The Manawatu Herald. SATURDAY, APRIL 28, 1894. The Depression;

Manawatu Herald, 28 April 1894, Page 2

The Manawatu Herald. SATURDAY, APRIL 28, 1894. The Depression;

.Despite all the loud assertions of Ministers to the contrary the colony is suffering from a very-; serious depression, which requires careful examination into if it is to be removed. We have said before' that the Government were Very desirous of placing the blame upon the banks, and the Premier,,. in his speech at Foxton, laboured hard to make good his case. Unfortunately for him he failed, for though he made the as; Serbian, it ..was... almost Hitytted ia-tely proved that "he "Was wrong, and that the banks had as large advances at the time he spoke as they, had had for some years* The depression evidently has not originated with the banks.' It is also impossible to lay the blame upon the receipts for our two chief staple products, wool and frozen mutton, as the prices ruling are very much bs they Wei'e the year before. A very interesting return was published by a southern paper showing that though the prices of local stock had fallen nearly fifty )M' cent, yet frozen MSafc in London had hai'dly varied in price. The value of wool has not been so lessened as to cause any great feeling of despondency. If exporters have received as much money for their goods as they did a twelve-month ago where has the money, which was in circulation, gone ? We know it ia gone,- but it is not so clear where to or why. We admit we are " agin " the Government, and are naturally inclined to lay the blame to their door, and do so, expressing our reasons for so doing. In the first place the present Government will admit, so many of the members being touched with the single-tax fad, that the progress of the landowner affects the prosperity of all trade, and on this presumption they advocate that on land should be laid all the burden of taxation. If land becomes the prime mover in the prosperity of the colony, what can be said of the Government whose public acts have been to discourage land owners from improving their property, and others from becoming land -owners ? This is what the Government have done, and ara doing. Early on coming into office they instituted the land tax with the verbal warning that when times got hard, or land-owners were not sufficiently subservient to the wishes of the Government, it was simplicity itself to " give another turn to the screw !" A capitalist would not look upon this colony as the pleasantness place in which to invest his cash, and therefore has left us severely alone. The Government ignorrag^the fact that they : were killing the go'oso that la-id the golden eggs next initiated legislation to make the tenure of the property acquired by the old settles who had •borne the heat and burden of the early colonising days, most insecure, by granting the Minister of Lands the power to sequestrate any portion of the settler's lands that a crowd of impecunious people might -wish, to possess. This has become law, modified in the way that the Unfortunate' settler is to' have (for how long ?) an-- inalienable (?) right to 1000 acres. A resident in the Old Country who gives up his pleasant social surroundings and comes to live in New Zealand does not desire to live upon a potatoe patch, but to form an estate which in years to come may be both beautiful and profitable. How,, under the existing laws can he possibly secure that which he desires ? Every acre over 1000 acres of first-class land is open to be taken from him at short notice and at a "Value slightly übove that which he pays land tax upon t Is this fair ?.. ..Cannot .everyone, who owns but a small piece of the colony understand that however an honest value for tax-paying purposes a landowner may put upoa his property, yet, a portion of it, considered in conjunction with the whole is worth more than the mere producing value of the soil. Still the Act says no, and capitalists mark the fact. It is clear then that to men who have money for investment the holding of land in New Zealand has been made distasteful, thus a large amount of outside capital, previously used in purchasing land, felling bush, grassing, fencing, draining and in buying stock is not now available as it used to be. To our minds this is where the chief shortage .cornea in, as practically^ as we have shown, the value of our exports show but little decrease, except in flax. We will not open this flax question in thts article, as the Government are so clearly to blame in having ignored' so valuable an industry. We come now to show roughly how this shortage of money from new and improving - land-owners has been felt throughout the land. The banks, as ; the returns proved, have a§ much

money advanced as they have had for a long time* they have not therefore drawn money from this feolony to bolster tip Australia. The banks, however, have not had large sums on deposit awaiting would-be landowners' investments, and they have not had the advantage of monies laid out in improvements by large owners circulating; aliiorJgst their trade customers. -Traders have found the times dull, and have found they are overstocked, which means they have more goods than capital, and therefor a needed more capital from the banks, In ehtteavoUring to assist febe tr'aoer'Si the re verse order of things has been brought about, as the interference with trade has caused storekeepers, auctioneers and others to refuse accommodation to their customer's. For Instance A, a small landowner being accustomed to purchase stock at the usual auction sales upon bills is suddenly confronted with the statement that owing to the banks reducing their aflvatiCeSi tettns mußt for the present be cash; > This has either & dispiriting effect upon the buyer, causing him to take a reduced view of the value of the stock he wants, to the disadvantage of the seller, or he does not bid at all, thus reducing competition, and. thus making the seller dispose of his property at a lossj or perhaps prevents him from quitting them at aIL Settlers must have moheV> ne possesses money value, locked Up in land and stock* and as he cannot sell he has to seek the help oi the banks to keep him going; % The banks look ujabn him" and bis security better than certain traders, so, to help him over his time of trouble they make more trouble for the trader by demanding still further reductions in his overdraft. We will not guarantee that the whole trouble now being felt has arisen in the way we have pointed out, but, barring the initial step, every other is undoubtedly the work, ing which Is now in progress, and points to the rash legislation introduced by the present Government.

