The Wairarapa Daily. WEDNESDAY, FEBRUARY 5, 1879.

Wairarapa Daily Times, Volume 2, Issue 77, 5 February 1879, Page 2

The Wairarapa Daily. WEDNESDAY, FEBRUARY 5, 1879.

Some two years ago that most cautious of statesmen, the Hon, G. M. Waterhouse drew a gloomy picture of the extent to which Colonial Banking Institutions were making advances, and prophecied a reaction at no distant date. Apparently, by .disposing of his fine freehold estate at Huajigarua, he has arrived at the conclusion that the time to which lie pointed and of which lie warned the public is near at hand. There is some indication, no# of a depression which may lead' others perhaps to take perhaps a similar view of the financial condition of the colony. In Wellington, for example, the price of property is to an appreciable extent declining in value; and it is no secret that in both Islands the Banks are quietly contracting their advances. The depression, however, is on a very moderate scale, and is very' unlikely to prove more than a temporary inconvenience. The causes of it are not far to seek. The tidal wave ot failures which has recently swept over England and Scotland affects every British mercantile community, andeveii New Zealand rises with the prosperity of the mother country and sinks with it in times of adversity, The mania for land, too, which has recently prevailed has withdrawn too much capital from its legitimate channels, and though the ultimate result may bo favorable to genuine settlement, there is undoubtedly a present sacrifice'of v/ays and means, Our new friend, the Land Tax Commissioner, too, will depreciate the value of large estates, and tend to frighten capitalists from investing in the colony. All these causes taken together very naturally create a slight temporary depression; but on the other hand it may be said that never was there fi larger amount of labor in the colony, never could it command so high a rate of wages, never was the price of produce as a whole more satisfactory. During the years of plenty the colony has grown strong and robust, and it would be impossible now, under hardly any combination of circumstances, for its progress to be retarded as in the years preceding the inauguration of Sir Julius Yogel's public works policy. The present disorder is of g, yepy ipild type, and is very unlikely to be attended by either spasms or cQiivulsions. It is merely a little tightness of-the chest, which a low diet ior 'a'brief period will effectually relieve,. .

The committeo of the Royal Agricultural Society of New Zealand will moot in Christchurch during the Earn and Eive Fair, in March next. 1

The Otago Daily Times hears that 300 of M'Cormick's reaper and binder brought to Otago, a large number have been already sold. The Now Zealand and Australian Land Company abne have taken 25.

We take the following from the Wellington Monthly Price Current Since our last issue the weather has been extremely fine, and recent reports from the grain-producing districts confirm the belief expressed by us last month that the injury to props raid prove to be less than had at one time boen anticipated. The yield of wheat per acre will, no doubt, be below tho nvorage, but it is said that the increased breadth under crop will more than make up the deficiency, In oats it is anticipated that the crop will be a very good one. In the Wellington district tho extent of land under grain is, as stated in our last, greater than in any ■ previous year, and the crops are looking extremely healthy. 'Did advantages enjoyed by Southern millers in the large supplies of grain produced in their neighborhood has caused our Wellington mills to be closed for some years past. But we hear that a firm of millers from the South is about to re-open one of the Wellington mills, no doubt encouraged by the increased production of grain in this district,;

Tenders nxe invited for the erection of J officuj fpi" tlie.County of Wairarapa East. The following have been elected a school committee for the Park Vale School:— Messrs Oates, Liater-Kaye, W. Fairbrothor ;L.Nix, Dalgetty,lloy, and Skey. Mr Lister-Kaye was appointed 6hairman. Mr William Bectham, of Brancepeth arrived at the Bluff yestorday, after an absenco of about two years in England and on the Continent. His many friends will be glad to hear of his safe return, W. Hercock 'ililnounces in our advertising columns that having secured suitable stabling in Masterton, lie intends shortly to establish a daily delivery of goods from Wellington direct, Mr Thomas, Luther Shepherd, having gravitated from politics to Life Assurance, and then for some months honored Wellington with his presonce as a gentleman unattached, has been appointed Clerk of the Court at Naseby, in Utago.

The mail service between Carterton and Gladstone is a tri-weekly one now instead of bi-weekly. We believe tho settlers at Gladstono are indebted to Mr W. C. Buchanan for this boon, as he has "been unceasing in his efforts to secure it, The scholarship in connection with tho Wellington College, which was competed for by the boys attending the country district and Wairarapa schools, was won by Samuel Knight,, of the Lower Hutt school, not of Tawa Flat, as has been stated.

Owing to the increased attendance at the,' Carterton School, the local-committee have been obliged to telegraph for permission to rent the Town Hall, which building adjoins the school house. The required permission has been obtained pending confirmation by the Board, The attendance at this school lias steadily increased since Mr Richards appointment, the number on this years roll being 187, while the attendance has rcaehed 140. These numbers pointedly demonstrate that extra accommodation must be supplied speedily, as we understand there are still a number of last year's scholars that have not yet appeared at school, being detained at homo by harvesting and to watch tho bush fires so prevalent in Cartertoii at present,

Yesterday the Engine of the Masterton Fire Brigade returned from Stewarts' Mill at Carterton where under the superintendance of Mr Bragging it did its work thoroughly and effectually. On its arrival on Monday morning' it did not work very well but during a lull Mr Braggins' examined the pumps and found that there was an obstruction in the shape ofsomo gravel which hadgot intothehose. This beingvemoved the Engine worked splendidly, In a/short time the mill buildings were thoroughly saturated so that all danger from falling sparks was avoided. Then the hose was taken up tho tramway and all parts of it were protected in a similar manner. Burning logs and trees were put out wherever the hose was brought to bear upon them. The supply of water was fortunately ample and the proprietors of tho mi]l have every reason to congratulate themselves or the manner in which they have escaped.

The Wellington Evening Post gives the following report of the Wairarapa Sale Yards Company This Company has now so farcompleted their yards as to be able to sell on Wednesday, the 2Gth February. These yards, from their immediate vicinity to the railway station at Feathevston, should be ill a commanding position to supply the Wellington and intermediate cattle trade j and tho arrangement to commence the sales punctually at noon is a good one, as in enables butchers and and other buyers leaving Wellington that morning by rail to mako their selections, arrange for their conveyance to town,' and returns home themselves in one day. The ground covered by yards is 320 ft, by 280 ft. and there are 20 commodious cattteyards, 25, sheep-pens, sale-room receivingyards, branding-alleys, vestibule, and a number of smaller yards and peris. The timbers used in the construction are' blue gum and totara, and the whole presents a most substantial and permanent appearance. We understand the company intends to throw open their yards, on payment of certain moderate entrance fees, to be learned on application to the manager, Mr H, H, Wolters, at Featherston, each vendor having tho right to sell by any auctioneer to whom he wishes to entrust his sale. We fully anticipate that before long the company wiil establish an extensive business, likely to prove remunerative to shareholders, as thcro can be no doubt that the establishment of a regular fortnightly meeting market will be a vast convenience both to sellers and buyers of all kinds of stook, whether fat meat, dairy, or store cattle, Tho directors ■of the company, and particularly their energetic chairman, Mr C. Pharazyn, must be cangratulated on'the success which has attended their efforts so far, and whicli wo hope will continue now thai the company has launched into active business operations,