THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. MONDAY, DECEMBER 1, 1879.

Thames Star, Volume X, Issue 3414, 1 December 1879, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. MONDAY, DECEMBER 1, 1879.

"So comes a reckoning when the banquet's o'er," says one of our poets, and Ihe day of reckoning for New Zealand appears lo be dawning, The knowledge that our opportunities for borrowing money would cease some day, when it would be necessary lo keep our expenditure within our income, and to curtail our expensive public works, reconciles us in no way to the fact that that time has arrived, and an alteration must take place in our public policy. Retrenchment is called for ; steps .must be taken to secure our creditors from loss; our course of riotous liriDg must cease, and the pleasant occupation of spending public money, must give place to that of providing means for existence. The statements made by the new Colonial Treasurer in Parliament hare caused this rude awaking, and his measures for remedying the errors of the past, nud providing for the cares of the future, have plainly shown the people that the end of one phase of their colonial experience has come. While public opinion is to some extent with Major Atkinson, and the necessity for retrenchment is admitted, yet considerable dissatisfaction is shown at the measures proposed by him to meet the altered circumstances of the colony. luereased taxation must be borne ; money can only be obtained within the colony now that the English lender shows a disposition to advance no farther sums, but the mode of levyiug aud exacting new taxes is a question open to fair discussion, and one on which those most deeply interested hare a right to express their opinions. Tho Property Assessment Bill introduced by the Colonial Treasurer is of a character different from any measure ever proposed in our Colonial Parliament; more inquisitorial in its mode of working than the much spoken of Income Tax of other States, and far exceeds the requirements of the Land Tsx of the late Government, which, at the time of its introduction, was considered an unnecessary measure by a large sebtion of the public. The new measure goes further than many economists consider the Slate is justified in proceeding in order to raise the necessary funds for public purposes, as it proposes to tax the personal estate of the subject, in conjunction with all real property possessed. In the Bill, "Heal property means lands, tenements and , hereditaments, whether corporeal or incorporeal, and includes all chattel interests in land ; nnd personal property means all property of whatever nature not comprised, in the definition of real property." The exemption being that no property of lesa value than .£3OO shall bear taxation. The details of the Act provide for every possible variation in the circumstances ol those liable to the 'tax, and the peuallios arc severe for offenders against its provisions. Besides dealing with personal estate, the Act touches •very " Company or incorporated body or society of persons, other than an association for purposes of banking or insurance, formed wholly or mainly for ihe purposo of gain or profit divisible amongst tho shareholders," and under such gold mining companies will be included. The tax, however, is only to be paid upon the balance of tho assets over the liabilities, while banking establishments will bo uequired to pay upon the amount of .their capital actually paid up, added to the* amount of undivided profits, when the principal oilico of the corporation is within the colony ; and such other foreign or polonial institutions upon one eighth of the totel amount of their assets mid liabilities in New Zealand. The holder or owner, however, of shares or Btoc'-c in any company, including banking and insurance companies, liable to taxation, shall not bo taxed as tin individual for such shares or stock. The mortgagor of any land shall be liable to taxation only on tho difference between the whole value of the land mortgaged, pnd the amount of money advanced on mortgage, while thp mortgagee i 3 called upon to pay upon the amouut of money he has lent upon the property. The interest of every person other than a Maori, as tenant or occupier of real property, belonging lo Maortes, shall be assessed at its full value, and any such person shall be liable in respect of such value. From th* above extracts, it will be seen that in i-btiracter l]ie measure is ue-w in this colony^ aod ijLjme_Llutt gill mess very heavily upon

the colonist. The residents of tho North of New Zealand, the portion of the colony least benefited by tho expenditure of public money, w ill bo now called upon to contribute equally with the mere favored South. The struggling' farmer will yearly pay upon his improvements, upon the increase of his worldly goods, while the owner of thousands of acres of unimproved waste Innd in his neighbourhood gets off with a comparatively light taxn* tion. Investing in bank stock .will be found a much more satisfactory way of disposing of surplus capital than investing it in landed property, and euonomy in tho comforts of home lifo and moderation in the display of wealth will be necessary if the lax is to bo avoided. Tho measure, wo trust, will be modified in committee, for as it stands at present it presses unfairly on certain classes.

