VICTORIA.

Globe, Volume XXI, Issue 1664, 20 June 1879, Page 3

VICTORIA.

[fhom oub owk coebespondbnt.] Mhlbotjbnb, June 10. Ministers have been on the rampage, delivering at several country towns blood and thunder speeches generally to the effect that their watch-word is "no surrender" —that " Mr Berry will be hero soon, and then !" Major Smith has been the most demonstrative speaker. Soaring aloft on the wings of imagination and mendacity, he has said that Ministers, by their wise and patriotic administration of affairs, have saved for the country upwards of two millions sterling j but for all this new taxation is threatened, end not a day passes but a demand for some trifling sum is refused, on the ground that the Treasury is empty. And the Major's boast has been received by the supporters of the Government in a quite unexpected spirit "Well," they say, "if you have saved all this money, where ia it ? The money is ours, you are only our servants, and still you presume to think that while you are yourselves rolling in wealth your masters will be content with the memorable seven bob a day that Woods pays them by spoiling the railway reserve by digging holes in it. Shell out, divide among us that which is our own, or you will pee that what you will see." There were held yesterday important meetings of shareholders in the two Banks that are in difficulties, and it transpired, at that of the Australian and European, that its condition is not hopeless, that it will be able to carry on business on a reduced scale, and perhaps ultimately retrieve itself. The proposition of the direotors, which was agreed to, iB that the current account balances and deposits at call not exceeding £SO, shall be paid in fourteen days' if required, and large sums in a £SO instalment in fourteen days (or onefourth the amount, which would only bo the greater) and the balance in deposit receipts at three and six months, bearing interest at six per cent. About 150 shareholders, representing £90,000, attached their signatures to an agreement to this effect. It appeared that £30,000 will cover the loss accruing from the present trouble, which would leave £120,000 of the Bank's capital untouched, and the directors have made a call of £60,000, which, when paid, will bring up to £IBO,OOO the fund which will represent the security for deposits, or £30,000 more than it was before the criais. At the Provincial and Suburban meeting! which was noisy and excited, tho aspect of affairs was much less bright. Tho committee appointed at a previous meeting to investigate the affairs of the institution, reported that a call of £1 a share, with present aspects, would be sufficient to meet all demands. The directors also reportod, admitting that they had made mistakes, &c, and resolutions were unanimously passed to wind up the concern voluntarily, and appoint liquidators, &c. As an illustration or the reckless manner in which companies aro got up among üb, tho affairs of the Oovent G-arden Mariet Company may be referred to. At a meeting of its shareholders the other day a vote of want of confidence in its directors wa3 unanimously carried, and no wonder. It started operations when 2500 £1 shares had been allotted (only some of which were ever paid for) and lot a building contract for £12,867. The foundation stone of the proposed now market was laid to an accompaniment of congratulatory speeches and champagne, and a lot of men wore set to work to dig a hole. The hole is now all that remains, and it will remain a perpetual nuisance in tho middle of the city. Or nearly all, for there are also holes in the pockets of the few confiding shareholders who paid up. This fiasco is all tho more difficult to explain, that there is no need of market accommodation in this city beyond what will be fully supplied when tho splendid new Eastern Market—which the Corporation is building—is completed, as it will soon be. The only plausible elucidation is this —a man with a vacant allotment on his hands, an architect not fully employed, and a professional getter-up of companies, put their heads togethor and put tho thing through. And though so ready to go into bogus speculations, or at least to sign to that effect, really business-like and promising ventures perish through neglect. When some few years ago it was proposed to form a company to buy the splendid steumers of McMeckan and Blackwood's line, the thing fell flat, and ever since they wcro sold to the Union Company our business men have been complaining that the loss t» the trado of this port is £30,000 or £40,000 a year, since naturally tho New Zealand company prefers to distribute its money as much as possible at home. Still we are always ready to Bupport wild-cat Banks! There is at present a vacancy in the representation of Fitzroy, and, as usual, there is a rush of candidates for tho seat. Mr Vale is willing, but Mini3tors are not sure of him, and, to say truth, he does not seem to bo very sure about himself, if wo may judge by the "looking both way " character of the speeches he has made sinco his return to tbc colony, so have acceptod Mr G-ray as their man, he being a member of a clothing manufacturing firm in the district. On the other hand the Opposition electors aro trying to get Mr Langtm to come out, but I doubt if ho will, though his election would be a great public gain at the present time, when Mr Berry is about to return to us, and political struggle—as is loudly threatened—is to be renewed with extraordinary vigor and pertinacity. But coming out and getting in do not mean tho same thing, particularly in Mr Langton's case. Most successful in the ho has been quite otherwise on the hustings, and had to submit to half-a-dozen defeats before he achieved a seat at all, besides others since; and hia candidaturo would be more hotly opposed by tho Ministry than that of any other man on his aide in politic?. Tho best card for the Opposition to play would be to persuade tho Hon. W. J. Clarke to resign his seat in the Council and put up for Fitzroy. Being the richest man in the colony he would of course become at onco an imnunse favorite with the rabid demands of tho electorate. And then Ministors would not

