The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, OCTOBER 12, 1894. COMMERCE AND CURRENCY.

Pahiatua Herald, Volume II, Issue 214, 12 October 1894, Page 2

The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, OCTOBER 12, 1894. COMMERCE AND CURRENCY.

Recenti.y there was published a cablegram from London stilting that Mr Leonard Courtney believed that the recent gold discoveries will I ad to a revival of tre.d and commerce, as that which followed the discoveries of gold in the i arly fifti< s. M ■■ ilourtney is entitl' d to r :-pt •, for he is an undoubted authority. Ho was for a time Financial Secretary to the Treasury, and L one of the most learned men in political economy, having been an university professor of that science for several years. Mr Courtney’s predictions are in accord with those of other financial expcri , so that if j Western Australia conies up to an- | ticipations in the yield of the precious metal, the revival of trade must even- j tuato. If it tv cds an increased yield of gold to give buoyancy and briskness to oommt roe it follows then that the ; pres nt depression in trade is duo to the dofiei nev of the gold supply, or' in nth' r words tie gold currency is ! insufficient to perform adequately the I functions required of it. But, wo bail I" ne t with the statement that ! 1 ii re i an abundance of money lying idle, that flic coders of I hi l hanks are full, that in London there has been an abnormal increase in tiie amount of " dd coin and bullion held by the Bank of England. This is quite true, and it is unfortunate that' such is the ! cast . Hus accumulation of money in I it ; nr ' i miToto form do at not disposi i of lb ' ai' ”.llii nt Mia t. the prevailing d"- i I" i si" . i aii in nbiciont supply of , ild: on Me in' i i -y, if ive examine j th" limit r carefully we sliiill find that I Mu hoarding of lie • 11 • \ in bank vaults j i ;Ins indi:'"e resii’t of 111- shortage of the gold siipp: . 1 or Lite past evenly Mars, coincident with the udV"ill of Mill ill HI"! i.llie creed, there, j ha i ias ii, fc.ia-pt fm a low unimportant I and in: "rmiit en L ll net 1 ill ion., a genera! I an ' ', i."l s! all in I Ii . oipec of com- i ino'titi'.s, i jn"*i;i,lly food supplies, in wliieli wu a,re more particularly in!"ia -'fed. I his d"'.'line in the price of pro luia has can soil a coi'royponding fall in the pi ice of ! -ad, an I securities tiavc d'pmciated. »’ omliat.ion by individuals has 1 f lowed by repudi a 1 ion by naii >u more peeially by I tier " po s (.mg a i river currency. Now, I'.o'daiid o"i'ii"i.'s ih" position I of Shylii k am . • u • or.iimis of III" j tic adoption ol a gold standard of roirreni y by I Iv prim uu mil ions, wil It : , Mi" iiiifurfiiiM ti( ■ ilia in of ci ecu ms tin ices ! i Ijaf has followed, ha i occasioned a nice loss to the "Tea! riadifor, who!] i. : become nervous amt is. demand ! ; ng payment in i.a. n for interest uq I :

debts due to her by other nations, and is calling in the principal sum whenever it can beobtainod, abandoning the usual practioo of accepting payment in goods. It is this process that has contributed to the inflation of the money market and caused a further fall in the price of commodities. The debtor nations can pay their way only by selling their produce, and forcing'salos to meet engagements means a loss. Wo come back again to the main point that an insufficient currency is respon- j sihlc for the depression, and the pre- ! vailing want of confidence, and relief is to he expected only from the increased yield of the yellow metal by the gold producing countries of the world. Western Australia and South Africa arc looked to for furnishing the required trade momentum, but unless the yield from these countries is prodigious and continous, there can be no certainty of a permanent revival of trade for the reason that to reach the proportions of briskness known in the early fifties the annual output of gold must be fully fifty per cent more now than it was then, it being in demand by a greater number of people for currency purpose, and being more extensively used in the arts. Relying upon the two countries named to supply the motive power of trade, though warranted in a certain degree, is after all a forlorn hope. It would be much safer to face the currency problem and deal with it on its merits than to rely upon hopes which at the best are shadowy and may never be realised. The monometallic standard has had a fair trial of twenty years’ duration and has proved an ntter failure. Let us go hack to the bimetallic standard which worked so well for centuries. The matter is serious to debt-laden countries such as are the Australian group of colonies, for if the shrinkage in produce values continues at the same rate as during the past score of years, there is nothing but national bankruptcy before us. The currency question is forcing itself to the front, and wu are pleased to note that both Christchurch and Dunedin have taken the matter in hand. The Empire City, instead of leading, lags behind, but this is characteristic of Wellington. Of course New Zealand can do very little to alter the present state of things, but by agitating in conjunction with the other colonies she will contribute her share in bringing about a reform.

