News of the Day.

Hawke's Bay Times, Volume 7, Issue 383, 7 June 1866, Page 4

News of the Day.

RESIDENT MAGISTRATE’S COURT.

(Before John Curling, Esq., R.M.) Monday, 4th Jane. DRUNKENNESS. Nepia Hapuku was fined 10s for drunkenness, it being bis second offence. Tuesday, sth June, DRUNKENNESS. Hercwini was fined ,5s for drunkenness. RESISTING- THE POLICE. Wepiha was fined £l, or in default fire days’ imprisonment, for attempting to rescue the prisoner Herewini from the hands of the police. DEBT. Lyndon r. Gorton.—Plaintiff, as trustee in the estate of F. Dyett, claimed the sum of £8 9s 4d. Defendant pleaded that he had paid the money to Dyett, and produced his receipt. Dyett asked him for the money, and he paid him, not knowing that Lyndon was trustee of his estate. The Resident Magistrate said that if Dyett had done so he had acted fraudulently, and that defendant should summon him for the amount. He would give a rerdict for plaintiff, with lls costs. THREATENING LANGUAGE. Thomas Johnston, an able seaman belonging to the barque Shelburne, was charged by John Lowe, the master of that vessel, with using threatening language. Capt. Lowe, being sworn, stated that he had engaged the prisoner in London for three years, and that his time had not expired. He deserted from the Shelburne on the night of the Ist June. He was captured by the police, and was taken back to the vessel by the captain. When alongside, he threatened him that he would drown him, and when on deck declared that ho would do no more work for the vessel. This waa his first offence. The prisoner pleaded that ho was drunk, and did not know anything about it. He was Sued £4, and 7 sentenced to a month's imprison meat with hard labor.

