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NOTES OF THE DAY.

Sheep farmers will bo very pleased with the news cabled from London regarding the wool market which we publish this morning. The fifth of the series of London wool sales which opened on Tuesday last was expected to see prices improve, and the cable messages show that there has been a general advance of 5 to 7J per cent, on tho closing rates of tho last series. The High Commissioner's message fixes the advance at a penny per lb. on all grades. Thus, for the whole of the 1912-13 clip wc may expect something like this increased price, which will mean .that for the new clip we should obtain £750,000' more than for the last clip, an addition to its income that the Dominion can very well do with j'.ist now. But this increase is not all that we are likely to obtain, for the'_ prospects are that values will go higher. According to the Leeds correspondent of The Economist, "there is no more satisfactory feature in connection with the textile industry than to sec the maintenance of good manufacturing conditions in every centre where wool is consumed. The writer was in company with a leading West Riding manufacturer, who said that if they could at the moment double their output they could sell all the pieces." The Bradford correspondent of the same journal says: "Topmakers have abandoned hope of cheap wool this season, and are devoting themselves with singleness of ( purpose to screwing prices here up to the level, of the'primary markets." Tho statistical position and the trade demand are both good, and values must ascend when the present political disturbance in Europe is settled. It must be remembered that wool has advanced with the bank rate at 5 per cent., a comparatively high rate. The position would be much more favourable with the bank rate 'at 3 per cent. Sheep farmers are to be congratulated on the favourable outlook and the Dominion generally must benefit. Tho rise in values should hearten the whole community.

A curious sequel to the inquiry by the Parliamentary Select Committee into the position of Sir Stuart Samuel (Liberal M. P. for Whitechapel), in connection with the purchase by his firm .(Samuel, Montagu and Company), of silver ore for the Indian Government, is reported in a cable message from London this ■ morning. The result of the inquiry, by the way, was a statement in the House of Commons by Mr. Harold Baker, Financial' Secretary to the War Office, 'to tho effect that the Govern:ment was satisfied that the firm of Samuel, Montagu and Company had acted as brokers, not dealers, in the transactions referred to. A private individual has now accepted the r6le of a "common informer," and commenced an action against Sir Stuart Samuel, claiming £46,500, a sum representing £500 for "each vote given by him in the HouEe of Commons since the contract was entered into between his firm and the Government." The English Statute, 22 George 3, Cap. .45, which is apparently the ground upon which the private individual referred to establishes his claim to proceed against the member for Whitechapel, provides that any person (not being an incorporated company), under contract, or who enters into any contract for, or on account of, the Public Service,' is disqualified from being elected to, or sitting in, Parliament; and (Clause 9), any such person sitting or voting in Parliament:

"Shall forfeit the sum of for every day on which he shall sit or vote", in the' House, "to any person who shall 6ue for the same in any of liis Majesty's courts at Westminster," and tho money so forfeited "shall be recovered by tho person or persons so suing, with full costs of sucn, in any of the said courts."

A reference to Eogers's Law of Elections (18 Ed., Vol. 11, pp. 28), discloses only one analogous case— Thompson v. Pearce, 1819, reported in Broderip and Ringham's Reports, Vol. 1, pp. 25—and in this instance the penalty was not recovered because the Court held that as the defendant was a. sub-contractor, he did not come within the impropriety which the Act was framed to prevent —it could only extend to those who came immediately in contact with the Government. Under the New Zealand Legislature Act of 1908, a member of Parliament who so contracts is disqualified, and liable to a penalty of £50 for every day whereon he sits and votes, knowing himself to bo disqualified. Any person can sue in any court of competent jurisdiction. So far as we have been able to ascertain, no proceedings of this kind have ever been instituted in this country, which is not to say, however, that the warrant for such proceedings has never existed, as the public is probably aware.

Why should' the Massey Government go out .of its way to appoint Mr. Harold Beauchamp to the directorate of the Bank of New Zealand 1 This is a riddle which a good many people in commercial circles will probably be attempting to find an answer to this morning. Mr. Beauohamp was appointed to the directorate of the bank some years ago by the Continuous Ministry, and became chairman of directors _; but the Continuous Ministry during the Ward rcr/imc failed to reappoint him, Sir Joseph Ward making excuses for the omission which plainly would not hold water. Now, with a temporary vacancy to fill, the Massey Government comes to the rescue _ of Mil. Beauchamp and replaces him on tho board. Apparently Mr. Beauchamp finds it difficult to escape observation when Governments are looking for bank directors. It is a funny business. Probably the solution to the puzzle is to he found in the fact that the chairman of the board of directory Mu. Martin Kennedy, is about to visit England, and an actingchairman will be wanted during his absence. Mu. Beauchamp having filled the chairmanship for more than one term, should be familiar with the duties, and could without embarrassment step into the breach when the yacanay occurs. This Bounds rathor

lame, and is also somewhat severe on the other members of the board, but it is tho best gucsß we can make to explain tho situation.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19121128.2.12

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 6, Issue 1609, 28 November 1912, Page 4

Word count
Tapeke kupu
1,035

NOTES OF THE DAY. Dominion, Volume 6, Issue 1609, 28 November 1912, Page 4

NOTES OF THE DAY. Dominion, Volume 6, Issue 1609, 28 November 1912, Page 4

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