Poverty Bay Herald . PUBLISHED EVERY EVENING GISBORNE, MONDAY, FEBRUARY 26, 1900.

Poverty Bay Herald, Volume XXVII, Issue 8760, 26 February 1900, Page 2

Poverty Bay Herald . PUBLISHED EVERY EVENING GISBORNE, MONDAY, FEBRUARY 26, 1900.

B On crossing the border of the Orange Free j Slate, Lord Roberts issued a proclamation promising gem rous treatment to the 1 burghers, adding that Great Britain had no quarrel with them — that it was Presi- . dent Steyn who was responsible for the . Free State being dragged into this war. As Commander-in-Cliief, Lord Roberts possesses the power of committing the Empire to the fulfilment of such a promise. In his work " Forty-one Years in India," he mentions numbers of instances in which he deemed it desirable to assure the inhabitants of certain districts that if they remained quiet they would be fairly treated. Such proclamations are calculated to have a beneficial effect iv allaying any ill-feeling, especially on the partof anignorant country people. When he was appointed to the , supreme command in South Africa, it was announced that he had been given an absolutely free hand by the Government. Prior to his assuming the command it had been stated frequently at Home in reference to other generals, that either the Government or the headquarters of the Army had systematically attempted to direct, and had disastrously interfered with, tho strategy of the generals commanding at the seat ot war. Recently, Lord Selbuurne, Under-Secretary for the Colouies, denied that thero was a shadow of foundation for such a statemeut.

The war has had the effect of raising the price of many articles of manufacture, and has had an influence on trade generally. New Zealand agents for home firms and colonial buyers have received intimation from England that an additional 5 to 10 per cent, must be charged on certain lines. A London banker, commenting on the con dition of business during the year, and the change that the war will bring about, has drawn attention to the fact that the year would ever remain a memorable one for the activity and prosperity in all commercial and industrial centres. As to general trade, a year ago there was a great increase in English imports, whilst exports had remained about stationary. Last year there had been great differences. The imports had further increased by about 3 per cent., and, what was more satisfactory still, the exports had increased by about 10 per cent. The prices of the leading commodities showed an all round increase of about 12 per cent., the one notable exception being the price of wheat, and they had thus general activity and prosperity, i plentiful and remunerative employment of labor, with no increase of the cost of living of the labouring classes. This activity was bound to produce higher rates of money. However, in spite of high" rotes and the consequent stringency in the money market, credit had remained absolutely undisturbed. There had been no great failures or financial disasters. This was a most gratifying sign of the soundness as well as of the prosperity of trade generally. There was for the moment abundance of available capital in the market, and rates had eased off rapidly and considerably. It -was to be hoped, however, that the movement would not be carried too far. If it should, a violent reaction would, in his opinion, be inevitable. The situation had improved, and he saw no reason for abnormally high rates. Home demauds would bo unusually heavy, not only for railway enterprise, but for the needs of the Government. Not only would the expenses of the war have to be met, but it was clear that when the war was over there would have to be a large expenditure on a re-organised army and an increased fleet. It was evident that a very large addition to the funded debt would have to be made, but the country would face with equanimity even a considerable addition.