Tun position taken up by the members of the Pahiatua County Council in connection with the erection of the bridge over the Mangatainoka river is even more inexplicable than in our last issue we made it appear. Towards the cost of the carrying out of the scheme under which tenders have been invited for the erection of thi bridge, it is not proposed by th< Borough Council to ask for any monetary contribution from the County Council. The latter body is not even I asked to guarantee a penny of interest. I The money is available for the carrying out of the work, and no more is |r. quired. It was only in the event of tin larger scheme being gone on with that the assistance : of the Count y(’ mncil would have b •ev 1. I'm ler h< si circu - - an ( I the County Council can have in view in s. king Ho restrain the n ighbquring | local authority from carrying out, a: I its own cost, a work of imperative | necessity, aivl of as great iinport- ! mo to the County as to the Borough.

j A i.kkaj y the Licensing Bill has taken : | up more time than can be conveniently i ; spared at the present period of the 1 j session, and the scanty progress th" j Bill has made should convince the 1 , Premier that the measure has no 1 chance of passing into Law this ses- j j ;;on. Whin justification can there he i ihen for giving it a prominent place .in the Order Paper? It is not of vital importance just now for the j reason that, even if passed it would I be inoperative for at least three years. It is surely wasting time dallying j with the measure when there remains j a large amount of legislation of a j necessary and urgent character to be eonsidi'ivil. If the Licensing Bill ■ was intended to prolong tho session it j has certainly done its work, and if * list dropped it is difficult to say when the House will prorogue. Out of 220 clauses only 12 have so far got through committee, and wo may judge from this the length of time it : will take to pass the measure through. {

Mb li. M’Kk: s/.iK from tho Bailor has fought the Bill almost line by lino. In doing this ho is nxercising his privilege as a legislator and no one has a right to find fault with him, but win n ho descends to personalities aim attacks opposing members with a wealth of Billingsgate, it is time lie was brought to his bearings. The scenes witnessed in the limine in connection with the Licensing Bill are very discreditable, and to say tin- least of it, they are much to he deplored. It does not necessarily follow that when a man becomes a legislator he ceases to be a gentleman, but that appears to 1)' ! lie trend of modern politicians. I'iik Colonial I'masuror, in replying to a<|U' stion, statod that the (lovernmont intended bringing down a Bill, and si. ailording the House an opportunity of indicating the policy to 1 *, pursued by I he (.oN.rninont with regard to the Bank ol New land. \V » entirely •" pprovoof this course, and if the I louse not swayed by a bas ard sentiment, it will do the correct thing in limiting the int< iest of the (rovernment to saie guarding as well us possible tin* giiarantu d two millions. It, should prevent Ministers from enterin'* directly or indirectly into any com part involving a further pledging of the ysl.e credit, and above ail it should ' !hrow 11. very wet blanket over n.nv I I' 1 '' I’ -1 ' of a inalgimiH t ion with the i 'denial Bank «* r any other bank. It j ' ' not men as<‘d business that the Bank J I New Zealand requires, but ad htional capital, and let. it obtain that ! iii the best way it. can without any J eipe of again making a, milch cow of i be colony. Mmist' is must ba,\ - no j > iwii. whatever to play with the i

colony’s credit, and the Bank must not bo deluded with any false hopes. We have, at the point of tho pistol, '-liven the Hank a very large sum, and if that is insufficient she must sink or swim as best she may.

The items in the Bank of New Zealand balance-sheet for the year ending 81st March, 18!)4, compare with i he previous year as follows :

The assets compare as under :

The Bank of New Zealand shares an quoted at about 10s for the £5 5s paid up stock, and xvo can only advise those who may feel tempted by the low price to think txvice before buying them.

