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The Evening Star MONDAY, NOVEMBER 17, 1873

“ As yet,” said Mr Yogel in Ids financial statement on July 29, “ we have no unhealthy inflation. The money which is being made in the Oolony is being reproductively invested.” . . . “ Everywhere property has risen in value, and is yet eagerly sought after. In the midst of so much that is flourishing, I have urged caution,” and when he said it, many jocular comments were made by the Opposition Press, under the idea that Mr Vogrl was not one of the cautious class. We will not discuss that point: our object is not to analyse his character, but to bring his warning once more into notice. Wo do not know that up to this point enterprise has gone too far, but we should not feel we had fulfilled our duty did we not say that at no moment in the history of New Zealand has the necessity for caution been greater than now. There are already several enterprises in various departments of production and manufacture in the market, which, well worked, are certain to prove profitable to those who have taken shares in them. The majority of these enterprises are quite legitimate. A little time may be required before they become so fully developed as to pay large dividends: that must naturally and inevitably be the case; but where a factory is established, or a rich mine of gold or coal opened, there is strong ground for probability that well directed labor will be rewarded with at least an average profit. The danger at this moment is not that too much capital will be invested in legitimate engagements —that is, in undertakings based upon data that give a fair and reasonable hope of profit—but that we are on the eve of one of those speculative manias that have so often thrown all classes off their balance, and led them to foster and take part in schemes, the only object of which is to create scrip to sell. The news from England is significant: discount eight per cent., and a serai-panic. We are not alarmists; but we can read the signs of the times, and have more than once within the last few months drawn attention to that index of the health of the commercial world, the rate of interest at the Bank of England. Nor must any deceive themselves under the idea that we are so far distant as not to .be influenced by it. Since the troublous tripes of France, the Bank of England is not only the financial centre of English coiuiueree, but of Europe; and, to a greater extent thau many imagine of the United States also,. The surprise, therefore, is, that apparently British finance was so little affected by the Austrian panic that endured so long, and which was caused by the multiplication of schemes tending to withdraw capital from commer-

cial and manufacturing investments. But now that American bubbles are bursting, the necessity for self-protec-tion has become apparent, and the Bank Ims taken steps for the purpose. It remains now to be seen whether prices of manufactured and raw material at Home have been based upon legitimate demand or upon speculation. Excepting for railway plant, which may be cheapened by the American failures, there seems no reason to doubt the soundness of the advanced prices. Judging by the meagre scraps of information afforded by the cable-grams, values of goods have been well sustained \ but we must not, therefore, conclude that merchandise has not suffered in consequence of the increased rate of discount. Dear money means that a small quantity of money will buy a large quantity of goods \ cheap money means that a small quantity of goods will buy a large quantity of money. If, therefore, wool, hides, tallow, flax, maintain their nominal values when discount rules from five to eight per cent., what would they have fetched had no disturbance taken placet It may be imagined that as the panics on the continent of Europe and America were the results of share speculation, commercial relations are unchanged ; but we hold that to be impossible. If a person in trade, through facilities for obtaining money, is induced to enter into a speculation, the fulfilment of which will necessitate the withdrawal of requisite capital from his every-day occupation, if it is prosecuted when money becomes scarce he must either become embarrassed or relinquish at great sacrifice his business or his now undertaking. We have no idea that this semi-panic of which we hear on the Stock Exchange will be of long duration. Steamboats and railroads are excellent regulators of the Exchange. But it may lust long enough to lead to many bankruptcies, and most certainly to capitalists looking very narrowly into the character of any undertakings they are invited to support. New Zealand has, thus far stood well in the Home Market; there has been no general scramble to get rich by creating shares in companies for all possible and very many impossible undertakings. We certainly had a taste of the bitters of wild speculation in Auckland ; we do not want to see it here. Some few lucky ones might grow rich, but that could only be by contributions drawn from the many. There are plenty of really legitimate reproductive undertakings in which capital could he very profitably embarked that have not yet been brought to light ; the danger of a share excitement is that anxiety to be partakers of some of the good things paraded before the imagination is apt to lead to that absence of caution Mr Vogel pointed to as hazardous. No infallible rule can be given by which the sound may be distinguished from the unsound, but the old proverb, “Do not put too many eggs in one basket,” is capable of wider extension than is usually accorded to it. It, for instance, more money than is needed is invested in any one branch of business, or too many people are engaged in one profession, the risk of failure is proportionately increased. Verhum sajp. Snow fell at Naseby on Monday last, but did not lie for any time. We understand that the proceeds of the meeting to-morrow evening, at which the Kev, Dr Begg will relate his impressions of Otago, will be given to the Benevolent Institution. Wo hoar that the Messrs White intend instituting further proceedings against _ the M'Kellar Brothers for damages sustained since the commencement of the late action, and up to the present time. The damages are laid at L 20.000. The cricket match—Auckland v. Christchurch—commences at Hagley Park, Christchurch, to-morrow. The Canterbury players will be Messrs Corfe, A. J. Cotterill, Dickenson, Fowler, Fuller, Lee, Maples, Moore, Odell, Souter, and Wontner. The Queenstown Town Council at its last meeting passed the following resolution, which was ordered to be forwarded to the General Government at once :—“ That this Council, regretting the delay in the construction of the Winton-Kingston Railway, would urge the Government to take active measures for the completion of the line by calling for tenders for No, 2 section.”