By an inset with this issue Messrs Boss and Sandford, of the Bon MarcW, Palmerston North, announce the sale of the assigned stock-in-trade in the estate of Messrs H. Wickett & Co., of Palmerston, amounting to £1,950 9s lOd, which has been secured by them for the sum of £877, and which is now being realised at the Bon toaveh&, Palmeraton North, together with the Whole of their redent importations at prices favourable to Buyers. Mr Ewen Campbell addressing a meeting at Hawera the other day stated that the Longburn Freezing Company had a contract with a firm at Home independent of the Nelson's firm. In the case of the police v. Kuhtze for having labels in his possession without the words " Bottled in New Zealand " upon them, adjourned from last Court day, the S.M., Mr Brabant, gave judgment at Palmerston on Wednesday to the effect that the case did not come within the provision of the dection under which the charge was .laid. The case was therefore dismissed. Heathens treat certain offences more sternly than Christians. In Ashantae parricides are tied hand and foot to stakes driven in the ground near a large ant hill. The ants are then irritated by sticks thrust into the entrance of their dwelling, a guard is set at a respectful distance to prevent rescue, and the prisoner is left to be eaten alive. Iv 48 hours nothing is left of the criminal but a neatly-cleaned skeleton. In an interview with the promoter of the Eiverina" Freezing works, a Melbourne paper reports that he said on the subject of ocean freights,— " The present general rate in New Zealand is Id per lb., while in Queensland they get it done for 13-lGd. per lb. ,1 have at present au offer from a shipping firm to provide tonnage at gdl per lb. from Melbourne, which under present conditions I consider a fair rate. When the quantities are largely increased, it will, I fancy, fall to £d.' per lb. , and' eventually possibly to £„ which means £4 13s 4d. per ton." The question appears of importance why the general rate is one penny a pound in New Zealand. • • ' In giving evidence in the libel case, Hayes v. The Australasian, a witness, C. W. Scott, made a most frank statement of .his relation to James Hayes (the plaintiff) who acted as his jockey and trainer. He accepted the suggestions of Hayes as to backing other horses and losing with his own, but his difficulty was to make sure that Hayes would carry out the agreements., and not " take down " his employer. "An owner," said he, "is in the hands of his jockey, and if he does not follow his advice he will be taken down." Another way of putting it. Scott was asked in the Melbourne libel caße "Is it usual to give your jockey money when he rides a losing race ?"— " I l ' your horse has a chance of losing, and you back the winner, of -course you give your jockey a a certain amount." " Why, what for ? For having-- been beaten ?" — " No ; for letting the other horse win." It takes sometime to learn the views of public men upon public duties and offioes. It has come put that the late John Bright refused the office of Secretary of State for India declaring that "no godly man " could hold such a post as Secretary for India. The Indian Secretary is always making war, trafficking in opium and bhang and spirits and such things. A sweet Australian girl graduate writes to the Argus on the husband famine, and thus sensibly concludes her article " Marriages will be fewer and fewer until the Australian man realises that the best girls are not languishing for lovers, but will only marry for. true companionship. ■, It was stated in the Melbourne Civil Court that every jockey for years past has been closely scrutinised and closely watched. In the hurry-scurry of racing it is almost impossible to get absolutely certain proof in every race. The horses pass like a flash of lightening, and- the - boys riding in the race^ar.e, sometimes those who -can see best, and sometfmes the owners can see best, but, ttjejr are watched not merely by the hori. stewards and not merely by the com'mittfle; but they are watched by a paid official, whose duty it is to attend different races, and to supply the different clubs <and principal racing institutions in Victoria with his reports of .what he sees/ ■" ' " " . A few tons of potatoes are wanted by «* Feilding resident; Psa n<lv»rtts<>nient<

