OUR LONDON LETTER.

Otago Witness, Issue 2215, 13 August 1896, Page 53

OUR LONDON LETTER.

(Fbom Oca Own Corbkspondent.) London, May 29. OTAGO AND SOUTHLAND INVESTMENT COMPANY. The thirty-seoond ordinary general meeting of shareholders in the Ofcago and Southland , Investment Company was held at the company's officer oa Wednesday last. About 30 shareholders were present, and Mr W. G. Elder presided. I did nob notice any New Zealand faces there. The directors presented the following report :— " Including the amount brought forward from previous balance, and after payiDg interest on debintores and debenture stock, charges in London and New Zealand, land tax, &c, writing off proportion of expenses connected with the issue of stock, also loss on securities, there remains a balance at credit of profit ai- \ loss account of £639 15j lid to be carried forward to next aceouufc. The £150,000 4 per cent, debenture stock referred to in last year's report having been successfully issued, a further amount of £150,000 has been created, of which up to this daira £10,830 has been applied for. The terminable debentures outstanding at January- 31 amounted to £333,183, be'nflr less than at previous balance by £132,491. By the conversion into stock of a number of debentures maturing during the next five years the annual liability on terminable debentures has been largely reduced, 'and the liability on this account hai now assumed snob, moderate proportions as to oause but little anxiety. The Glenham Dairy Factory oomuienced working in October, and shipments of cheese have sinca been made to London. The brokers-report the cheese landed as of fair quality, and the prices obtained are on the whole satisfactory. On securities representing £156,306 12s 4d no interest has been taken into account. The larger portion of these securities consists of agricultural and pastoral properties which have fallen into the company's hand's, and are worked by the cjmpaoy. E/ery thing is done to maia-i ' tain them in an efficient state of cultivation, so that when disposed of there in the greater probability that the advances nude against them will be fully realised. Mr Morris, the manager in New Zealand, having had occasion to visit thi* couotry during the pasb year on his own private affairs, the directors had' several opportunites of conferring with him. They are glad to report that he expressed himself hopefully about the position of the company. Since his return to the colony be writes :— • I flud a muoh more hopeful feeling generally prevalent in the community, and I trusSi that the worab features of our long depression are passing

away.' " ■ The Chairman, in moving the adoption of the report, went full/ into the year's results, and said that, owing to the depreciation in value of land and loss of interest on mortgage, &c , hs much regretted to have to put before the shareholders such a poor balance sheet. He mentioned that the board had received several letters from shareholders asking certain questfoos. Hu would take that opportunity of answering tbein. One gentleman wanted to know if Mr Morris paid his own expenses from- New Zealand. Mr Morris did pay his' own expenses, he being in Eaglmd, not only on- behalf of the company, but also on tu-anesi'of hirown. Anothrrshareholder a.sked why the company did not borrow money at 3£ per cent, instead of 4- per cent. His- reply to thab was that they could not do so, and if that gentleman could arrange a loan for the company at 3£ per cant., the directors would ba only too pleased to avail themselves cf the opportunity. Auother letter received was from a gentleman suggestingwinding,up the company. This, the Chairman remarked; was more easily said than done. He had bub little doubb that in time the company would turn the corner, and as far as he and his co-directors were concerned, the shareholders coulu'fully rely on their giving all the assistance that lay in their power as they and their friends had large interests ia the company, amounting to some thousands of pounds. Mr Elder next proposed J. D. Thomson for re-election as director, remarking that Mr Thomson had been a most valuable directot on the board for 35 years and was a Scotchman. — (Applause.) Mr Thomson was unanimously re-elected. Messrs Sawyer and Edinburgh, the auditors, were re-elected for the ensuing year.

