The Thames Star. Resurrexi. TUESDAY, MARCH 9, 1897. PRESIDENT McKINLEY'S SPEECH.

Thames Star, Volume XXIX, Issue 8605, 9 March 1897, Page 2

The Thames Star. Resurrexi. TUESDAY, MARCH 9, 1897. PRESIDENT McKINLEY'S SPEECH.

The cablegram which reached here en Saturday last informed us that during the inaugural ceremonies at Washington, President McKinley made a notable speech, in which, amongst other things, he said " An anti-trust policy would be pursued." Trusts or syndicates, as they are sometimes called, are associations of Joint Stock CompaniM, corporations, and business firms, engaged in commercial and industrial enterprises, and having as their main object the check of competition and the regulation of production and prices. The United States is the birth-place of such combinations, some of which are of gigantic proportions. The individuals comprising them hand over the absolute management to trustees, and although the conception took effect only twenty-live years ago, Trusts now have widespread organisations all over the States regulating the production, and consequently the prices of important and necessary commodities like petroleum, cotton seed, sugar, oatmeal, coal, castor oil, linseed oil, school slates, gas, whisky, steel, eteel nails, steel and iron beams, nails, iron piping, envelopes, paper bags, mowing machines, ploughs, glass, white lead, matches, watches, dental tools, and flour bread. The most gigantic of all Trusts is said to be the Standard Oil Trust, but they are not confined to the United States, for the Grocers' Guild of Canada includes 96 per cent. of the Dominion's wholesale traders. Certain reasons are alleged for the course which President McKinley says he shall pursue in opposition to Trusts. It is alleged that these combinations becomo intolerably tyrannical to traders who do not join them, and that they fleece the general consumers without mercy. Not long ago, it was agreed that members of a guild should pay 30 per cent, less for sujrar than non-members, and a number of members being expelled were forced to pay the higher sum. A similar procedure obtain in regard to wheels, spriugs, and other commodities. When public or private tenders are called, a member of the Trust is told off to under-bid non-members (even at a loss), and thus a destructive rivalry obtains.

It is, moreover, alleged that economic production is frequently limited by Trusts to the great loss and inconvenience of tho public. In 1887, the j price of linseed oil was raised from 38 vents to 52 cents; and it sometimes happens that mills and factories have been paid large subsidies by Trusts to stop production, and thus raise prices. Supplies of milk, for instance, have often been bought up and thrown away, to raise the price. This state of things has caused a very bitter feeling throughout the States, and evidently the new President is going to grapple with the matter. Defenders of Trusts reply that they do not cause the same inconvenience, loss, and misery as unchecked competition does. They allege that the savings im advertising, insurance, transport, in labour and machinery, enable Trusts to sell with less loes to it than can be douo under

the competitive method. It is contended that the magnitude of the output of Trusts, compensates for loss and economises cost. The magnitude of the concerns is certainly enormous. The Standard Oil Company constructs several thousand miles of pipes for the conveyance of petroleum, and the "Western Union Telegraph Company [ monopolises an immense deal of the telegraph business of the States. Whether President McKinley's antitrust policy will go the length of abolition we cannot say, but no doubt wise counsels will prevail, and he will content himself with reforms. If certain reforms be brought about there can be no more harm done by Trusts than by the present cut-throat competitive scheme. It has been suggested that if prices were published, if local bodies have a voice in fixing prices, and if the Trusts are placed under legislative control, that will avert many of the abuses which have led to the out-cry against them. It is certain that the less trade is interfered with by the State the better. A similar subject has been arousing much attention in Germany for a long time, and in 1893 an Imperial Commission reported on the whole subject of speculation in trade. The Commission regarded with grave distrust interference with business and confined its recommendation of restrictions to the prevention of clerks, officials and , employees from speculating. We shall watch with interest ilie Anti-| I Trust policy of President McKinley.

Dr. McGregor, Inspector of Hospitals, departed by the Wakatere for Auckland this morning.

