THE Temuka Leader. THURSDAY, MARCH 31, 1892. FRIGHTENED CAPITAL.

Temuka Leader, Issue 2337, 31 March 1892, Page 2

THE Temuka Leader. THURSDAY, MARCH 31, 1892. FRIGHTENED CAPITAL.

What Lord Onslow called the "Shriek of panic " of capital has subsided into a scarcely audible whisper. Public speakers have ceased to draw frightful pictures of the consequences of capital leaving the country, and now no respectable newspaper dares to uphold what everyone knows to be untrue. Even the Christchurch Press appears ashamed to discuss the subject; as instead of devoting long leading articles to it, as it used to do, it now merely mentions it occasionally in a» obscure paragraph. The attempt to jv ea te a scare has therefore failed. Indeed it ** not easy to scare the people of this"colori v ; *or if it had been, the Bank of New Zealanu trouble .a year or two ago would have * F» ni e> . an . d that institution would have *' c ' 03i «»WU, There can be no doubt that Lord u . n "* oflr gave a death-blow to the hopes of the panic-raisers ; they have not yet recovered from the dismay caused by hearing a Tory Lord denouncing their conduct, and upholding the action of the Government. The idea of it; the very thought has struck them dumb, and they have not yet recovered their speech. But what will they think when they read the speech of Mr R. H. Glynn, the chairman of the London directors of the Bank of New Zealand, and certainly one of the greatest financial authorities in the United Kingdom. Mr Glynn's speech at the half-yearly meeting of the shareholders of the bank held in the Canon Street Hotel has been published in the Australian Trading Journal of February 13th last, and from it we gather that he is very hopeful of New Zealand's future. After speaking of the progress the bank had made during the half year, and stating it had made a profit of about £200,000, Mr Glynn went on to say: " It is satisfactory to be able to tell you that the bank has not been involved in any way, or lost any money in the numerous failures in Melbourne and other parts of Australia of building societies and so-called banks. This, I think, speaks well for the management of the bank abroad. " "We have been for some time reducing our advances in Australia, feeling that they involve more risk than we care about, and looking at the level prices in New Zealand it is afar safer colony to lend money in at the present time than Australia." This is a nut for " Shriek-of-panickers " to crack, but this i 3 not all. The London correspondent of the Dunedin Star, a Tory paper, says that since Mr Percival the AgentGeneral —wrote to the Times explaining the policy of the Government criticism has ceased, and not a word is now said against New Zealand. On the other hand Mr Percival's office is besieged daily by persons who intend to come to

New Zealand, especially those interested in the dairy industry. This looks healthy and hopeful, and must be a source of pain to those who aimed at ruining the colony with the cry about frightened capital. There can be no doubt now as to the meaning of the frightened capital cry. The money-lenders of this colony expected that by raising these cries, they would in reality frighten money away, and raise the rate of interest. In this way they expected that they would profit by the scare, and no doubt they would have so only that the people were too sensible to be misled by them. At any rate the prospects of the colony are brightening now, and we may rest assured that we shall have better times in the near future. Confidence in its soundness has been restored, the population is increasing, and it will be found that before long we shall gain as many as we lost during the reign of the previous Government. At any rate the frightened capital cry is hushed, and we need not trouble ovrselves about it again. THE ARCHBISHOPRIC OF WESTMINSIER. The Catholic Times, of Wellngton, tells us that the appointment of the Bishop of Salford —Dr Vaughan —to the Archbishopric of Westminster, rendered vacant by the death of the late Cardinal Manning, will be regarded by Catholics as an admirable one. A Catholic paper edited by an Agnostic, or Free-thinker, or Atheist, or something of that sort will not be accepted as an authority on the subject. The Bishop of Salford will not be acceptable to the Irish Catholics, and they constitute probably nine-tenths of the English speaking Catholics. Not only that but he will not be acceptable to English Liberal Catholics, for he is one of the most thorough going Tories in existence, an i will undoubtedly throw all the influence he may possess on the Salisbury side. He is a violent opponent of Home Rule, and a bitter enemy of Ireland. Just as Archbishop Redwood is proprietor of the Catholic Times, Dr Vaughan is the proprietor of the London Tablet, but we cannot say which of the two publications is the most disgusting, At any rate we know this ; we know the Bishops of Ireland kicked the London Tablet out of their country, and they would undoubtedly do the same to the Catholic Times if it circulated there. The appointment of the Bishop of Salford will be looked upon in Ireland as an anti-Irish action, and will not have a good effect in that country. The late Cardinal Manning was always Ireland's best friend, and .she will not be very well satisfiied with the position being given to her bitterest enemy now. The appointment is the worst that could have been made, from a Catholic point of view. It will suit the Duke of Norfolk, and the great Tory Catholic families, but it will not be acceptable to the people at large.