OUR LONDON LETTER. (From Our Own Correspondent.) London, January 29.

Otago Witness, Issue 2249, 8 April 1897, Page 55

OUR LONDON LETTER. (From Our Own Correspondent.) London, January 29.

NBTV ZEALAND MINES. j When this week opened there was very little > activity in New Zealand mining share?, and a i good nanny falls were registered on Monday, j Consolidated Goldfields then further declined j to 2 7-16, and Waitekanri, Waihi, Achillet, i Kapanga, Kathleen, Aroha, Moan&taiari, Tai- j tapu, Kauri, Woodstock, Hauraki, and Waihi | Silverton were all eisier. New Zealand Joint I Stcck and New Zealand Crown had rather a tendency in the oppoiite direction. Several improvements, however, took place on Tuesday, j aud Achilles rec-ived a special degree of i attention, and moved up '.o 2<i 6(3. A much '• better tone was displayed by Woodstock, New Zealand Crown, Ksuri, and Kom&ta Reefs, ' aud each of these strengthened somewhat. New j Zealand Joint Stock also showed a further ad- ; vance, but Consolidated" Goldfields marke.d a j decline of 5-16. On Wednesday Consolidated J Goldfields revived to 2£, and Waitekanri ad- ! vancei to 4£ On the whole, the ton« was better throughout tue New Zealand Bectiou, and Achilles bainsr still in demand, advanced to ! 2s 7id; while Kapanga and Hauraki were firmer. j The:e was a sharp revival in New Zealanders J on Thursday. As a result of a favourable* report from the mine, Achilles were agaiu inquired for. Consolidated Goldfields experienced a ri*eof J-. and Kapanga strengthened to" 10s 3d. Prer ce'e Point was flat, and bo was Mount; Lyell. With reference to the newly-formed company, • respecting which I furnished a good deal of • information last week, and which at thai, time ' wai intended to be called the Anglo-Auckland Exploration Company, I learn to-dsy that the directors have come to the conclusion that a change of name is desirable, and have decided that it shall be called the London and Auckland Exploration Company (Limited). It will bs registered under this designation. Mr Arthur Dieseldorff, of th« International Syndicate, is one of the Jatest arrivals from Auckland in connf ciion with mining. He tells me he is hard at work in connection with various flotations, which his syndicate hopes j ■will become accomplished facts before very i long. He remarked to me, however, tbat at the present time London capitalists will not , 'even look at a New Zealand mine or entertain it for a moment, unless ib can be definitely shown to h*ve been satisfactorily tested aud proved. In conversation with Mr Bigg- Wither, of Messrs Stokes and Wither, that gentleman impressed upon me earnestly the irnpor'ance of warning those who had New Zealand mining properties to dispose of not to put them in the market until they were in a position to prove that the ground had either been already worked and tested with favourable results, or else that ' it was absolutely known to be really auriferous. THE BRITISH EMPIHK IN THE 'IWKMT-FIRST CENTURY. I The tubject chosen by the New Zealand Agent-general for his address at the Brown'ng Hull Social Settlement last Sunday, in connection with the half-yearly distribution of prizes of the Pleasant Sunday Afternoon Brotherhood, ■was " Tbe British Empire in the Middle of the ■ Twenty-first Century." Mr Reeves explained ] that bis address was not to be regarded exactly j as a prophecy, but was to be taken rather as j setting forth the thoughts of a rtre&mer. He i believed that about the year 2050 the British | Empire would not be extinct, but would be flourishing, great, and pacific. Five distinct , sections would be found in different parts of the world, united in one friendly federated union, j Local matters would be settled in local parlia- ! ments, but important questions wou'd be dis- . cussed in the British Imperial Federation ] Council, which would have taken the place of our House of Commons. Unlike the latter, however, and notwithstanding the increased responsibility, it wou'd consist of not more j than 100 members. It would not always meet in England, but sometimes in different parts of - the colonies, and occasionally, as an honoured j privilege, in New Zealand. ! Further Mr Reeves held tbat the present great question of Imperial defence would be settled, and ancient, barbarous, and bloody warfare would not be thought of by any sensible nation. Most of the great military aud naval Powers of tbe Continent would be federated with us for the purposes of arbitration. By tLat time few nations would remain unfederated, to that those in the unions would only r< quire each to keep up a small military and naval Power, ?o that taxpayers would not be burdened in this respect. International arbitration was a difficult matter to carry out, but jutt as clever men now devoted themselves to the science oi warfare they would then devote thei* time to tho science of peace. Lastly, according to Mr Reeves'* view, the twenty-fir?! century will witness the establishment of courts of arbitration for internal matters, so that there will be no strikes or lockouts. The idei of one man being able to turn out 1000 others into the »treet to starre, or of 1000 leaving work because of* quarrel with the ene, would never ba dreamt of. There would be a far greater number of public servants. There would still be private enterprise ; but the«private exploitation of man by man would be regulated and checked, and a considerable number of the industries would be under State control. The empire would work ppon socialistic principles, but not such •a were now held by » certain extreme party.