. ANGLO-COLONIAL NOTES. Sir Westby Perceval finds abundance of occupation in h<s new multiplex capacity of director of various companies. Indeed, he tells me that his duties as managing director of the Consolidated Goldfields of New Zealand occupy a great portion of his time, and that he has never had to work harder in his life. Mr W. Mendelsou, the papular Cambridge ath'ete, formerly of New Zealand, has had the misfortune again to hurt hiß knee, with the result that he has been unible to take part in various athletic competitions.' But I am glad to learn that the ' effects of the ' injury- are rapidly passing away, and he hopes 1 to take an active share in this season's university cricket. In view of the marked success achieved by Mr Beeves in his lecture on " New Zealand " at the Royal Colonial Institute recently, a strong opinion is being expressed that his special oapaoity ss a speaker and lecturer ought to ba more fully utilised on behalf of the colony, and that it would be a very good move on the part of the Government to authorise' the Agentgeneral to incur such extra expense as might be involved in the delivery of eccasional lectures in the provinces. These expenses would not be heavy, as doubtless in many cases the lecturer would be able to obtain the free use of a hall, and the cost of travelling would not ba ruinous, while the good done by making New Zealand and its attractions more generally and popularly known would be incalculable. Being fortunate in having an Agenb-ganeral wlia possesses the advantages of youth and activity, the colony might just as well make the fullest use of theie qualifications. It is to be hoped that the women of England will not derive their ideas of " The New Women of New Zealand" from the illustration published under this title in this week's Sketch. It is taken from a photograph by Messrs Standish and Freece, of Chiistchnrch, and represents two very masculine-looking creatures in very masculine looking dress most distinctly astride of bicycles. There can be no mistake in this instance of the manly "astride" attitude, 'and the impression conveyed is assuredly one of '•/outness " in more senses than one. Sir George Grey v has been looking much better and stronger during the last few days. The bright and br&oiDg weather seems to sujb him, but the fact oannot be disguised that his health is becoming very frail. He seems to think and talk at present of nothing but South Africa, but when thoroughly warmed up to that subject he speaks with much of his old fire and brilliancy. The Very Rev. Dean Fibchetb, whose whereabouts for some time .past has been so mysterious, set the minds of his English friends at rest by arriving in London three or four days ago. The dean tells me that he left New Sfoftfatrf ior December last; on a sine mouths'

furlough, and proceeded to Egypt, whence he interfiled to go to the Holy Land. Unfortunately, however, while at Cairo ho was suddenly seized with a very severe illness, renal colic,, and was confined to his bed for a considerable time under the care of two dootors. As soon as he was well enough he went on to Carlsb&d to try the watera at that place, whiuh are famed as a cure for this complaint. He experienced great benefit from the treatment, but it has left him somewhat weak. He looks very muoh thinner than wnen I laßt saw him in New Zealand, bub he appeara to be now in a fair way towards recovering his health and strength. For some time part the dean and Mrs Fibchetb have been travelling about the Continent, principally in Holland and the Rhine country. It seems they paid a flying visit to London last month to see their two daughter; off by Jthe s.i. Gothic on their return to New Zealand. Dean and Mrs Fitohett, who are at present staying in the neighbourhood of Russell square, leave in a few days for Cambridge on a visit to tho Right Rev. Bishop Selwyn, the dean's son being a student at Selwyn College. From Cambridge they go on to Scotland and w.ill stay for a while in Edinburgh, where one .of their sons is a doctor in practice. The dean hopes that his son and some of his medical friends' may be able to give him some useful guidance in pickiDg up his former strength. In consequence of the ■tate of his health the dean has been obliged to refuse a large number of invitations to preach in various churches in London and elsewhere. He finds it necessary to take all possible rest during the remainder of his holiday. Ths dean and Mrs Fitchett intend to leave on their return to New Zealand in August next.

The P. and O. Company are about to make further important additions to their already splendid fleet. In addition to the India, already launohed, and the China, which will be launched next month, a contract has been arranged with Meisrj Caird and Co. to build two more of the same olass, which will be called the Egypb and Arabia. Etch will measure 8000 tuns and will have 11 000 horsepower, being much in excess of anything yet possessed by the company. They will be mosily employed in the mail and passenger ssrviceto Au&tcalia-aud New Zealand. Also two large cargo steamers for the Australasian trafo, the Candra' ancrSocotr a, have beeu ordered. To make room for these superb newcomers co fewer than 11 of the old P. and O. steamers have bean sold during the pas!r two years, the Siaai being the last. Thus the. whole of this superb fleet is being entirely renovated in accordance with modern requirements. June 13i • ' MINING NOTES. v To-day has witneised a still further rice in the value of Consolidated Goldfields of New Zealand. The Financial Times says :— " Consolidated GoldQelds of New Zealand have to-day b?on the most' active feature of the market.' When tbe company made its appearance soma two months ago, the powerful and influential nature of its backing was remarked on, together with tbe extensive and promising nature of the several propsrties acquired. From time to time there has been a good business in the shares, which maintained a firm' tone round aboub 2J'hs until a few days ago. The subsequent spurb is due to the tact that the first tub'idiary company is about to be floated, its shares, being already quoted at £1' premium, and the arrangement being that holds r« in the parent company shall have the privilege of taking up a number of shares, 'pro rata, at , par; according to the p^an pursued; last year by the East India Rand Company. The possessions aro co considerable that as time goes on some 10 or more subsidiary companies will be brought out on similar linos, and there is every prospect of the market in the shares becoming a highly popular one. The price which closed last nighfr 3|shs to 37-16bhs, opened this morning about 3s, and, strong buying proceeding throughout the day, they were finally bid for in the street at 3 15-16ths— a further rise of more than 10s on the day.'" Before noon to-day Consolidated £1 shares had reached £4, and wera eagerly inquired for &t that figure with hardly any tellers. They continued still to rise, and at the last moment before closing my letter I received a message from the Stock Exchange to the effect that they olosed to-day at 4 l-16th to 4 3-16fchs. This represents a handsome fortune to many lucky people who acquired the shires originally at par. The company's offices in St. Svvi tern's lane are no longer considered adequate, as the ramifioations,of the business increase, and new offiaes have been secured by what may be called the parent company at a cost of £100,000. Sir Westby Perceval has a comfortable little room in the office, where I had a long chat with him to-day, but he says it is not nearly large enough for the number of people who aro often there on business.

