METEOROLOGICAL READINGS.

Ashburton Guardian, Volume V, Issue 1555, 13 June 1885, Page 2

METEOROLOGICAL READINGS.

0 The following are the meteorologio readings at Alford station for the wet ending Fri ay, June 12, 1885: -

I major atkinson on cheap 8 MO N t Y. B ♦ . In addressing his constituents 1 c Manaia recently, we learn from the Haxvi . Star that Major Atkinson said;—A rchett . for the borrowing of money by the Gi p vernment at a low rate of interest an f lending the same at an advanced rate ha been brought before the Government, an j Sir Juiius Vogel’s opinion thereon hi been made known The proposal rough! speak-ng is to borrow in the dome mai 1 ket at 4£ per cent at par, and lend to th 1 O'llcnists on real security with a margi of on-'-ha f or at least one-tuird, at 6 a per cent. Now ihere is ab >ut L30,000,0C , of b rrowed capital in the colony, whic 1 the Government would have to be pn t pared to pay off in order to make th • scheme one of colonial important 3 Granting that Government might be abl 9 to lend half that sum or L 15.000,000 t 1 6|, on a margin of one-half (and the lei 7 margin would be unsafe) it is impossibl r that those who are now mortgaged up t 1 the full three-fourths of market valu r would be in a position to pay 01 • the existing mortgage by raising t Government loan of a lesser amount > For this reason the other half of th oolonists’ debts would still remain un I provided for Private capitalists wouli also be able to lend at a much higher rat than at present, because a large amoun ■ cf private capital would be at once with , drawn from a colony where the individua , had to compete with the Government The effect would therefore be this : thosi who were able to do with a loan of oni half on their lands—or, in other words the proprietors and speculators generally would reap the benefit of the cheaj money, whilst the tenant would in the increa-ed price of his money be actually paying for the cheapening of the money to the owner. So it would quickly assume the nature of a class loan, increasing the facilities of the well-to-do speculator in land and the remaining money-lenders, to double their pr (fits at the expense of the tenants. Then, again, cheapening money means raising the price of land, and in this way, too, favors the one at the cost of the other. The first results following the increase in the value of land would be an increase in the rents which ten nts would be called upon to pay, without a> y corresponding improve- . ineut in the markets for their produce. In those ways the owner gets the advantage, to the detriment of the tenant. Again, the tendency of berrowers is not to reduce but to increase the amount of their mortgages. Hence, with the fictitiously increased value of their land, they are able to obtain further advances frojp time to time, and still be within the prescribed margin. It is on y a queition involving time as to when the question will right itself. The tenant cannot p vy what he does not make <>vt o’ his holding. The landlord, therefore, will not bold a propeuy wtuch does not pay interest on borrowed capital, and sells his land for less than its fictitious yalqe and the lender—the Government — losses, besides, if the itovernroent wp-p to offer cheap money to the agriculturist, it could hardiy deny it to the equally large class of merchants. The distr bating qlmi wai nearly m important as tlw pio*

ducing class, and would look for a share of the good things going. That meant lendingjmoney for the discounting of trade bills—a system which no Government could countenance. Aga n, the ordinary farmer did not need to borrow money to carry out improvements, but to carry on bis business to buy stock, implements or the like; but the English system provided this security, that the board of works only advanced money for permanent improvements, bo that they not only had the security of the land, but the land plus the added value of improvements. For these and other reasons he was satUfiad that the scheme would prove a failure.

YESTERDAY’S LATE I’ELBQBAMS

Auckland. Heavy clearances of sugar frem bond are being made, in anticipation of increased duties. Messrs B. Hobbs and W. F. Bnckland, M. H.R.’s, do not intend leaving for Wellington till Tuesday. Messrs Henderson, Peacock, M >ss, Thomson, Dargaville, M H R.’a, left by the Waihora. Mr Burton, photographer. Dunedin, who accompanied A. Rochfort and p-rty from Wanganui to the Waikato, and came right through the heart of the King Coamrv, was permitted by the natives to photo the scenery anywhere without molestation or interference. -

Hone Te One, from Kawhia, has arrived at Te Awamutu, to go down with Wahanui to Wellington.

