THE Otago Daily Times. "Incenian aut tacium." DUNEDIN, THURSDAY, NOVEMBER 20.

Otago Daily Times, Issue 287, 20 November 1862, Page 4

THE Otago Daily Times. "Incenian aut tacium." DUNEDIN, THURSDAY, NOVEMBER 20.

Fn our Summary remark's, we drew aitentioti to tlie Loan, whitJf, at the su^ges-tion of the Superiuten<ltnt,«-Mr. Moorhouse, the Canterbury Council have derermm-d to ask fir. and expressed our doubts as t > whether the Genera Guv eminent woul i assent to it, and if so, whether the approbation of the Lnj»eial authorities which is a'so necessiry would be granted. We hi-lieve that no loan fr.r general purposes will be sanctioned, but that it will be made a conit ion in any power of borrowing,..that, ■he money shall be expen leJ on work*, that ..yhen completed, will themselves become i Fecurity. linmigiation iiiruoses,1 to which ,»irt of the Canterbury lo m is to be applied, do not come under this category it must be recollected that we are not ut holding ibis s-ate of affairs—we are only exjihiitiing th« conditions that exist, -tnd of whi.cn. the General Government are :n!ly conscious although appire.itly the Pci- * incial one of Canterbury is not. Tie Provinces have only a permissive ri^'st \vith!rawable at pleasure, to th.«me of th.ir lvii evenue, aud therefore hare no lejpi! chi v to nortgage it. Indeel, they cm'give no title A-Ithoiit the G.noral Govern.neiit. Thi remra! Government in sta n >i.i r with tiuir is<int a Provincial loan, are in r<.n ity s;nc•ioning the mortgage of land, to the same value, for Provincial pu-po es wliioh b'elotigT ro the colony at large. Under ordinary cir•umstances no such consideration would ari-e. ■is it is well understood that as far as the Provinces are c »ncertied, they will up'io.d in ac legislature the respe -five approjiriati m-? of lieir laud revenues, li it the Gjiseail G,)vernnent h:ive already borrowe 1 ia g.-ly \'o: c.l »• ;iiil purposes; the Home G iverament have tlit loan, and th.; il.Kiie G-jvern-iient are not lik-ly to firmer, that tluy miy lave still further to a|)p!y their lemoaqijetzn^ process to the ol.viy. The 1n Is ..'JlJ'a? Middle LjJ.arul are..-seijurity f>r tlu ■noney borrower!, nnd m >re e^pejiully imp irfaut have these beco:ne since the pisVm 7of ■five. Native Lands Bill. It-is-quite pos-ible that the Homj Governm nt will not •siiit to this bill, for. thi very rea*>:i ■hat it at otic stroke disposes of 0 Uir:e an a nou it of the valid security on vhi.eh.ilie/ h v.' advanced, and may have still iirther to advmce, lir.e sums. But if they -sent to the Li<il Bill, it is very certain Hey will be chary of allowing further loan< • i thp rinuiuing stcuruy thi. colon/has to •Her; and in aly c;hc, tiiey will ivqiiire to ■se that the use to which the in mey is to b^ ipplied will, when completed, prove iv itseli 1 security. Whilst these circumsfances lead us to don^t vhether Mr. M orhouse has obtained the con<nt of the General Government, from another "■oii>t of view we can detect the hastily c;)nnlefe 1 nature of the propo-ition i\lr. Muoroiife, indeed, commits the error of all perons yoiing in any science or occupation. i"ne3 r see a r<>y;il ro'id to success, their ima inaionovi'rleijisobstacles, t!ii.'y fan ;y o^ily the "nation of their cod'.w d: row i L-as. What -n'ui ever cornmeiued even to l^a-u hllliai-.1.5, vim, after fluking a c-i mo.-i, did not conceive 0 him-elf the priv.ife O)iui ki tint, to n's abilities, the difficulties of the «;imj lal bejn m rJi overritel. Mr. M>irtouse is evidently a yotri^ fiui ifici^r— ie as fluked out a brilliant ss'i-mj, '-an I, without pausing to consider that hs very lvii - iancy should suggest .doubtslof i\s j)ractica!>ilitv le assumes its success. To co.-urn '>n:e with, his •roposal fora sinking fun 1 is simply untenable uid is either lwsed o i a fallacy or a mi<_ j'iie\ous principle. lie proposes a sinking und to be i-.ivested -it s-ix per cent. It is not 1 cessary to s;iy that for thit iutere-t the' nvestment must be a colonial one. There ire three ways in which the inve^tm -nt nny it* mide—first, by einharkin ? the sinki ig fu.i-l. neither Provinciil or g,j;icMMl Givernm-nt i.curitiis; second, V>y emb irking it in fresh oans to tiie Province ; or th'nd y, by the purchase o( the debentures alr.-a ly i^sied fn rega'd.to the first two it miy be s-iil that •he terms of repayment would not be worth i rush to the investor. It wou db- tlu o'd vorjvwho will be sec irity for thes.'curity ? As we have already shown, tlie loui woul', indirfc;lv,-b^ a generpil G)vern:nentrdo in, the so'oniaH-mds would be securUy for it, and a* :'-irasthe investor i<ci)ncernej, the securrvof i Provincial loan is in some respect-* ,'ivater , than that of a Geiur.il lovernment one, because, besides the hind revenue to fall back upin.he has the othe revenues the Province is it-elf in heron ly'im•Dowered to raise. Thus, to invest in Genetal Government' secuiries woul I, in fact,"" fie nothing more than to renew the loan in •mother shape with hss security, whilst 1o invest it in fresh issues of Provincial debeurures would be to ren«j>.v it in the >amesuape. There would be ex ctly the same amount of indebtednessHttheconcluMonof theterm;i (factit would be an iiiteiniinable loan, at the end o' the rerm there would onby be ..-.fresh dtbeutnres with which to lepay the old-ones. We now come lo the third mode in which" the sin!<in«fund may be invested—nan'ely, in the lorn which it is .iie«int to repay ; and"ihen we find that" what Mr. Moo'rhous^ calls a sinking fund 'would, in nality, be a .process of graduilredtmption. To illu-trate this, we are to <uppo^e that every year so much—say one per cent. —on theen'ireloan, is invvs'ed at six [ier cent, in a siokiu-x fund. By the process of compound inteie-t the amount, in less thsiii f«rty ytars would extin^itish the debt. But it may be said that by reducing, year by year,

