The Feilding Star. SATURDAY, SEPT. 17, 1892. A Successful Institution

Feilding Star, Volume XIV, Issue 39, 17 September 1892, Page 2

The Feilding Star. SATURDAY, SEPT. 17, 1892. A Successful Institution

Although many financial bubbles are bursting in England as well as in the Australian Colonies, yet we notice that the English monied people display considerable confidence in New Zealand notwithstanding " the errors in finance " her rulers and governors are accused of continually making. In this connection we quote a telegram from Auckland by which we are informed that the manager of the company there has received advices from London with reference to the issue by the New Zealand Loan and Mercantile Agency Company, Limited, of _"550,000 ( of 4 per cent, debentures stock. It is understood that the issue in question was a complete success, and further that steps are now being taken by the Company to bring under the favourable notice of all its debenture holders a scheme of conversion by which the existing terminable debentures may be exchanged for 4 per cent debenture stock. The debenture stock will be secured by a .charge over the uncalled capital and the general undertaking of the Company, and by this earmarking of uncalled capital no calls can be made upon shareholders, except for the purpose expressly set forth under this charge. Of course the prudent management which bas distinguished this company since its formation has had an immense influence in maintaining public confidence both in England and New Zealand, but at the same time it is very gratitying to be in a position to bring before our readers such a practical evidence of that confidence. Many complaints having reached us of surcharges made on open letters at the local Post Office, we made certain inquiries and find that the Regulations have been in each case strictly complied with. The fact of the matter is that it was proved to the Department that through the recent liberal concessions on certain classes of commercial documents the public had been posting all kinds of commercial correspondence at the reduced rate, thus depriving the Department, unfairly, of revenue to the extent of many thousands of pounds per annum. In consequence of this the Head Office gave special instructions to all postmasters to lay aside and examine all open correspondences. We may be permitted to point out that the instructions given in the Postal Guide, pages 79 aud 80, are extremely clear in showing what may or may not be posted at a lower rate than letters ; also that these are not New Zealand, but Postal Union Regulations. From the foregoing it will be seen thot the officials in the several post offices have only done their duty in obeying orders. The persons really to blame are those who failed to make themselves acquainted with the regulations, and posted letters insufficiently stamped.. [The above appeared in our issue of August 2nd, and we reproduce it because on the 25th of the same month there appeared a paragraph which was certainly not in harmony with it. In the article iu question we, under a misapprehension, attributed vulgar curiorsity to the Post Office Officials, and stated that letters, commercial papers, and parcels were subjected to improper examination at their hands. We have to express our sincere regret at having done anything which might be calculated to undermine public coaMence in the Postal Department and its officers, and we unreservedly withdraw an imputation which we now know to have been wholly unfounded. We have also to thank the officials for the courteous manner in which they haye put us right. |