WELLINGTON NOTES.

Waikato Argus, Volume V, Issue 338, 8 September 1898, Page 4

WELLINGTON NOTES.

(FROM OUR OWN CORRESPONDENT.) MAKING HISTORY.

An idea prevails with a section of the Liberal party that the expensive farce of meeting once a year and spinning out acres of baldcvoVh is making history, and the Symes ami Wilsons and Gilfedders flatter themselves that some future Macauley or Froude will uigerly searcn Huiuard for the brilliant coatsea tions of their gigantic intellects. The records of last week's proceedings may live in history and be commented on as a proof.that universal suffrage means the elevation of the tub thumper to legislative honours and piy, and that the democracy in real life means that the mob is quite willing to throw itself under the juggernaut of a tyrant providing he keeps them sweet with promises of & share of the plenty owned by others. But it takes little to cause a change in the temper of King Demos. So long as his idol is only accused ot corruption and feathering his own and his friends' ncsta Demos is content to let that go; but once show him that the idol departs one hairs-breath from any one of the UiirtyDine articles of the creed of the Trades Unionist and trouble comes. The Right Hon. Dr. Seddon has year by year introduced Bills for the exclusion of Asiatics, but never carried one. He made merry at Sir Robt. Stout's expense two years ago because a couple of Chinamen had worked for a few weeks on a Southland mining property which Siv Robert was connected with in a remote way, and his virtuous indignation at such a departure from British loyalty was cheered to the echo. Now that his connection with Chinamen as a partner under the alias of Bun Tuck is in everyone's mouth, there is a change in the attitude of Demos, and as if the fates were determined to help on the ruin of his popularity, the New Zealand Mines Record, a State publication, gives in its issue of this month a description of the work now being carried on by a company on the claim formerly held by a party of Chinamen, and the name has been slightly altered, being now designated the Bung-Luck Mining Company. THE ILLUSTRATED HANSARD.

The burning question of the hour is whether Hansard shall bo embellished with maps and illustrations or remain, as Hausards in other civilised countries do, a mere record of speeches in dull, solid letterpress. Mr John McKenzie says he will have his gridiron map in or burst up the Liberal party, and he will have his way. He made the same threat when the Speaker of the House had to apologise to him, and he had his way then as he will now. He intends to show to the people of the colony that he, and not Dr. Scddon, is the strong man of the party. The question of what ought or ought not to appear in Hansard is one for the Speaker to decide, but for the past ten days Mr Speaker has been invisiblepolitical excitement necessitated his being secluded from the cares of office. His substitute, Mr Guiness, has given such remarkable rulings during the turmoil of his temporary elevation that he has thrown away every chance of future preferment in that direction. And this afternoon, when a heated debate was expected in the House on the gridiron map question, it was found that the great McKenzie himself had taken to his bed. If his map goes in, then an effort will be made to illustrate the next issue with a plan of Bushy Park and the adjoining Mackenzie Estates, and later on sketches of the proceedings of certain members on Saturday morning last after the debate finished. One illustration depicts the hon. members for Motueka and Caversham with their coats off in Bellamy's preparing for fistic warfare. The combat was, however, postponed, because Caversham objected to Motueka wearing certain heavy rings which he said were equivalent to knuckledusters. Their removal by the aid of two waiters and a bar of soap took some time, and the tenuis court was suggested as being more suitable for a battle-field than the bar. By this time daylight intervened, and as early-rising citizens were about the combat was indefinitely postponed. A PETITION. The great map question was the subject of debate among the Press men this morning, and a petition was drawn up on the subject, as follows : " To the members of the Printing of Debates Committee. —The petition of the members of the Press Gallery humbly sheweth : —That your petitioners hail with satisfaction and delight your decision to embellish Hansard with maps; that your petitioners are of opinion, as experts, that Haosard would become much more popular and sensational among the people, provided up-to-date illustrations were inter-leaved with the reading matter, and beg to suggest (1) that a comic editor, to be selected by the Press Gallery, be appointed to give a tone to member's' speeches, and to punctuate them with humourous notes where suitable, and (2; that a comic artist be engaged, with free.entry at all times to the Cabinet-room, the lobbies, Bellamy's and caucus meetings. And your petitioners, as in duty bound, will ever pray, &c. At present, it looks as if the settlement of this great party question will have to await the recovery of Mr Speaker. SLY BORROWING. . The charges of emptying the coffers of the various State-lending institutions to aid the Treasurer's fiuance have been so often and so strenuously denied, that it is some satisfaction to know at list that open confession has been made in London if not in the colony. The Treasurer evidently finds these fountains running dry, and he is trying to couvert the temporary loans borrowed in the colony into one permanent one in London. He has asked for a quotation for a 3 per cent, loan of £2,700,000. The following table of borrowings from our lending boards will indicate how necessary it is that outside aid should be appealed to. The sums lent at over 4 per cent, are omitted : 3% 3i% IX £ £ £ P.O. Savings Bunk 309,410 1,594,700 1,715,437 Govt. Insurance .. .. 140,000 133,800 Public Trust 155,000 43,500 Consols 209,500 31)0,410 2,099,290 1.892,737 Here is a total ot over four millions of capital belonging to New Zealandera earning 4 per cent and under. It is mostly locked up in Government securities, because of the competition of the .Advances to Settlers' Act on the one side and the disinclination to invest in industrial pursuits, from fear of Hie dire effects of Labour Bills. The Treasurer wants to fund the larger half of these loans in London, repay them to the local institutions, and then start borrowing from them again. The last number of the Investors' Review sums up Mr Scddon's designs on the British capitalist very bluntly, indeed, in an article headed, UNDERHAND NEW ZEALAND BORROWING. The New Zealand Government is tryng to get £2,700,000 in new 3 pur cent. ituck added to the total of its debt in this form quoted on the Stock Exchange without x word tu let the public know of the change. Its application is before the Committee for general purposes to-duy, aud, iu the interests of public morals, as well as of the people of the colony, wc hope it will be refused. Indeed, we do not see how the Committee can do other than refuse it as contrary to its rules, for, although it is stated that the stock is merely, or mostly, for conversion purposes, wc believe this statement to be untrue in the usual acceptation of the word " conversion." That is to say, the Government has been contracting debts with the banks and other lending agencies in New Zealand, depositing short dated bonds as security, and it is these bonds it now wishes to " redeem with money obtained here by the secret sale of moie ii per cent, stock, in no

sense, therefore, his there been any " public issue " of more 8 per cent, inscribed stock, and the stock ought not to be added to that already outstanding. It teems the Rank of Eoglaud Is powerless to intrefere in the matter, and can only do as it is told by the AventGeneral of the colony. But the Stock Exchange Committee is able effectually to stop this sort of surreptitious borrowing and ought to do so, even at the risk of the colony going into default, as we know it must di soon, its sham Budget surpluses and all the rest of the financial hocus-pocus notwithstanding. We have yet to learn what the Stock Exchange Committee did ; but we do know by cable what has happened to our 3 per cent, stocks, as the following quotations will show : July 22nd, £9O 15s ; August sth. £99 10s ; August 19th, £99 5s ; August 26th, £9B los. And only a week or two ago Mr Secldon proudly alleged that our 8 p<r cent, stood at par- £IOO and could be sold for cash at that rate. But then, he was never even an arithmetician, much less a financier.