one per cent, of the debentures, the redemption would...take 100 years. A'moiiieiit's consideration will show how the amomaly arises. J.n. redeeming. the :r -debentures, so-much of the interest at per sx cent would be saved, and this, at compound interest, would bring out the : redemp-tion-in-exactly the same time as if the whole amount were "left to accumulate. Indied it is evident that seeing that in either case, one per cent per annum would be inves ted in six per cent stock, the same result would be brought about. The only thing necessary would be that in the second case, in redf vnii: S the debentures, that instead oi cancelling them the iutere.-t should be regularly paid and reinvested.

Pr .ctica'.ly then the third pan is, instead ol a sinking und, a process of redemption, only a very unequal one, inasmuch as that every ad ditional year, interest would be paid on debentures that were practically redeemed. The first year, ibr instance, one per cent of the stock would be brought up, and the s.x ptri cent iuterest it bore would be paid by th state on money th.it had in e.ieet b.en repaid, the>ecOiid year an additional amount of stock would be redeemed, on which interest would sLili be paid, aud so on till when half the stock weie rcd.emed, the loan remaining would in eiiect be bearing twelve per c nt. interest. We apprehend we have placed the "matter clearly, the so-called" sinking fund invested in the debentures would in reality redeem them, only, contrary to tlu ordinary principle, there would be aconstanll. increasing scale of redem...-turn. This brings v. to theti-ue nature of vlr. Ivlaorhousc's plan, tha eitticr the Province would be interminably renewing its debt'by iv vesting in fresh debentures, or it would, by investing in th >s already issued, be itself paying' the compouu interest oa the sinking fdad. In other .words, ■iiiste-id of-gradually-paying- o:f the .loan i. would be incro.isi.ig its rjpaym-eut yjar by year, a very unfair plan to future colonists Sell die i-Lui-of a gr.idu.illy i ;cre.is3d scale o redemption.is not in itsolt'sj fau-ty in princciple as that it is v pr.nciple wh.ch would o.il^ be carried out at tlu option, of the borrower . in other words the leader would have no security for its due fiilrihnsut.

