The Timaru Herald.

Timaru Herald, Volume XL, Issue 2906, 16 January 1884, Page 2

The Timaru Herald.

WEDNESDAY, JANUARY 16, 1881. The New Zealand million lonn has been floated without the smallest difficulty on terms far above any that this colony ever obtained before. The only other colonial loan that ever fetched so high a price as this of oui'6 has, was the New South Wales £3,000,000 loan of December last. That loan averaged 100§, while this one appears from the intelligence to band at present to have averaged about £ less. It is somewhat remarkable, however, that while the tenders for the New South Wales loan amounted to about £7,000,000, those for the New Zealand loan exceeded £5,000,000, notwithstanding that the former had been floated less than a month before. The abundance of money m the London market at present is only less striking than the favor m which all denominations of colonial securities are held. It seems scarcely credible that less than live years ag:> New Zealand was compelled to dispose of 5 per cent debentures at a terrible discount, whereas there is now an eager competition for her 4 per centtj at a substantial premium. Can there be any doubt that the Government were shamefully misled m former years by those who had the handling of the loans m London ? Sir Julius Yogel gained an extraordinary reputation for his supposed skill, devotion and success m floating loans for New Zealand. Parliament actually voted great sums o{ money to reward his services m this respect, m addition to the thousands upon thousands that he drew for salary, allowances, commission and what not. Yet, so long as he bad the control oi the colony's affairs m London, New Zealand never occupied even' a respectable position m the money market compared with that which she occupies now. She never was allowed tc approach a respectable position. Notonc of the professional " bears " who make it their business to depreciate stock which they wish to buy, ever " beared I: our Beonritieß so effectually as oui own Agent Sir Julius Yogel did. He fairly frightened the Government oi the colony into sacrificing the loans He insisted that nothing but disastrous failure would ensue if an attempt were made to appeal to the .'open market, tc lower the rate of interest, or to fix the minimum of the tenders. Every loar must be managed by himself and his colleagues. Messieurs Jnlyan and Sar geaunt, and must be taken m bane and floated, practically on theii own terms, by the Rothschilds, oi some other fivm with whom he was supposed to have influence. . Then the time was never opportune for floating the loan until the colony was at tbt very lnst extremity for money, and unti! the Agent-General and his associate! had placed the colony under untold obligations to themselves, by raising temporary advances at fancy rates Finally, when these schemers at lengtl permitted the loan to be floated, ant the colony got 8 or 10 per cent lesi than it ought to have got and might have got, the Agent-General wai sure to pronounce the operatior an astounding success, tajke th< whole credit of it to himself, and broadly bint that a bonus of a fey thousands would be only a very mode rate compensation for all the wear anc tear lie had undergone to bring aboul ao eminently satisfactory a result. Th< impudence of Sir Julius Vogel's contri butionß to the loan, correspondent during the latter part of bis tenure oi the Agency-General, almost surpassei belief. On one occasion he even weni the length of pretending that he him self had staved off bankruptcy from the colony, by raising £75,00( on his own personal security ii anticipation of the floating of i five million loan, which, he said could not safely be offered at thai particular juncture ! Yes, those were fine times, truly. Wi hardly know whether to laugh or to b< angry when we look back to them Thank heaven they are past now never, we trust, to be revived under anj circumstances. Now, the AgentGeneral gets nothing for floating the loami ; and the colony deals direct with the public. The result is that we get as nation, money as we please, and when we please, at something less than four per cent, instead of having to pay about five and a half for it, and to wait for it until it suited a band of intriguers m London to let us have it. Perhaps the most comical part of the business is that when the New Zealand Government, justly incensed by Sir Julius Vogel'e proceedings, removed him from the position of Agent-General, and placed the business of negotiating the loans on an entirely new footing, Sir Julius, with a beautiful self-denial, entreated the Government, m the interests of the colony, to allow him to continue to act as a loan agent. He gravely endeavored to make it believed that the colony could not raise money m London without his assistance on any sort of reasonable terms, and he affected to see before us nothing but the MackneßS of darkness, as far as our finances we're concerned, unless be should be allowed to light the way. Sir John Hall knew better, however. At all events be thought it worth while to risk the experiment. He