OUR WELLINGTON LETTER.

Manawatu Herald, Volume I, Issue 83, 17 June 1879, Page 2

OUR WELLINGTON LETTER.

(from our own correspondent). For some time past it has been known further borrowing at no verj distant date was inevitable, and there has been considerable speculation as to the amount to be raised, which has been variously estimated at from £5,000,000 to £10,000,000. The Chronicle has at length given official information on the matter, and the amount is to be £3,000,000, STREET FORMATION. Our new Mayor has made arrangements with the Bank of New Zealand for an immediate advance on account of the recently. authorised streefmaking loan, and work is to be commenced so soon as the necessary plans, &c, can be got ready. The working classes hail this news with great satisfaction, as work is now very scarce in town — indeed, I heard it estimated the other day that on Saturday last there were 300 carpenters and joiners out of employment here. My own observations would hardly confirm this estimate, though doubtless tha number is considerable. RECLAIMED LAND SALE. The second lot of sections on the reclaimed land, recently advertised for sale, have been withdrawn. The present tightness of the money market rendered this step necessary, as just now no one has any surplus caßh to invest in expensive land. SCIENTIFIC HONORS. Our genial townsman, Dr Buller, has been distinguished by being elected a Fellow of tho Royal Society. The worthy Doctor has the honor of being the third FJR S. in New Zealand. This is something for the colony to boast of, seeing that the whole of th 6 Australias can only boast two. SYDNEY EXHIBITION. ' The Local Exhibition Committee has been working very hard to secure a good representation of Ne»v Zealand at the World's Show at Sydney next summer, and much success has attended their efforts, as I learn that all the space allotted to this Colony has already been taken up This speaks well for the enterprise of our business men. OUR VOLUNTEERS. The probabilities now are that there will be no hosoilities with the natives, but to the credit of our Artillerymen and Naval Brigade be it said, that they offered their services to the Government at a time when nearly every one was fearing the I worst. They are not to be at once despatched to Taranaki, but should war eventuate, their offer will be availed of. LAND TAX VALUATION. Very great surprise and considerable disgust is expressed by almost everyone on discovering what their properties are valued at for the purposes of the Land Tax, and the objections will almost equal in number the valuations. Eeally the gentlemen appointed to value city properties seems to hare had immense faith

in the present and prospective prosperity of the place, SHIPPING BUSINESS. The coastal shipping trade \iQf~ fallen to zero ; it is haidly worth while running tlie boats, as there is sirnp'y nothing for them to do. la consequence of this depression, owners have resolved upon a reduction of wages of from 10 to 20 per cent ull round from Captains downwards. Rather unwelcome news this, to those immediately concerned.