The Taranaki Herald. PUBLISHED DAILY. MONDAY, OCTOBER 28,1889.

Taranaki Herald, Volume XXXVIII, Issue 8614, 28 October 1889, Page 2

The Taranaki Herald. PUBLISHED DAILY. MONDAY, OCTOBER 28,1889.

Although the New Zealand Loan has not bueu taken up at }>nr, as was expectcil, we think the Premier may be congratulated on the success of his loan conversion scheme, the result of which wo published on Saturday last. As our readers may not understand the financial arrangement with regard to thcao loans, we may explain that a large portion of the b per cents., known as " ten-forties," were issued subject to the

ight of the Government to pay the amount off after the end of ten years, and with the obligation to do so at the end of forty years. The rest are debentures of the loan of 1871, and the colony has a right to pay that off in the same way. The Premier accordingly instructed the Agent-General in London to invite tenders for £2,700,000 worth of New Zealand 8£ per cent, stock to pay off that amount of 5 per cents, which the Colony have a right to pay in accordance with the terms above stated. These, we learn now, have been tendered for, only twenty-one per cent, of the amount being as' low as £95 8s 6d. Already the stock is quoted at ten shillings premium, and no doubt in a few days it will be as high as 97 or 98. Of course, it would have been better for the Colony had the larger amounts been tendered ; but the brokers, no doubt, wished to make some profit out of the transaction, and woiild influence the money market at a time like the present. The telegrams state that £4,900,000 was the amount subscribed, being nearly doublo the sum required. The new stock, like the 4 per cents., carry no sinking fund, and with less interest to pay will be a great relief to the colony. Some three yeart ago, when commenting on the inability of Oamaru, to meet the interest on her loans, we suggested the desirability of the Colony taking over the local debts and consolidating them, but several of our contemporaries said the suggestion was Utopian. Amongst the papers holding those views was we think the Wellington Post ; it is therefore flattering to us to find that our suggestion is now being advocated by that journal. The Post says :—: — " There can be no doubt that New Zealand is annually drained of an immense amount of money in the way of interest on loans, beyond what ought to be paid, when the nature of the security in most cases is taken into consideration. Most of the local bodies pay from sto 7 per cent, on their loans. The average, we suppose, is over 6 per cent. In the majority of cases, certain Harbour Boards excluded, the security is unimpeachable. The lugh interest has to be paid because the loans are so comparatively small in amount and so strictly localised. If they could be amalgamated and converted the money could certainly be obtained at an infinitely lower rate of interest. The statesman or financier who could devise means for the consolidation of the local loans, so as to reduce the rate of interest pciyable, would indeod deserve well of the colony." "Writing on this subject on October 20, 1886, we said :— . " It seems hard that Oamaru Bhould have to pay 7 per cent., whilst Hawko's Bay is only paying 5 per cent for their money. The General Assembly will, there is no doubt, have to come to Oamaru's relief and help that district out of its difficulty. It wonld not be the first time that an occurrence of that kind has happened in tho colony. Southland, when a province, was in a similar position, and relief afforded that district no doubt brought about the consolidation of the colonial and provincial i dobts in 1867. There is no knowing but that history may repeat itself in the I present instance, and in rendoring help to Oamaru the whole question of consolidation to the local loans of the colony may form ono of the future schemes of the Colonial Treasurer, who may then bo in office." We are glad to see that the Post has fallen in with our views so far as " the consolidation of local loans " is concerned, because we may next expect to find our Wellington friend advising the Government to treat the New Plymouth Harbour Board a.s the Oamaru Harbour ■ Board has been dealt with, and advancing enough to pay for the "pump hopper dredge " to ' clean out the sand wliich is inside the breakwater at Moturoa. Oamaru has had £70,000 advanced to repair the damage done to the breakwater during a very violent storm. We are in a different position. We have been robbed of the revenue our land endowments should have brought in, owing to an alteration in the land laws initiated by past' Governments, who, by giving away or leasing at a small rent the land, hope to create a working man's elysium that will in future bring in enough revenue to the State to render taxation unnecessary. But why should Taranaki have to pay for the testing of these theoretical schemes. If the colony as a whole likes to give them a trial, well and good, but we object to part of our endowment being used in that manner, for it really means extra taxation to those living in the Taranaki district. If an attempt is made to consolidate our local loans, the Government will have also to consolidate the whole of the endowments in New Zealand. That opens a very wide question, and will require considerable skill in dealing with it. The pseudo-benefactors of the people used to ta^k in the House about tho unearned increment private settlers were deriving from land bought by them in the early days ; but there is an unearned increment in connection with the reserves of tho colony, which does not belong to one set or section of tho people, but to the whole, and the time, wo feel sure, is not far distant when the Government will have to take the endowments over and divide the revenue derived from them fairly amongst ail the towns and districts of the colony according to population.