The Manawatu (jounty advertise their' intention of Striking a County and Separate V|.te: they tilso ariricmhfcie wiieiie. Electoral Kolts and Defaulters' Lists can be inspected A powerful English Insurance Company invite applications for the position of agent for Foxton. Mr Wragge of Brisbane, on April 25th, has advised the shipping of heavy weather from between the west and south-west by sou tli between Cape Howe and Hobart and the southern half of New Zealand. He gives warning of the necessity for special oaution owing to the dangerous Antarctic disturbance in latitude 50deg. south and 170 longtitude east; This; Mr Wragge Considers; will cause very rough water on the Tasmati Sea in 1 tlie tieit few daySi I'he following School Committee was elected for Otaki :— Messrs Clark, Ward, Bills, Lee, Smith, Noble and Freeman. Mr Clark was subsequently elected Chairman and Mr Lee, Secretary. We look for revevelationsj Oar distinguished contemporary the Wellington Ministerial journal in its gentlemanly manner asserts that the Under-Secretary of the Bouse of Commons has made a statement "very like a statement of an idot" (aie) What is an idot? Of course he never meant <' idiot," so he might have been driving at fddted, a marine inseßt. PoSsibly, but not probably. An umbrella was dropped from a vehicle on the Motoa road a day or two ago. The finder is requested to leave it at the Manawatu Herald office. JDr Parker, of the City Temple, Uiub playfully alluded to Congregational deacons at an interview "Congregational deacons are not always the most desirable persons to encounter. It has been said by those who know that if you resist the g*vil he will fly from you, but that if you resist a deacon he will fly at you." There are said to be at present 70,000 bags of oats in store in the Southland district that have been bought for speculative purposes: We (Tuapeka Times) also understand that a grain buyer in the Tapanui district has made large purchases of oats at from lid up to 13d per bushel in expectation of an early rise. The Palmerston Borough Council has granted a lease to the athletic bodies for 2L years of 12 acres in Fitzherbert-street for recreation purposes, at a rental of £1 an acre per year. It is intended by the athletic societies to spend a considerable sum of money in fencing and laying out the grounds, and other improvements, and the rent paid to the Council will be devoted to the same purpose. It sounds rather astonishing, says an exchange, to learn that by adding certain chemicals to soap it can be made hard enough to sell and yet contain 60 per cent of water. In fact, one man of science who ' has investigated the matter declares that the aim of the soap manufacturer is to make water sufficiently stiff to be able to stamp it into tablets. The Wellington Education Board declined to provide a school at Kuku, near Manakau as there were two sohools within two miles. Mr C. W. Lee, at one time Master of the Otaki school has been getting into hot water at Pahiatua, and the committee forwarded a resolution asking that the Board would remove Mr C. W. Lee from the headmastership of the school on the ground of alleged friction between him and the other teachers. Mr McCardle moved that a committee be appointed to go to Pahiatua and investigate the circumstances, consisting of the Chairman, Mr Fraser, Mr Biadey and himself. This was seconded by Mr Buchanan, and carried. The committee pay iheir visit on May 3rd next. Tho Board has decided to dispose of the whole of the school property at Otaki. We remind hoese-owners that nominations for the Otaki race meeting close on Monday. The value of the exports from Melbourne for the March quarter shows a deorease of £1,149,000, and the matter is engaging the serious attention of merchants. The decline is attributed to the high wharfage rates and the primage tax, which are having the effect of making Sydney the pivot of the Australian trade. Messrs Freeman B. Jackson <ft Co. have offered a reward for the capture of James Bailey, the cattle-dealer, who has absconded with £1200, the proceeds of the sale of a mob of cattle, which he had obtained on credit. Mildura (Victoria) growers have been getting a heavier yield of raisins than was expected. One ton of raisins to the acre is not an unusual yield from vines four to rive years planted, and the proportion of clusters is large. Bnmours are current in Paris of a rather amusing love affair between two young people of good family. The lad was recently at school at the Lycee Janson, when he formed a close friendship with a Parisian girl, the daughter of parents who move in upper circles. His parents got wind of the affair and tried to put a stop to the acquaintance. Thereupon the enamoured youth determined upon an elopement. He sold his bicycle, arranged to meet the young lady the other evening, and carried her off to Brussels. The ! Belgian detectives there captured them, and they are now again in the bosoms of their respective families. Our Paris correspondent writes : — lt is reported that the French Government has decided upon the disposal of ex-King Behanzin, the brutal former ruler of Dahomey. It is stated that the deposed Monarch is to be confined to the island of St. Marguerite, where the notorious Masque de Fer, and, more recently, the equally famous Marshal Bazaine were interned. Many persons who feared that the dusky Dahomeyan would be brought to Paris to be feted and overfed, will hope that the rumoured sensible decision of the French Government has foundation in fact.