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Otago Witness, Issue 3513, 12 July 1921, Page 3

In the prospect of loan redemption obligations, New Zealand has something in common with Australia (writes our Australian financial expert). During the current financial year, which commenced on pril 1, the dominion will be called upon to meet a maturing issue of £6,361,390. But before that is done a loan will be floated in all probability in London, where the Prime Minister of the dominion recently discussed with financiers the prospects of the market, following which it was reported that the outlook was favourable provided the loan was not launched during the then disturbed conditions. It has been suggested also that the war debt of New Zealand to the Imperial Government should be funded, and preliminaries with that object were understood to be in progress. The total cost of the war, in money, to the dominion, is approximately £86,000,000, inclusive of the .soldiers’ settlement loan of £6,000,000 at per cent., which was raised last year. The amount of war indebtedness to the British Government, however, is £29,623,073. On March 31 last the gross debt amounted to £201,170,755, equal to £l7l 6s 8d per head of Kuropean population, and the net debt to £193,913,191 or £165 3s Id per capita. On-Friday last a gale of very considerable severity visited the Maniototo and StrathTaieri districts. At Otureh.ua the railwayman’s hut is said to have been blown over in a series of somersaults, and although there was a heavy iron stove inside the occupant escaped from his perilous experience with nothing more than a severe shaking. At Ranfurly a new store was damaged, and at Lauder the empty rabbit cases stacked on the side cf the road were blown all over the paddocks. Fortunately the gale was not of long- duration. Admiral De Roebeck, who was in command of the Allied fleets at the Dardanelles, has sent to the Rev. Mr Askew a large Union Jack, a large White Ensign, his own (lag as admiral of the fleet, and four small White Ensigns (states a Press Association message from Wellington). 1 hose seven flags, all flown during the war, will bo a very valuable addition to the wonderful collection of flags and trophies already presented to the Memorial Military Chapel in connection with the proposed cathedral for Wellington. A Tapanui sub-provincial district of the Farrflers’ Union, including Waikoikoi, Kelso, ITeriot, Moa Flat, Dunrobin, Crockston, and Tapanui has now been formed with Mr J. D. Reeve, of Crookston, as chairman, and E. 11. Murney, of Tapanui, as secretary. A movement is on foot to establish a similar sub-provincial branch for North Otago. A new branch of the union has been formed at Tahatika, with a membership of about 30. The Ctyde-Cromwell section of fhe, railway was to be taken over by the Railway Department from the Public Works Department as from yesterday (Monday, 11th inst.). A return for the week ended June 25 shows that there were 5257 men employed on public works bn New Zealand, against 5028 employed in the previous week, an increase of 229. Of the total of 5257 men employed, 820 were men on unemployment relief works, leaving a total of 4435 permanent employees.

The Rev. Dr Fitchett, speaking at Wesley Church, Melbourne, said that men were trying to make a new god and a new religion. Respect for the old Sabbath, parents, law and order, life and purity, were being cast, into the fire. The typical follower of the new religion said, “I have two glad eyes, one for my neighbour's property, the other for his wife.” Discussing the position with a Southland Times reporter, Mr W. R. Redded, a wellknown eawmiller, explained that orders for timber had fallen off greatly during the past month or two. This was due to the tightness of the money market. Until this took place, there was plenty of building wanted but the necessary materials were unprocurable. Now 1110 materials were available, but intending to build in many cases did not have the ready cash. In Mr Smith’s opinion, the depression in the sawmiliing industry will not last very long. “Of course,’’ he qualified, “if will depend on the outlook for the dominion's produce. When that improves, the industry will got back on a sure footing. To the meantime, the Government £5,000.000 loan should assist, the industry in common with commercial life generally.” The proposals for the free supply of school books for children attending public schools has caused some alarm to booksellers in the city (says a Press Association message from Wellington) A deputation waited on the Central Chamber of Commerce on the sth and sought to enlist ifs sympathy and co-operation to rc-ist the proposal. It was pointed out that a large proportion of the profits of small L<> k.-oilers was made from