A s.nki.ig faai should, properly, be under the contrji of tao<e w-io bad the money it is intenae.t to repay, rather thaa u.ider mat ot tiiosj wao bji-rovv it. Tiu Knglisli capitalist who lent tho money «voa. d object to lv-invest-ia o^ it ia t'rosh p/oviuaial ueojiititre^ aa to invent it ia o'cur sjc.ir.it.es of the sa.n.

coioay is, as wr* invj sa >,va, prajtuaily t.i same, iius.n.iea a.j the sjc.id:y l">r taj i'ro Viiuml loan is a oloaial o.ie. Tiuy wou;^. a>k tli.it tiu injury be invested- i. home securities, aad tlun iiiitoal o tiio sinking fund b jar sag a six pet* cent, cjnijoand interest, it would oni. ue.ir oae oi 2^ pa- cont. or perhaps les, in fac", Mr Mj.jr .louse outfit to kaj-.v tha iv woali not bi a'j.e to invest ia proviasia securities at six pjr cent. T.iat Ls to sty, tSiat uaL'ss he t:>ok th. 1 powjr of re lucin^ t\u stoc.c at mcei'val* ar, par, ac wjuid have to ivdejm it at a pi'o.niu a. Tae d^diiiti.in nee > S2aroeiy be s'at^d- thifc the Sinkia^ Fa.v: ■ t >i\) i )O3\\ is ui-oual, not to say vi4oairy, an., 'that the stock will have to bu> divide 1 int 155U23 having certain terns to run, aad . thloan be thm'nxeityanl gralaally rclcnuble. Our spa,;e-tb^bid.s oar coitiauin^-t'.ie suhjec! as prejeat, but oa ai early occasion we wil slxjW thai; t le other portion >f Air M >.-whoasjV proposal na aely, tiu leaving the niDiiej locally iaveste I at tae sane rate of interest a. waica it is borro^veJ, uatii he fi-o.n time t.j tune requires it, is equally fkilacio is, untenable, and niiachievoas. Our excuse lortim* discussing the subject is .clearly that alchojg the laan asked is far provincial purposes, ta^ security given is a cjionial one.

The people of Otago were lately led to believe that the General Government, to com pensate to them ior the inconvenience 00:150----{jiie.it u.jou their di.stancj f.urn the seit ol Government, would place a repre.^eiita ive in rhe J'rcivi cc armed wirh a certain amouut oi discretionary power. -But instead of this, the merest trifles iluit in the least derive vai\ fi\itn the ordiniry routine, have 11 be re'erred to Auckland, the Gem-ia; Government orHcers die aring that they have no power to act. Tims t:ie i\>stuia*t.-r, anxious to eo-o;e;ate with the lVovincial Government to subsi i-e coaches insU'dd ot' p{;ck-hor^es,"fitids he can do not ing without authority from Auckland. Tin- Collector of Customs appears to be tijil do.vn in a still mote arhkraiy manner. lie cons tiers hirn-iclf restricted to: the literal inter,ir^tati.):i of his ius;i\ic«'>!H, with no more •li-cretio'iary povver. than if he w^re a Custo.n h m-:e michine. O.ily a sliort while back he felt b>u:il to prosecute the ciptai.i of a shi,j f r brin^iti,^ over a r.ics-horsj, a!t!i iu^'i trie :»as«engers-dil 11 >t co np\ ii-i of experie iciu^ any iino iveiijnce, a id tie captain had obtained the express permis-ion of the Chiel C )in;nts-io.ier of Cu-itonu in Victoria. We hive no v a-iotlur iiKtuiie to rec »rl of a >-itnilar inability (o depart from the strict letter Of his instructions. Some new Htrbor He-iulations ha\e lately been promulgated, one of which reads as fol.ows:

