The Timaru Herald.

Timaru Herald, Volume XL, Issue 2905, 15 January 1884, Page 2

The Timaru Herald.

TUESDAY, JANUARY 15, 1884. The smocees of the New Zealand million loan is unprecedented m the history of colonial financing. It furnishes' the most conclusive reply to all that ill-informed criticism of the colonies and their affairs which Las been so rife m the English papers. It proves to our mind that criticism of that character is entirely thrown away, because it has not the smallest influence on those to whom it is addressed, namely, the capitalists, speculators and investors who constitute the body of the creditors of the colonies. Ifc is not two years since the attempt to float a colonial four per cent loan at par was- denounced, m the English papers as an unwarrantable piece' of presumption ; atid the comparative' failurii ! of the ■ Victorian loan m the early part of last year, though m reality owing to quite other causes, appeared to justify that opinion. Victoria was compelled to make a slight concession. New South Wales, however, persisted m making a similar attempt, and again the voice of the "bear" was heard, m the money market, growling threats and warnings and denunciations' against' these audacious ycMing countries which dare to demand terms not less favorable than those, .accorded to, old and wealthy States in' ' ! Europe. The 'very least that the brokers insisted on was that the New South Wales loan should be postponed for six months, or else that a guarantee Hhbuld be given of no further borrowing for a year and a half.; The New South Wales Government paid not the slightest attention to the protests or proposals of the brokers or anybody ehe. They would neither submit to any postponement nor give any guarantees. . They wanted three millions at 4 per cent, and they would take nothing short of £100 for their hundred pounds debenture, without any conditions of' any sort. Everybody Baid the loan would fail, and some of the moat authoritative financial journals m London predicted a panic m colonial stocks. The. New fouth Wales Government worq not to bo intimidated by any such dismal and interested — forebodings. They boldly placed thoir loan on the market, and it floated freely .at an average premium of g, ; applications boinfif re> ceive(J,f,or more tbaadoublo tho amount required. ;. ■„■ ■,•'.,. ■ ■•■ ;•'•.. » : • < -•' This should bare been enough to