“ The Peep-o’-Day Boys ” and a “ Dead Shot ” wore played at the Princess Theatre on Saturday evening to a large audience. Miss Stephenson takes her farewell of Dunedin. to-night, at least for a time, when “Medea” will he produced. The part of Medea is one which we should imagine will receive ample justice at Miss Stephenson’s hands. We trust the attendance will be equal to the merits of the performance. “ Atticus,” writing to the Melbourne Leader on the return fancy ball lately given to the Mayor, says “1 am persuaded that the dress and conduct of some of those who were present, and who no doubt consider themselves ladies and gentlemen, might have been improved upon. One individual who holds a position in the civil service was the subject of general comment, and in more than one part of the room the question was mooted whether it would not be desirable to bundle him out. There were one or two females who were decidedly decolletee. and whose dresses might have been lengthened at both ends with advantage.” The A v.stralaskm of October 11 perpetrated a most amusing sell. It published what purported to be an acc mut of a grand discovery for increasing the light given by the moon to the earth. The process and apparatus to be used was minutely described in the article, which is very amusing, but extremely improbable to any one possessing any knowledge of the subject. Many of our neighbors, including the Southern (Jro.is, have been taken in by it, and great fun has resulted to those who noticed that the names of the gentlemen who were alleged to have ma le the discovery Messrs D. Tremens, Di Luna, Wildman, Mania;;, Lighthead, &c., and that the article was based o;i the Philosophical Transactions of the .Royal A bin; nominal Society for 1888. How, asks the Wakatip paper, does it come that there is always some moan action to record in connection with Gubernatorial visits ? Either board, coach fare, or boat hire has bten left unpaid, and the worst of

