FRIDAY, APRIL 14, 1876.

Dunstan Times, Issue 730, 14 April 1876, Page 2

FRIDAY, APRIL 14, 1876.

The Dunedin Evening Star does not agree with Mr Rankin and the Daily Timas in the matter of overtrading and the Banks putting on the screw in consequence thereof. Circumstances, however, go to show that the Banks were quite justified in taking the course which they adopted of restricting their accommodations, and a more sound system of trade is now the result. The ordeal has doubtless been a very painful one, and very trying in commercial circles, still, the worst is over ; many unsound and fictitious traders have gone to the wall, but those that are left are in a position better than ever, and will be enabled t do businessatareasonable rate of profit, which they were previously unable o do owing to the undue competitioi from men who had nothing to recom mend them but their credit, or rather, their facility for discounting bills, and who were oftentimes compelled to nuke sacrifices to meet their engage meats To conduct any business sue cessfully it is necessary that a fair amount of capital should be introduced into it, this, coupled with the necessary technical knowledge, ought to enable any one under the ordinary circumstance ol ligitimate trade to succeed But. such is not the case where the competitor is a mere adventurer in cornnieice and trading upon other people’s capitals. Such an one has nothing to lo>e, and it matters not how dear he buys, he sells cheaper than his neighbors, and by the system of discounts the more he owm the greater is the amount of capital at his disposal, and while his hills are negotiable he has a long, merry li ; e of it until his bad debts bring tilings to a crisis. This would not occur had he in the first place possessed sufficient capital to follow his trade in a legitimate manner, as he would have been able, with ordinary caution, to tide over reasonable losses, but being like a house built upon a sandy foundation, was, by the first storm, washed bodily away. It is not Banking to encourage such a vicious system of trade, and.the Banks, when they saw that the expenditure of the public loans was was nearly completed, and an over production of cereal produce looming in the distance, with a probable decline in the price of wool, in justice to their shareholdeis as well as for the credit and stability of their several Institutions, had no alternative but to put on the screw. The writings of the Daily Times and Mr Rankin have doubtless proved very unpalatable in many quarters, hut they only proi claimed the truth, and removed some of the bloom from off the coleur de rose picture of our financial position with which we had deluded ourselves as being real and lasting. The crisis, happily, is safely passed, and we have, to a great extent, to thank both Mr Rankin and the Daily Times for it. Much as we admire Sir Julius Vogel, his enlarged ideas upon the subject of borrowing money, however applicable iu the case cf a nation, are pernicious when applied to individuals, and the result is that every corporate body, trading or manufacturing firm, and even private individuals, adopt Sir Julius Vogel,s ideas as tho only road out of all their difficulties. ]f anything is wanted, the recommendation is to borrow money and le-ive payment to posterity. The very first question now asked, even by the most insignificant body, is : How can we exercise our borrowing powers? and no end of wants, real or imaginary, are created to be satisfied after this fashion. The borrowing disease lias invaded all classes of society, until even ignorant, unthinking people have been led into the belief tli it their having acc°pted a hill is payment in full. Too murh credit is worse than no credit at all. and we need go no further than the goldfields for an example ; had it not been for the unlimited credit given by storekeepers to miners, less 'Spirituous liquors would have been drunk, while more work in the cause of developing our auriferous would have been done, and the melan chnlv result is only left to ns, that reckless traders have found peace in the Insolvent Court, while a very large proportion of our gold has gone to pay for brandy and whisky. We have no hesitation in saying that had the minors been compelled to depend more upon themselves in the shape of obtaining necessary supplies the goldfields would he in a much more prosperous stale than they now are. A healthy system of trade, is host for all parties, and this can only exist under a system of moderate credits, and then that should only he given to those possessing some ostensible means of payment. Look, for instance, at the condition of a large number of the Wakatip farmers, they owe all their evils of over production to the system of immoderate credits; it was that which brought them into existence, as by it men were induced to commence fanning upon their own account when they should have been driving the plough for others, and the result is they have been working like slaves for years in the hopes of clearing off their liabilities, to meet which they have produced grain for which there is no

market, even at ruinously low prices, j and wore everything cleared off they would tind themselves jn a worse, position than when they first commence'l. There is no doubt at all about it hut that some months ago every one hundred pounds worth of merchandise was represented by three or four hundred pounds worth of paper money, and had not the Banks put on the screw—so complained against by the Evening Star—a most disastrous commercial crisis must have been the inevitable result. To-day being Good Eridav tho usual sitting of the 11 M, and Warden’s Courts at Cromwell, are postponed till Tuesday next, tho 18th inst. On Monday next (Easter Monday) we understand a Cricket Match, the deciding gone, will be played on the Cromwell oval between the Clyde and Cromwell teams. We must give credit to the Government aid all concerned for tho great improvements that have lately been effected.on the road Clyde to Cromwell; but it is very evilcnt that unless steps are taken to rake the gravel into the rut- that are being made, many parts before long will be but little the better for the money expended. We draw attention to the clearing sale of the business promises and stock, the e-'ato of Mr James Rivers, of Alexandra, as tho whole has 'o beeloarel off at an early ib.te wj would advise all to take advantage of the opportunity to put in them winter stocks. Messrs W. L. Simpson, R.M., and Jn-.