M e have to acknowledge receipt from the Government printer, of tho annual report of the Post and Telegraph Department. The business o; a township can be very accurately gauged by the amount of work done at its Post | Office, and in looking over the list we i find that Pahiatua in seven years ha. overtaken all other sub-offices except Palmerston North and Masterton. \V append the following tables -' wing j the extraordinary progr, made i here :

At the Pahiatua Uifie Club's practice on Wednesday, Mr \V. W. MeCardh juar. made 29 points out of a possible of 30 at the 700 yards range. The Pahiatuu Kille Club hold competitions on \\ eduesday next for Club trophies. Mr r.vlert. of Makuri, is erecting a fine larj ■ led, th »na n of whit are 12 hy 2Gfi. Ynoth. • shed is also goiug up on Mr Dunniug's j> *ce. This district is now looking well. Tlie weather of the last week lma livened tilings up considerably. There is n desire among tho settlers of Makuri to have stock sale yards erected tluro, and wh understand that steps are j beiug taken with that object in view. A visitor to Makuri reports that the : Gorge road requires attention, and the wt.it her now scams settled no doubt something will he done.

W e learn that Mr .1. lorns, formerly of the firm of Lowes and lorns. auctioneers, of Mnsturton, but who lias lately been connected wi li the widely known firm of Yhraham and Will mis.* returns to the j Wairarapa shortly, having again joined the old firm of Lowes and lorn*. . Mrs Macdonell. the principal owner of ichill Island, on the roast of | County Mayo. Ireland, has been brutally assaulted. Her skull was battered in. and | 1 hr nose severed from the face. There is little hop* of her recovery. The house wag also aot. on lire. Y former agent of tho estate has been arrested on suspicion. rho Victorian, New Zen tad and Queens land slab.; r.t Uic 1 indon Hairy Exhibition •ttra. t ninny \isuors. ihe Victorian l.utt.-r i« ni-My..,1. 1',,.. N«v»/..m Mini «t:ill u built of lo.’ul woo l. Notion iiroi. ilispiryv in it inv.it tli:iw#,l l>\ tiaur »"« ""« l New ZmUiul i . Ictorin di.l noi I’tmipi'to. Vu-t.n in * bolter il til' 1) iry I'xliibiiton i v-rv attractive. Toe public mv mnoh in I ■ erv.ted, uni n ike tn y»n [uiree. Now /unbind oinKus nn ..xyatl.nt di.plnv of j blit tor nnd ithne*v. 11 \ part, pruixu tile rielmes. ol New Zenlaud dii'ddnr, end p: ■ I'louii.'c it. superior to Americnn or i ( .'ludiMii. Two oif.Ts hnva bv.ii nimbi to buy lb- whole exhibit. Wo shrill mul.o our .er.iiid di.plnv of '••'»» > , |>rin • -ind j-nuiiiiT id. to-night ' ’ii'' new eiiibroiduivd . eplnr, mid print, i mo idmire l by nil and’ i.re solloi ; rnpiili;, 'Tbo price. at wbieli l!i V nr,' 1 ie I I OUI ippoi »l la W til I II I I'rett by Broil r.) *II for (1 ,!. for ; i. not to lie expected, uor is il p isniblu, for firms or ..HiiriiitUeei who . i»o rrodd to •< H » nheapli m th Me who d„ « atrietly c wli trade. We giro n< eradil nod Mil at i duood p.w, Trawby Ilroi. I’nniily limpet', nod Olltiittere.