it is no one knows who is the responsible person. Everyone is so anxious to “do the grand ” with his Excellency that they are a;it to forget the responsibility incurred until the first flush of the “distinguished honor” has passed away ; and when the day of reckoning comes who is to pay the piper ? Why, the ratepayers ! But the Queenstown Corporation refused to recognise the amount rendered for the use of the “ Ditrim ” steamer in conveying Sir George and his distinguished mite to the head of the Take. If the Government, through its officers, ordered, the steamer, it clearly has a right to pay Messrs Robertson and Co for it. On the authority of the report of the Tokomairiro School Committee’s meeting, the Mount Ida Chronicle, considers the inquiry into the alleged charge of child-heating tor non-attendance at prayers finished, and remarks —“ Father Coleman had not inquired of any of those parties chit Hy interested of the truth or otherwise of the story before he gave currency to it. So it winds up ! We can give body to the report easily enough without seeing it—a general whitewash of everybody concerned, and a few mdd regrets. But who is to pay for all this, and its repetitions, which will he constant? Should not the party making accusations without foundation be made to do so ? A leaf might be borrowed from the Jockey Clubs, who make it necessary that a deposit he lodged before any charge can be inquired into —such deposit being forfeited if the charge is frivolous. We commend our suggestion, in all reverence, to the Education Board.” Considerable discussion took place at the recent sittings of the Greymouth (Westland) District Court, as to what constituted a merchant under the terms laid down for the allowance of expenses to witnesses. Mr Guinness, on behalf of his client’s cause, maintained that all dealers and traders were merchants. Mr Newton said. “For example, Moses Thomas is a bottle merchant, I sup pose !” The Judge thought that in that case the baked potato and trotter man would ho styled a merchant. Mr Newton thought not, but he was at a loss to know why there should be such a difference between thecosts allowed “a merchant” and that to “ a tradesman,” the one being LI Is, and that to the other os. He considered that the same allowance should be made in the latter case as in District Courts—viz., 15s p~r day. The day was worth the same to the tradesman, whether he was required to attend the District Court or the Supreme Court sittings. The Thames paper is pleased to bo facetious at Mr Bradshaw’s expense. To say that his Factory Bill, it remarks, was not wanted would be useless, in the face of the flattering oration which accompanied the presentation of a piece of plate to him. Henceforth Mr Bradshaw will he known as a “ladies’ man.” The piece «.f plate will doubtless be cherished by the presentee. In advocating the “rights of women” he has become the idol of the hour amongst the fair sex; and if the “Bradshaw hat” or the “ Bradshaw corset” should supersede the “Dolly Varden” or the “Glove Fitting” ,luring the ensuing season, we shall only regard such as a just tribute to the gallant exertions of a Colonial legislator in the cause of “female workmen.” “The Employment of Females Act” should henceforth be known in Now Zealand as “Bradshaw's Guide-to Health,” and in a little time we have no doubt it will have attained a celebrity only eclipsed by the “ Bradshaw’s Guide” of the old country. It is rumored (says the Geelong Advertiser ) that L 2,000 has been offered for Warilill's diary, which is said to contain the whole of his transactions, not only in money, but also in amatory matter for many years past, and injures the fair fame of several ladies whose intimacy with the deceased is recorded therein. It is hoped that the desire for the sensational will not, in this in stance at least, be gratified, and many arc astonished that the diary was not destroyed directly it was seen what unmanly statements it contained. Even supposing those statements to bo trne, a more cowardly thing hasneverbeen heard of: to commit adultery is to commit a great sin, but to kiss and tell increases the enormity of the crime, and few who wore acquainted with R. W. Wardill’s conduct could ever have believed he -would he guilty of such conduct. It is considered that he did not lose so ranch mom y as stated at “loo,” as ne did not play much. The men with whom be played hold his LO.U.’s to the extent of L3,00l). Nearly the whole of the male immigrants by the Daily Jocelyn were engaged at the Immigration Barracks during the latter part of last week, all the farm laborers readily finding employment at from L 52 t > L 55 per year. Two blacksmiths also received employment, one at 40s a aveek and found, the other at L 3 per week without rations. The twelve coal-miners who were sent out at the request of the Superintendent have been engaged, two having been sent to Shag Point, and the rest to Green Island. It is expected that those of the immigrants who are now staying at the barracks will be engaged in the course of a day or tw r o. The following telegram from Mr Walter 11. Pearson, Immigration Officer, Invercargill, to Mr Colin Allan has been handed to us for publication : —“ Immigrants per Lady Jocelyn all in work to-day ; could dispose of one hundred and fifty more ; could find temporary accommodation for them. Single ploughmen, handy boys, and artisans (brick-makers, carpenters, &c.) in most demand.” Wc sec we are not, alone in our complaints of the wretched manner in which news is wired by the Anglo-Australian Proas Agency. Almost every paper we take up speaks in no measured terms about the “ trash ” that it has to pay for. Certainly some of the stuff that is sent from Dunedin deserves to be so-called. To one paper there is the startling information wired that sparrows and larks are numerous in the vicinity of the suburbs ; to another that Mr Fish has been made a Resident Magistrate; while the Christchurch papers must have been delighted to receive early intimation that “The Standard Insurance Company publishes a long list of directors ; that a cricket match takes place on Monday between the Press v. Otago ; that another seam of coal fourteen feet thick was struck at Cromwell ; that great complaints are being made about a manure depot, and the Council have agreed to remove it ; that a thousand young salmon were successfully distributed in various rivers in the south ; and that a grasshopper plague is expected at Tuapeka.” The Dunedin correspondent is only outdone by the agent at Taurauga, who, the other day, wired to us that “ a cricket match is now being played.”