care about keeping him out, for he is in no way dangerous in debate, and who can tell ? He might even be induced to join them, and backed up by his wealth and the Attorney ■ General's title, the Government would havo a claim upon the affections of the radicals almost poworful enough to maintain them in power for all time. I shall take an early opportunity to mention this to my friends in the constitutional camp. The cause of the vacancy in Fitzroy is a little funny, to say the least of it. Tho late member, Mr McGregor, had to resign through his insolvency, his indebtedness exceeding £SOOO, although he had enjoyed for the last few years a salary of £3OO ea member, and another of £4OO a year as Government whip, not to speak of the pickings and perquisites, which of right belong to members who support Ministers, and more particularly to tho whip, under the present regime. Now £7OO a year is not much, perhaps, for a gentleman to live upon and pay his way, but before he entered public life Mr McGregor was teacher of a small State school, and had to do all this on £2OO a year, and he kept clear of the Insolvent Court then. Can it be that gear ill gotten or doubtfully gotton cannot thrive ? We are constantly hearing rumours to the detriment, financially, of our three hundred pounders, whereas before there was any direct payment for Parliamentary services, the members seemed to rub along pretty comfortably. Remarking upon this strange political phenomenon to a friend, he replied—- " Well, I voted against payment of members three or four times in tho House, but I'm bksscd if I ever do so again. I could do pretty well without any income so long as I had never had any, but a few years of £3OO a year paid monthly spoils a man for roughing it. No, I'll never go back on my bread and cheese, you bet." The new, grand, and most costly Exhibition building is proceeding with satisfactory celerity, and it is anticipated that the main permanent hall will be completed by tho end of the year. The construction of the machinery annexes will Boon be set about. The surrounding gardens are still a scene of the utmoai disorder, in which, however, something like order can now be dimly discerned. Meanwhile Mr Woods, our detrimentally active and energetic Minister of Railways, is pushing on with his new railway to connect the Exhibition with the main terminus in Spencer street. Foolish as is the whole Exhibition affair, this is by far the greatest extravagance and the wildest folly that it has produced. There is no getting from Spencer street to the Carlton gardens direct without knocking down half the city, and to get a railway there at all, without going to such extremes, we must cross many streets and encroach upon many valuable reserves, and even then the route will be so long that tho line will not be used. You can walk the distance in twenty minutes if you havo the use of your limbs, and for cripples and paralytics there will be waggonettes in abundance plying at threepenny fares. And the best or worst of it is that Mr Woods has forcibly and violently taken possession of certain city reserves already, for the purposes of his precious line, and on the plea that if he had applied to tho Corporation for the use of the land he would not have got it, but now he had it he would keep it. It may be asked, is there no longer any law in Victoria ? Well, frankly I reply, that there is not where the Barry Administration is concerned. There has recently been concluded here one of the most extraordinary causes that our Courts have over witnessed—that is, if it is concluded, for there are several law points reserved for a higher Court. It lasted fifty d&ye—our longest previous case, that of Cornish and Bruce against the Government, in a railway contract, having occupied fortythree days. The recent action was also by contractors, was also virtually against the Government, for if the verdict is ever satisfied the money must come out of the public treasury. The award was for £32,606, and it is understood that the costs will bring it up to between £50,000 and £60,000. The amount claimed was made up of a large number of hems, some of them ridiculously small, a particular sum of one halfpenny affording the jury much care and thought. But the gentlemen did not Beem to mind the trouble, and after the Judge had delivered his charge they prolonged their labors for another week, which exhibition of zeal on their part some could not altogether disassociate from the circumstance that they had an allowance of two guineas a day and needful refreshments.