There would bo no such questions as insanitary workshops and factories, outrageous hours, or sweating, and the public affairs would ba managed in a sympathetic manner. Patriotism and pub'.ic spirit would nob be displayed in war and annexation, for there would be no landgrabbing left" to be done, but in a universal enthusiasm for improving the race, raising tho standard of civilisation, andeul&rgiug the bonds of scientific knowledge. All would have to worlr, i and idleness would then bethought as shameful I and detestable a vice as cowardice is now. There would only be a few individualists, white-haired old gentlemen, who would be kindly treated and kept in a museum. j Individualists will please note their future j destiny under the new dispensation as set forth ' in the gospel according to St. William Pembar Reeves. I hope they will appreciate his consideration. His address has received notics in various leading papers, aud i 3 reported at fair length, though not quite accurately, by The .' Times. I may add that the prass above j referred to were gracefully preaented by Mrs W. P. Reeves. PERSONAL. I Assuredly New Zealand has hardly ever bad ( a more enthusiastic trumpeter than the Rev. ' Joseph Campbell, and his lectures ought to do ! the colony a great deal of good. In his latest lecture he asserted that "New Zealand was • one of the most charming spo r s en the f<ceof I the earth, and for beauty of foliage and scenery , it was unsurpassed." This was received with applause, but when he went Jm to refer to the prosperity of the people, mentioning in support J of that that their private wealth amount"d to : no less than £150.000,000, the statement was j greeted with a shout of "Nonsense." However, j ha went on to explain that that was reckoned at an average of £225 per head. He further 8»i«i that thf> earnings of working men averaged £92 per head a year, while the ccst of living was put down at £35 per head,- " including anch luxuries as tobacco, beer, and amusements of various kinds." Also, he declared thaS the yield of gold last year amounted to the value of ■ £2 000,000 fctsrling. Mr Campbell fans been ' urging very strongly upon tte peop'e of Manchester the importance to them of an extended ' trade with "that wonderful colony New Zealand." "New Zealand, I venture to say" , (obs-rved Mr Oanapbfjll), "will become to the I people of Manchester in a fow years a more treasured acquisition than it now is." This was very well received by hia Manchester audience. Under the heading •' A Shetlander in New Zealand " the Dundee Courier gives a highly complimentary uotice of the career of Sir Robert Stout, illustrated b7 a fairly gocd portrait;. He is described as a, " distinguished Shetlander." A sketch of his career 's given, and with apparfntly reasonable accuracy. > A letter has just bsen received in Scotland from Mr Donnld Dinnie, of Auckland, New Zealand, dated November 18 last, in which the ! once-famous Scottish athlete, after mentioning his desire to return to his mother country at au I early dalle, . sajs that should his return be i delayed he will find backing to tbe sum of £200 or £300 for his son Edwin against one oi" the besb llsb athletes in New Zealand, J. W. Sutherland, of Scottish parents, who is »n accomplished wro tlec and heavy-weight lifter. Sutherland, Dinni" says, can put up 112 b with one band at lull shou'der stretnh 11 tim j s<, and csn push from hii chest while lying on Uh back • a 2401b dnmb-bell. Mr Arthur P. H«rner is getting some splendid notices in ths great London dailies and weeklies of his new book ''Pioneer Work in the Alps ofc > New Zealand." It is being vigorously boomed, &nd in such a way as strongly