Poverty Bay Herald PUBLISHED EVERY EVENING.

Poverty Bay Herald, Volume XVIII, Issue 5989, 9 February 1891, Page 2

Po verty Bay Herald PUBLISHED EVERY EVENING.

GISBORNE, MONDAY, FEBRUARY 0, 1891. A LOAN FAILURE. The South Australian loan was a very pronounced failure. A Bum of L 1,200,000, 200,000 was asked, and only L 434,000 offered, The result must have come as a surprise upon the Government of the great grain -growing colony. Cable messages forwarded from Home a few days previously stated that it was believed in financial circles that the loan would be successfully floated. Very probably ifc will b© much better in the long run for South Australia that a check has been given to the rage for borrowing. That colony is in the unenviable position of owing L 62 19s 7d per head of population. The figures for Queensland are L 63 10s lid, and for New Zealand L 59 18s 3d, our colony now only taking third place in Australasia in ratio of indebtedness. If it were last on the list there would be a great deal more cause for congratulation. However, tho time may come when New Zealand will be freer from debt than any of its neighbors. In no other colony is there such a strong feeling against public borrowing. The failure of the South Australian loan should accentuate that feeling. A late cablegram says that the view is generally expressed in the City that it would be madness for the other colonies to think of borrowing at present, unless they are prepared to place their 'loans at a lower minimum thim 98. A short time ago there wus great expectation tjiiit the colonies wou'd be able to float 3-£ per cent, loans at considerably over par, and we do not suppose that that hope is yet abandoned by the Australian govern-

ments Which intend entering .the money market at an early date, victoria has postponed the floating of tho new loan until April next, tho Monroe Ministry having stated that the money will not be required till that period. A couple of months is certainly not a long period, and if Victoria is forced to raise a loan in April it may meet with a worse reception than the South Australian venture the other day. The embarrassment of the Barings no doubt has had an adverse effect on the floating of the loan, but was far from boing the main cause of the failure. Franco put a loan in the market a few days ago, and it was subscribed many times over, the sum offered in London being more than sufficient to cover the whole amount required. Therefore, it may be presumed that there is plenty of capital at Home awaiting investment—we were going to add, if the security were good, bub that really does not appear to be taken fully into account. The Australasian Colonies undoubtedly offer better security than France, which may any day bo overwhelmed by her powerful neighbor Germany. The fact is, that syndicates largely influence tho fate of colonial loans, the general body of investors refraining from touching them first-hand. When a country like England or France borrows, the public invest direct. The Weatgarths came to grief through being unable to unload Victorian debentures at a satisfactory price, and other financial houses were severely bitten in the same way. Recent experiences has made syndicates very cautious. The minimum fixed by the South Australian Government was too high to allow a sufficient margin of profit on the loan, and in consequence the syndicates let ifc alone. The best thing that could happen for Australasia would be the whole body of British capitalists getting up their backs against all future loans of the colonies. Cheap money is a great temptation to borrow. Mr A. W. Croft was a passenger from Wellington to Auckland by the Manapouri, which passed here yesterday. The survey of the bay is afc once to be proceeded with by Mr W. E. Kenny, Government Assistant Marine Engineer. MrT. McKenzie, M.H.R. for Clufcha, left Gisborne on Saturday evening, his business in this town having now been concluded. fhe Rev. Mr Ryburn, of St. Andrews, intimated last evening that he will neXt Sunday night deliver a sermon to young men. The Union Rowing Club of Napier have intimated their intention of sending two crews to compete at the regatta here in March. They express themselves very sauguine of annexing one or two races before they return home. A skirmish between two Natives occurred in Peel-street at noon. Two friends threw their arm 3 about the belligerents and acted as peace-makers in a ve.y commendable manner. A meeting of members of the legal profession is to be held on Wednesday afternoon to consider the advisability of making representation to Government regarding the Native Land Commission fees, and also requesting amendments to the rules Mr Booth, R.M., Trust Commissioner, this morning granted certificates to the following deeds -.—Transfer of Kaiti section 101 from Mere Whakaanga to Silas James Stovenson ; transfer of Koutu No. 9 from Hemi Whakarau to Assets Company ; transfer of Kaiti 100 from Atarefca Farau to Kenneth Campbell. Mr James Johnstone, of Matawhero, a young man who has recently been employed at Mr King's saw-mill, left Gisborne yesterday by the Manapouri for Borneo, whither he goes to endeavor to make his fortune in a new world. Mr Johnstone goes to Sydney, thence to Singapore, and then on to Borneo. He will carry with him many wishes of success. The Ntw Zealand Loin and Mercantile Agency Company have received the following London market cablegramdafced Feb. 6, 1891 :— Tallow is dull of sale ; quotations unchanged since last telegram. Mutton market steady ; mutton has advanced oneeighth of a penny per lb since last report. Beef market unchanged. Chief Judge Seth-Smith, of the Native Lands Court, arrived from Auckland on Saturday accompanied by Mr Brown, Secretary to "the Court. Judge Seth-Smith has been holding a Court at Hamilton, and Bat till 1.1 o'clock on Thursday night and again afc 7 on Friday morning in order to get to Gisborne by the luafc boat. Adjutant and Mrs Bishop, of the Salvation Army, arrived on Stturday evening, and commenced a series of special services soon after arrival. The two Salvationists^ are very earnest and enthusiastic officers, with a good flow of language, and the meetings ! under their control arc made very interesting. The services will be continued throughout this week. To-morrow a great tea meeting is to be held. It is reported that on Tauwharepare block a burst of natural gas was discovered, and when ignited burned in a big flame for a length of time. It is stated thafc^ these pockets of gas are not uncommon in this part of the North Island, and that there is a spot at the back of Waiapu where frequently great fires are made by Maoris who set alight the natural gas in a large cavity in the hillside. Afc the Native Land Court to-day Chief Judge Seth-Smith was engaged hearing _an application under section 13 of the Native Lands Court Act, of 1889 in reference to Paremata block for the amendment of the order by the. insertion of certain names. Mr Finn appeared on behalf of the applicant, Hctareka Temapore, and Messrs DoLantour and Sievwright on behalf of the Native Land Settlement Company, and objected to the application. The ciso was proceeding this afternoon. Mr George A'dri.lge, tho well-known lecturer of Auckland, is to lecture in the Theatre Royal on Sunday next. He is a staunch advocate of Scriptural truth, and for several years has edited the paper called the "Bible Standard." During the past winter his Sunday school lectures at the Opera House, Auckland, have attracted large and appreciative audiences. He speaks with great ability and power and his lectures are most interesting and instructive, showing a thorough grasp and acquantanco with Scripture possessed by very few. Mr W. E. Kenny, a former Gisborne I'esident, who was lieutenant of tho defunct J. Battery and assistant engineer on the harbor works, is once more in Gisborne. Mr Kenny has secured a responsible appointment under Mr O'Connor, Government Marino Engineer, and has lately been employed surveying off the west coast of the South Island. He comes to Gisborne to make the long-desired survey of the bay, and will be engaged at that work for a period of about six weeks, after which he proceeds to the Snares to superintend the erection of a lighthouse. A sample of the genus globe trotter was on board the steamer last week. He arrived in Wellington from Eng'and on Thursday night by the Tongariro, and on Friday evening left for Auckland by steamer. He was surprised to find thafc tho vessel stopped at Napier and Gishoruo, not being^ aware that there were such pi cos. He intended to make Aucklaud his headquarters for one weekj during which he would run down to Rotorua and spend one day there, and then he was to Hit across to Sydney and take passage instantly for Calcutta. From thero he intends going to the feot of the Himalayas, back to Bombay, and them home without stopping once to take time to breathe. The little Irishman told a reporter that he had intended making Wellington his headquarters for a fortnight, and exploring Now Zealand from there, but he had been offended and disgusted on his arrival there, and he went bick to his steamer aud did not leave the wharf again. He says he went ashore on the Thursday night in his yachting costume, oilskin, sou -wester, woollen jumper, and t;ea boots, and applied for a room at one of the leading hotels. The landlord mistook him for a common sailor, and told him to clear out, and so it was that ho reduced his visit to New Zealand from a fortnight's duration to one week's. Wolfe's Schnapps 40 years' before the public. Buy original unopened, bp^iee,

