The Ashburton Guardian. Magna Est Veritas et Prævalebit. MONDAY, MAY 24, 1886. THE LAND ASSOCIATIONS BILL

Ashburton Guardian, Volume V, Issue 1245, 24 May 1886, Page 2

The Ashburton Guardian. Magna Est Veritas et Prævalebit. MONDAY, MAY 24, 1886. THE LAND ASSOCIATIONS BILL

We 'are indebted to the member for Wakanui for an advance copy of “ The Land Associations Bill,” a measure diafted by the executive of the Colonial Land Association, and designed, we presume, with the object of effecting a I reduction in the mortgage rates of interest. We need hardly say that the ostensible object of the proposed measure I has our entire and cordial sympathy; I we believe that the present high rales I of interest form one of the most serious j impediments to the development of j our agricultural resources ; but we are by no means satisfied that the passage of the Bill introduced by Mr Ivess would remove, or materially lessen, the difficulties which beset our small cultivators. The framers of the Bill appear to have lost sight of fhe fact that the price of money, like the price of any other commercial commodity, is governed by the inflexible laws of supply and demand. If a would-be mortgagor has I unquestionable security to ofier, he will J have little difficulty in obtaining money j at seven or even six percent. —the rates contemplated by the framers of the Bill; but, il on the other hand, the security he has to offer is inadequate he will have to pay ten, fifteen, or twenty per cent., and accept the

accommodation as a favor. However, we have previously discussed this aspect of the question at considerable length, and this evening propose to take, only a hurried glance at the Bill now before us, in which the views and proposals of a large section of the “cheap money” agitators are embodied. We may ' say candidly, at once, that the wording and general tenor of the Bill are, in our opinion, most perplexing : from the preamble to the schedules it abounds in technical phraseology which will be wholly incomprehensible to a large majority of the persons intended to be benefited by the measure. (The full title proposed for the Bill is “An Act to facilitate the Issue of Mortgage Debentures and Annuity Bonds by Landowners, and to enable Societies and Associations of Persons engaged in Agricultural and Pastoral Pursuits to buy, sell, or otherwise deal with Mortgage Debentures and Securities affecting Land and its object, as we have already stated, is to enable landowners and others “to raise money with facility upon the security of their landed property.” The Bill is intended to extend and apply to all societies and associations now or hereafter incorporated or registered, and carrying on business under “ The Industrial and Provident Societies Act, 1577,” but it is specially provided that “ No association shall lie entitled to avai 1 itself of this Act unless at least three-fourths of its membets shall be actively engaged in agricultural or pastoral pursuits at the time of making application to issue or dispose of debentures, whether ‘ preference’ or ‘ general,’ on behalf of any shareholder or the association.” Some question might arise as to what would constitute an active engagement in agricultural or pastoral pursuits, but as none but bona fide landowners would be likely to seek to avail themselves of the provisions of the Act, the point is not an important one. The Bill is framed on the presumption that the Property Tax valuation represents the actual realisable worth of the land to which it refers. This presumption is notoriously fallacious, and some more reliable method of valuation would be one of the first demands to follow the adoption of the Bill. Repeated reference is made to the “ English Agent,” an officer to be entrusted with very large discretionary powers in the disposal of debentures and other securities, but it is not at alt clear who this agent is to be. The Agent is to remit the proceeds of all debentures sold in Europe or elsewheie to the Colonial Treasurer, and the Treasurer shall be deemed to be in possession of the proceeds upon the receipt of telegraphic or other information concerning the amount of money obtained by the sale, and shall be liable to the payment of interest thereon in case of any avoidable delay in carry- : ing out certain provisions as to investment. Indeed, the Association, the English agent, the Registrar, and the Colonial Treasurer, are mixed up in such an extraordinary manner that it is next to impossible to define the duties of each. Clause 42 of the Bill p>ovides that “ the payment of such charge as agreed upon, and where no default in payment shall occur, shall sbsolve the mortgagor from liability or risk in respect to interest payable on such first-mortgage debenture, not with standing any default on the part of the association, the directors of which shall be liable to the bond or deben-ture-holder in respect to the interest or other annual charge payable thereon ; ” and again, “ where the association shall fail to pay the interest lawfully payable on any preference bond or debenture,