A singular fact in connection with the South Canterbury races was the running of the stock sired by Vanguard, halfbrother to Forerunner, four of hie stock winning four races. On referring to the latest files wo find that Golden Plover, by Forerunner, Ijhs annexed four of the principal races in Hawke’s Bay. Mr J. Devonshire informs us that Forerunner’s list is rapidly filling up. Tho injuries received by the little girl Ivy Hughes last Sunday by the fail from a og, proved to be moro serious than ;:t first suspected, and we regret to learn of har death at an early hour this morning. I’he funeral will leave her parents’ residence, Hall’s road, on Sunday, for the Pahiatua cemetery. Messrs Fraser and Morley are the successful tenderers for the Awahuri bridge, the figure being £3417. The contractors of the Tiraumea bridge will finish their work early next week. The following rases were heard in the WoodviHe S.M. Court 3'esterday under “ The Contractors’ Lien Act,” in connection with the erection of the Union Hotel : F. Bvrbosb mm & Co. and Christiansen, claim £HS 7s lOd; Mr Gotbard appeared for plaintiff and Mr Tosswill for one of the defendants, Mr Christiansen. W. Adams and S. Ewing v. same, claim £3O 13s ; Mr Hurley for plaintilfs and Mr i’osswill for Mr Christiansen. T. H. Phillips v. same, claim £3O 10s ; Mr Burnett for plaintiff and Mr Tosswill for Mr Christiansen. Owing to the defendants Morteneen Ac Co. net having been properly served, the eases were adjourned till 14th November next. It has been said that “ a prophet hath no honor in his own country.” This is true, no doubt, of many men and many prophets. The great Eugene, for instance, the earthquake prophesier, had very little honor, so little in fact that he was glad to shake the dust of this benighted country eff his shoes and seek other dimes. There are, however, some people and some things which have honor on this native soil. The Empire Tea Company is a case in point. There is a very strong belief in this Company, and their skilfully blended teas ar» accepted like** hall marked gold” as being exactly what they purport to be. Some interesting information regarding twa blending will be found in the Company’s now advertisement in i.nother column, which all should read. Tenders aro invited for sc rimming and papering a house. A sheep dog has been found. Apply at office of this paper. Two housekeepers apply* for situations. An advertisement from Mrs Monteith will he found elsewhere. Tenders are invited for felling 30 acres of bush. A quarter-acre section is advertised for sale. A notice to trespassers on sec 135 and 130 appears in this issue. A warning to persons who are in the habit of removing papers from the Public Library will b. found in another column. Messrs Monteith and O M-ara invite tenders for removing sale yards. So well aro the Nuie grass hats made th t the Maoris themselves are deceived by them. They are light, cool, and the j most comfortable hat for hot weather. Mid j only cost a uab* cf the Maori hats, j Trewby Brothers have a selection of J Panama, Nuie grass, and straw hats. Hats in fact to suit everybody. , \\ hat is thought of a man who pays 2o per cent more from an article that comes from a large centre that he would get the same for in his own village. We think the gen *ral verdict would be that he has more money than he knows what to do iv.tn. If you want to save 25 per cent and zet a well-fitting suit equal to anything ; von nave had the pleasure of wearing, go jto Trewby brothers. You will get as good | a suit there for £3 3s as other tailors charge £ I a Men s En .'iisk tweed suits, worth 20s, i reduced to 14s fid: men's English tw*.ed j suits worth 23*8 Gd. reduced to 17s fid ; all j wool colonial tweed 9uits. worth 35e 6d. j reduced to 22s Gd : all wool colonial tweed j suits, worth 42s Gd, reduced to 29s 6d ; boys’ shirts only Ud each : men’s merino j sox. 3 pairs for Is; men’s oilskin coats. ] j reduc* <i to 8s lid ; men's leather leggings. ( j reduced to 4* lid; ladies' carpet slippers, only 1* 9.1; ladies’ leather slippers going | at 3s 3d at Trewby Brothers’great sale. Lie next English and European mail via San Francisco will close a: the local j Post Office on Wednesday. October 31st. , a» 115 p.m., due in London December 1 • »th. The next Frisco mail is due in Pahiatua on October 13th. For job printing of every description I n the latest styles and at the lowest r*:e* go to the Pahiatca Hkrald Office, j The man in business who does not ad- ! vertise is like a man who kisses a pretty j girl in the dark : He may know what he isdoing, but nobody else does. The newest in Sprag aad Summer goods in prints, erepons and dress studs are now being opened up a; the W.F.C.A.. Limited.

March 31st, 1893. March olst, 1894. movement Liabilities — £ n £ Capital, paid up 900,000 900.000 35,000 45,000 increase 10,000 Notes in circulation 520,000 515,568 decrease 4,755 Bills payable 1,343,699 1,413,997 increase 70,298 ; Deposits and other 8,071,783 8,213,199 141,416 Profit and loss 51,661 87,740 decrease 18,921 I 10,922,143 11,125.504 increase 203.038

— Mni'dh :51st, 1893. March 31st, 1894. movement Cash items anil £ £ increase £ Govt, securities 1,635,297 1,623,543 88,246 Discounts, advances etc., 7,127,655 7,238,652 110,887 Bank of M.Z. Estates Co. shnres 1,850,000 1,850,000 Landed property, premises, etc. 409,513 413,819 3,806

MOSEY ORDERS. 1 Paid. Date. No. Amour it \ >. Amount. £ :• 1HS7 259 879 102 858 last* 498 IKK) 239 1152 1889 784 2715 271 1128 1890 1108 4154 379 1559 1891 1453 5225 335 1861 1892 1553 6301 411 2063 1898 1007 0,995 433 i m i SAVINGS HANK. Deposits. Withdrawals. 1>ate. No. Amount. No. Amount. £ £ 1887 57 374 48 r.o-2 1888 105 1858 80 1583 1SK9 198 2668 137 3335 1890 244 3240 194 3518 1891 330 5240 284 6076 1892 420 6473 830 5036 1892 6 7 11875 870 7081