The EnglishMaie.- —Elsewhere will be found a Post Office notice, intimating that the English Mail will not be forwarded by the s.s. ‘Auckland/ this day; but that it will be despatched by the * Claud Hamilton’ on Wednesday next, 13th last. She mails via Suez and Panama will for this time be made up on the-same dayj but in future the ' Panama steamer will leave Wellington on the Bth, as previously Intimated. PEOVTNCIAIi " COUNCIL. — A ‘Provincial CrOvera‘inent Gazette, published on Saturday, 2nd inst., but which did not reach our office till the after* noon of Monday last, contains a proclamation by Hia Honor the Superintendent, convening the Provincial-. Council to meet at the Council Chamber, at Napier, for the despatch of business, on Tuesday, the 19th inst., at 3 o’clock p.m. Monthly Summary. Our usual mouthly nummary appears’’this morning, notwithstanding the alteration,of the day of the departure of the mail. - It would have been impossible to delay its publication. Civil Service Commission. —Charles Knight, William Gisborne, William Seed, and James Major Spence, Esqrs., have been appointed Commissioners to enquire into the state of the Civil Service. Their duties are to enquire generally into the clerical strength and efficiency of the several departments of the public service, and especially as to the numbers, age of admission, rules of advancement and proportion, and remuneration of the several clerks and higher officers of the .said department, and to report such improvements in the organisation of the same, by way of consolidation or otherwise, as may, in their opinion, promote efficiency and economy. Also, to inquire and report on the subject of retiring and other allowances and pensions ; and especially whether the same should be provided by a contribution from the clerks in the nature of a Benefit Society; and if so, whether the said contributions should be compulsory, and therefore general or voluntary. Also, to inquire and report as to the manner in which an income-tax might be raised, and the most effective and economical mode of raising the same, and especially what proportion the cost of collection would probably bear to the gross amount of tax collected. The Mutiny Act.-— The following general order bringing into force the Mutiny Act in the Colony of New Zealand, is published in the General Government Gazette of the 28th May:— “ Paragraph 3.—The Lieutenant-General Commanding notifies that an Act of the present Session of Parliament, for the punishment of mutiny and desertion, dated 7th April, 1865, has been,received, and that in pursuance of the 101st clause of the Act, the same will take effect at the head-quarters of the command from this date, and at the other out-stations On receipt thereof; and all officers are directed to make themselves acquainted with tho particulars contained, therein.” ' The. qf. Victoria.—His ‘Ex■cellency Brigadier-General Carey, says the Age of the 11th ult., was sworn in as Governor of the Colony'on Monday afternoon. The ceremony i took place in the Executive Council Chamber, the Chief Justice administering the oath of allegiance and fealty to the Throne and Constitution. His Excellency was accompanied by his aide-de-camp, Major Topper. The members of the Cabinet were present. A salute of nineteen guns was fired from the Prince’s-bridge reserve, in honor of the occasion. A Government Gazette Extraordinary was published in the,evening. Tits Late Native Meeting at Hangatiki. — Concerning the late meeting, wo learn the following additional particulars, which are authentic. There were present about 1003 natives ■of the central and West Coast tribes, from the East Coast, Napier and Wellington, including owners of the Manawatu block. The chief subject of discussion was religious belief- Te Ua, the prophet, was deposed, and a Ngatiruanui native elected high priest or prophet in his stead. Little was said about peace or war, but what fighting had to be done was ordered to be carried on at Taranaki, and about 50 natives near Hangitiki, beyond which no white man will be permitted to pass. —New Zealand Herald, 31st May. Suspicious.— An arrrest was made yesterday morning at eight o’clock, at -Quick’s coach office, by Mr Naughton, Commissioner of Police, which attracted a good deal of curiosity throughout the day, and the circumstances out of which it originated are to say the least, suspicious. In telligonce had reached the Cotnmssioner that a person named Frederick Wheatcroft-was purchasing powder in greater quantity than could possibly be needed by one man. Information had been also received that a small box, filled with gunpowder, weighing between 701 b, and 801 b, had been deposited at a storekeeper’s. Wheatcroft was found to have bought powder and shot of several parties in town. It was further known that the man was to proceed to the Waikato yesterday morning, but the Commissioner determined to frustrate the deport*! ion into the Waikato of the combustible material, and arrested Wheatcroft as ha was getting upon the coach. The prisoner will, no doubt, be proceeded against under the provisions of the Arms Act of 1860.—Ibid, New South Wales and New Zealand. —ln an article on borrowing capital to construct railways, the Sydney Morning Herald of the 22nd May says “ The Now Zealand Government has been placed in somewhat similar circumstances to those in which wa find, ourselves, but, being forced to borrow, has adapted itself to what had become a necessity. It wanted to borrow three millions sterling. Debentures to this amount were authorised at 5 per cent, stock, having fifty years currency, and with a sinking fund of 1 per •cent. One million sterling was issued at 81. The rate of interest.was then raised to 6 per cent., with a condition that the bonds were not to be issued below par. But it is idle to make conditions when it is impossible to control circumstances. Borrowers must not be choosers. The restriction as to price was withdrawn, the currency of the debentures was limited to twenty-five years, and the sinking fund was increased to 2 per cent. On these terms a considerable portion has been disposed of at 90. Metawhile, and

during the delay involved in these experiments on the money marker, -a temporary loan of about ; £BOO,OOO was raised by Treasury Bills, for which the large interest of 8 per cent, bad to be paid. These are being paid off out of the proceeds of the regular loan. The issue of this loan has indeed had something to do with the difficulty experienced in floating our own debentures. The different colonies are bidding against one another, and fhe competition raises the terms. The New Zealand debentures give the highest interest, for the Queensland six per cents, are sold at £97 15s, New Zealand also provides the largest sinking fund. The price with the security seems suffisiently tempting, for out of £500,000 offered in March last, £350,000 was taken up. At this rate, the interest is’nearly 7 per cent. The short term loan for this colony, placed on the market about the same time; ’ was not so successful, although the interest, taking into account the repayment in a very few years, was also equivalent to about 7 per cent. The very shortness of the term, however, seems )o have been unfavourable to it. The buyers on the Stock Exchange seem to have a preference for the term of twentyfive years. It is not expedient to have two kinds of securities on the market at the same time if it can possibly be avoided. It complicates matters, and confuses purchasers, many of whom have already trouble enough to distinguish between the different colonies and the various kinds of security that their legislation offers. The difficulty of pushing colonial loans at the latest dates was also to some extent, aggravated by the slight panic on the Stock Exchange and the alarm excited about the various finance companies. These temporary causes of (difficulty are not discouraging, as they will, soon disappear. Eight per cent, seems a high ,|nterest for New Zealand to give for temporary accommodation, but it is not higher than we have been giving. The only difference is that that colony has issued formal Treasury BiUs, while we have overdrawn at the bank on the same terms. It would have been a saving if We could have borrowed the £700,000 at seven per cent.