THE COLONIST.__ Published Daily—Morning. Nelson, Wednesday, Aug. 21, 1907 SUMMARY NOTES.

Colonist, Volume XLIX, Issue 12019, 21 August 1907, Page 2

THE COLONIST.__ Published Daily — Morning. Nelson, Wednesday, Aug. 21, 1907 SUMMARY NOTES.

Although Parliament is in session, comparatively little interest is takej by the generality of people in its doings, and this is largely due to the amount of time occupied upon matters of comparatively little impor tance. As usual in.., later years authoriy is being taken for a million loan, the money to be devoted to works that will aid settlement and contribute to the general prosperity of the Colony, such, for §instance,as railway extensions and roads, and bridges construction, work that must of necessity be steadily proceeded with in a young country requiring development. While such works are being proceeded with, it is only natural that the claims of each part of the Colony should be put forward, but it is the duty of a Government appreciating its responsibilities to guard against mere weight of political influence, to regard the most legitimate claims, and to consider the best interests of the Colony, taking care that no one part shall be allowed to languish while another is given all it desires. One measure of importance has been introduced by the Government, and received with general approbation, as indeed it deserved to be, inasmuch as it was dictated by foresight and prudence. We refer to the Keserve Fund Securities Bill. This measure was rendered desirable in consequence of the Imperial guarantee debentures to the amount of £800,000, which were authorised by the Loan Aot of .1870, having matured. These debentures were used as pledges in London, and given as security in the event of any sudden requirement, or to guard aginst any crisis that might arise in the centre of the Empire. With tbese no longer |in existence the Colony might find itsellf in a tight place in the event of a dislocation of the money market preventing it for a time pursuing its ordinary policy, honeo it became necessary to make some provision. This is done by the measure alluded to, and which authorises the Colonial {Treasurer to raise £800,000 by a debenture issue, at not more than four and a half per cent, for the purchase of gilt edged securities at Home, which are to be deposited with custodians in London. Upon these securities the Colonial Treasurer may, through tbese ousto-

diaes, borrow up to £800,000. in the event of any emergency the High Commissioner will be able to use tbese " securities in the manner described, and by this means the Colony will be self-reliant. Th 6 issue of the |debentures will increase the gross debt of the Colony, but as there will be gilt-edged securities to show for that addition the net debt will not he increased^ and if there is | a little loss of interest the security that will be provided will be well i worth the cost.

The Banking returns for last garter showed|that*the total deposits in the five commercial banks amounted to £21,842,96*, While the advances and discounts totalled £18, 842,534 or over three and three quarter millions less than the deposits. The gross advances showed a larger increase than the deposits, and while an increasing, use for money was indicated local investments, in municipal loans, building societies, etc., have lessened the deposits in the banks. In addition to the deposits in the commercial banks the amount lodged in the Post Office Savings Bank totals in round figures eight millions sterling, which is not a bad record for a population of under one million.

Land settlement, especially in the Nelson Provincial District, is proceeding satisfactorily. Recently 2632 acre in the "JMaungatapu [district were taken up, and, still later, 26,500 aores in the Central Buller district, Nelson lands are attracting outsiders, and the work of clearing, fencing and, house building is going on vigorously in places, it is much to be regretted that a great deal of valuable timber must be destroyed, but that islinevitable owing to the want of railway by which the timber might be conveyed to market. The Wangapeka Eun recently purchased by the Government for close settlement promises, in the near future, to present as pleasing a picture as the Waimea Plain, for it is all in occupation, and in comparatively small holdings. With the increase of settlement the argments in favor of railway construction through the Buller Valley are daily being strengthened, and though, unfortunately, much ofjthe timber will be destroyed, the opening of the Central Buller coalfields will be a boon and a blessing.