—" »Yo boat shall go' alongside o.f any vessel entering ajy pore " except those 11 duly authorised by (jo* eminent before v the vessel is prDperU' se:u-ed tolur ansho--11 rage, and ha-i been deJared free by tlic; lvi- " migration or other proper officer, Uider a '• penalty not exceeding ten pounds." This U a transcript of one of the regulations in Port Phillip,butundertheauthority permittedby thj ori .in il,the to lowing exception is made:—" JST-> ''co.nmuni caiioitisp.nni.ted w.tli t.iesixore from t; inward bound vessels, n<>r can any person " be allowed on board until the Boarding v Officer has cleared the ship, except th>; refor the press, who, in order to fasili- *; tate the speeJy transmission of important in- " tell gence. have spec al j)ermission to boird " and Lawl from vessels b fore such are clear d ■""brthfc Boarding Officer." To i his is added : —'•Masters of v.sse's are recommended to ".have ready a summ.iry in tipUcitsi of the v Litest an 1 and most i.iip irt:int intsll^rfiwe " t'ie>' may bs in p >ssessi m )'", far the pirpo'se " of affording tile public ear'y infomation."

But the Gr neral Gr >« ermn nt, w't'i t ie sane miserable careles3J.e§s whicii made it ss^d a

writ down for the ejection of th-3 Ha ise of Repr.s.-ntatives f,>r a disfcrijt.t'iat hvd c.'as2l t • exist, or which mule it forget to supply the.-r-Judge with the -Acts- which * he had to administer, has omi'tteJ to provide the saving-clause, and consequently reporters would be liable to a fine often p->unis for boarding vessels before they were anchored and cleared. This might entail a delay of several hours, as sometimes our reporter, who is provided with a boat and crew for the purpose, boards vessels at the Heads. We have applied to Mr Logic, and he has no power to act, but refers us to Auckland. Of course we *hall direct our reporter to take no notice of the restriction, an I to go on as usual. If Air. L >gie thinks it his duty to prosecute, we will trust to the infcjlligsace of the Magistrate to inflict a nominal fiae,°until the Auckland Government have ti.ue to

remedy the omission We shouij scarcely mention the cisc did it not suggest that Otag-, is attaining a commercial magnitude that makes it absobtw-l/ necessary it. p :)s tal and castj us djpartm.ms should be presided over by gentleman who, ui-tead of acting mere michi;i2i or re t-t ipists ire peruii ted some diser^tionuv power. There s n jthing in the .vorii to prevent chair hivia ' this. B ,th in E ighrfll ail Victoria rh 3 p >;i----tical head oF department.? never interferes in .uittsrs of details, ti the Gjv3.-ri.ns.it oJicirs ire entrusted absjlutediscretionary p ;)w r «. They are. of coase, re«p-j:isible it1 they misui them, but they have n »t, like eh Llren, to ran to the po'iticil heals to ask to be ta ighi t!i- r less.ll3 when asiythin r out of the °orj:mry JBcnrs. They arj responsible to their chie.s

that they do n>t abuse thjir powers Jat they are nit bo.ivl dr.v.i t) Wl -ittan instructions fnm which th. T a;-e f >rbi Id -a to lepart a single hairs brei'h. Xo-.v, ws coi-t-'iri thit eajh of fie P.-ovii-es >hoalJ. h.ive o.fcrs of this ki id iumsted with discretionary p.^er-, aal :.'sp:)tisible f.ir their « ?a . W.ur^er there Ma deal of bu>i , e ., s cireu n^tt . l:e < oit of rA\-i orlisiiry ai-o n>t of uifreii-u 0:2 ir^ rencß,an.lse.Mn^t:iatthey m.iy b.»ao.isfca »t!yex>ecteliiiOta^o, the ins3.avi.lle;ice will b3 3x2 js<Svj if li-v^r |jo.v.T3 arj n>t to tj 2 vx3aeral G3vjm:u>nt rap;asan-ivj3. W o :ir« lot bla.nui o r th; -2itb.n3:i wi.-, act i^tlnt sipacity, it is the sysrc.n we omplain o". mstaad of bai ig obliged t> ref.-r evjr/ ii tl•altry muter t., Aucli.il, th y o.i f ht ti be :old that 1.1 doing sj they ig.!,)re the res »,. übihtus oi' thjir p 33 iti >1. T.ij C ist > v .' a 11 A>sfc O.li^j d2T.i-t.-ans of a pA>.i»j 3 [\' is )tago, ca.itai.iinr a Ej^32lll p-j >aliti3.i q-ail t.) thewinleof tw North Islia 1, r.-1 laird rjsp Misihie cj ltr i!h H , so new lit u.'irer ;-iaa Al3kla.ll—.uurly a tln.iu.il .ullos dis:aut.

