NEW ZEALAND NEWS.

New Zealand Times, Volume XXXIV, Issue 5734, 15 August 1879, Page 2

NEW ZEALAND NEWS.

SUMMARY FOR THE MONTH

JULY—AUGUST,

for transmission hy the I'.M.S.C. City nf Nem York, from Aurhlawl on Die I'Jlh Auynst, via San Francisco to Europe.

GENERAL SUMMARY.

Since Uxo date of our last summary, politics have been tho all-engrossing topic of conversation and discussion. The speculations as to failures in business and tho dulness of tho times have been to a groat extent relegated to ttio background. So intimately connected arc politics and business in the colony, that those who are striving hard to attain a position in the commercial world, as well as those who have already become successful merchants, are forced by the very nature of things to pause and consider whether the Government of tho country is in the hands of men capable of properly administering its affairs, and so giving a guarantee not alone to those who arc here, but to capitalists in other parts of the world, who might be willing to invest their money in the colony. That such confidence has not been felt in the Ministry, with Sir George Grey at its head, has been very apparent, and tho defeat which the Government lately sustained has given almost universal satisfaction in business circles, and to tho thinking portion of the community, almost without exception.

Although there are no great signs of any strong revival in trade, there are not wanting tokens that the dull times are, to some extent, passing away. Tho failures are gradually getting less, and the amounts of liabilities are not nearly so largo, in the case of those who are forced to compound with their creditors, as they were five or six months back. The muchdreaded fourth of the month has passed away without producing anything in the shape of an earthquake in commercial circles, and nearly every bill was readily met. The passing of tho Five Million Loan Bill through the House has had a very reassuring efiect, for whilst anything in tho shape of indiscriminate borrowing would bo condemned on all hands, it is felt that, to make our railways thoroughly reproductive, it will be necessary to complete all the main lines. Tho returns for the past year have given 3 per cent, over and above working expenses and maintenance in the Middle Island, and nearly If per cent, in the North Island. The latter amount would bo much more than doubled were the main lines completed ; but so long as only portions of tlxe lines are available it cannot be expected that anything like.a high rate will be forthcoming towards tho payment of interest on construction and sinking fund. The returns for the Middle Island would also have been very much greater had it not been for the large losses entailed through the disastrous floods which occurred there, and which did very considerable damage to the railways in the districts that were flooded. It is hoped, however, that the protective works constructed will prevent a repetition of any serious damage in the future.

The rates ruling for deposits still continue high, and there is no alteration to note from those of last month. For three months 5 per cent, is quoted ; for six months 0 per cent.; and for 12 months, per cent. The rates of discount and exchange also continue unaltered. The supply of money for mortgage purposes continues to be far short of the demand, and 10 per cent., and even 12 per cent., are readily given with unquestionable securities. This will prove an astonishing contrast to the low rates which have been latterly prevailing in Great Britain, and should prove a great inducement to the Home capitalists to invest in this colony to a much greater extent than they have yet done. The value of the imports for the quarter ending June, 1879, amounted to £1,791,264, as compared with £1,550,269 for 1878 ; and the value of the exports for the same period amounted to £1,296,438, as compared with £1,106,412 for the corresponding quarter of the previous year. It will thus be seen that there is a great improvement in both branches—the imports being, about £240,000, and the exports about £IIO,OOO in excess, as compared with the same period in the previous year. From the large amount of imports, as compared with the exports, a few people are loud in proclaiming that a healthy state of things cannot last, and in consequence they prognosticate all sorts of calamities as sure to occur. Whilst it may be necessary to give a few words of warning to over-san-guine people, the arguments of the class who may bo denominated croakers will not be found, on close investigation, to have much weight. A great portion of our imports are comprised in plant and rolling stock for our railways and public works, and until these have arrived at a more advanced stage, it will be only reasonable to expect that our imports must not be on a level with our exports. There has been a small falling off in the exportation of both wool and grain, which must still be looked upon as the two principal staples. There is, however, a large increase in the production of grain, which serves to counterbalance any loss in the other articles ; and there can be little doubt that before many years shall have passed away, New Zealand will become one of the chief grain-exporting countries in the world. The news of the successful action taken with regard to the Darien Canal has given great satisfaction in all parts of the colony, and that feeling is still more enhanced by the knowledge that the undertaking has been entrusted to the most eminent engineer in the world. It has been a matter of surprise to learn that the project should have created anything in the shape of ill-feeling in the United States, or that the citizens of the Great Kepublic, or the Press of that country, should have looked upon the project in any other light than a commercial one. The general satisfaction with which the news has been received in this colony is, no doubt, to a very large extent, due to the knowledge that the opening up of the canal will have the effect of giving a wonderful impetus to trade in this part of the world, and of shortening the distance which now separates us both from Europe and America by such a considerable distance. It is the confident hope, therefore, that nothing will be done by either the Government or people of tho United States to mar the success of a work which must prove a blessing to that great country, as well as to the islands situated in this part of the Pacific Ocean.