the association’s claim in respect thereto shall cease and determine, and the holder thereof may thereupon enforce payment direct from the landowner in accordance with the stipulations contained on the bond or debenture.” Here, surely, is some anomaly. The firs I

part of the clause purports to relieve th e mortgagor of all liability or risk, notwithstanding default by the association, and the second part provides that when

the association shall fail to pay interest the mortgagee may enforce payment direct from the mortgagor. Several other features in the Bill, which we think open to serious objection, we shall refer to on another occasion. In the meantime we wish to express our appreciation ofthe energy and public-spirited enterprise with which the members of the Colonial

Land Association, and particularly their Secretary, Mr J. H. Newyln, have approached this difficult and important question. Although wc are unable to applaud the result of their labours, we heartily commend the motives with which they have undertaken their herculean task.

THE MIDLAND RAILWAY.

A rumor is current in Wellington to the effect that a strong party is being organised (or the purpose of attacking the Midland llailway proposals. One o£ the local paper 8 sa y S : —“ Mr G. F. Kichardson’s motion for information on the subject of the land se 1 apart for the company, and the discussion which was started thereon was, to speak in racing parlance, merely preliminary canters. The motion was defeated, but the supporters of it were well satisfied with their performance, because it tended to damage the interests of the Company. Sir George Grey, however, overshot the mark in his speeches, for in hi 3 eager desire to attack the Government ho referred to the laud agreed to be given to the Company as a princely estate. Since the debate specific stops have been taken to organise a party to oppose the Bill relating to the concessions to the Company, and also to damauo tho Company by other, if less direct, means. Sir George Grey’s Coloured Labour Bill is, we understand, a onc-act drama to be performed, the prologue of which was enacted on Thursday. The Bill is intended to proven l the introduction into the colony by the Company of Chinese, Coolie, or other colored labor, and no doubt the mover will find sympathisers in this aim, even amongst those who are favorable to the construction of the lino by tho company. It will bo a popular ' working man’s cry, and will probably bring about a severe party struggle. We are informed that it is tho intention of the opponents of the construction of the line to have all their speeches on the subject printed in pamphlet form, and circulated broadcast at Homo, with a view, if possible, to annihilate tho Company, if their efforts to throw out the Government Bill are unsuccessful. may be taken for granted that tha Midland llailway question is to be one of the biggest fights we shall see on the iioor of tho House this session.”

To-day is tho sixty-ninth anniversary of the birth of Her Majesty the (Juoen. The day has been observed as a close holiday throughout the colony. In this district the volunteers parade at 11 a.m, and a largo meet of the Ashburton hounds at Laghmor during tho afternoon, have been the chief attractions. This evening the Hunt Club concert and ball at tho Oddfellow’s Hall are expected to attract large attendances.

Although the turnip crop throughout tho county is anything but a success, still patches are mot with hero and there of excellent quality, Mr McKay, of Willowby, seems to bo one of the lucky growers, for if quality of the crop may ba gauged by tho four specimens shown on Saturday at Messrs Scaly Bros.’ shop—and he says ho has a paddock of similar ones—he has been extremely fortunate. Of tho four turnips shown one weighs Utilbs, another ’Joilbs, and the two others about 2libs each. They look excellent, and to all appearance are as sound as a bell. They are of the purple-top Aberdeen and Greystoue varietio-s, ami were grown from seed supplied by -Messrs Sealy Bros.

In connection with the general shaking of the Mormon nest in Utah, large laud frauds are said to have been discovered, in which no less a person than Brigham \oung himself played a considerable part. If reports be true, ho resorted to the expedient ot building a four-roomed house on runners, hauling it to tho centre of a section of land, with one room on each quarter-section. Ho then put

four men in the house to sleep one in each room—and the next day entered the requisite pre-emptive claims at tho land office. By this means he seems to have secured tho greater part of what is described as tho beautiful Cache Valley, but at the _same time to have opened a way to the United Btates Government to dispose of some part of tho Mormon question.