to attract purchasers. At a meeting of the Council of the Royal Colonial Institute, hfld on Tuesday la*t, Sir We3thy Perceval presiding, Mr Borlhwick R. Baird and Mr Thomas Mackenzie, both of New Zealand, wtrij duly ekcted Fellow oE the j insliiute. ; I Mr Lloyd Grant, the well-known Dunodin i j artist, has sent Home & fine vater colour painting of Milford Sound, which he has presented to i the Imperial Institute. It haa juit been hue? in an advanfcageouß position in tbe New Zealand court, aud is very much a'lmiied. A special compliment has been paid to Mr 3 "VV. P. Beeves. She has beeu accorded the entree to the Scrgeant-at-Arms Gallery in the j Hocse of Commons. This is a very special pri- ' vilege, as. tbe Hccomrxiodation of the gallery is limited to abnntsix or seven visitors, aud admission to it is eagerly sought. Mrs Reeves listened to the debate en the Addrei'6-in-R-ply from tbat very favourable point cf v.vutage, • and she will be allowed to go there at any time she likes. Calling on Sir George Grey this afternoon, I ! found him still in very good health, but complaining greatly of the deprivation he ex1 periencts through his failing eyesight. Lady Grey, who has been unwell for several days with a severe cold, threateniugatouchon pueumonia, is very much baf^er, and, in fact, on the ■ high road to convalescence. ] A XOVEn SUGGESTION. j Q nt~e a novel suggestion was put forward by the Financial News yesterday, in connection i with Mr Seddon'o request that the name of the [ gentleman whom it is proposed to appoint j as the new Governor of New Zealand shall be j submitted to the colonial Ministry before the appointment is confirmed. It says : "New j Zetland is anxious to have a voice in the selec- ! tion of tbe next" Governor of the colony. Sup- . posa there were to be a little reciprocity, and j that New Zealandjet us hava tomj say in tbe i choice of Colonial Treasurer*." This idea of reciprocal selection has the merit of absolute novelty, so far as I am aware, bub I am afraid it is not one that will commend itself to colonists, especially to the party at present in power in New Zealand. NEW ZEALAND DEFENCES. I A tremendous trumpet blast has just been blown on the subject of the utter and shocking dcfencelessness of New Zealand against any foreign afrgre3sion. An anonymous writer, who describes himself a3 a New Zealander, maintains that " it is time the British public knew that New Zsaland is practically an undefended colony ; that if war broke out between Great Britain and any maritime Power this j colony would full an easy prey to the fl'st of I the enemy's cruiser.-; that attempted its ! capture." Taking these premises as fixed j facts the writer next proceeds to sum up the i meaning of such a capture thus : "As a fertile i and riqhly endowed land it would be a loss to the i British Crown ; as the security in which not less than 70 millions of British capital are invested it would be a loss to the British i capitalist ; and as a purchaser of British goods : to the value of four million* yearly, it would be » a loss to British trade. More important than l all, as the fiuesfc coaliug station in the Pacific, ; it would be a loss t3 tne B-itish navy, and au 5 important gain to some other Power's navy." ; And he deduces from these premises this cons' elusion : "As things stand you are liable to lose i the colony at any moment, and if you are in i earnest about retaining it you will have to take l immediate steps to provide defences.'"' 1 Having thus opened his case, the writer goes 1 on to detail his arguments. He says that the t i two vesseh of the Australian squadron allotted . ' to New Zealand as coast defences are "ancient"