In ronsf-quence of an unusual i-ressnre of im•ourfant m-Aivr vrv are t-cnniu'llwl to 1.01.l over uiiii to-morrow, cur .e,, or , ~1 JM..J.,,. - icl.ar.ison's yeturebdoretl.eYoui.s M, Ml ' s ChrnLmu Assolation, delivered hist evenin-r.

■'The Colleen B.w.t" was repeated at the Theatre R.yallLst evenly, un I was .t-iin sue:«3.sfuL M:»s G .rlo-i. as AiiG nt«, sm r vvry ivoetly ami expressively, " U-MevQ me, if all c loss en-learin x you ig clwwk." Tins clo-e of .he see >n I nut wis heartily e .icm» 1.« i I thy u>pl.iu« was unst hurty a* the curt an f e !| Hie lively an I exo.-llenr.ly pl iiyi! 1 tmrlesi.ie* • Mis:v:ucllo, M w.is thy c.)ini!uUnir piece.

At the PuK:e«s Theatre last evening "Tho Po »r of L-»n Ion" w..s H pain played. ] t « si., uu . I'Hty, cm^H.-atel plot of frau-1. p ission, anj •»s.Ty. an 1 the excel en->e of ni,,sr of the action l«ep!y inft-rcsted t!»e an lienee an 1 secure I ihdr oud and f,vq 81 ent phunlits. Oie of t!io 111,4 -michinir and nicely done bits of » sensafi m" in f.e lira ivi orcuvt at the mveting o f the S^. homes •ieir a railway sturio-i, each uiKiunvn fo the •thers, bAwr out b-j^hfr for the means of *.tsrenanc-.! for the whole. M-s Scab irne, as a.lwt rcs'Hi-c<?, sm-s \v?V\ wenk trenn'o i,-n»ss. " We •uiy \u happy yet," but brenks of sn Ido-'.lv and fi Is senseless. The sinirinj? an.l acting of U1 lane O.randini are quite artistic*; so is the tfpnenil ■,'rou;.in S O f the chapters ; an 1 the who'e scj-ne is- really telling " L j, is3 ir , n }l^ f was also repeated as before, with great success.

A notification nppoars in oar ndverti-isig •olumns fi-on the C » irni.^j.-v.r of C • nvn r,-m l s that the lessee,; of S 'dims 1, 2, an 1 17. in the C.-on-n Reserve. Princea-str : cf,-Kist si | B D mo-lin, iMvi.itr for/cite.l tfwir right of oce:i ntion for o ,c ye.ir, from sth Fb-.nry, 1362; these s.c-tions will be let hy atctioi f»r thi ren.iin lee of the term, at tlia L.m I O.Sjj, oh Friday (tu-uurrow), at 12 o'clock at noon.

We are requested to draw attention to an a,iverti*e;ne>ifc appearing in an-itlmr colunn, uinoancmir fie optM»in«r, t'lis evc-iin*. of the Njw Ze.lui! Pioneer L> ir e o f t !i C Ancient 11 lepen-.lentOnl-rof Oil F -110 v. 3 . .Tluw-n >:iy is to take place at the Q tail's Ar ns-FI )te.l, at halfpast seven o'olodc, an I it is co irt lon \y ex .ectu.l tliat a l.ir^e number of the fraternity will be

present.

A native, whose nam-j reduced to Evj'hhis William Brown, an I who resiles ac P ii -ii, iv.ur Maharmsji, aWertUes in tho: Ai;kla:il pi>»r« (h.-ifc he "is desirous of ten \[ t r t i v ., Sll nn f noa for t'irec .wars, at tei pjr c nt. pjr a m i v."

