The Opunake Times. TUESDAY, MARCH 5, 1895. NEW PLYMOUTH HARBOR LOAN CONVERSION.

Opunake Times, Volume II, Issue 70, 5 March 1895, Page 2

The Opunake Times. TUESDAY, MARCH 5, 1895. NEW PLYMOUTH HARBOR LOAN CONVERSION.

Mr McGuire, M.H.R., in his address to his constituents at Opunake on Wednesday last, dealt with the above subject. If there is any one subject with which he is conversant in a greater degree than any others, it is generally conceded to be this one of the harbor. He stated that no one yet had been able to irip him up with regard to any statements he had made ii] connection with it. This statement indicates very great confidence in himself, and makes the general public a bit scared of opening the subject in debate with him. We are quite at -one with him in his endeavor to get restitution for the lands taken from the Board and handed back to the natives as a peace offering for the benefit of the whole colony. The continuance of hostilities was a charge on the consolidated revenue, not on the district of Taranaki, and had these natives been left landless, they would in all probability have been driven to desperation, and further disturbance created by them, which would have necessitated the keeping of a large armed force so as to be preprred for any contingency, and this expense would have to be borno by the colony generally. In adopting the wiser and more humane method of pacifying them, by returning them sufficient land to fully provide for their immediate and future requirements, the colony was enabled to reduce the large expenditure which it was placed under for the military force in occupation of the district, and substitute therefor the " one policeman," at cost of, say, £l5O per annum. Besides this the colony reaped a very large indirect benefit in the immediate settlement of the country throughout what was previously a disaffected district, so that from a waste and dangerous wilderness, it has been converted into.a perfect hive of industry, and a producer of national wealth. The direct price of this gratifying position of affairs was the direct grant of 200,000 acres of Government lands to the malcontents. This land has been valued in its unimproved state at £2 per acre, or a total of £400,000. Three hundred thousand pounds worth of this belonged to the colony, and one hundred thousand pounds worth to the New Plymouth Ha ibor Board. We do not dispute for one moment that it was a wise proceeding to purchase permanent peace at such a cheap price, but we cannot see where the justice comes in to make this district contribute such a large proportion of the cost. Mr McGuire succeeded in getting a Committee of the House set up to enquire into the whole matter, and the Committee reported that restitution should be made, but so far the Government has turned a deaf ear to the report of the Committee and the persistent efforts of our member. With regard to the scheme for conversion which he has now on hand, we cannot say that we are prepared to accept it, as put forward by him, iu its entirety. In the first place, he has not given us auy information whatever as to the terms upon which a conversion could be effected, and this, to our mind, is the vital part of the whole scheme. We have it, on the authority of Captain Russell and other proraiueut members of the present Opposition, that some of the conversion transactions of the present Government have resulted in a loss to the colony, and were carried out by the Government ostensibly for the purpose of collaring the Sinking Funds attached to converted loans, so as to bolster up their finances for the time bein#, and prosecute certain public works, and keep employment going for the co-operative workers. This reason for conversion is just the reverse of what the great bulk of the New Plymouth ratepayers wish to see. They have no desire to see the present Sinking Fund of nearly £30,000 freed by means of conversion and made available for harbor works. In fact, to prevent any such contingency, we consider before any conversion on any terms takes place it would be advisable to cancel the bonds held by the Sinking Fund Commissioners, and thus reduce the debt to a net amount of £170,000. This would not prevent the Board from still putting away each year the amount it now pays in interest to itself on these debentures which it holds, and from time to by cancellation of bonds acquired, with these accumulations, effect a reduction of the debt, which would have exactly the same effect iu its ultimate extension as amassing the total Sinking Fund, as at present. It would have the advantage, also, of placing it boyo»d the power of any future Board of acquiring the Sinking Fund for any other purpose than that for winch it was placed aside. We now come to Mr McGwire's statement, that by means of conversion from G per cent, to 4 per cent, an annual saving would be made of £4OOO, as the interest would be reduced from to £BOOO. It is quite clear to us that the present holders of 3 per cent, bonds, with a period of fourteen years to run, and who G*n ai present obtniu £lO4 for each £4OO debenture, are not likely to