the sale of school books. State control of these supplies would cripple many retailers. If nationalisation was to bo applied, why not to school books. The deputation denied that large profits were made. The expenses of such State departments fall on the shoulders of the ratepayers. Another point stressed was that the public revenue would lose the amount obtained by the taxation of booksellers’ profits. The chamber promised to consider the matter. Cr Taverner, chairman of the Finance Cornmitlee of the City Council, states that ihe response to the Corporation’s proposal to receive money on deposit for permanent investment in 6 per cent, debentures in connection with its loan is of a decidedly gratifying nature. Up to date about £40.000 has been received, and when extended publicity has been given to the offer it is confidently expected that a very considerable amount will bo thus raised. It is understood that, the master butchers are disappointed at the results obtained through opening on Saturday afternoons, and that there is a movement to change back to the Saturday half-holiday. The interest of the carnival crowds was attracted on Wednesday afternoon by the loud drone of an aeroplane, which appeared first at a great height above til© city, and then dropped in a series of loops and other stunts which wore watched with admiration by lines of people who came out of shops and offices to see the sight. The machine was piloted by Captain S. Mallard, of the New Zealand Aero Transport Company, who is giving flights from the foreshore this week.

A record cargo of mutton was lifted from Wanganui by the liner Port Curtis (states a Press Association message), the cargo comprising 56,789 carcases of mutton, 14,470 of lamb, and, in addition, large consignments of general cargo. Our Invetcargill correspondent wires that Mr W. 11. Gummer, architect, Auckland, has been chosen by the War Memorial Committee as sole adjudicator on the competitive designs that it is proposed to invite for a suitable Southland War Memorial. The competition will be open to all, and the first prize will be £IOO, and the second £SO. In the event of an architect securing first prize, he will be engaged to carry out the work, A Press Association message from Wellington says that the following motion was discussed on the sth at a. meeting of the Central Chamber of Commerce: —“That with the object of maintaining a favourable balance of trade, and to further developing of the export trade of this dominion, this council urges the establishment of a Bureau of Foreign and Domestic Commerce, and the maintaining in the East and also in South America special trade advisers, who shall make investigations as to trade possibilities in products which th's dominion can supply; to give reliable statistics of imports and the origin of such, and for the purpose of disseminating information to our manufacturers a permanent exhibition of such goods should be available in this dominion.” The matter will be further discussed at another meeting. Speaking on the subject of astronomy at the Museum last week, Professor White, using speed as a measure of distance, outlined an interesting trip through space. lie stated that travelling at a mile a minute night and day one wou'il reach the moon in five months, the sun in 178 years, and Neptune (the outermost member of our solar system) in 5000 years. Rut. lie added, to reach the nearest fixed star (Alpha Centauri) it would take over 40,000,000 years. It would be hard to beat the following incident for meanness, and the facts may be stated baldly without further comment. A man who had been in the employ of a local tradesman for some years had worked one week up to Friday night, when he was taken ill He was sent to the Hospital, and next day it was found necessary to operate without delay. Unfortunately the patient died, and his widow is left unprovided for. Ilis employer paid the widow for the last week he had worked, but deducted the pay for the Saturday. Speaking to a Lyttelton - 'Times reporter Mr J. M’Combs, M.P., said that in the June Abstract of Statistics he noted that there was a reduction of only 5 points in the six-monthly moving average index number for May, as compared with April, for food, rent, fuel, and light combined, and that there had only been a reduction of 9 points from March to May in the same index number, which covered three-fifths of the cost of living budget; whereas there would have to be a reduction of 190 points in all groups by the middle of September to make the withholding of the 5s bonus by the Arbitration Court and the stabilising of wages for a year an equitable arrangement. The full subsidy for kea heads is being paid by the Agricultural Department, according to a letter sent by the Minister (the lion. W. Nosworthy) to the Canterbury Sheepowners’ Union. County councils iu every ease were continuing their subsidies in addition, added the Minister. The secretary stated that lie had received reports from members indicating a considerable decrease in the number of keas in the high country since the new regulation had come into foreo. The rock that has been encountered in the Wainui Orongorongo tunnel is so hard, Mr Robert Semple (the leader of the cooperative tnnnellers) states, that it takes 40 drills to penetrate a foot of it. That is to say, the resistance of the rock is such that if only one drill were used its drilling point would have to bo reconditioned 40 times before a hole a foot deep could be made, which means a lively time for the blacksmiths. A smithy has been established as the lower Wainui dam for work in connection with the erection of the new powerhouse and for the treatment of tools, but later it will be transferred to the tunnel face—two miles distant on a heavilybushed mountain slope. Mr L. F. Evans, secretary of the Otago Labour Council’s unemployment bureau, states that there are about 150 unskilled labourers on his books. Although, however, there are not many large buildings being erected in Dunedin, the number of skilled building operatives out of work is just about normal for this time of the year. Some of the leading foundries can only find employment for their men for three or four days in the week. Mr Browett, officer in charge of the Government Labour Department, states that there were 93 unskilled labourers on his books on Wednesday, and that the figures are showing a gradual decrease in tile number of unemployed. Men are si ill being sent into the country, as work can be got ready for them by the Public Works Department. A good many bootmakers and agricultural implement makers are only being partially employed, and there are also some tailors and other skilled workers in the same position. It is understood (hat the Public Works Department is preparing a work which will absorb all the unskilled workers in Dunedin. About 50 seamen are idle in Dunedin. but it is hoped that a number of steamers may shortly be recommissioned, and thus enable these men to obtain work again. “I like to respect the Sabbath day whatever else happens,” said John Meikle when defending an application by Charles Henry Horry for possession of a tenement in the Auckland Magistrate's Court. The tenant complained that Mr Horry whistled “Yankee Doodle” on the Sabbath. Meikle had been four and a-half years in the house, which was bought by applicant. He let the now owner have the use of a part of the house. There were 12 people occupy-