itence^sJj^ts§isv ;;> But it was not. Phtey wißre^obligo^.to admit that their th wfedictionß hajfl.tieen. falsified and ihat, ? { iis;far as ihe, W<=-w South Wales loan was |a ° Mmcerned, lifcHejir ckloulations were all iat ttong. Britney saidj New South Wales ! sn '4 an exceptional 'colony. It is the M wealthiest, the- most progressive, and (inancially the soundest of all the „ Australasian colonies. It had, more- w 3ver, the command of the market, be- pi cause it was not m any pressing need of money. It actually bad a balance of nearly two millions m the brinks, remaining over from the laßt loan. It could --afford to approach the market with all that assurance which goes such a long way to inspire confidence m investors. There was another reason put forward too, which, we confess we were uaable to understand. It was said, that the time of year was exceptionally opportune for floating a colonial loan, becaus.; just before the close of the yeiai? ' theiie are large sums disengaged and ;Beekirg reinvestment. After the new year, it was veryJ{poßitively asserted, moaey would certainly harden, and continue to harden steadily for some time. Then a vigorous attack wan made on New Zealand m particular. It was declared to be the most heavily indebted spot on earth, and woful wore the headshakinfjs and the lamentations over the shecking recklessness of this profligate community. All this, we may say, was not designed m any way for the edification or admonition of the colonists ; but solely for the; benefit of those deluded capitalists who might be contemplating further investment m New Zealand debentures. There really seemed to be a good deal m these warnings. There was no denying the very heavy indebtedness of New Zealand. It was also well known, we suppose, that this coloay was living from band to mouth, so to speak, and that its revenue was falling off. New Zealand Hour per cent debentures never yet had floated at par, and it was considered little better than aa imposture for a colony so situated to ask as high a price aa 98. Under all these circumstanced there appeared to be an excellent opportunity for " bearing" New Zealand securities to some purpose,. and a fall of l£,was actually reported last week. Even m the colony there was some apprehension lest the loan, should fail,' and we have heard it whispered t?aat the Governrnez.t were fully prepared for bad news. Again, however, it has turned out tha", there was no connection between the writers who criticised and prophesied, sad,, the capitalists, wlio were seeking to All the " bearing " and croaking went absolutely lor nothing; The million loan' was subscribed five times over,' and New Zealand., notwithstanding its indebtedness, its. emergency or its depression, gets it 3 money on terms eqnal to those obtained by. New -South' Wales. The. minimum of 98, which was barely exceeded last.. year, has already become a nominal minimum ; and henceforward, we imagine, New " Zealand is to be classed among those first-rate colonies which will' .-not borrow money at a higher rate than four per cent net. The. credit of the colony being thus established <m a higher , basis than it ever. occupied before, what a, grand thing it would be for the colony if its people and its public men would be therewith content, and would consent to dispense with further borrowing for some years to come. Just as a great military Power, having achieved a signal victory m war,' seizes the occasion to terminate a campaign which though triumphant is ruinous, so might New Zealand, having gained this financial victory, Te>y well desist from, a system which, though externally successful, is all the while ' becoming more and ,i more disastrous internally. It is grievous, indeed, to svjflect how this million, so easily obtained, is to be squandered, and how very little good the .jolonists will derive. lawn an expenditure which will entail en them and their posterity an additional burden of £40,000 a year. . . ; Service of Song. — This cvnning the Wesleyan cfcuir will givea^seryida'of-song, "tfrankey Vman," m the Wesloyah Church, Bafat»trcet;' ;: v ;- : ' ; ; > •'> : The Sak Francisco Mail'. — The'Rotbrua, with the San Francisco mail on boird, made a -veiy smart run down from Mimaiau to Wellington, , nrriving there yesterday afternoon. Tho mails were tranahippiid to tho Rotomahana, which left for Lyi-telton at 7.10 p.m. Tijiabu High School— The Tin wrii High School reassembles on the 28th inst. A'~ new scale of feos comes iuto force this year, all senior pupilii, being charged eight guineas, and junior pupils six guineas' for the year's course. Gbraldiitb County.;— Doa Begihteatiox. — Mr I. .L.! ' Morris has been appointed a registrar of dogs at Pleasant Point for the Levels Biding. The appointment cf a local registrar for', the Baukapuka Riding trill probably be itiado to-day. ' Peas. — W-^ have' been shown suuples of threo'Varieties of peas named respectively the Telephone, ttiii Stratagem, and the Telegraph, grown by Mi; T. Xaugddh from, sect ! . brought out by himftoiii Home. ' The pods :trc really wonderful iii : f-ize, and equal, if not superior, m filling to any other description we know of. " l HOUSEBHE&KING AT WAI'XOHI, — At the Temukfi Couit yesterday, S. D. Barter and J. Talbot, Eaqrf „ J.P.s, occupying thnßench, a man n&irxid Samuel Kirkpabiek' w:is brought up m custody on a churge of having broken into ; the dwolling-house of Mr D. Seatou, \Vait4wi, on the 6th inst,, and stolen therefrom one £10 and one £1 note. The Police applied for a remand till Mop day. nest, to onablo thorn to complete their case, and the application was granted. Kkox Cbijeoh, Waimatb. — A , congregational meetingiu connection with this church was held on. .the 9th inst. to consider tho annual balance-sheet and roport for tho year ended Dccoipber; 31st, and otho^ 1 church mutt-oi'B. Tho balance-sheet as submitted to, and adopted by, the meeting showed tho .total receipts if or, tho year under tho hcails "Sunday School," " Manso " mid '! Church " »niounted , to £762 17s sd, and tbo total expenditure under all heads to £730 7i 9d. The meeting contidered tho ilnaoce of tho year had > been nipsfc successfully macnged. A speoial effort; will bo mado noxt ' May to largely redut*-, if not entirely cleai off," the doht on the Manse. GrBAiN oA:{<qrji, AT on.— Mr J. 11. Walkor of Waitohi Ifkt, hns had printed, at the Timaru Herald office a. handy poclot reudyreckoner, adopted for all engaged m the grain trade as producers Or otliDrwiee. In tho first half is shown the number of busboln, at so many busholf per bag, m all munhei-s of bags up to ono hundred, tuo several huncreds, and the thousanclii up to (ire thousand. The tables commonce with a rate per bag of i bushel and {;<> on to 6 bushels ptr bag by inoromonto of [ bushol. At first night tho lowest tables seem useless, but ticy may often bo useful m calculating deductions. Tho second half of tho work contains tables of tho weighty m tons, cwts, qrs aud lbs, of all numbers of bushols up t0. 500, fur wheat, oats and birloy respectively, ilr yTolkor, like many anothor practical man, Uw 'often fait the noo^ oj arcidy.rockonflr of this kind, and detennuuiig to supply the need, this con* veaiontlittfo.vro'rkigfljo result.' . *',