substituted Sir Dillon Bell for Sir Jnlius V.ogel. The immediate effect of the change has been a saving to the colony of , many hundreds of thousands of pounds, and a strengthening of the public credit whioh is worth even more than the money that has been saved. About the middle of last year, it may be remembered, a very vigorous, not to say audacious, attempt was made to work up an excitement about the bo called Terawhiti goldfield m the neighborhood of Wellington. It was reported that gold had been fonud at Temwhiti m largo quantities, and so boldly were these statements supported that a very brisk speculation set m. A number of- companies were formed, a large area of ground was taken up, ancl a very' substantial oum of money wiw .actually invested m shares. Somebody must have made an qaootaaibnly good thing of. it, for; tite

public of "Wellington fairly went off their head for tbe tim¥ being, about tbu Terawhiti goldfield. JEven the Government were thrown off their bu'ance by the boldness with which! the artair was managed ; f l)r they actually allcwed one of their supporters, who represented the promoters of a mine at Terawhiti, the use of tbe Hinemoa to take a pai-ty of speculators, enquirers and nibblers to the favored spot. It was intended that botb Houses of Pialianient should go m a body; bnt only ten Members went, and the excursion was a decided failure. Still, it gave a certain show of respectability to the promotion of the supposed goldfieldß, end very likely put some money m the pockets oi those who had scrip for sale. We denounced the thing uncompromisingly, and we warned tbe public strongly against risking their money m a venture which we had our own reasons foi believing was a " flat catcher.' Since then, some very odd thingi have come out about these Welling ton gold mines. A quantity o: gold obtained from stone sa^d to hav< been got out of one of these mines, wai pronounced to be m reality the produce of a minu at the Thames. This wai indignantly denied by the promoters ol the mine :in question, and there wen threats of actions for libel, and a vas: amount of virtuous indignation. Thi gold was thereupon submitted to ex perts, and was proved indisputably tc be Thames gold. This wt.s an oye opener m its way, and subsequent dis closures have shown pretty conclusivelj that the Terawhiti goldfield was neve; anything more than a paper ;;oldfield. We have just read with mr.ch interes the report, of the first half-yearly meet ing of the Albion Extended Gold mining Company, the scene of whosi opevatioiij is at Terawhiti. Thii Company purchased m 'Septembe last the whole of the plant and asaeti of the Albion Company, including ; crushing of stuff then m progress at tin battery. What the representation; were upon which the new Company bought out tbe old, we cannot say, bu they may easily be imagined. Th result of the speculation was thie After spending all their availabl capital and incurring s. debt o £600, the Compauy secured the magni ficent return of £37, the price realise.) by 10oz lOdwt 20grs of melted gold which was all they obtained from 40 tons of »tone. They do not appear t have ' ever got any more gold, an their financial condition at present \b fa from phasing. So pressing were tli emergencies of the Company that tli director* had to give thjir person: acceptance for £160 for ohe payrnen of wages, m the hope of recoupin themselves as calls became due. Th present position of the Cotnpan is that they have aa overdral of £355, that bills accepted from shave holdero for calls due amount to £25< that unpaid calls represent £247, an that the wages expenditure has bee £627. The quantity of gold obtaine from the crushing is so vei'y small tbu we are inclined to enquire whether tl: stone was really auriferous at all, c whether " the color " wa:» imparted 1 it artificially or accidentally. When \i hear of Thames gold being crushed ox of stone alleged to havo been take out of a mine near Wellingtoi we should not be fcuvprised b any peculiarities, no matter ho eccentric, displayed by the miners deposits of that interesting region. ] is gratifying to learn that if the battat has not crushed out much gold from tl stone m the Albion Extended Company mine, neither has their want of succes so far crashed out all confidence m the: venture from the Company. Tb .Directors, with a pathos that is posi tively touching, close tht-ir report by remarking that " If, as yot Directors Lope, there are payable reel to be found m Terawhiti, a larger fait and confidence m the i'uture may y< richly reward those who have honestl desired to develop gold mining aa a ne indu&lryin. this district." The Directori nevertheless, did not show much of th " larger faith " ; for at their instance was decided that nothing further shoul be done towards working the mil until all the calls werj paid. W wonder when that will be. Saw FjiAycrsco ITAit. — The inward ma vi<i Snu Francisco arrived at Timaru by tl ordinary train nt 8.10 o'cleick last eveum; Tho southern portion was rorwnrded on b special train. C! Battebt;, N.Z.A.. — A 'sovermnont da} light parade is ordered for this evening a half-jwist seven o'clock, m drill order, whe wo ho]>e to see a full attendance. A genera meeting will bo held after parade. Kecruit will aho be taken (luring the evening. RrpLS Cl.TrB.