and " as slow as a funeral," only steaming about six knots, while these tardy tubs are supposed to protect the liners of the Shaw-Savill and New Zealand Shipping Companies, steaming 16 knots, from hostile cruisers steaming 18 knots. Also they are supposed to patrol the coasts, on which, if a cruiser appeared, ib would take them a week to shift themselves, say, 800 niiies to meet it, tbe New Zealand coastline being over 2000 miles long. He denies that this is any exaggeration, asserting that he has simply told the plain tale, adding "and these ships are all we have to depend upon. Sir William Jervois's land fortifications are already obsolete, and the guns in them are fired but once a year, so thit no one pretends to rely upon them as a defence." He poirlts out that the ports of G r ejmoath and Westporr, with their magnificent reserves of coal, are at the mercy of the fiist comer, and declares that this information is in the War Office pigeou ] holes of France, Germany, and Russia. But the critic is not unprepared for the invitation to submit a proposal, on his owu p«fc for New Zealand defence. Aud this is what he suggpats :— " Let the British Admiralty frankly recognise that it was an error to send to those waters such vessels as the Rapid, Royalist, i L'Zird, Ringdove, and Penguin ; and let it | substitute with the least possible delay six light, ; fast vessels — "*»y, of the torpedo boat destroyer type, — these to count as part of the Australasian | squadron, but not to be withdrawn from the New j Zealand coasts. New Zealand's nearest port is i 1200 miles from Australia, aud this colony* needs ; are distinct and reparate, No Ne* Zealand | statesman has yet seen his way to advoc&ta the ! mildest form of federation with Australia. I These six v.-ssels could form an effeotive patrol for tbe coast, aud might be of service in defending our commerce. As they would not contain i large crews, the nxpense of keeping them -op ' would but elightly exceed the cost of the presesit system. . . . Now, when our enemies conspire against us is it v, time to » grudge a few ships to defend a distant colony V Rather should Kngland be glad of a ; station where her youug cubs can learn their ; business without fear of disease, and her ships . be usetully employed while others are buildiugr." J Nor is he unprepared for the indignant protest ; from the Treasury against spending more money ' on "grasping cj'oaies." He asks leave to suppose, for the sake of argument, that isolated England should be worsted by one of the numerous possible combinations against her, ' 1 hat she should be " humbled to the dust, her trade diverted to her rivals, her colonies parted among her foes, her Indian Empire torn from her gra^p, and her place among the nations reduced to second rant," and asks, " How would the historian of the after centuries write of her ? Would it no 1 ; be: The fall of this mighty empire offers the moat conspicuous example of the folly of mefinnt-.sß that the world has ever seen. England was overflowing with wealth. H-er gold went out to the ends ot the earth ; her commerce and her usuries and her industtial enterpriser enriched her monthly with the year' 3 revenue of her rival States ; and her cifc'z^a* revelled sn a luxury never even approached ii t'".e history of the world. They paid an income tax of 8d in the pound ; for an additional 4-d they could have built them navits that would have assured their safety, and this 4-d would have meant oiilv a few balls the less in a London s»ason. But Quon deus vult perdtre priits dement at. So littie did tney uudersfand rheir position that they grudged this trifl ng lax, though they rolled in the fat of fifty years' peace, and though the money would have found lilting employ for strong workmen and bolcl aearueu. L'hey grudged the pennies, and they lost the pounds. Sunk in haughty apathy, they allowed their uurelenciug foes to approach, . to tqua), to surpass their naval power ; and the ; end wae quick and sudden ruit>, accomplished | almost before the startled nation knew that it ■was attempted ' " ] [ This startling and vigorously outspoken pro- ; nounci ment ha» attracted a good deal of atteni tiou in London during the last <3ay or two, and ] I have reason to believe tint further steps are '. likely to be taken to bring the position of New j Zealand and its immense strategic importance j ti the Empire, apart from all other oneidera- ] tions, under the notice of the Imperial Govern- j ment and Parliatneut. j TOE LOCAL LOAN. I Con?iderable surprise not unmixed with ' amusement — I might even say derison — has been excited in the city by the statement that lias come from New Zealand that the larger p^rfc of the ;N; N few Zealand internal loan was sub1 -scribed for by the Bank of Now Zealand and j I another bank, and that only £8000 was ten1 derod for by tbe public. In view of the flourish 1 of trumpets which was indulged in as to th 9 ' Bucce^sful floating of this New Zealand loan, it i is not very astonishing that the revelation of its ' having to be taken up mostly by the Government bank has been mnd« the text lor numerous disrespectful jibes at the " aelf-reliaub . colony."' I i It the statement be untrue it should be j i authoritatively contradicted without delay, as j j at present the proceeding is regarded here j as " another charncterit-tic New Zealand j shuffle." This is uot pleasant or desirable. j ANGIO-COLONIAL NOTES. j On Monday last Mr Henniker Heaton asked j the Government -whether the Australian mail ; contra ct 3 had been concluded, and whether the i protests aud requirements of the Australasian Governments would be laid upon the table i before Parliament was asked to confirm the con1 tracts. The Government replied that tenders hud b .en accepted for the Australian mails', but the contrasts were uot yet bigned. and that the J correspondence referred to was of such a nature j tint it would not be deemed necessary to lay it on the]table. It has so long bern tbe fashion to say, and believe, that in the present dearth of good investments any loan offered by a solvent colony is bound to be not only taken up but oversubicribed ; that the ghastly failure of the new We strslian loan has quite taken the public by surprise, and ought to sound a wholesome, if unpaln-Üble, warning to borrowing colonies. I Apart from the general question of borrowing or non-borrowing two instructive lessons are deduced, both bearing on points which I have urged somewhat strongly on various former occasions. | In the first place, I have more than once impressed upon colonial readers that it is an utter J and grievous mistake to imagine that the public j ■ in general— that is to nay, the private investors — go in to auy ma erial extent for colonial loans when first placed on tbe market. These loans | are almost invariably taken vp — an insignificant 1 fraction alone excepted — by the large moneyed 1 syndicates. In the present case the tendering ' for the £1,100,000 of 3 per cent. West Australian subscribed stock was as large as usual so far as the private tenderers were concerned, biit the syndicates declined to touch it, and cots quently instead of being subscribed three ■ I or four times over — the usual experience of i Australian and New Zealand loans — less than oie-fourth of the amount asked for was offered. : Hence you see that the gucces3 or failure of a colonial loan depends ab c olutely and entirely i upon the goodwill of the financial syndicates. : That cannot be too clearly understood. The secoud lesson is one on which I have ' laid some sU'cbs previously — namely, that it ia

