The Evening Star SATURDAY, NOVEMBER 22 1873

Evening Star, Issue 3357, 22 November 1873, Page 2

The Evening Star SATURDAY, NOVEMBER 22 1873

As wo anticipated, a monetary crisis was pending over Great Britain when the latest advices were dispatched, and some unreasonable alarm seems to have been created here in consequence. That, for a time, prices of goods may bo aifected there can be little doubt ; but we do not apprehend any long continued or very severe pressure through withdrawal of capital from industrial operations. There is a wide difference between a panic caused by adverse exchanges and one the consequence of share speculation, in which money must be taken from business for payment of calls. Consumption ever goes on. Human beings must be clothed and fed, and so long as nothing occurs to interfere with production, consumption, and distribution, the surplus capital above what is wanted for those purposes may be thrown intq the sea, without producing injury of long continuance. Were it not for that, the millipns wasted in gunpowder and cannon balls would be ruinous to nations. It is this surplus that has been recklessly played with on the Continent of Europe and in America, assisted by capitalists in Great Britain. It seems reasonable to suppose that the high prices of raw material have induced more than ordinary caution in manufactures of every description, and that stocks will generally be light. We know well that in many trades high prices have checked investment. For instance, the high price of iron has prevented the construction of ships, and the same result will, to a greater or less extent, have prevailed in all departments of industry. It will not be surprising if, by the next advices, we learn that the Bank Act has been suspended—another proof of the monstrous folly of trying to overrule social laws by bolstering up an iniquitous monopoly. But if so, although for a few weeks there may be bankruptcies and consternation, the matter will soon right itself; and we in the Colonies, instead of being general losers will be large gainers. Luckily fonts, speculation has not gone to the extent of rendering a panic probable. What we have don 3 so far has been, on the whole, on very safe grounds ; and it is our interest to retain the character of safe-going people, thatanybody may trust us. The panic and recovery process are as follow ;—First, everybody tries to take care of himself by getting his money into his own keeping, and nobody trusts anybody. Next, Ending it won’t pay to live on capital, some very safe security is sought for—mortgages at low rate of interest —anything that has stood the test of the crisis and proved safe. The European Continent and America having proved unstable and rickety, nobody will look to them, although high rates of interest will be offered for accommodation. But the Colonies, we think, will have come out nearly unscathed, and in all probability the eyes of capitalists will be turned ir> this direction. Our idea is that, although we cannot expect to escape without individual inconvenience and loss, the end will be that more good than harm will ultimately result to us. If goods and manufactures fall in price, we shall get them cheaper, our railways will cost loss, and possibly our means of communication with industrial centres may be increased and facilitated, while wages will remain high and employment abundant. If the demand for labor is checked in America, our agents will have less difficulty in sending out emigrants heie. What we need is prudence in investments : as Poor Richard says to Keep within compass, ami we shall he sure To avoid many evils that others endure.

Th*re was no business transacted at the Resident Magistrate’s Court this morning. An accident occurred to Cramond’s coach near Oamaru on Wednesday. The coach was overturned, and a passenger (Mr M. R. Miller) seriously injured by the coach falling upon him. , “ The Corsican Brothers” was repeated at the Princess Theatre last evening to a good attendance. The Bernard Brothers went through their performance to the satisfaction of the audience. To-night the burlesque of “Fra Diavilo ’ will be played, Miss Tilly Andrews sustaining the principal part On Monday Mr O’Bnen takes his benefit, the well-known drama of “The Will and the Way’ being the pi* ce selected for the occasion. We trust to sec a liberal response to Mr i i’Brieu’s appeal. Yesterday afternoon the remains of the late Mr James Stumbles were interred in the Port Chalmers Cemetery Behaving been a member of the Masons, Foresters, and Good Templars, the Lodges met at the Masonic Hall and formed themselves into marching order, then walked to the house of the deceased —the Masons first, Foresters next, then the Good Templars, The funeral left the deceased’s lute reside-nce, Mussel Bay, at 2p. m. The coffin was borne by four members of each order, the outer of the procession being—first, the coffin and pa 1 hearers, chief mourners', Masons, Foresters, Good Templars and friends. The Wesleyan service at the grave having b<*en read by the Rev. J. Aldml, the Good Templars joined hands and encircled the grave, when the chaplain, Bro. Spooner, read an appropriate service. There wore about 300 persons present, being the largest funeral that has taken place in Port Chalmers. The deceased wife’s sister appears to have perfectly irresistible charms, Bhe drew crowded houses to the sittings of the Victorian Presbyterian Assembly during the time that body discussed her. The Tdeymph says:—“ The proceedings were animated enough to sati-fy the most exacting, but there was no approach to the unseemly bickering which seems to have been expected in some quarters. The speech of the evening was that delivered bv the Rev. Dr Cameron, but it not toll with the same force as it would have done bad the rev. gentleman’s arguments and deductions possessed the charm of novelty, which of course theprol mged sittings had robbed them of. At half-past 11 the motion that further discussion on the question be adjourned w'as negatived, and the Assembly courageously resettled themselves to work again, determined to light the matter out to the “bitter end.” An amendment was moved by the Rev. I. Hetherington, referring the, question to tins various local presbyteries for their consideration ; and this was finally put a« against the report of the committee absolutely condemning the union as sinful and incestuous. The division was taken at half-past 1 o’clock in the morning, and was-sixty-one for the report, and twenty-three for the amendment; so that in the Scotch Church the “ deceased wife’s sister,” if she marries the widower, is still an outcast. The new First Church will be opened tomorrow by the Rev. Dr Begg. The monthly concert for prayer will be held on Monday in the old First Church at 7.00. The usual fortnightly meeting of the Commercial Building and Mutual Investment .Society will l>e hold at the Society’s office, Princes street, next Monday evening, from six to eight o’clock.