The Feilding Star. SATURDAY, APRIL 22, 1893.

Feilding Star, Volume XIV, Issue 130, 22 April 1893, Page 2

The Feilding Star. SATURDAY, APRIL 22, 1893.

It will be remembered that some little time ago lengthy correspondence was published in our columns relative to the desirableness of obtaining a water snpply, and also of laying down a system of drainage for the town of Feilding. The project was allowed to drop for the time being, until the street levels had been taken. As that work is now in hand, and may be expected to be completed within a comparatively short time, we are informed that the subject will again be taken up and thoroughly discussed, with the view of ascertaining the probable cost, and also the best way to meet it should the burgesses decide to entertain a proposal to raise a loan for the purpose. W r e are glad to know such early action is about to be taken, because the town is rapidly extending, and the longer we delay in getting a water-supply, and seeing to the drainage, the greater will be the expense in the end. Telecjhams from Sydney inform us that the Australian Joint Stock Bank suspended in New South Wales at midnight on Thursday, but opened again yesterday morning to receive ne.v accounts (sic.) pending the reconstruction of the institution. The deposits amount to £10,800,000, about .£4, 000,000 of which is English money. The debts due to the bank amount to £10,400,000, and are probably of very doubtful value at the present time, owing to the depreciation of the value of property in New South Wales. The suspension was caused by excessive withdrawals. The run only commenced on Tuesday, so it is safe to conjecture that the more fortunaie depositors near at hand had a timely hint that their money was endangered. It would appear that the institution had fallen into the common error of over trading. "With an authorised capital of £1,000,000, of which only £701,391 was paid up, the Directors opened twenty nine city aud suburban branches, 1 13 branches in New South WVt'*, juhl twonty in Jirisbano, which would make necessary an enormous staiV of oineials, and an expenditure on bank premises far out of proportion to such paid up capital. As this is the second great bank failure since the announcement was made, with a great flourish of trumpets, that the Associated Banks and the Government were all going to stand by each other for mutual help and protection, it ! certainly would appear that the con- | junction was not only limited but weak. It is conjectured that the Ministry intend tinkering with the tariff next session. Mr (Jeorgo Hutchinson, in his address to his constituents a few days ago, said that some of tho town members who aro supporters of the Government, are eager for more i J rofection, and it is understood that some members of the Government are equally eager to comply with their wishes in order to maintain a majority in tho House. Some want the duty on boots and shoes raised, others are desirous of putting moro taxation on imported iron ore, an ammunition company wants tho monopoly of making war and sporting cartridges, while " a gentle idiot" hankers after a prohibitive duty on corks, to encourage the cultivation of cork trees. The report of tho Select Committee to consider tho tariff, set up last session, contains significant proposals by way of increased duties or enlarged bonuses. These changes threaten thoso natural industries of the colony under the guidance aud development of settlers, " who are making the products of the soil swell our exports of wool, mutton, aud dairy produce " Tho

policy of the town members is to make the country settlers the benrers of the heaviest burdens of customs taxation.