By-tbe-bye, did I mention that Sir Westby Perceval's salary as managing director of the Consolidated Goldflelds Company is £1000 a year ? At any rate such is the case. Of course he did nob tall' me this, bub I learned it from a thoroughly authentic source. The Consolidated 1 Company has just started. one of ths subsidiary companies referred to in my extract from the Financial Time? given ! above. It is that connected with the wellknown Humphrey's Gully mine on the West Coast of the : South Island, arid Sir Weßtby Perceval has cabled to-day £50,000 to New Zealand as working capital. The shares of the Humphrey's Gully mine are a'ready in demiud at £1 premium. Consolidated shareholders will have the privilege of taking up Humphrey's Gully shares at par. The Welcome will probably be the next subsidiary company brought out under the auspices of the Consolidated Goldfields, and that alto is likely to ba in active demand. ANGLO-COLONIAL NOTES. Mr Zimau's offer of £1000 towards the fund for building a British, warship does nob seem to be taken very seriously or respectfully by the British press. The opinion is expressed that the offer will never be taken up by the colonies generally, and that the whole thing was mere ' brutumfulmen. In the Field there appears an article upon " Grayling Fishiry in New Zealand." It is written by Mr J. Biaierdy ke, who describes his experiences in grayling fisbiog near Greymouth. ' j

Sir George Grey mnsb have been very muoh gratified (says the Court Journal) by the news of the enthusiasm with which the celebration of his jubilee year in New Zealand has been carried out in that colony. Miss Large, of New Zealand, gave a very successful concert on Siturday, at the Brinsmead Rooms, Wigmore street. Miss Large .is evidently making headway in musical LondoD, for a few days ago she sang at a large " musical at home " given by Lord and Lady Portmann, at which about 300 guests were prelent. Miss Large had quite a brilliant reception and made a disticcb " hit," being enthusiastically applauded and' encored. On Tuesday last the annual meeting of the New Zealand Trust and Loan Company was held, Mr L. J. W. Fletoheu presiding. The director*' report showed the net profit to be £.46,559, including £3011 brought, forward from tab account. Q£ this earn* £5009 bay beta

appropriated In tlie payment of an interi'aa dividend, £25,000 to dividends on preference ■hares (including those due on the Ist prox ), and £8000 to the reserve fund. The directors recommend a further dividend, miking in all 5 per cent;, for the year 1 , the balance of £8559 to be carried forward, to next acoouflfc. The directors stated that the oircumst&uces of the year had not been such as to favour the realisation of properties, bat that ia their opinion, after careful review of the latest reports' from the local board on the company's colonial securities, the contingent account established last year to provide for depreciation was amply sufficient. It appear! from the balance • sheet that the company had to pay last year no less than £7779 to the New Zealand Government in the shape of land and income" tax.

The new Agent-general is to be the guest of the evening at tbe dinner to be giveu by the Eighty Club on the 26bh inst. Iv that capacity Mr Reeves will, of course, have to deliver a post-prandial speaoh. Mr Reeves has been invited in view of his prominent association with the Liberal party in New Z .-aland for some years past and his prominence in the initiation of progressive measures and in Liberal legislation generally. He has, therefore, been reqaested to give some account of wha 1 ; has ', been done. Mr Reeves intends his speech to bo purely historical in its character. He will . relate the history of the initiation and progress , of thofo-called New Zealand Liberal party and . Liberal, measure*. He holds that it is- possible, even for one who had so active and prominent ' a part in New Zealand party warfare, to give a _ fair and impartial, nsumi of what has taken ~ place. He means to give full credit, to political opponents for the. part they had' ia promoting , legislation of a progressive oharaoter-^is, for ; instance, to the late Sic Harry Atkinson for his , advanced measures, and to Mr Hislop for his ; part ia the labour legislation, also to Captain Russell for the fairness of his action in Opposition.

