The Telephone. WITH WHICH IS INCORPORATED THE POVERTY BAY STANDARD. PUBLISHED EVERY EVENING. GISBORNE, SATURDAY, AUGUST 9.

Poverty Bay Standard, Volume I, Issue 205, 9 August 1884, Page 2

The Telephone. WITH WHICH IS INCORPORATED THE POVERTY BAY STANDARD. PUBLISHED EVERY EVENING. GISBORNE, SATURDAY, AUGUST 9.

The past few months of political warfare has been one unprecedented round of sudden and startling changes in the aspect of the situation. We do not pretend to an iota of the perspicuity of the great authority on Parliamentary matters Sir Erskine May; but we are inclined to think that Sir Erskine, Bagshot, Macaulay, and the host of other authorities would be equal to the task of finding matereal precedents for all that has lately transpired in our own legislature. At the assembling of the House at the last session we had the tabling of an adverse vote and defeat of a Ministry before even time was allowed them to set forth a policy. This defeat was brought about by a disorganised Opposition — themselves unable to replace the defeated Ministry by another that would be at all acceptable to the country. Loud cries were raised that the Government should accept their defeat and resign. This the combatative Premier declined to do, true to the British instinct of not knowing when he was beaten. The responsibility then rested upon His Excellency the Governor. No direct advice was tendered him. He, doubtless knowing full well the political state of the country, dissolved the House, greatly to the chagrin of many members who had not foreseen such a sudden contingency and loss of seats. The several quasi leaders were humbled and disappointed. Each aspired to the

position of Premier, cash lacked the ability to fill the position to the satisfaction of the country. In going to the country it was endeavoured to perpetuate the cry " Grey versus Atkinson," There, however, had been too long the cry of “ wolf, wolf,” to for one moment mislead any but those utterly blinded by party prejudices. The country looked for a change. The policies of both these parties had been worn thread bare, and the majority of electors were not inclined to patch up their worn-out garments. Electors would put no faith in “ Augurs who enrich our ears with fables old, in order to replenish their own abodes with gold,” New men and new measures were required, and these we have. Men of reputation and known ability, ready and able to return the lost credit of the country and, to drag us from the slough of despond. The new Parliament has assembled, and we find an entirely fresh state of things, promising bright advantages in the immediate future, His Excellency has again we think exercised a wise discretion. The Ministry resigned, and not being asked for their advice, did not tender it. Herein we can see the wisdom of His Excellency's course, as the unbiassed medium of parties. Ministers, being the responsible advisers of the Governor, are, in cases of a change of Ministry, upon an adverse vote of Parliament, supposed to tender advice as to whom his Excellency should call to form a Ministry. By such advice his Excellency is expected to be guided. If responsible Ministers decline to give advice on resignation, his Excellency’s proper course would be to refuse acceptance of their resignation, at once dismiss

them, and then exercise his prerogative, and call for whom he might think fittest to form a Ministry. His Excellency by not asking advice has avoided all bias of party, and called for men likely to be acceptable to the country. Telegrams inform us Mr. Ormond was called for, and that he again advised calling Sir Julius Vogel. This points directly to an entente cordiale between these two eminent politicians, and is ominous of good to the country. The course taken by Mr. Ormond is undoubtedly a wise and unselfish one. To the most casual observer it must be quite clear that the two greatest powers in the House at the present time are Mr. Ormond and Sir Julius Vogel, and only by the amalgamation of these two parties with a proportion of the late Government supporters, can hopes be entertained of a strong and able Ministry. We have very little doubt that Mr. Ormond has agreed to serve under the leadership of Sir Julius Vogel, should that gentleman be willling to take the responsibility. If not, we shall at all events see them allied, whether Sir Julius be Premier or Mr. Ormond. Having in view Sir Julius’ expressed intention of not staying long in the Colony, it is more than likely he may take chief office for a time, and afterwards relegate the position to Mr. Ormond. It is quite on the tapis that we shall see a Ministry composed of Sir Julius Vogel (Premier), Mr. Ormond (Public Works &c.), with Messrs. Rolleston, Stout, Bryce, or Locke. That the country may look forward hopefully to a better state of things we feel assured, confidence will be re-created and the prosperity of the country again make rapid strides ahead. In lines of policy we may expect marked changes. Further necessary loans, public works extension, the handing of railways to private syndicates, and amendments to the Property Tax, Native land laws, and Land Acts. Sir Julius Vogel and Mr. Ormond are not men to rest inactive, and are quite equal to the task of lifting the country from its state of depression to one of renewed prosperity. “They reckon not the past, whilst aught remain great to be done, or mighty to be gained.” [A telegram received since the above was in type denies the rumor anent Messrs. Ormond and Vogel, but we are inclined to give credence to the former statement which is to some extent confirmed by a still later one.]