Police Constable Kennedy, who has been on duty here temporarily, has received instructions to proceed to Auckland, and leaves by the steamer to-night. Constable Miller replaces him.

A correspondent writes to the Editor as follows:—Will some of your readers kindly answer the following question in Stocks: What ought to be the value of .£135 in the 4J per cents when the 3j per cents are at 971.

The Thames Gas Company is extending its lighting area. New mains are being laid in Pahau Street, and will be continued to Mackay Street, in order to enable Mr William Burton to have the gas laid on to his new house.

The stone-breaker consigned to the Koinata Reefs G.M. Co. -will be forwarded, on its way by Mr Jas. Hawke3 this even- I ing. A considerable quantity of machinery has recently been landed on the wharf, chiefly by the cargo steamer Waiotahi The topsail schooner die is at present at Turua discharging 50 tons of tram rails for the Waihi Gold Mining Company. On discharge, she load* 60,000 feet of Kahikatea timber at Bagnall's mill for the South. The iron rails will be taken to Paeroa in punts, and from thence to their destination in carts. The Auckland Star of yesterday states: "The Auckland delegates to the Hibernian Society's Conference at Christehurch, which, commences on the 12th inst, left to-day by the b.s. Takapuna from. Onehunga. . They are: Miss O'Kane, M. J. Sheehan, J. Patterson (Thames branch), D. Flinn, O'K»ne, Wright, P. J. Neihjny, J. Smith, P. Kearney, and W. Beehan.

At a meeting of the committee of the Thames Amateur Athletic and Cycling Club last evening there were present: Messrs Buckland (who occupied the Chair), Hetherington, Milnes, Otto, McGregor. Wright, Bryant, McConnell, and Lloyd (Secretary). The tender of Mr W. H. Thompson for a booth on the sports ground was accepted, and other minor arrangements in connection with the forthcoming gathering were discussed. It was decided to ask Messrs J. Paterson. T. Cantley, and W. A. Carter to act as judges. The handicaps for the pedestrian events are published in another column.

In our obituary columns the death of Mrs Win. Whitehead. of Mongonui, is announced at tho ripe age of 78 years. The deceased lady, accompanied by her husband and a large family, arrived in Auckland by the Matoaka in September, 1859. After staying in Auckland a few weeks, she left to settle with her husband and family at Mongonui, where, after enduring the hai'dships of many of the early settlers in the early days, the family made for themselves a comfortable home, and Mra Whitehead resided there continuously up to the time of her death, passing away peacefully. The deceased leaves behind her a numerous family of children, grandchildren, and great grand-children, some seventy-five in all, who will miss her kind and thoughtful love and care. The deceased was mother of Mr M. Whitehead and Mrs McLeay of this town.

When a marriage ceremony was about to commence at Westgate Congregational Chapel, Heckmondwike, between Alfred Hepworth, a teamer, and a young woman named Sarah Eamsden, the resistor called aside the bridegroom, and informed him that the marriage could not proceed, exception haying been taken on the ground that the prospective bride was a. sister of the deceased wife of tho man &he was about to marry The relationship was well known to the parties and their friends, but the interruption of the •eremony, for which much preparation had been made, took them by surprise.

The schooner Norvnl and the ketch Huon Belle are at present lying off the wharf lightering. The cutter Champion is in port with sawn timber for tha Thames-Hauraki Company's works, and the scows Vixen and Waitemata, similarly laden, have just been discharging at Phortland Wharf. The schooner Gisborne, with produce for Messrs Browne and McDonnell, and the cuttei Matakana, with firewood for Mr Short, are now at the wharf. The Spitfire, cutter, which has discharged a cargo of coal for the Big Pump, has sailed up the river to. load sand. Just now there is a good deal of cargo about the wharf, chiefly cement and produce, tho steamers Waiotahi, Rotoinahana, and Terranora, which are crowded together into tho berthage accommodation, having brought large general consignments.