Dr. Bell, the Chief of the Geological Department, has recently issued a report on the Parapara iron fields in this Province. In it he observes : "It seems remaikable that deposits of iron ore of such immensity, of such average quality, and of euch easy accessibility, should have remained so long un worked. The day surely cannot be far distant when these enormous deposits will be mined on a scale commensnrate with their great^proportions. ' '

3 Soon after the publication of our iast Summary number, a heavy gale was experineed from South to North of the Colony, and considerable damage was done , at Greymoufch, Weatpprfcand Auckland. The South of this Island has been sufff^ug from a long continued drought, an experience fluch as had not before been met with, and at Oamaru preparations were made for rain making experiments. These were actually made in the back country, but as, at the time, rain had commended on the coastjthe fact that rain followed cannot with certainty be ascribed to the explosions. It is highly satisfactory, however to know that our Southern friends are now relieved of the anxieties that had befallen them.

The Wellington Meat Export Company recently declared a dividend of eight per cent per annuum, and the Kaiapoi Wollen Company has declared a dividend of six and a half per cent for the year, in addition to which £2000 "was written off for depreciation, and £1000 carried forward.

A Naw Zealander named Webb* of Wanganui, has won the Sculling Championship of the World, and the people of the district from which he went to Sydney for the great contest have made themselves a little ridiculous by suggesting a colonial offering to their Champion, who, upon his return to New Zealand, met with the reception of a viotor, even the House of Representatives rising half an hour before its accustomed dinner adjournment to meet'and do honor to the sculler. The victory has induced another New Zealander, an Akaroa man, to aspire to the Championship, and there is to be at lea3fc one struggle for the honors in New Zealand waters.

A most shocking fatality occurred at a local fire, and this is referred to in the Summary supplement. On the 3rd instant, a goods train, with pasenger car attached, running from Auckland to Rotorua, met with a mishap in connection with which the only wonder is that the loss of life was not much greater. The line ascends to a considerable altitude before reaching Rofcorua, and the rtrain had ascended a long hill, when one of the engines was detached. In some way not fully explained the train ran away, gathering momentum as it rushed along gthe down-grade. The cars swept round all the curves but one, and it only required to pass that one to run, on to a straight upgrade and to safety, but that last curve proved fatal, for the wheels jumped the rails thereat, and the cars were piled up. The guard alone was killed, but some others received injuries.

The last: month has witnessed an nusual number of casualties at sea, and the losses this winter have been great. Towards the end of last month news was received that thes.s. Fido, bound from Ocean Island to Sydney, bad been wrecked, but that all hands were saved. During a gale in Auckland harbor the cutter Flora foundered, and two lives were lost. From the North of the Colony also came the news that the scow Surprise bad been wrecked and four lives lost, the solitary survivor meeting with a terrible experience, exposed on a weather - beaten cliff. The s.s. Fsabel was. wrecked at the Gilbert Group. The Melville Island had discharged a cargo of creosote in Wellington harbor, when an explosion occurred on board, followed by fi re, 1 which did much damage. The shipJJ MacDiarmid, bound from Newcastle to Coquimbo, put into Auckland, having been damaged by storm. Then came ne^ws that the Union Company's s.s. Kawatiri had been wrecked at Macquarie Heads on the West Coast of Tasmania with the loss of six lives, and two lives havejsince been lost in '"an effort to recover the mails from" the wreck. One of tne victims was the wife of the lighthouse keeper, who was near enough to recognise her cries to him, but not to save her. Following this disaster we have news of a collision between the s. s.Arawata bound from Sydney to Brisbane, with the barque Ingeborg, when seven lives were lost, including that of the Captain, who might have saved himself, but who went to arouse a lad. Since then there has been news of the supposed loss of the schooner Scharlotte with sixty souls, near Tonga, of the loss of a" fishing vessel on tbe Queenland coast, together with seven lives and of evidence that the barque Constance Craig has been lost with all hands, apparently in the vicinity of tbe Great Barrier Island. In addition several scows have been driven ashore, and in the Indian Ocean the Carrie liner Fortunatus was discovered on fire, her boats being away. Later news indicates the arrival at Mauritus of those who took to the boats. Truly the iist of casualties is a long and a sad one.