NEW ZEALAND NEWS.

New Zealand Times, Volume XXXIV, Issue 5662, 23 May 1879, Page 2

NEW ZEALAND NEWS.

SUMMARY FOR THE MONTH

MAY.

For Iranamiasion Vy the P.M.S.C. Zcalandia from Auckland on the S7lh May, via San Franciaco, to Jiuropo.

MONTHLY SUMMARY.

Maori matters, though still quite unsettled, appear to be less likely to prove troublesome than seemed probable a month ago. The native difficulty re the settlement of the Waimate Plains has been loft in slulu quo , that is to say that the survey has been discontinued and the Maoris loft in possession of the disputed territory until some official inquiry by a Iloyal Commission has been made into the circumstances of the case. It has occasionally happened in the past that the land confiscated, has been taken from tribes (hapus) who in the first instance wore less actively hostile than some of their neighbors, and there is just a possibility that something of the sort may have occurred in respect of the Waimate Plains. In the meantime the policy of what is now known as a masterly inactivity has apparently been adopted in respect to Tu Wnm, All parties are_ in hopes that the Maoris, remembering, former defeats, may rest content with the success which has attended their opposition to the occupation of the territory and may refrain from any further breach of the peace. An old offender, a chief named Tukukino, at Grahamstown, in the Thames district, on the eastern side of the island, the other day drove off a party of surveyors who were engaged in engineering work in connection with the railway ; but except as a sign of the aggressive temper of the natives, at the present time, but little importance is attached to his action.

At the beginning of this month, .Sir G. Grey and tho Native Minister, after trying hard to obtain an invitation to the great native meeting held at Te Kopna, under tho auspices of tho King Tawhiao, determined to proceed thither upon the invitation of Rbwx (who is also known as Manoa), a chief himself, but upon this occasion only tho guest of tho socalled Maori King. In another place will bo found full reports from two distinct sources of what took place between tho King and tho .Premier; tho Native Minister having taken “a back seat” throughout tho proceedings. The Opposition Press had with one voice deprecated tho visit, and unfortunately the result more than justified their predictions of failure. The action taken by the Ministry in respect to the sale and occupation of the Waimato Plains, together with tho non-fulfilrnent of certain promises which had been made them by Ministers or by their agents, has completely destroyed all tho confidence once felt by tho Maoris in Sir G, Grey and his colleagues. Tho only good which has been evolved out of the meeting, has been tho formal withdrawal of all the proposals made by Sir G. Grey, a year ago at Eikurangi. The ground is now comparatively clear for future negotiations. Groat efforts are being made to establish Rewi as head man in the King country. He has boon in treaty with tho Ministerial party ever since tho meeting closed, for a grant of an enormous tract of land between Alexandra and tho White Cliffs, and extending nearly to Rotorua on the eastern side. But difficulties with other tribes have arisen, and it is quite likely to fall through. It is more than doubtful whether tho proposal, even if it were adopted, would benefit tho Europeans. King Tawhiao and Rewi are on good terms, and our own correspondent, upon whose information we place implicit reliance, declares that the scheme is Rewx’s own, and that it was mooted with the idea of making Tawxxxao king, and Rewi manager, of a large independent state. Commercially considered the month has been a moat disastrous one ; not because of the importance of the failures recorded so much as on account of their number. Day after day one or two tradesmen are added to the list of those who have either filed thoir schedules, or, as is far more frequently the case, made private arrangements witlx their creditors. Compositions of three or four shillings in the pound are far from unusual, and not only in those cases where the assets are represented as showing a large deficiency, but even when on paper the estate seems able to pay 20s. or more in tho £, part payments are the rule rather than the exception. Business nxoii account for the discrepancy by asserting that real estate, land, buildings, &c., if forced upon the market during the present period of depression, only realise a fraction of their true value, and in addition to this, it is well known that tho assets of an insolvent are generally greatly over-valued by him when he lays his balance-sheet before his creditors. The stronger firms are not sorry to see those whom they regard as the unsound, infirm members of the craft fall out of tho ranks, but when small failures wax very numerous, the number of small losses incurred by the larger merchants may gradually undermine the stability of any one of them who has suffered from a continuous run of illluck. Up to the present, though false and malicious rumors of large failures have been unfortunately current about many, a remarkable and unexpected general stability among the larger houses has been displayed. We look forward with confidence to some alteration in tho bankruptcy law which shall render the process of “ white-washing” less pleasant to those who compound with their creditors apparently for tho purpose of starting a fresh business with a clean sheet. In many cases no doubt an honest tradesman in times of depression finds it impossible to meet his engagements; but tho general opinion is that the facilities afforded by the law for escaping from any strict 'inquiry offers a direct temptation to tradesmen to clear themselves at a slight expense of a large accumulation of debts, by paying only a small fraction of tho amount actually duo. Tho London bankers’ memorial to tho Prime Minister shows that the same matter has pressed itself upon tho attention of those concerned in England, as well as hero.