give up one-third of their present income unless they receive a very handsome premium for so doing. It is, however, perfectly certain that a premium would have to be* paid, and by this means the total debt would be increased, and on this increased amount the intsrest of 4. per cent, would amount to more than £BOOO a year, and, therefore, the saving would not be as much as stated by Mr McGuire, and consequently if he has never been tripped up before, on cool consideration, we think he will admit that his statement throughout his addresses round the mountain has au extremely poor chance of being verified. We cannot of course set down definitely on what terms conversion can be effected, but taking the past transactions in the conversion market, we think it could not likely be effected at less than a premium of say 22 per cent. An Otago loan, at 6 per cent, which would mature in 1898, was converted in 1891 to 3i per cent inscribed stock, with fifty yoars's currency, at £l7 10s premium'; and a Canterbury loau, at 6 per cent., falling due in 1913, was converted in 1891 to 3J per cent, inscribed stock, with 50 years' currency, but as it had a longer time to run at the 6 per cent., the high premium of 30 per cent, had to be paid. If 22 per cent were the preminm to be paid for converting our loan, the total debt would be increased from £200,000 to £244,000, and the interest would be, at 4 per cent., £9760, thus effecting an annual saving of £2240, but when it came to be paid off we should have to face a liability of £244,000, instead of the present £200,000. If the ratepayers look forward to the debt becoming an everlasting charge on their properties, then possibly the immediate advantage of a reductiou in interest charge would be desirable, but if they hope to see the debt liquidated, then we question very much if converting the loan would be any advantage it anything like the premium we assume should have to be paid. If the Government, however, made restitution to the district, and were prepared to take over the assets and liablities of the harbor in accordance with the recommendation of the Committee of the House, and bought up the debentures at their present market value, viz., £lO4, it could be done at a co3t of £BOOO for premium, provided all the holders are willing to sell at market quotations, but we question very much that they are, aud in that case there would be nothing for it but to allow the debentures to mature, and then float another loan at 4 per cent., when the transfer could be made #t par. '

Mr Allen Bell notifies that he has a twohorse power for sale. A child named Albert Pritchard was scalded to death at Gisborne. The supposed arsenic found in the teacup of a Nelson resident turns out to be snuff. The Rev L. M. Isitt will deliver his lecture on " Prohibition" in the Town Hall this evening. The chair will be taken at 8 o'clock. Mr Newton King notifies that he will hold his next Kahotu cattle sale on Tuesday, 12th March, instead of on Wednesday, liith, as previously notified. We give a reminder of the Oaonui School picnic which takes place to-morrow, and hope a continuance of fine weather will greet the occasion. The Taranaki School Commissioners consider there is no necsssity for a Fair Eent Bill. From a few instances we know of of their tenants we think some such measure is urgently needed. A gentleman residing in Trafalgar Street South, Nelson, planted fourteen pounds of potatoes in his garden, and has just dug three hundredweight therefrom, or equal to twenty-four pounds to every one sown. The variety planted was Breeze's Prolific. The second acceptance for the Sires' Hack Produce Stakes of 1890 loaves 33 in, aud the first acceptance for the Sires' Hack Produce Stakes of 1897 shows 26. Fiftyrsix nominations have been received for the Sires' Hack Produce Stakes of 1898.

We are pleased to report that the Very Rev Father Mulvihil had sufficiently recovered from his recent serious illness removed to his home at Hawera on Sunday last. We, together with his many friends, wish hiin a speady total recovery, A meeting of all those interested in the establishment of freezing works for Taranaki will be held on Saturday next, at the Council Chambers, Town Hall, New Plymouth, at 2 p.m., for the purpose of taking the necessary steps for the establishment of such works.

The Taranaki County Council gives notice that for the purpose of collecting the wheeltax a collector will be in attendance at Mr MacEeynolds' store on Monday, 18th March ; at Opunake, on Tuesday, 19th March, at Mr O'Brien's office ; and at Kahotu, on Wednesday, the 20th March, at the Parihaka Koad Board office. Mr J. C. George, accompanied by his wife, left New Plomouth by the 4 o'clock train en route for England, on Saturday, where he has been ordered op account of ill health. It is to bo hoped that he will return thoroughly reoruited ajid full of energy for further enterprise in the dairying trade or Taranaki.