It is always a pleasing task for the representatives of public opinion to record the successful operations of any local concern, especially when the enterprise is one calculated to benefit the district. Such a concern is the Gisborne Building Society, the tenth annual report and statement of accounts of which is now before us. For the information of our readers we published this report, and the accounts, in full in our issue of Thursday last. This society was promoted in 1874, and dates its establishment from the 4th of August in that year. Notwithstanding our limited population, and the numerous other channels for the investment of money, the society has ever been able to command a large proportion of the savings of the frugal, and to turn the fund so obtained to very good account, to the advantage of all concerned. We find on reference to Mr. F. J. Piesse (the Secretary) who has so ably managed the society for some years past, that it has never paid less than 10 per cent, to its investors, while it has frequently realised more, as was the. case in . the year just closed, and in 1883, when 11 and 12 per cent, were allotted for those respective terms. We learn from the same authority that the gross revenue in each financial year has been as follows 1875, Z 937; 1876, ZB4t; 1877, Z’1,010; 1878,2’2,606; 1879, £1, 905 ; 1880, £1, 650; 1881, £1, 755: 1882, 1883, and 1884, £2, 440. The noticeable increase during 1878 is attributable to a large amount of capital invested in paid-up shares of /"so each, the sum of Z l >3 oo having been so added to the funds of the Society in that year. The society may now be considered to have settled down, and to have taken its permanent stand in our financial circles, the increase of its funds year by year during the last five years marking its steady growth. The amounts advanced, which investments are on mortgage over land and buildings in and about the township, were, at the balance in 1875, Z 818; 1876, /308; 1877, Z 634; 1878, X' 2 ,280; 1879, ; 1880, lBBl, Z'524; 1882, ; 1883, Zb,531; and 1884, Z’i.575- The amounts available for this purpose are, of course, influenced by the amounts withdrawn by shareholders for their private use, they being allowed to withdraw the sums paid in by them with their shares of the profits added at any time they might wish to do so.

Thus the monetary depression in 1879 caused the withdrawal in this way of ZBB9J to 1880 of /'1.T92, ana in 1881 of since which times things have righted themselves as far as the Building Society is concerned. The rate of interest charged on advances made by this society is fixed at 10 per cent, per annum, and the solicitors, and other charges are by the rules fixed at a moderate rate, so that no injustice may be done to any one, It is a matter of surprise to many how it is that the society, while only charging 10 per cent, on its advances,’should be able to declare such handsome dividends ; but this is easily accounted for when the expenses of management, which reached only 17s. 6d. for the past year, and the constant means the society has of turning its capital over are taken into consideration. The annual general meeting of shareholders will be held on Monday next, and intending members should apply to the secretary on that evening, between the hours of 7 and 8 o’clock, for the necessary forms. Investments in the funds of such a society are better than in a Savings Bank or any other institution of a like class. The stability of the society is guaranteed by its assets, which amount to over 2*5,000. We think, looking at the success of the society, and the very moderate cost of management, that the least the shareholders can do, is either to present the secretary with a handsome bonus, or else make a substantial permanent addition to his salary.