The return of the value of the imports and exports of tho colony during the first quarter of 1879 shows a satisfactory rate of progress. Tho colonial importance of Wellington and Napier .appears to be rapidly increasing; and bearing in mind the largo decrease in the value of the chief article of export, wool, the increase in the total value of tho exports must bo regarded as highly satisfactory. The Customs revenue for tho twelve mouths ending March 31st bears out what has boon said in regard to tho quarter’s return. Tho increase of revenue derived from Customs duties at tho port of. Wellington during the year amounted to £22,000, Auckland and Lyttelton showing an increase during the same period of about £17,000 each. We anticipate a considerable decrease in the New Zealand trade during the coming year ; information has reached us to tho effect that during the past month orders for goods of the value of more than two millions sterling, which had been sent to England during the last six weeks; have since been countermanded by cable. This restricting of tho import trade will greatly affect the Customs revenue. Inasmuch as the purchasing power of tho colony as a whole has boon seriously crippled by the low price of wool in the London market, wo are inclined to believe that the caution' shown by importers is both wise and commendable.

The railway returns for the month are equally .reassuring ; tho : fourweekly receipts on tho Christchurch and Dunedin line during the grain season amounted to nearly £60,000, of which barely 68 per cent, was absorbed by working expenses. Tho Wellington

and Wanganui lines were exceedingly satisfactory, and per mile of railway open the Wellington lino produced an almost equal revenue, and preserved about the same percentage of receipts to expenditure, viz., 68 per ■cent, A considerable amount of interest has been manifested in the quarterly bank returns, which were published during the month. It has been the fashion i.i commercial circles to attribute much of the monetary tightness, which undoubtedly exists, to the extreme pressure put upon their customers by the banks. The returns, however, prove that the advances made by the banks to their customers show a small increase instead of the contraction which might have been expected. The total assets show an increase of £170,000, and the total liabilities a reduction of £210,000. The note circulation has increased by £60,000, the gold and bullion held by the banks having slightly diminished in quantity. Upon the whole the banks as yet appear to reflect the financial status of the Colony very imperfectly. Wo do not pretend to explain why it is so ; so far as we know it is a riddle which has not yet publicly received any satisfactory solution. Wellington has lately been somewhat startled by the result of an analysis _of the water supplied to the town, which was recently published by Dr. Hectob. The bad quality of the water has long been the subject of remark, but since the official report any doubts remaining on the subject have been conclusively sat at rest. The water is undoubtedly bad and unwholesome, although it is less objectionable in the winter than in the summer time. An increased supply is also needed in order effectually to carry out the proposed now drainage scheme, and we hope that ere long the very heavy rate of mortality which has ruled in this city may bo greatly reduced by the carrying out of these two important schemes. The rapid increase in the population renders immediate action more than ever necessary, and public attention has been directed to them owing to the Mayor’s chair in the City Council having been suddenly left vacantby the retirement of Mr. Dransfield. A former Mayor, Mr. W. Hutchison, and one of the M.H.R.’s for tho city, Mr. G. Hunxbk, are contesting the seat, and municipal matters have been very thoroughly ventilated in consequence. The balance of opinion is in favor of Mr. Hunter’s chance of election, Mr. Hutchison, the working-man’s candidate, being strongly supported by the democratic party only. The former has been a merchant of this city for a great many years, and the chief argument brought against him is that he is too thoroughly respectable; an objection which will not commend itself to the English capitalists, who are shortly to be called upon to lend tho money necessary for us to carry.out the sewerage and water supply schemes. Of theatrical entertainments Wellington has had a very good supply of late, Mr. Wm. Obeswick, who had been engaged by Mr. George Darrell, having just concluded a most successful season. His acting in Shaksporian characters was much admired, and the company which supported him was far superior to most of those which grace our boards. Mr. G. Darrell, to whose enterprise we are indebted for the visit, is to play for a season hero in modern and sensation drama, we believe, and has opened with a play of his own authorship, entitled “ Back from the Grave.”