Honby. — We have to acknowledge with mnks the rtee pt from Mr' Orr, of waitolii, : a box of honey. It shows how the honey idustry-can be cultivated, for iii a small bor JQUt twofcut m length by ten inches m width id a foot m depth, there- is a perfect hive. A implu of thwhive is .visible m the window of Cr T. Amos, fruiterer," Main South Bond. GkkAldihe.— The nnnual treat to -the lildren attending the Sunday School m collection with St. Mary's ■ Church j 'Geraldinr, 'as hbld on Thursday last;.Jn tho ■public ark. The Jlno weather drew a large number f parents and friends to the park, aSMvell as large gathuring of cMldren/Tof whom'thero rcre * conaidsrably upwards of 300 present, tbout 1 o'clock the Bcholara began to ssemtilo, and after receiving buns or other ofresbment, v,-ere soon, busily engaged m ainca or races under the superintendence of heir teachers.- Meariwhilo ample preparaipn was being made for tea by several ladies md gentleibeu- of the pnrish. About' 4 I'cloek the children were called together and brnied into a very large circle for tea, and heir want 3 haying-been supplied, tables for lie adults vrere laid, and presided oter by klosdatnes Preston, Fish, Hawke, Burridge md Pizzey. The tea, &c.; provided by Mr Fumes Williams, was excellent m quality and -ho provisipuH abundant m quantity. The Band, stationed near tho pavilion, enlivened the proceedings with excellent music. The special thanks of tho parishioners are due to Mr Huffey, who this year 3 as m former years, Brcctod tho booth for the adults free of cost ; also ; to iilesdames Postlethwaito, Pyc, Macdonald, Hawko and others for supplies of fri.it. , rv Fjtbme Creek School. — A meeting oj the Fairlie Creek School Committee was held on Saturdo.y'evening. Presont — Messrß Milne (Chairman), R. Riddle, Allan, Pye and Close. The Master's report for the December quarter was read, showing the attendance for tho. quarter had been good, the working average being ,;irls 20.17, boys 15.84, total 36.01 ; the roll number was girls 24, boys 22, totel 46. The l'eport called attention to ccrlaiu repairs being required m the plastering of the dwelling house. A memorandum from ibe Board, requiring- the Committee to nominate two person!} . for election as members of :the Board, it was resolved to nominate Messrs Steward and W,alcot. Mr Caskey, an Secretary to the Fairlio Creek Sports Committee, wrote enclosing £2. 95" for the school fund, forwarding also the best part of 2lb of candles. It was resolved to tender the t.hankn of the Committee for this useful addition to their funds and supplies. In tJieße days of small incidental giants a gift of £2 9s id something for a country School Committee to be sincerely thankful for, and gifts of broken packets o£ candles, and even candleends, will lighten the expenditure. Accounts amounting to £4 7s Id were passed for payment. M)r Close was appointed Visitor, and to report upon the Master s request for. repairs to his house. The meeting then adjourned. Obi&is of Bilhabdb.-— The game of billiards, says the Argonaut, was invented about the middlo of the sixteenth century by a London pawnbroker named Wiliit»jn Kew. In wet weather this pawnbroker vfas m the habit of taking down three balls and with the yard-measure pushing" them, billiard f ishion, from the counter into the stalls ; m time the idea of a. boar i with side pockets suggested itself. . A blackletter manuscript says .— " Master William Kpw did make one board whereby a game is played with three balls ; and all tho young men weie greatly recreated thereat, .'chiefly the young clergymen from St. Pawles ; henco one of ye strokes was named a 'cannon,' having neon by one »f ye said,' clergynJan invented. The game. is now known by the name of ' bill-yard,' because William or Bill Kew did first play with a yard measure. The stick is called a ' kew 'or ' kue. 1 " It is easy to comprehend how " bill-yard" has been modernised into " billiard " ; and the transformation of "kew," or "kus," into "cue," is equally apparent. ; -V ' ;^ A EiiTLESNAKB's Bitb. — The quiskxenom of the rattlesnake has not killed so many people as the moro insidious but deadly poisons found m the air of foul rooms. The aeration of the blood by the lungs becomes impossible sometimes, aad the failing health, growing \VeakniHs, and loss of appetite are harbingers of approac'iing death. For such oases Hop Bitters tiro the potent and all-powerful remedy to drive all fevers out of the system, purifying 1 tha blood, and giving a new and happy lease of life. Notice.— (Advt. 1 .£looßewabd. — They cure all diseases of tha stomach, bowels, blood, liver, nerves, arid kidneys, and .£IOO will be paid for a case they will not euro or help, or for anything impure or injurious found m them. Hop Bitters. Test it Bead.— (Advt. | SYNOPSIS OP NEW ADVERTISEMENTS. W. Collins and Co.— Sell freehold land and town sections t.t Kiirlic Creek on 220 d imt. ij. Maclean, auctioneer, &c.,, Dunedro-rrßusiness attnouDcciment. - ■ ' : Moody and Ziesltr— Have a warehouse to let. Timaru High School— Classes re-assemblo on 2Sth inst. W. R. Kcay— lnvites tenders for harvest work. N.Z. Shipping Company-Notify the s.s. Aoraufri will leave for London this month. N.Z. drain Agency Company— Notify the s.e. Koranui will leave tnis pott for-Dunedin to-morrow. Geraldlne County Council— Notice re registration of doys, and reglstrara"»ppouited. funeral notice-One?.;. .. ■ Lost— One notice. 1 In Bankruptcy— Be R. Knowles ;R. Worthingtou ; 0. Green. Wanted— One notice.