The Agent-general has contributed, by request, to the " National Ravew " a paper entitled ! •' Five Years of Political and Sccial Reform ia New Zealand." Tois paper is eipeoud to appear in the July issue of the •' Review." Mr. Reeves tells me that in this paper he has carefully maintained the same attitude that he. intends to adopt at the gathering of the EightyClub, one of strict historical impartiality.

Those unfortunate silver pine sleepers from New Zealand are nob yet diepoied of, although no effort has been epai-nd br the cflners of the Agency* general. Mr Kennaway has written to railway manager* right and left and has aIBO brought outside personal iufluence to bear, bub' as yeb without success. The Great Northern- ■ railway authorities promised to consider the matter. They are still considering. 'The London and Norvh-Western, after a lengthened-. consideratioß, offered to take a fdw oa trial, but with a warning that several years ransb elapse before auy definite result could be ii' rived at so as to warrant an order. A special tff..<rb was made with the Manchester, Sheffield, and Lincolnshire Company who are now connti'ucbiog, at a cost of over six millions, their r.evp direct line from. Sheffield to London'; but hare again- no result acpraed. • ■' '

I strongly suspect the cargo, of sleepers already on hand will ultimatclyi'have to be sold ' for whatever it will fetch, and that, I am afraid, ' will not be. anything very substantial. • - ■

Last -Mondays evening" Mr W. P. Reaves : delivered a lecture at the Toyuboe Ball, Wuite- * chapel, on " The Labour Legislation -of New ■ Zealand." I noticed the Hon. R. Oliver and > Mrs Oliver among the audience. The lecture was of a purely non-oontroversittl character. Mr Reeves simply sketched the history of the various progressive measures which had been pa»ssd in New Zealand during, tbe past six yeirs.* H« explained that the eight-hours day was not universal in New Zealand, though it) ' waa cuatomarv. A good deal of disoiusion followed, and deep interest was evidently taken in New Zealand's political experiences ai related by one who had bad so active a parb ia working oub the policy of the Liberal party. Mr Reeves was careful to avoid any reference to English politios, and to impress upon his hearers fchab many- measures which had proved suitable to New Zealand, and whioh had worked successfully there, might nob be equally suited to the mother country, or successful if tried here. Hs reminded bis hearers oil the enormous difference between the circumstances of the two countries. A hearty vote of thanks was passed to the Agent-general for his address, and by urgent request he consented to speak further on the same subject next Monday night. A long discussion took place in the House o£ Commons, in Committee, on the Diseases of Animals Bill. On behalf of the bill it was of course argued that its sole object was to keep diseased cattle and cattle disease oub of tho United Kingdom. The opponents of the bill - mostly declared that it was a purely protective ' measure, designed bo keep np the price of' British cattle and sheep* One ground of' opposition was that ib prevented British' farmers^ and grazier* from obtaining a sufficient- supply ' of store- catblei failing which' ruin stared them- 1 in the face. It was stoutly disputed that the danger of importing pleuro-pneumonia from' Canada was* so imminent as has been repre-' eented, indeed come speakers stoutly denied, on high Canadian authority, that the disease exists, there at all. Mr Bryce urged with special earnestness the extreme importance of the question from the colonial point of view. He contended that it was idle- to propose Imperial customs unions or federabion for Imperial defence or any other- united- efforts if they placed the colonies ab a grave disadvantage, as it was proposed to do by this bill. He pointed out that as regarded New Zealand there was nob even a pretence that disease existed there, while- as to Canada, it w*s atany rate- extremely doubtful. A proposed new clause limiting the bill to the present centurywas rejected, and ultimately the bill was reported to the House without amendment. According to the Country Gentlemiu "New Zealand is now beginning to assert herself, and the phenomenal richness of her goldfields is being reoognieed." The paper goes on to aav : "Our friends must keep a look-oub in this direction. Many good things aue coming, bub let investors make their selection with care, and consider the proverb, • All is not gold thab • glitters.' " Referring to the New Ze»land Iron and Steel Company, promoted by Mr E. M. Smith, M-.H.R , Finance saya :— " Ib will attract » . great -deal of attention, and further details: regarding- this 1 important undertaking will ba> looked for with much' inberest."

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