount is stated to be 214,000,000 sterling, which seems i 1 irge even if dollars were meant. It is possible that what is meant is a conversion loan. The total net debt of Cauala in 1892 was over 241,000,000 dollars, of which some 223,000,000 dollars bears interest at rates varying from' 3£ to 6 per cent. Mr A. H. LogaD, seoretary of the Otago Reunion Committee, Wellington, advises that there are £10 in the hands of the treasurer, Mr B. Wilson, in aid of the Petrie fund. Mr Crabb, the temperance lecturer, addrersed a full meeting at tbe Choral Hall on the 24 th on the subject of " The Rights of the People." Among the rights claimed were full value for any labour done, a right to the land and its products, the right to a political franchise, to a voice in moral and social legislation, to prohibit injurious customs, habits, or practicea in lbe community, and to protecting thembelves. Hv argued that the liquor traffic w»s, by the very fact of itu being licensed, acknowledged to be injurious, and consequently the pf oplo had the right to protect themselves against it. The only basis of national givatneß* was national goodness, and the trade was opposed to goodness and inconsistent with a hope for national greatness. The lecturer was frequently wthußiastically applauded during his discourse, i The Christlau Outlook, referring to the Bloa Creek and Waimumu ca3PB, says it had hoped that, at least so far as Protestants are concerned, religious intolerance of this sort was at an end in the colony. It regrets to i-en that the Education Board " wobbled" on the question, and it is extremely unfortunate that ifc did not speak with the authority of one united voice. The Oamaru Mail understand* that tb.B members of the Waitaki Licensing Committee baling received applications from the committees ot the Agricultural and Pastoral Association and Caledonian Society to grant conditional licenses, hare agreed not to reopen the question, a decision to refuse all such licenses having been come to at a previous meeting. Mr J. M, Butt has accepted the position of Government auditor of the Bank of New Zealand. An Auckland telegram states thai; the appointment meets with general approval. Mr Butt is a banker of 30 years' experience, a Fellow of the London Institute of B-iiikers and the Australasian Inatitu'e. For many years he occupied the pasition of assistant-inspector of the Bank of New Zealand and latterly that of inspector. He expects to JeAve to take up duties immediately. Mr O. J. Audraws, of tha inspecting staff, and formerly manager of the Auckland branch of the Bank of Now Zealand, will be appointed, it is stated, acting-general manager. This office is in the gift of the new board of directors. Mr J. K. Warburton, tbe Public Trustee, has been appointed superintendent of the board under the Advances to Settlers Act. The appointment carries! an increase of salary. The following sections of Crown lands were disposed of at the Dunedin office during the past week : - Section 13, block IV, W&kefleld, 20 acres, selected by Robert D&vidpon, for cash, at 20s per acre; section 9, block XII, Maniototo, 82 acres, selected by Alexander Reid, on lease in perpetuity, at 229 per acre ; section 17, block XI, Manioteto, 519 acres, selected by William John Baxter, as a small grazing run, at an annual rental of 9d per acre ; and section 16, block VIII, Maniototo, 280 acres, selected by Wilson Mewhinney, on lease in psrpetuifcy, at 22s per acre. At a][meetiDg of creditors held on Friday in the estate of Charks Bills, bird dealer, of George stre3t, who had been forced to make the acquaintance of the offkial assignee apparently through pure misfortune, absolution was unanimously passed (over 30 persons being present) expreiiiDg sympathy with the bankrupt, and recommending for tbe favourable consideration of the court his application for immediate discharge. This is oue of those rare occurrences which exhibit the better side of human nature, and show that, however regardful men may be of the " main chance " in this mammon-loving world, it only requires a genuine case of misfortune to loften even the hearts of creditors. The following resolution was adopted at a meeting of the Duuedin Assembly Knights of Labour, No. 563, on Thursday evening:— "That this assembly regrets the tone of the Premier's reply to our respectful proteit against public money being expended on the proposed reception of the Duke of York ; and further I regrets that a Premier professedly representing a Labour-Liberal party should propose a large expenditure of . public money for such purpose while so many men and women in New Zealand require work and bread." At the last meeting of the Wyllie'i Crossing School Committee, whioh was attended by Messrs W. Laitg (chairman), M'Millan, Palmer, and Shand, an extraordinary vaoanoy was filled by the election of Mr John Gilmore. Inspector Taylor's report of the inspection of the school vt&j Bubmittedj and ohwod that all the pupils

who were presented in each of the standards had passed, and that the general tone of the ■chool and the conduct of the children daring the inspection were good. The chairman considered it a feather in Miss Anderson's cap that she should have passed through the inspector's hands, without a siogle failure, a new school of from 38 to 42 pupils, of whom only some nice had previously had the benefit of her tuition elsewhere. He moved—" That Impector Taylor's report is highly satisfactory to the committee ; that Miss Anderson be heartily congratulated thereupon ; that the same be recorded on the minutes, and that a copy of the resolution be sent to her." Mr M'Miilau seconded the motion, which was carried unanimously, Mr Shand expressing his high appreciation of the progress made in the school under Miss Anderson, and of the excellent result! obtained. According to news received from Tahiti per steamer Richmond, serious trouble is feared on the Island of Rsiatea, one of the Society group, between the natives. The French Governor of Tahiti asks France for five ships and 3000 men in order to subjugate Rai&tea, which will not submit to French rule. The belligerent natives number 2000 or 3000. Our London correspondent write, under data September 14 : — " Mr Lee Smith, who came to town for a couple of days this w eek, but who h*s again left for the north, tells roe that hehaa been making assiduous investigation in manj matte 'a concerning New Zealand- trade. He nude, for one thing, that New Zealand does not do all that might be done with the nvbbitskins which now form so largo an item of export. Many of these are scraped in London and then sent over to America at increased prices,, for use in manufacture there. There is no reason why this work should .not be done in New Zealand, and the money kept in the colony. He has been especially active in promoti ng the interests of the frozen meat trade, and has induced a large number of people to try New Zealand mutton, with the invariable result that they were astoniiihed at its excellence and always resolved to use much more of it. But the difficulty is that so much New Zealand mutton is sold as 'best English' or 'Scotch' or ♦ Welsh,' while on the other hand wretched Plate mutton is frequently offered for sale as ' Now Zealand.' Some remedial action against tbis double fraud is undoubtedly called for, but it is by no means easy to suggest; the direction such acMon should tako." Mr J. M. Cunningham, who died in Dunedin la the early part of the week, was mayor of Palmerston, from which place he had been absent si Ccc the beginning of the month, when he left for the North Island in the hope that bis health would benefit by the change. He was an old colonist, having lauded in Obago in January 1863. After his arrival he followed various occupations for icme time, bub in 1870 he settled in Palmer&ton and entered into business, first as a baker and subsequently as a general storekeeper. He took his part ably in local matters, being a member of the school committee for several years, and a member \>i the borough council from 1878 to 1884 and from 1889 to 1892, while he was twice elected to tbo mayoral chair. He was also a member of the Order of Druids. His funeral on Thursday was, the Palmerstou paper says, one of the largest that has been witnessed in the district for tome time. From information received in Oamaru (says the Mail) there is reason to believe that true bituminous coal has b?en found on the Easf Coast of this island in the neighbourhood ol Catlins river. ;