A 8 tho libel actions of Mynott v. Hkkald

and Mynott v. Corkill, which occupied thfi Court during Saturday and to-day (Monday"), havo excited considerable interest, we havo decided to hold over 'our reports of the same till Wednesday, when they will be published in full. Mr Ward, of Wanganui, is at present doing temporary duty in the local telegraph office. All the hotirdingH in and around town present quite a picturesque appearance, being covered all over with Haming posters, and picturas pleasing to look upon. In the Bhop windows and places of public resort appears numerous photos and scenes from life, all of which proclaim the fact that tlio Baby Ogdcn Dramatic Company open at the Alexandra Hall on Saturday next, for a season of three nights, when Charles Dickens' great story of Bleak House, a dramatic version of Oliver Twist, and Uncle Tom's Cabin will bo staged, Baby Ogdon being the star in each production. Mr It. J. Dix, the courteous advance agent of the company, has been very active since he has Ijocn in Now Plymouth, and it is owing to him that the posters havo been so tastefully displayed about the town. The Lund Board have received, it is considered, fully 100 applications so far from Crown Land tenants fora re- valuation of thoir land under " The Settlers' Land He-valuation Act, 1889." Tlio applications were definitely considered at the Board meeting to-day (Monday) as preliminaries — such as the appointing of valuers — will have to bo arranged before any re- valuation g« actually be macie.j

Laundrine Soap is the most econimical and best brand in the market. Kept by all grocers. Eegistered frame and trade mark, " Laundrine " ; heart transfixed with arrow. For further particulars see advertisement on fourth page. At the Land Board meeting to-day (Monday) 2,448 acres on perpetual lease, and 157 acres in deferred payment were disposed of. On Saturday last we published an extract from a contemporary headed Laundrine. Laundrine is the registered name of a household _ soap manufactured by McLeod Bros. (Limited), of Dunedin, and is in appearance similar to the ordinary yellow soap, but on being used, its superiority becomes manifest, and it is beautifully scented, whilst it is no dearer than the common qualities. McLeod Bros, have always held a very high position as soap and candle manufacturer's, and this brand as it becomes known and used is certain to increase their reputation. Their establishment in Dunedin is one of the largest local industries in New Zealand, their productions including soap, candles borax, extract of lemon &c. A plan of a 3000-acre block, situated at the end of the Beaconsfield Road, was placed on the table at the Land Board meeting to-day (Monday), for the purpose of classifying and pricing the sections. At the butts this (Monday) morning the final of the four competitions for the representative team that will represent the Rifles Company at Dunedin in January took place. The representative will probably be the following :— Lieut. Okey, Sergt. Hcmpton, Sergt. Hooker, BandSergt. Mooseman, and Bandsman Newell, It might b 3 stated that Sergt. Morton, ac the scores were, had won a place in the team. He cannot, however, get away. I am very anxious to wind up my business completely before the end of this year, and as the time is drawing short and the stock is still very large, I must make even greater concessions to purchasers than I have already done. — Everything in my shop is now marked down on the mosi ruinous scale and the selection in all classes of Summer Goods is both high class and varied. To purchasers of parcels of £1 up to £5, I will allow a discount of £ per cent, and on purchases of ££ and upwards one of 10 per cent. This, in addition to the enormous reductions in the prices of goods, ought to render a visit to Victoria House beneficial to all those wanting full value for their money. M. Hood. — Advt. A shilling saved is as good as twe earned ; so call at Jones & Co.'s, where goods are being sold for less than landed cost. We have just to hand our lasl shipment of boots and shoes for summer Call and secure the bargains. We arc positively giving up business. — Jones <S Co. — Advt. Just received, — a good assortment oJ tennis raquets, balls, nets, &c. ; alsc Cob bett's cane bats and Duke's match balls wickets, batting gloves, gauntlets, le£ guards, &c, A choice assortment oi accordions, concertinas, walking sticks pocket knives, hollow ground razors asbestos silver mounted, meerschaum, anc cherry pipes. The following tobaccos always in stock, viz, — Welcome Nugget Ruby Twist, Golden Eagle, Flowers of ul Nations, Venus, Juno, Army and Navj chewing, Wills Bristol Birdseye ;, i superior quality of Derby, Is 6s per cake specially imported. Agent for the Water bury Watches and old judge cigarettes John Avery, wholesale and retail tobaa conist. — Advt. Certainly the best medicine known ii Sander and Son's Euoalyati Extract Test its eminent powerfnl effects in coughs colds, influenza; the relief is instantaneoui in serious cases and accidents of all kinds be they wounds, burns, scaldingb, bruises sprains, it is the safest remedy — no swelling — no inflammation. Like surprising effect! produced in croup, diphtheria, bronchitis inflammation of the lungs, swelling, &c. diarrhcea, dysentry diseases of the kidneyi and urinary organs. In use at hospitals and medical clinics all over the globe ; patronised by His Majesty the King of Italy crowned with medal and diploma ai International Exhibition, Amsterdam ' Trust in thia approved article, and reieci all others.