The following extraordinary instance of a successful imposition is given by the Ballarat Blur ■ —“ .An inspector of police, still in the Victorian service, received intelligence from Ireland that a certain constable in the Victorian force had died in Ireland in his sister’s arms. But the inspector knew the constable was alive and in Victoria. He told the constable of his reported death, and the constable informed the inspector that some impostor must have personated him, He remembered that before jemmy the force, and while working as a digger, one of the party was like him in person, aud, being rather weakly, was the cook for the party, 'i lie constable used to leave his Home letters about the tent, and the cook had opportunity thus to pry into the constable’s home affairs. The inspector subst-(|ueutly wont Home, aud while there visited the constable’s friends to inform them of the imposture. He was assured by i oth aunt aud sister of the constable that he must be iu error, for the man

who had come home and died was in very truth their relative. True, he had forgotten some facts of his past life, but as he said he had a sunstroke which affected his memory, t here was nothing to wonder at in that, -dll the inspector's representation of the actual fact, and all the evidence produced failed to shake the confiding women in their belief, and thus the matter ended, so far as the inspector’s mission was concerned.” We are not sure that the general public are aware of the many and great services rendered by the Rev. Dr Begg, who has lately paid us a flying visit, and will, therefore, enumerate a few. Wc believe he was among the number of those in the Free Church who projected the settlement of Otago, and may, therefore, be supposed to take an interest and rejoice in its success. He has also been one of the greatest benefactors of the working-classes throughout -cotlaud, by the establishment, mainly through his instrumentality, of a superior class of dwellings for them. The rev. doctor firmly believes that “man must not only have a covering but a home,” as much of ‘‘the peace and social order of all the great kingdoms of the world” depends “ upon the right maintenance and ordering ” of the family ; for “ God made men in families.” He is also the author of a very admirable work on “ Happy Homes for Working Men,” from which some useful hints might be taken and acted upon in our own City. He waged war against the “ bothy” system in the country districts of Scotland, and halted not until he had. got it abolished or nearly so. He has for many years been a leader in the Free Church of Scotland, and ever taken a deep interest in all that concerned it. Much more might be said, as his life may be said to have been devoted to the improvement of the condition of his fellow-men, morally as well as spiritually. The platform being the rev. genilemau’s/orfe, his many friends and others here, wc feci sure, will hail his appearance thereon with pleasure. The members of the Dunedin Choral Society will meet for practice in the University Hall this evening, at 8 o’clock. In future the meetings of the Court Pride of Dunedin, A.O I'., will be held in the South Australian Hall, Princes street. An adjourned meeting of the Council of the Otago Rifle Association will he held in the Secretary’s Othce, Princes street, to-morrow o veiling, at 8 o’clock.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/ESD18731117.2.9

Bibliographic details
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Evening Star, Issue 3352, 17 November 1873, Page 2

Word count
Tapeke kupu
3,277

The Evening Star MONDAY, NOVEMBER 17, 1873 Evening Star, Issue 3352, 17 November 1873, Page 2

The Evening Star MONDAY, NOVEMBER 17, 1873 Evening Star, Issue 3352, 17 November 1873, Page 2

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