— A general meeting of mem bers of the South Canterbify Sifle Club wil bo held m the Ship Hotel this evening at ! p.m. The report ot the Committee on rules rifles, 40., will be presented, besides amass o other information relating to the manage ment itf such Clubs. 1 1, is specially requoHije< that all members should attond. •.-.■*: Mount Gay School : Committee. — I meeting of the Committee ; »aa held at th' Mount Gay Schoolhouso on January 3rd, ti make a, report of tho working of the 6uuoo for the last twelve mont-is. There wen present — Messrs Heuchai:, Smith, Pan Cartoi- and the Chairman. : Considering, tin bad weather of tho last winter combined witl the whooping cough, tho parents are perfect!} satisflod with the progress o? the children. District Court. — The monthly sittings ol the District Court will be resumed to-day before His Honor Judge Ward. The list oi cases will ba found elsewhere. Them art three civil eases »6t down for hearing, but it is rumored that al lonat Iwo of them )mvt been settled. There are several application for orders of discharge under the bid bankruptcy law, and ono application to adopts ohild -jf six. The child's parents are both dead, and the applicant and his wife have brought up tho orphan for eoino years as one of thoir own. Immigrants. — The following nominated immi(:rant«, per ship Waitohgi, at Lyttelton, arrived by train last evening : — Edward B. Rovell, oarpenter, MiddJesoij Clara 'A. Kovell, Middlesex; Mnthew AncUa-son, ploughman, Tyrone ;_H. S. English, laboror, Jornvmll | Maurice "Hnvnett-, 'oarpeiiiter, Linmrick ; George HowsOt, carpenter, Warwiokshire; William Ho'reon, oarpentor, Wai;Bick»hire j .^V. H. Morjom, farm Wwror, Cornwall j Jamos Norton, baker, Dtvon : Ada Howson, general servant, Warwickshire [ Thomas Bluet, farm labt'Tor, Lancashire • Eliiiivboth Black, goncnvl servant^ Lancashire ; Miuiunno Black, genoral servant, Lancashire ; Ddvid Nolan, farm laboror, Korry. KSOTTINOLKT PARK, WMMATB.— ThcJ first nieeling of the nowly appointed Board! for tho iranAg_omcnl of Enottin;ley Park Domain ! wm hold m tho Oourthouso on Tuosday last. Present — Mossrs Steward, ( 3k>ldsmith and J. Manchester. Mr J. Manchester "was elected Chairman. Mr J. Sfmieliof ter, who hod beon Chairman of tho supnrsiHod Kuottingloy Park Commission, handed; m all tho books aud ciocmnents belonging to tho Commisiion, and these were taken over by tho Domain Bnaitl. It ttos rosolved thfct th« grass iq,the Piirk be cut m& disposed of to tho -b*Bt advantage. Mr Opie was sipoint^d Seatjtary to tfi'.J Board wtt thb mtfetaojg sfejotoflW.

.L/ce.nsi.vg Court, Tismtoca — Tbe adjourned quarterly Licensing Court for the Temukd district w.is lield m the Courthouse, Temuka, yesterday, before .T. Talbot, Ksq., J. Movers, Esq., 'and R. A Barker, Esq., Commissioners. The Court was adjourned m the first instance to give reasonable time to , ' Air Feufcon, then occupier am) pvriprietoi' of , tbe TeniuVa Hotel, fo find n suitable tenant. I Application was now made to confirm a teru- ■ porary transfer of the license to Mr John i ; Crb*3 Sinitlisori. Constable Morton stated : | that tte Police had no objection, to Mr . ; Smithson, hut pointed out that through the j fault of Mr Teuton snflir-ient notico had not ' ; heeu gireu of intention to make the applicaj tion. The Court confirmed the temporary i ' transfer on the applicant stating that he wa's 1 willing ' fio incur the risk caused through the , insufficient notice. . " The SniATKGisr."— Thi:- evening the Polk Company open a short season ii» the • Theatre Royal with "The Strategist." Of the , | piece to be presented to-night it has bceu j said thnt " for boisterous fun that cannot fail • to excite hearty merriment, it would be diffi- ' cult to find its equal." The central figure, the strategist, is a young fellow who wants to marry a certain young lady, and both his s father and hers are opposed to it. To over- . come ;heu- objections he resorts to stratagem, £ impersonating first one and then the other, until he perplexes them into compliance. Mr Tolk takes this role, and assumes the voice 8 nnd manner of either parent perfectly. Every 2 (member of the Company is" highly spolten of, s | and from all we can gather, " The" Strategist " j-ns presented by the Company i B one of the most amusing things that win bo imagined, ' and cine of the very best antidotes for the t reducing effects of uur nor'-westers. 5 SiiitviCß OF XoNO.