ing- a seven-roomed dwelling. The applicant stated Meikle promised to get out of the house. Meikle denied that he promised to get out in a day or two after the purchase. The house had been sold four times in three months. The prices were £750, £950, £I3OO, and £I4OO. He was at present paying 17s 6d for the use of three rooms and a kitchen. He had been 56 years in New Zealand, and the applicant, a recent arrival, paid £l5O deposit to buy the house over his head. Counsel: “You delight in court cases?” Witness: “I do not. It was you brought me here. You delight in the law, because it’s your living.” Mr Poynton said Meikle"s children were all earning, and Horry’s were not. It. was evident the present condition could not continue. He would allow Meikle six weeks j in which to vacate the house. City finance is engaging a good deal of attention here (wires onr Wellington correspondent). The former council evidently

let matters drift into a bad position, and the new Mayor (Mr R. A. Wright, M.P.) is left with a legacy of debt, and the prospect of having to pay a high rate of interest on a. heavy overdraft. The Bank of New Zealand has just intimated that from August next, interest at the rate of 7 per cent, must be paid. This will be a i per cent, more than the current rate. Under the circumstances the Mayor is appealing to citizens to pay their rates in advance of the leceipt of notices. A movement is on foot in Mosgiel to form a branch of the Otago Expansion League, and a meeting is being arranged for July 18, which local members of Parlia- | men I will be invited to attend. An Auckland Press Association telegram says that the wool sale has been postponed, probably until the end of August.