At Taupo, in Auckland province, a new storekeeper recently started business, and undersold the old identities. They wore naturally jealous, and memorialised the Government to order the new man to remove from tho Govermeut land where he was located. The result did not moot their views. An edict was issued, says the correspondent of the " Auckland Nows,’’ commanding the removal of all hawkers and traders, except the individual complained of, who was the only one who paid his license. Hr Grabham is evidently not a believer in the general use of alcohol in medical treatment. Inferring to the small consumption of liquor in the New Zealand Lunatic Asylums, he says;—“ The authorities of some of our colonial hospitals might well take a hint from these figures, for feeble and helpless lunatics might be supposed to require alcoholic stimulants equally with the majority ot hospital patients. lam perfectly satisfied, however, from experience in both alcoblJßc and non-alcoholio treatment, that they culler nothing from tho comparative deprivation in this respect which they undergo in our asylums.’’

Steps are being taken to convene a public meeting in Temuka to discuss the necessary precautions to protect the town and suburbs from the threatening incursions of the river During recent freshes tho water has made serious inroads upon the low-lying lands, and it is urged that immediate steps should be

taken to prevent any increase or recurrence of such damage. A requisition is being got up for presentation to the Town Board calling upon them to take action in the matter.

Mr T. B. Hannaford, of Auckland, has prepared a petition for presentation to Parliament praying it to make such alterations in tho Gaming and Lotteries Act as will enable him to carry out an indefinite number of matrimonial lotlterios. Tho funeral of the late Mr H. B. Lance took place on Saturday at tho Riccarton Church yard. There was a very large attendance of the personal friends of the deceased and those with whom he was connected in various ways.

A contemporary says the things our Judges do not know arc something amazing. One of them asked some time ago, “ Who is Corney Grain ? Another enquired wha horse-chauiing meant. Lord Coleridge con fessed that he had never seen a snow-capped mountain. Decently Rfr Justice Butt, sitting in the Divorce Court, had to send for a Prayer Book in order to make sure that a man could not marry his wife’s niece ; his ignorance justifying the Northern miner who married his deceased's wife sister, not knowing any better. Lately Mr Justice Denman announced to an amazed Court that a foreigner might become naturalised in England°by a payment of three half-crowns. The veal fee is about six guineas.

The “ Times,” a determined opponent of Mr Gladstone’s Home Rule proposals, declares that the English Premier’s, speech introduce ing his Bill, was without a parallel in out Parliamentary annals. In its mastery of complicated details and its command of dialectical and rhetorical resources it was uot only marvellous as the work of a man in his seventy-seventh year, but was lifted out of the region of political commonplaces by a spirit of elevated purpose and a tone of sellimposed conviction,

This iB how an American paper refers ot Mr Murphy’s Temperance work in Cleveland —The efforts o£ Frank Murphy, the Temperance apostle bleached 19,000 noses in Cleveland. A line of men on the sidewalk in that city formerly looked like a torchlight procession.

The New Zealand Shipping Company is in receipt of a cablegram, dated London 20th inat., advising the following information : Arrived on the 19 inst., Cingalese, from Lyttelton, all well. Loading—Waitangi, for Auckland ; Orari, for Wellington.

""a petition addressed to the House of Representatives is in course of signature throughout the colony, praying Parliament to make some reduction in the rates of railway

freight charged forj racehorses and steeplechasers. A copy of the petition has been sent to the Secretary of the Ashburton Kacing Club for signatures. Owners are reminded that nominations for the second meeting of the Ashburton Coursing Club close this evening at the Central Hotel, a S o’clock. Professor Rico gave his promised entertain-

ment to a small audience at the Town Hall on

Saturday evening. The mind-reading experiraants were entirely successful, and were heartily applauded. A number of sleight-of-hand performances, and other exhibitions, were simply marvellous, and we have no hesitation in saying that the Professor is facih' pri iict’/i.s in his particular art. Madame Rice added very materially to the evening’s amusement by contributing several instrumental and vocal items in a manner which was thoroughly appreciated by the audience. Professor Rice has determined to give a second entertainment at the Town Hall on Wednesday evening, when we trust the performance will attract an audience commensurate with its merit.