Meetings on the immigration question have been held in several parts of the colony, and a crowded meeting was held in the Arcade in this city on Saturday last. The feeling is pretty general that immigration, so far as the male sex is concerned, should be abandoned during the winter months. The demand for single girls continues nearly as good as over, and the most rabid anti-immigra-tiouist will hardly be found to argue that it is either wi<e or politic to put a stop to the supply of female immigrants. A deputation from the meeting waited upon Sir Geokge Grey upon the following Monday, and the Premier gave them an assurance that orders had been sent to the Agent-General to stop all further immigration for the present. There are a

good many men reported to be out of employment in some districts, but this can hardly be otherwise, when it is remembered that a very large number are dependent on the building trade, and that occupation is always in a more or less depressed state in tho winter months, not alone in New Zealand, but in nearly every country in the world. A very large temperance meeting was held in tho Arcade on Monday, the principal speakers at which were the Yen. Archdeacon Stock, who occupied the chair; Sir William Eox, M.H.R. ; Mr. Woolcock, M.H.R. ; and the Revs. Messrs. Hinton and Williams. The object of tho meeting was for the purpose of educating the people, so as to prepare the way for the introduction of a Local Option Bill. There were no resolutions laid before the meeting, but there can bo no doubt that it was one of the most successful ever held under the auspices of the temperance societies in this city. Sir William Fox stated that such a law as that now advocated had been passed some six years ago, but the necessary machinery for carrying it into effect had, been omitted, and it was now proposed to remedy that defect.

The second annual meeting of the Wellington Working Men’s Club was held on the same evening, and the half-yearly report and balance-sheet showed a very satisfactory state of things, notwithstanding that serious loss and inconvenience had been entailed through the former premises occupied by tho club having been burnt down. There are now 395 financial members on the books, 70 of whom are honorary, and eight life-mem-bers, although 100 had been written off on account of their subscriptions not having been paid up, and 112 members besides had left the city, and gone to other parts of the colony. The assets of the club exceeded the liabilities by nearly £350, which is certainly a satisfactory state of things, considering that the institution was only started two years ago by about two or three dozen working men, and with something less than £lO in hand at the time. The club has very wisely steered clear of political and religious discussions, and so enables men of all shades of politics and religion to feel quite at home in the comfortable premises provided for their use. The President (Mr. Heiden), on being re-elected for the second time, remarked that the club did not favor any political party more than another, and expresssed a hope that the ensuing election would not be allowed in any way to disturb the harmony existing between the members of the Club. That the sentiment expressed by the president was received with very marked approval from all parts of the room is an evidence that no man, or party of men, will be allowed to use the Working Men’s Club of this city as a lever to further their own ends. It was announced that life memberships had been conferred on Messrs. W. Hutchison and S. Brown, who have acted as trustees of the Club since its formation ; and also upon Mr. W. H. Quick, the solicitor to the Club, and Mr. J. Laughton, late secretary—the honors having been conferred for special services rendered. Life memberships were also offered to Messrs. P. Galvin and H. E. Waroup, the first president and treasurer respectively ; but both gentlemen declined, preferring to remain working members. The success of these Working Men’s Clubs in all parts of the colony, if they are as well conducted as the one in this city, cannot fail to have a beneficial effect upon the working men of' the colony. These institutions will have the tendency to raise the members socially and morally, without resorting to the arts of the demagogue, whose chief aim is to try and bring down every person in the community to one dead level.

A meeting of ratepayers was held in the Athenssum on Saturday last, to discuss the project of borrowing £130,000 for the purpose of obtaining a supply of water for the city from Wainuiomata. The voting was very close, only 35 votes being given for the proposal, whilst 32 votes were recorded against it. A poll of the ratepayers has been fixed for Wednesday next to decide the matter, and there appears to be but little doubt that the proposal will be carried by a large majority of those who will take the trouble to vote.

The twentieth annual report of the Post Office Department has been published, from which we gather that there has been an increase in that branch of the public service of nearly £16,000 as compared with the previous year. There was a debit balance at the close of the year on the side of expenditure of over £12,000, as against nearly £22,000 for the preceding year ; but that is not to be wondered at, considering the sparse state of the population in some parts of the country districts, together with the fact that a small population like ours pays over £50,000 for conveyance of mails by sea, and nearly £30,000 for inland mail services. The securities held by the Department, in connection with the Post Office Savings Banks, at the close of the past year, amounted to over three-quar-ters of a million sterling, taking the securities at the nominal value"} but at the actual rates ruling at present, the amount of the securities would be, in round figures, £756,310. The interest received and accrued on the investments was over £36,000, of which nearly £32,000 was placed to the credit of depositors. The profit from this branch of the department for thepast year amounted to nearly £3OOO, after deducting working expenses. There were 814 post offices open at the end of the year, sixty-five of which were established during the preceding twelve months, and nine additional money order offices and savings banks were added during the same period. For more general information in reference to this department, and also in connection with the receipts and expenditure of the Consolidated Revenue, Public Works, and Railways, wo would refer our readers to the tabulated statements published in another part of our summary.

Dr. Johnston, who has for a period of 20 years been surgeon-superintendent of the Wellington Hospital, was presented with a complimentary address and a handsome mantelpiece clock, on the 31st nit., on the occasion of his retiring from that, position. The presentation was made by the Mayor of the City on behalf of the donors. Dr. Johnston will still retain the position of honorary consulting surgeon to the institution with which he has been so long intimately connected, and wo are only repeating the generally expressed wish by hoping that he may live many years to enjoy his well-earned repose.

A very familiar face will soon be removed from Wellington. Mr. Ebenezer Baker, who has been clerk to the Resi dent Magistrate’s Court for a lengthened period, has received the appointment of Resident Magistrate for the district of Wairoa, in the Provincial District of Hawke’s Bay, and will take his departure on Monday next. Since his promotion Mr. Baker has received many well deserved compliments from the Bench and from the Bar, and there is a general concurrence of opinion in the action of the Minister of Justice in thus worthily promoting an old public servant. Mr, Baker has been succeeded by Mr. W. P. James, who was once assistant to the gentleman whose place he now fills, Mr. James was always a great favorite, and he has been warmly welcomed back again from Dunedin, where he filled a similar position for the past two or three years to the one he now occupies.