Wb would again remind oar readers of the concert and dance given by Mrs Marie .Alexander to bo held at the Academy of Music this evening.- The programme appears in our advertisement columns. The dance music will be supplit d by some instrumentalists of the Thames Scottish Band.

We have received a parcel of a reprint publication from the New Zealander cilice, Wellington, headed ".Financial Slalcmentt which was to have been delivered by the Hon. Colonial Treasurer, only his colleagues-assured him that they had no faith in the old adage ' Tell the (ruth and shame the devil,'" —the said article being a clever skit on the Ministry. The talented author, who is a politician of some standing, hits out all round, and we have no doubt but that the fruit of his cuttingly sarcastic pen was duly appreciated by the butts of his wit. Any reader calling at our publishing office can have a copy gratis.

Tub shootists of the Thames Scottish Battalion competed at the range on Saturday, tiie match being the first of an aggregate for the valuable dressing-case that has been exhibited in Mr Lawless' shop for some days past. The ranges 3C3, 4C3, 50:) and 000 yards; fire* shots at each range. The chief scores were: — Grey 56, Weir 55, Bull 51, Cochrune 52, Mc'Leod 52.

After the business at the R.M. Court this morning, before His Worship left the Bench, he alluded to a paragraph in the Advertiser passing strictures on some supposed discourtesy on his part to Mr Brassey, a solicitor practising at the o>mrt. The supposed slight was the refusal of the Bench to allow Mr Brassey to conduct a case in which the pol'ce prosecuted, Mr Brassey being present in the interests of the plan tiff. In his remarks this morning, His Worship attributed the. paragraph to a mis apprehension of the. r.flair on the part of the press, as Mr Brassey well knew that the action he (the speaker) had taken was strictly in accordance with tho procedure of thb Supreme Court.

In another column we publish the prospectus of the Wellington csma!l Farm Association, and direct the attention' of persons desirous of acquiring freeholds to the course intended to bo followed by the association. We shall hare further to say upon the subject at some future time, and in the meantime publish a letter upon the subject from an old Thames man, Mr Jury, who is taking an active part in the project.

The Victorian Government have taken steps to recognise the services of veteran Volunteers, in a very graceful form, which raisiht bo'imitated by the .New-Zealand GoTornment:— v'The services of volunteers who liaro been many 3'ears in the force, nod are still connected with it, arc shortly to be officially recognised,'by the award of a long service medal. The design is at present being prepared, and when the arrangements am completed, they will be officially notified. Fifteen years will probably be the term of service necessary to qualify a Volunteer to reeeivo the medal."

Pbofessoe Klinfcerfucs, tho director of Observatory at GottingCn, has.-patented a new telegraph invention by which it is said to be possiblo to send as many as eight messages simultaneously along (he same wire. A portion of the invention is ah apparatus which simultaneously writes down nil the messages as they arrive at the station, to which they are addressed-

A coKBEsroKPKNT of a scientific contemporary claims to have disuovetvd a new application of magnetic electricity, by tvhieh the mind of a patient has acquired the power of apparently releasing itself from the trammels of matter, and of transporting itself to places distant from the body, which remains in a condition of repose, resembling (he ciFect produced by anaesthetics. Whilst under this electric influence (the manner of which is not disclosed) the mind can bo directed to any spot or scene, and is susceptible of the same impressions and conditions as would be experienced in the person and patient himself. Scenes thus visited and impressions thus received arc not only quite accurate, but the pitient, when released from the eJcstric ii.Jluumsc, is said to retain, a perfect rememberancc of information so acquired.