Jones and A mther v. W.lsou nn I A i »fc'i<»r, whioh occiipiel yesterday's sittii^of the S>a:)r-in j Curt, was a ehim fo • Lt4, the wholes de value of 16-ca.si-s of hr ni.lv, whicii it was allt 1^; I wvr", in Djce-nher last, delivurjl c> oie of Vti defendant's 'urter*. fir c >n»'eya ma to the pi lin'ifTs store.hut ntjvtir driven.-, I tli^ra. A v,t ii.:r, wn uiveu for (h:. all > Lit ul.ii'ii •»]. Pi:i.:h v. Uji'cloj >hn i-j uVr, i.i o.'ler K»r f.iU inwiu,', all is fo lowc i hr S nith v. Clark.

According to a statement in the " D;iily Southern Cross" ilipthena aprxar* to be ra/iu;? at Port Ja-kso i, rou id C.i.»a Cilvillg. \ short time si'icc, :i cihL f, his two s >us, aivl othur 'iiemhers of Siis family (sovon in all) liedof iliptheria. Within a fjvv weeks n > fewvr' Uinsi twenrv, old •and youiu', \vt;re carried off by the sain^dir-eise-at Jljirwia ; and the rutjvc «fpesf«r at C< nrnmn duihas.it ci;H.'qi.<.!ic^, pr.jiiioitu 1 aly of the Manata natives travelling throi^h C>roniule', for fear of having this scourge introiuued Among his people.

TiieVViUiam Ackers, which .arrivel at the Heads yest<*rlay, left Melbourne on the llth, hut up to that date there was no si^a of the Eigli-.fi mail.

It is notiftVl by an a-lvertLsemsnt; whi'ih appears elvwhure that Ci-oAMi fruits ure reily f>r issue t')H. nan'Jw'i'of puMiiis, 51'iisc of whose" n.imjs is appen Ie«l.

The fourteenth list; of p,hi-cans" Licences will be considered ou Ist.December.

In the '• I'roviijcui.l iGroveriiaient Gazette" Of yts-ttrday's (lute is pub i>heil 'in ixieuso" tlucofr« s; on«k-nce resufecUu-j; the rchiJC-ittuiis on the jmj o. tutioii of ciiltlc. rf » us to allow nf thuif lii-iay brought into this Province ?rom Gtpps Lum'.. The ct-rri'S|)t)it(k-ncs umbr.iees lutiers between tinProvincial i\n\ GcujmLG ivernmcnts, and also between tht-SSupciintendcMitut1 Oiago and those of tin.' other pi-ui isjc. sof the Middle Island. There ftvt; besides k'ttci'B to and from tin .11-mry Ba klv, Guviruor ot Victoria. The m-t re.-ult of the cor-Uf-pi nduico is (hat the Gntral Government, ■whiio a,.[.roving tiie acion taken by the Superintendent of Oti^o in purrnitiing importation iron- Gipps Lund nctually sets its fa.cc again si any fun her relaxation of the rcstriciiois on Ln]iortiitiun, ami that t'ne Government of VU-toria h-.ivuijf declared Gi[>ps Ltnd it "clean <list.icfc," uudcrtu kes to i>pj oiht an inspector to preserve i. from tiie approach or infected cattle. This ay. I'ointuii'Ut Ims since been made.

We o!»erve that the indefatigable Cubb and Co. sire ulioui starling a coach to run weekly to the* Diiiii-tuu-

"We have to ackiiowlerijre the receipt of a copy of a liihogiuj-lied <l.iaui;ig of thu Junction of the M.iiiiilieiikiu and Molyneux Kivcrs, The liilu.gr..j.h is executed by McKcllar and O>, Duiudin, fVom a drawing taken on the spot !>y J. Browiu-. The sketch, although rough, and in Koine rcsjierts uoL thoroughly artistic, U nos dtvoiil ot sjiiiit, and is of course interesting, I'}' reason i-f liie att<-tiiion tliat is now biio •■ din.rkil io the locality represented. The scene is vil lin the t-xtreme. The most striking fe.uiire in the pictun*, is the strange rugged appi-ar-ancc, of llie hills, which imparts to the scene an allcguther }ie uliivr clnuacler.