The price of tobacco was the subject of some remarks last week by an Auckland merchant, who deals extensively /in this commodity throughout New Zealand (wires our coriespondent). Referring to the reported reduction in the rates in Christchurch, he said this applied merely to one or two lines, for which there was only a limited demand and as a resuit stocks had accumulated. There was no likelihood of an immediate general drop in the prices of tobacco and cigaretT; s, the reason being that the American conversion rate was still against British importers of raw materials. Last week’s issue of the Southland News complains of the treatment meted out to many railwaymen who •served in t.he war (wires our Invercargid correspondent). The complaint ar ses from the fact that the time spent on service does not count as time in the ralway for the purposes of promotion, and consequently it. occurs that many returned men find their juniors holding senior and better paid positions. As an example: One man who was away five years and served two years on the light railways in I ranee, finds himself on re-entering the New Zealand service in a position in which he was when he left, and those who were medically unfit, or too young to go to the war have meantime advanced ahead of him. Ho lias suffered in status and pay. Although at the present time many lines of soft goods arc selling at lower figures thamwere ruling some months ago in Auckland, still according to information from Heme, Ihe outlook points to higher prices for both linen and cotton goods in the near future (states the Star). A Christchurch firm which recently endeavoured, to place a large crier in England for highgrade linens received a cablegram stating that m Belfast prices had recently advanced from 15 per cent, to 20 per cent. Inquiry made in Auckland showed that there is a shortage of raw material in Belfast, to which the rise in linen, is no doubt duo. Information was rlso furnished that in London prices for cotton had also firmed about 15 per cent. A well-known firm of agents representing several of the largest British manufacturers of cotton goods has received cabled advice of an advance of per cent, in towellings. This 'is doubtless due to the termini 'on of the coal strike and to the renewed buying activity in other parts of the world. Quite a lot of river-beds in Ashburton district are quite unsuitable fer planting, according to Mr Morrison (Government .Forest Expert). Speaking at Ashburton, Mr Morrison said that many of the river-beds were too low-lying, and infested by weeds and rabbits. \\ hero there were terraces bordering on the rivers it was better, but there were enough areas to be planted without going to the river-beds just yet—such as domains, reserves, etc. Mr Morrison, in reply to a question, stated that the Wellingtonia was really the “big tree” cf California, It was a sequoia, akin to the redwood of America, and useful for fence palings, window sashes, and shingles. In the ground it was not durable. The wood of the Wellington fa was very nearly as good as the redwood. Some inquiries which vvero made by a Daily Times reporter last week respecting the timber market showed that there were much larger quantities of timber available at the present time than there have been for some months past. The position in regard to obtaining supplies, said one man who is prominently connected with the trade, is much easier than it was six months ago, and the West Coast mills are now looking for orders, —a thing they have not been in a position to do for the last three years. ihe douth Otago and Southland mills are also able to execute orders and in some cases where a company owns several mills cue of these has been closed down and the others are not working full time. At the same time the merchants in Dunedin are carrying their full lequirements in the matter of stock, and owing tp the lack of building at the present time business is somewhat quiet. The high rates of wages which are involved both in the production of the timber and in the building of houses will probably cause the prices of timber to maintain fclicir present level for some time to come; and another reason which is having a depressing effect on ihe building trade is in the fact that persons with money to lend will not advance cn mortgage so large a proportion of the, value of a Louse as was formerly the case. It was contended by one timber man that, ow ing to the lack of building and the prevalent shortage of accommodation, the Government would be forced to take such action as would ensure the provision of homes for the people to a greater extent than is being done at pr -sent. Timber merchants generally regard the position as a passing phase, and they look forward with some degree of confidence to the spring-time of the year, when they believe money will be easier by the coming on Ihe market of the new season's wool clip and by the closing of some of the loans which are now absorbing the bulk of the money available for investment. The only lire in which there has been a reduction is the imported timber Oregon, which recently came down by 20s per 100 feet. It is satisfactory to be able to state that the notifications of cases of diphtheria are now coming in more slowly to the office of the Ola go Health district, and it may be considered that the disease is finishing *Bff for the winter. Only two deaths from diph tberia have occurred in the Otago Health district (which includes Southland) during the present outbreak, and one death from a combined attack of appendicitis and diphtheria. One of the deaths took place at Lauder and two in Dunedin. For the month of June 48 cases of diphtheria wore notified, no fewer than 45 of the total being in Otago proper. A comparison shows that the outbreak was worse than last year. This June, as stated, there vvero 43 notifications, a decrease of five as compared with May, but an increase of 11 as compared with Juno of 1920. This increase notwithstanding the total number of cases since the commencement of the year (194) ■lmw a decrease on tlie six months of 1920 pf 21 cases.