At a meeting of the Taranaki Acclimatisation Society Mr Little said a splendid specimen of the English trout was found in the Waiongona at Sentry Hill; it was over two feet in length, and seventeen inches round its "waist," and weighed ten and a half pounds. He also said that eome more fish pf apparently the same size had been seen in the river about Lepperton. There was an exchange of compliments between the Minister of Labor and one of the free and independents before the former could begin his address atDunedin last week. " Take your hands out of your pockets," shouted the F. and I. before the Minister had time to open his mouth. "As long as I keep my hands out of your pockets you ought tp be satisfied," retorted the hon gentleman, but the interrogator was not silenced, for from him came the defiant answer; "But you don't do it!" At a valedictory dinner given by the Crown Dairy Factory to Mr James Kowin, Messrs Chrißtmaß and Lovell's colonial representa tive (Mr Lictitfield), sub-inspector of the Bank of New Zealand, in responding to a toast, said "he was not accustomed to make speeches, but he thought with Mr Kowin that there was a prosperous time in store for the cfilony. The present depression, lie considered, was transient, and must pasa away, as the colonv was too good to bo kept back for any pariod. As regards this coast, and he did not think ho was letting out any secret, and it might be gratifying to the residents of the district to know he could inform inform them that this coast had not contributed towards the debt of the bank. (AppJau.so.) This was satisfactory." The tightening of tne purwe strmgi, which many p,f those in the district have beenmade to feel very severely, must be even a bit worse than visiting the Ems of the father on the children, which we have beeu taught to expect.

Mr W. D. Scott notifies entries for his next Opunake stock sale. Mr T. Kennedy Macdonald, of Wellington, i 3 gazetted a valuer under the Government Advances to Settlers Act.

The public and private debts of Australasia are not less than £400,000,000, and the interest "thereon £20,000,000 per annum. A well-known settler in the Wairarapa district has lost a number of his sheep in giving them an overdose of arsenic as a cuie for worms.

A Feilding resident, Mr William Wood, died on Friday from inflammation, brought about by his drinking cold water whilst in a heated condition a few days days before. We regret to hear that Mj Phillips' boy broke his arm to-day. Ho was assisting his father cutting firewood on the Ihaia ltoad when the accident happenned. We hear that Mr Marshall, manager for the Crown Dairy Company, has arrived in Opunake, where he intends residing. He has taken Mr O'Sullivan's house in Wharf Street. We are indebted to Mr Moore for the following particulars of the rainfall for February :—There was a total of 5-74 inches on 9 days; maximun for previous 24 hours was 195 registeredjon the 6th. Mr W. Bayly has displayed commendable business enterprise in having fitted up at his Central Meat Bazaar one of Hall's refrigerating machines, which, we understand, answers all the purposes for which it was purchased. —Herald.

In order to prevent the overcrowding of sheep and cattle in the railway trucks, the Minister of Railways has empowered the stationmasters to decide when a truck is reasonably full. Hitherto those who engaged the truck squeezed in as many as they chose. Mr Malcolm Macpherson, of Christchurch, has been appointed general manager of the Loan and Mercantile Company in succession to Mr Battley, who resigned through failing health. Mr Dodds retains the inspectorship, but will have more control than hitherto.

The Germans are learning the lesson that thrift requires savingin small things. There the steel pens thrown away in schools and offices are conscientiously gathered, melted up, and made into knife blades, watch springs, and other articles of value. The proportion of firearms, gunpowder, munitions of war, and warlike stores from New Zealand to Samoa or the Navigator Islands is prohibited under pain of a fine of £SOO. This prohibition, however, does not apply to firearms, &c, consigned to the Samoan Government.

One day lately a rumor flew over Melbourne that the Queen was dead! The rumor had much precision of detail. Her Majesty, it ran, had been struck down by an apopletio fit, and the news was posted in the Exchange, and for a short time was widely believed.