Mr Walker, Presidtiot of the tf.#. Tern« perance Alliaiioe, will visits Globorne in about a. fortnight's time. Every decent paper in the colony coutains 3trongly- worded articles denouncing the grabbing of double honorariums by the new members of Parliament. Nineteen cases of typhoid fever are under treatment a', the Wellington hospital, and [our deaths from that disease have been reported this month. The Bey. J. J, Lewis, President of the Wesleyan Conference, will visit Gisborne on Sunday week to hold services in connection with the jubilee of the Church in the colony The machinery at tiie freezing works is now in working order, and it is anticipated that freezing will commence at the shore works very shortly. Meanwhile the hulk is busily employed preparing meat for transportation to the Home market. Mr W. L, Rees, M.H.R.,wasapassongerby the Manapouri for Auckland yesterday. He will return to Gisborne on Friday week, and then when the Native Lands Commission is fu'ly constituted will" proceed to Wairoa where a large Native meeting is to be held. Mr J. W. Smith, of Gisborne, was the hero of Wairoa on Saturday, having won the champion event at the Wairoa Gun Club's meeting. The event was the Challenge Cup, with a sweepstake of 32 soys, winner to take 50 per cent of the stake, second man 30 per cent. There were sixteen competitors, including the cracks of Uawke's Bay and Wairoa. Messrs Smith and Rroughton tied in the first fire off, each killing their seven birds, Broughton at 26yds and Smith at 27yds. On the second fire off Broughton shot two birds and missed his third, and Smith grassing his three birds won the Uup and Ll6. Six shooters tied for third place in the first fire off, killing six out of seven birds, and the man who eventually secured third position killed. 11 out of 12 birds The shooting was exceedingly good. In the evening a number of the leading men of the place met and presented the Cup to Mr Smith, who was also the recipient of great congratulations and compliments. The trophy Mr Smith brings home is a very handsome one, purchased at Mr W. Good's establishment.