Haz'ett, JP„ on Situr.lay last, ?lie Bhj i ist., sat as a Court to revise the Jury List, of the Clyde division of the Duustan District. We are requested by A. R. B. Thomson, Esq., Inspector of tho Clyde Commonage, to remind owners of stock that the ass-ssment on same must be paid on or before the Ist'of May next, otherwise proceedings will be instituted. We are surprised that this notice should he necessary, as we thought, that all persons using the Commonage would have willingly paid for the privilege ; there are, it appears, some who neglect payment, and if they are inconvenienced by having to attend Court, and mulct in heavy costs for their neglect, our verdict will be serve them right. In the Resident Magistrate’s Court, Clyde, yesterday, the following cases were heard :—Mii"ford v M ‘Donald.—Assault. No appearance. Case struck out.—Police v. A. Moore.—Breach of the Licensing Or-

finance in not having his lamp lighte 1. Finer! Is ; and Gs 6d costs.— Munford v. Murray. Claim PSO. No appearance. Struck out. —A. T Thomson v. Insley.— | Adjourned to 27th inst.—Hazlett v. Nciper. | Claim £2O 13s. Settled out of Court. 1 Same v. Ah Sing.—Claim £l2 Ss. Jndgj meet for amount and costs. The only case i called in the Warden’s Court was that of Munford v. Cogan and Murray.—Dissolu tion of Partnership. No appearance. Case struck out. On Monday last, in the Warden's Court, Alexandra, a prospecting claim was granted to 0. N. M‘Donald and party, on a quartz lode at the head of Aldinga Gully, one of the main tributaries of Conroy’s Gully. The applicants stated that they had trace! the lode along the surface for fully a mile, and had sunk a shaft on it to a depth of 50 feet, in which the stone increased from 4 inches to nearly 3 feet, that gold was visible in the stone, and from prospects they estimated it would yield about 1 oz. to the ton. They further stated that it was about one mile from the quartz prospecting claim granted a short time since to Thomson, Boyd, and party, but that the two were distinct and separate lodes.

Our Correspondent writing from Arrowtown says that, there has been a heavy fall of rain, and an abundant supply of water is available all over that gold field, while upon the high ranges a considerable amount of snow has accumulated. The news from the reefs at Macetown is most encouraging—the Homeward Bound and the Cross Reefs are without a doubt two of the best finds ever ma-'e in New Zealand, and when it comes to be considered how rich the Twelve-mile diggings at the base of the ranges, where the reefs exist, together with the extraordinary number of specimens found in these a'luvial working* the matrix should contain gold in a'm isr. fabulous quantities. The Homeward Round Reef has been now traced for over 200 f, ....

in length, and 1000 teet in depth. The The Cross Reef has been traced for 2100 feet in length, all gold bearin ', and 2nO feet in depth, and the same fissure can he seen in Rush Creek, 2000 feet below the workings of the “ All Nations Company/’ The walls of the reef are as true as a beeline, and as perfect as the four walls of your Town Hall.

“ Bradshaw” for the month shows signs of improvement which time and cxperi cnee alone can secure. It is now as perfect as such a publication can he. and mast be of infinite service to every traveller or business man. The punctuality observed in getting out the publication is creditable to the proprietors, Messrs Dalglcish and Reid The Wellington Evening Argus says ; “ The “ three star in a wineglass” game i», wo fancy, nearly played out now. Corks bearing the magical three stars have been made to do duty toi often, and even seasoned topers are beginning to find out that the quality of the bran ly is nnl improved by the cork, after the bottle has been filled sav half a dozen times. Onn of the latest three star transactions, of which we have heard, will illustrate our meaning. A welt known speculative Jehu, who is not above turning anlhouest penny at any time, managed the other day, on the eve of a journey up-country, to obtain possession of a cork with the three stars on it. Displaying his prize to an up-country Boniface ho was immediately offered two shillings for the cork and at that price it changed hands. We should be sorry to guess how many bottles full of brandy it has since done duty for.

It may perhaps bo interesting to some of our old identities, who have known Wellington from its infancy, when an acre of land on Lambton Quay was worth about L 5, to learn that thn ground occupied by the Empire Hotel was sold yesterday at the rate of L28,M6 Is 2J I per aero.—Evening Argus.

The question of salvage has given rise to a nice point between the insurance companies and the (inns whoso property was destroyed by the recent fire. The insurance agents, it is stated, have called for a detailed statement of loss in each case, and claim that the salvaged goods, up to the amount of insurance in each case, belong to them, as the insurance money do°s not cover thn actual loss. The point has already been decided in conflection with a targe lire which occurred in Dunedin many years ago, when it was held that the insurance company was entitled to all salvaged goods up to the amount of the insurance money. It is probable that an amicable arrangement will be effected, by each party shaving pro rata in the proceeds arising from the sale of the damaged goods. Quite a n ->v invention in the matter of soda water bottles has recently been introduced to Wellington. Only a very few months ago what is known as Hogben’s

patent was first introduced there. It obviates the necessity for a cork, introducing in its stead a wooden sco iner with an India rubber |i,nature T"' i stv'a of bottle, however, r 'quires a goo d deal of dexterity in opening, and shll more to g't the stopper back to its proper position *vh n the bottle is half empty. Th on-w s l yle in a decided improvement on this The bottles are made specially for it. At the b I*o v n of the neck there is a enotraction, and in the neck a g'ass marble, which is just too big to come out of the bntde. The gas from the soda water keeps the mai-hlo up, an 1 ap’rture is made air tight by an Tndiarnbber band just inside, in which the mrVe fits. The hottle is, i when required, pened by a neat wooden | can which, p'.aoed on the top. forces the | marMe hi, but as it cannot fall below the ' naek. the bottle is readily closed again without loss of the contents