A native meeting at Kumi, to discuss Te Whiti and bis doctrines, baa just con eluded. The nnmber of natives was comparatively small. A parade of the Naval Companies forming the Auckland Naval Brigade, was held to-night. It was the largest parade of the Navals ever held in Auckland. Close on 300 were inspected by Major shepherd. Wellington. Harris, one of the men missing at Wairaraua Lake, has been discovered all right. No signs yet of Lairden. At the Magistrate’s Court this afternoon, Jos. Mandel, tobacconist, on whose premises a totalisatoc was racently seized, was charged with having kept a gaminghouse. Mandel admitted the offence, but submitted that the machine was worked fairly and tor a less per centage than usually done. His Worship inflicted a fine of L2O and costs. Money (L3l, and cheque for Ll2) which was seized at the time was ordered to be forfeited.

Members of the Legislature inspect the defence works to-morrow. It is believed that one of the cables across Cook’s Strait has broken. The wires were in working order. until five o’clock this evening, but on the operators resuming duty at seven o’clock it was found that communication was interrupted •n the old cable that has been down close on nineteen years. From a teat made it is thought that the break has occurred about sixteen miles from the White’s Bay end of the cable. This cable contains three wires, but there are still two cables of one wire each across the Straits remaining in working order. Dr Lemon wilt make a further test of the sable, probably to-morrow, and steps will be at once taken to have it picked up and repaired.

WaNGaKUI

Mr Adolph Cohn, jeweller, beios: about to leave for England, was last night presented bj the officers of the St Andrew Kilwinning Lodge with an ilium nated address and shield containing photos o the officers of the Lodge.

Naw«b.

Mr John Sheehan, M. H. , died at Pet»ne at twenty minutes to four this afternoon, from inflammation of the brain. He had been ill only a few days His funeral, it is believed, will take place on Sunday. In the Supreme Court to-day, the action of Carrick v Donnelly, was tried before che Chief Justice without a jury. The claim was for L3OO, on a promissory note given to the late John Sheehan, and by the latter endorsed to the plaintiff Carrick. Judgment was reserved

Blenheim The inquest on the fire in the billiard room at K itura Valley Hotel was held at Havelock, and resulted in a verdiet th vt the premises were wilfully and feloniously set on fire by a person unknown. Nelson. On Thursday afternoon, a man named James Hollyman, about 50 years of age, and a bricklayer by trade, fell down a cellar at the Prince Albert Hotel. He was removed to the Hospital, and died this morning. An inquest has been held. The deceased was talking to a boy in a private passage leading to the kitchen, when he leaned his back against a small doer leading to a cellar, and which gave way. He fell 6ft, striking bis back so heavily that death resulted from concussion of the spine. He was sober at the time. A verdict of died from concussion of the'spine, caused by misadventure, was returned. DUNEDIN George Payne, a ganger on the railway, was found in Lake vVaihola this morning by the fireman of the night goods train. When he was picked up he was breathing, but he died a few minutes afterwards. It is known that Payne was subject to epileptic fits. It is supposed that he was seized with one while walking ■ along the edge of the Lake. The case in which an applicant for?a license withdrew his application at the South Dunedin annual meeting on account of a- dispute with the owner, a brewer, came before the Supreme Court in an application for a mandamus to compel the Committee to hear and determine “an application for the renewal" The tenant had lodged an application, but on accouat •>f the dispute withdrew it at the last moment, and it is now attempted to show that snob a course could not be adopted, as it was not even necessary for the applicant to attend, unless notice of opposition was given, and farther that as the owner was interested in the license he had a right to ask the Bench to proceed. After argument the ‘mse was adjourned.

Date, Him Max. Max. Observations. June 6 3456. SO. Fine .. 7 46. 62. 8?. .Vor’-west rain „ 8 30. 64 64. .Sou’-west ra n 9 27, 42. 48. --now 6in deep „ 10 235°. 92 Fine .. ii 40. 60 90. Nor’-west rain, fine >. 12 30. 5586. Fi'ie