in the highest degree unsafe to risk a loan on the London market without safe-guarding it by underwriting. I took up this position very I strongly when tho action of Sir Westby [ Perceval and other London loan agentsiuhaving the Bank of New Zealand loan underwritten — albeit at some considerable cost — was sharply ( criticised in the colony. I pointed out then that, the risk was too great to bs prudently incurred, and that any cost involved in underwriting was more than repaid in the security thus attained, and in avoidance of so damaging a blow to the prestige and credit of a colony as is necessarily received when such a severe rebuff is experienced as that which has ju»t befallen West. Australia. This too is a lesson which ought to be carefully t<\keu to bearfc, arid ! I therefore do uot hesitate to direct sped 1 ■ attention to the point. The half-yearly report of the Union Bank of Australia is just out. It shows a net profit for the half-year of £71,988, including a b-ilauee brought forward. Out of this amount £37,500 will be applied to the payment of a dividend of 5 per cent, per annum, £10,000 in reduction of bank premises account iv the colonies, tho balance (£24.188) to be carried forward. The director consider that sufficient reserves have been made for tho doubtful debt', based on what are regarded as existing values of properties. The death of Mr J. Sheriff Hill, who was a director of the bank for 20 years and whosa sound judgment and wide experience had beeu of such assistincß to cha bank, is announced with rigrefc. It may be interesting to note, although this is nib mentioned in the report, that the Union Bank of Australia has had an existence exactly correspondißg with the length of her Majpsty's reign, the bank having been founded in 1837 The Londou Colonial Club continues to manifest much activity. It gave a smoke } concert Isst Tuesday evening, when Sir Westby \ Perceval presided. The concert Dashed off with greai; success. Another dance will bs ! given by the club n?xt Tuesday evening at the i Westminster Town Hall. j According t.o the report of ths directors of j the National Mortgage and Agency Compuiv | of New Zealand, the company bss had a XairJy j satisfactory season, finding itself able to pay a ! yecond dividend a*; the rate of 5 per cent, per j acnum and to carry forward a substantial i balance to the next account, notwithstanding ! losses caused by the s'.verp winter in New ZeR-'j laud, which adversely affected the pastoral I interests of the company, and the gtnersl j restriction in the business due to the liquuta- I t : on of certain financial institution*. Hopes j are held cub that the company's acquisition yf j a considerable interest in the old-ostablished and prosperous business of Levin and Co., -oi Wellington, will result in materiel bvrietk to too shareholders. j Those red def-r and pheasants an.l partridges i for the Canterbury Acclimatisation -ociety are to go out by the nsxt trip of the s.b. Waikaro The red deer ars now on their way rrom Bcoiv ' land. The° we said to be a particularly ilftrt i iof.. Tne officers of the Agency -gsuer?l aupear | to hava made ail the arrangem^u's viuh gre*t j efficiency and completeness. j The Agent-general is flying round with his | usual energy. Bar!y next vrtek lie goes by invitation to Glasgow to bava ats interview with the Clyde Trustees with reference to the qnetfciou of cold storage for Np* 1 ? Zealand prouuee, a subject that has been under cousidKrafciorv s\ni3 discussion for soaie time pist Mr Rreve3 is very sau.uine of beiug able to make aniirely satisfactory arrangements. While i»i Glasgow Mr Reevea wi'i deliver, by request, a. leefrire on

New Zealand. In this instance he will probabm go ever ground which ho has already travelled I in London, but which will bo " fresh fields an* ! jMvstures new " in Scotland.

; Four young women were baptised in tbS i Maitai River, at Nelnou, la*t week.

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