-— The service of song . " Franker "Vivian " was given by the Wesj ley an Church choir m the church, . Bank street, last evening. There was a very fair attendance. The service is descriptive of the • life and death of a miner who was a man of I very sickly health, and the many songs m it r are of no man order. The Rev. Mr Beck gave the connective readings, and the eongs were exceptionally well rendered by the choir. Of the many given tbe bolo by Miss Mucker - I '' The Lords Will"; and the duet by the - same young lady and Miss Foster " Nearer c to Port " were by far the best. At the close of tbe meeting the choir, through the Hoy. Mr Beck, presented Mr Goldsmith, on his I retirement from the choir, with a well-bound 6 copy of the Holy Bible nnd a copy of " The a, Weslcyan Tune Book,' 1 and after singing f. " Good Jfiglit " and passing a voto of thanks to the Chairman, tbe proceedings closed. Babb YOPft own Wiee. — We' were yesterT day shown by Mr West, the patentee, a most t ingenious and useful contrivance by which a c farmer or a lad may barb a wire f eneo alresdv 5 _ erected, and we are informed the demand for c these instruments is rapidly increasing. , Certainly, considering the expense of taking '* down' a plain wire and replacing by barb-wire !■- is sd great we do not wonder that, m spite of d dull time-, the makers should find it difficult ]^ to complete orders. The operation is as folq lows : — A pair of steel double-jointed pliers are placed on the wire to be barbed, two ;O pie2C3 of sharp-pointed steel wire are fixed m. d grooves for tha purpose m the plyers, a second tr instrument or key is then applied which. IP catchesthesmall wires, two turns are given with. thfi key, and the result is a neat, sharp fonrpointed barb, firmly fiiod round the main II wire. Wo are informed by Mr West that a it lad can barb from forty" to fifty chains of g wive fencing a day, at a cost of about sixpence) ie per chain, thus showing a great earing, and we feel bound to say the barb is equal m j* every respect to any imported ■wire we have "' yet seen. In conclusion, we may mention B- th.j instruments may be obtained from the £, Farmers' Co-operative Association and from „j all ironmongers, and that Messrs Edward ' West and Co., of Oamaru, are the sole makers and paten' ecs throughout the Australian ! " Colonies. We wish them every success, it Waijtatb I/tBRARr. — The monthly meetie ing of the Waimate Library Committee Vta )r held on Monday evening last. - Presenfc^Mi , Goldsmith (President), and Messrs G. Man- "> Chester, Neilson, F. Gaitt, Maxwell, and ? e Hillary, and the Rev. C. Griffin, members, it The minutes of last meeting were confirmed, ■n The Secretary reported receipts since the Q November meeting, £5 18s 6d. The returns ' for the year ended December 31st,. 1883, had 'y been audited and forwarded to the Education w Department, with claim for a portion of the al grant to Public Libraries. The lean for [fc which negotiations had commenced was not _ yet advanced, a delay having arisen through • the necessary plans not being ready. Letters ' c were read from the South Canterbury Board s of Education, allowing time for the payis ment of the third instilment for the now j r Library buildings and land ; from the Genoral ie Grown Lands olh'ce, informing that the town section No 3G4 had been reserved as a Library l " Reserve, and would bo vested m the Trustees y of the Institute when a copy of the certificate ir of incorporation had been forwarded. Trom f s Mrs Strong, applying for extra allowance for .^ cleaning on occasions of concerts being held. From the Librarian, tendering his resignation 3t of the oflices of Secretary and Librarian, and ly thanking the President and Committee for w t heir uninterrupted kindness since the starting Sj of the Library m 1875. It was resolved that j^ the required copy of certificate of incorporation of the Institute be forwarded to the 1* Crown Lands Offico ; that Mra Strong be Id asked to mention her terms for extra work ; ie that Messrs Hillary and Graham be authorised r e to havo a windlass erected oyor the Library well ; and that Mr Hillary have. the' lamp erected m front of the building In timo for ~ the long nights, and tno Library' Tvimicw ,jj altered as pointed out by him for the purpose lc of s ticket oflieo. The Librarians^ resignag lion was accepted with regret, and it -bus re,'y solved that applications bo invited by adver- " tiscment for February 9th. Accounts prer . Hcnted for payment, amounting to £11 2s were lt passed for payment. Other accounts, , a amounting to nearly £26, were allowed to t l stand over. The meeting then adjourned. ;g A Rattlesnake's Bite. — The quick venom of the rattlosn:ikc has not killed so many pDople as tho more insidious bnt deadly poisons found '" m the air of foul rooms. The aeration of tha blood by the lungs becomes impossible somc--8 times, and the failing health, growing weak* j, Bess, and loss of appetite arc harbingers of! if approaching death. " For such cases. Hop i. Bitters are the potent and all-powerful rera-idy rj to drive all fevers out of the system, pnrifyinjr the blood, and giving 1 a now and happy lease of l life. • Notice.— J Advt. I L SYNOPSIS UK NKW ADVERTISEMENTS, c Maclean and Stewart— Sell horses, harness, drays 0 tc , on Saturday. • ' 1 L. Maclean, Dancdin — Kas commonccd business ar, "■ auctioneer, stock and station accut, &c 0 M. .1. Knublcy, barrister and solicitor-Notice of • removal. S.C. Riflo Club— Meet ut the Ship Hotel this cvoiiInsr. 1 In Baiikruptey— Ra J. C. Whittokcr.