The Economist, referring to an admission made by Sydney experts that the present system of shipping wool is dangerous and liable to cause combustion, enquires whether the colonies prefer to regulate the matter immediately, or to wait until a steamer is destroyed by fire in mid ocean. An old fellow who had taken the pledge, but whose practice did not keep pace with his profession, was twitted about it one day by an acquaintance. "Oh," said the old self-apologist, " I jist whiles pits a wee droppie in the boddom o' the tum'ler, jist tae warm the gless like; but ye ken, I never drinks doon tae the whusky." The Lyttelton Times shows that a cooperative workman, about whom a great fuss was mado because he was paid £22 for one month, received the money as a final payment for work of an extremely dangerous character-the removal of a slip at a point at which he was exposed to the constant risk of meeting falling earth and pieces of rock. For this hazardous duty tho precise amount he wa3 paid was equal to lis per wovking day. A woman with a wonderful memory is on exhibition in London. She can work out the most difficult sums without writing down a figure, plays games of draughts, dominoes and cards simultaneously, tells almost without a pause how many seconds a person has lived upon the date of birth being given, also telling the name of the day upon which such individuals were born.

The Rangitikei Advocate is the following tall anecdote: —Some very funny things have been done by animals at different times, but as good a thing in its way as we have yet come across was told us at Turakina. Mr Scannel has a horse that always comes to the smithy when its shoes are worn off, and will not leave until it has been shod. As soon as the shoeing is finished it will go contentedly away to its paddock. Opinion is still divided at Home as to whether the Manchester Ship Canal will ultimately prove a grea.t commercial success or a perpetual white elephant. At present probabilities seem to favor the latter alternative. So, too, it seams as if that huge expenditure on the Tower Bridge bascules was hardly warranted by the necessities of the case. Only 17 vessels on an average pass through the bridge daily. Their passage costs " something " apiece ! We understand that the boring operations at the Petroleum Works are proceeding satisfactorily, a depth of 450 feet having been reached. Last week as much as five feet was bored in one hour. The present process of pumping up of the sand from the bore hole is muoh more expeditious than formerly, a wire cable being used instead of boring rods, which had to be unscrewed and screwed on again every time the sand bucket was raised. News.

We regret to hear that Mr J. McHardy had the misfortune to break his leg yesterday. It appears he went to Mr Machray's place on the VVatino Road to lend him a hand to brand some cattle, and whilst so engaged the accident happenned. Mr Hurst drove him into the Hawera Hospital. We understand he had returned only a short time from that in stitution where he was laid up with an axe cut in the same leg.

Mr W. E. Spencer, the newly-appointed Inspector of Schools for this district, arrived on Friday to take over the duties of his office. He was formerly an inspector at Wanganui. Mr Murray, the retiring inspector, will remain in New Plymouth for some time, but, we (News) understand, he intends to reside in Auckland, where he will enjoy a well earned rest. He has been most assiduous in the discharge of his duties during his residence of over ten. years in Taranaki, and he has the satisfaction of knowing that he leaves the schools in a greatly improved condition to what they were in when he first took charge of the district. We learn that Missßarron has been offered aud accepted the appointment of assistant mistress at Waitara. She will be missed from the Opunake School, where she was a great favorite with the children under her charge, and this is one of the main elements in their progress. Whilst not wishing to offer anybar to any teacher bettering his or her position, wc think the Education Board should introduce a rule similar to that in force in the Wanganui distiiot, that noteacher should be allowed to apply for a removal inside of 12 months, as constant changing of teachers is very detrimental to the schools, and the children, for whom the system of education is inaugurated, should be the first consideration with the Board.

Mr A. H. Nathan, ex-chairmau of the Auckland Chanibpr of Commenpe, intendo to leave Auckland on a visit to England! He has tendered his services to the Auckland Harbor Board for the purpose of enquiring aa to the terms on which a conversion and consolidation of the Board's loans can be effected, as lie considers a saving of £7OOO per year could be made. By constituting a 4 per cent loan for the present 5 per cent and 6 per cent loans, and utilising the accumulated sjnkifjg mnd, he eonaicjers the interest Would "be reduced from * £33,000 to £16,000 per annum on loans totalling £400,000. This proposal will be considered by the Finance Committee of the Board.