West Coast Times. MONDAY, DECEMBER IG, 1867.

West Coast Times, Issue 695, 16 December 1867, Page 2

West Coast Times. MONDAY, DECEMBER IG, 1867.

The effect of the Consolidation of the Provincial loans and the proposed issue of Colonial securities iv substitution of provincial debentures, seems to have beeu already felt in two ways. In the first place provincial stock lias become more negotiable. The news of the actual passing of the recent Act of the General Assembly had not, of course, reached England at the date of the last transactions in Provincial securities, of which we have any advices. But the intentions of the Colonial Government had become known, and the knowledge had materially influenced the tone of the home money market. Mr Crosbie Ward, the Canterbury Provincial Agent, had succeeded in selling L 50,000 of Railway debentures, and L 20,000 of General Provincial debentures — not indeed at very high rates — viz., 93 and 9-1 — but still on much more favorable terms than could previously be obtained, and at the date of this sale there was only a surmise as to the intended policy of the New Zealand Government. The London correspondent of the " Lyttelton Times" says :—: — " Both sales establish a great improvement on the last transactions ; but the latter of the two is by far the better sale, since the railway bonds are entitled to a preference. The time of sale has been propitious ; for though the number of speculators In this class of securities is small, they are now stimulated to activity by the General Government scheme of consolidation as announced" — and adds: — " Prompted, perhaps, by the success of the Canterbury sale, r.nd anxious to seize so favorable a moment as the present, the Bank of New Zealand to-day offers to public tender L 200.000 of its Auckland debentures. Great stress is laid in the advertisement on the consolidation scheme, tho passing of which is stated to be almost certain ; and an assumption is made that the buyers of Auckland bonds will then find themselves in possession of full-priced colonial bonds. I think these anticipations go too far, and that "buyers may consider themselves misled and aggrieved if things do not turn out exactly as suggested." The agents of the Bank of New Zealand knew perfectly well, • however, what they were about— having it would appear been privately assured by the Colonial Government not only of the plan of consolidation they intended to submit to Parliament, but of the certainty of its being carried. In the sale of Auckland Provincial debentures effected by the Bank, therefore, prices were realised closely approximating to those fetched by New Zealand stock ; and henceforth we may anticipate that all the Provincial debentures, protected by the new guarantee, will be quoted at a premium — as should be the case, seeing the high rate of interest paid, the present excessive cheapness of money in England, and the difficulty experienced in finding safe and eligible investments for a superabundant capital. Mr Ward says :—": — " Money is now very abundant, and colonial securities are high in favor. Those that appear on the open market are widely dealt in, and New Zealand's are sought for eagerly. Mr Reader Wood's five per cents., of which a million were sold very low, and went absurdly lower still, are now at a net value of 94. And the Sixes, both of 1861 and of 1863, stand firmly at 106 to But if the consolidation scheme be carried out as originally proposed, and bonds enough be issued to take up all provincial debts, you will see the debentures above quoted go down, probably to par, and the new ones may be expected to come up to the same price." Our latest telegraphic news confirms the intelligence that colonial securities are being taken up freely. And the wonderful proof afforded in the example of the United States of America, of the elasticity of the resources of young countries, has tended greatly to establish confidence in their credit and solvency. The first year after a war of unparalled exhaustiveness has witnessed no less a sum than L 20,000,000 wiped off the national debt account — so vast and recuperative are the resources of that great country. We can well understand that capitalists will look to such a country for a field of investment, rather than decayed and bankrupt states like Greece and Spain or Mexico. At this moment, probably, no nation stands higher in estimation in the money market than the United States ; and for the simple reason that they have shown an energetic determination and a power to reduce the abnoVmal obligations created by an unprecedented war. The New Zealand Government appear determined to guarantee the success of their new loan policy by sustaining the credit of the Colony in connection Avitb the Provincial debentures foi which they have made themselves responsible. This is the key to the meaning of the Wei- i lington telegram we take to-day from a Christchurcli paper: — "there are ru-j mors current that the Auckland divi- j dends will be paid by the Colonial i Treasury ;" and of the telegram published by our evening contemporary on Saturday, that *' the General Government have impounded the Customs revenues to pay dividends on loan."

This is part of a telegram received from Auckland, and the loan referred to is the Auckland Provincial loan. In connection with this subject we may quote the following extract from the speech of the Superintendent of the Province on its financial condition, on recently opening the new session of Council. His Honor said : — " In consequence of the change which the passing by the General Assembly of ' The Consolidated Loans Act,' and other measures, has made in the financial position of Auck - land, it became necessary that, in order to obtain a clear view of that position, an adjustment of accounts to this period, between the Provincial and Colonial Governments, should be at once arrived at. With this object, the Provincial Accountant, who has for many years beeu familiar with the nature and intracacies of these accounts, has been sent to Wellington. Upon his return a definite statement will be made to you. I cannot conceal from myself the fact that, that statement, when given, will not be favorable, but nevertheless, I rely on your co-operation in making provision, in accordance with the present circumstances of the Province, for the services indispensably required for the. maintenance of the Government." It is evident, from all those indications, that the Government are determined to carry out their policy in its integrity; and that that policy is to maintain, at a high standard, the credit of all the New Zealand debentures. The independent borrowing powers of the provinces will be stopped.' What money they require for legitimate uses they will have to obtain under the sanction and guarantee of the Colonial Government. Two results will follow. Young and small provinces will be deterred from rushing into ruinous extravagance, as Southland did. And when the borrowing of money is intended for really legitimate purposes, it will be obtained on far cheaper terms than has hitherto been the case. What can we think of the anomaly of provincial debentures bearing five and six per cent, interest, being thought to sell well at ninety-three and ninety-four, at a time when money is almost a drug in the market ? No class of investment will commaud itself with so much favor to the capitalist as that of colonial securities, if their credit is systematically sustained ; and it behoves all districts of the colony, especially those which are young and rising, to uphold the policy which the Stafford Ministry are pursuing.

On Saturday last we may presume the Duke of Edinburgh passed a day of retirement. It was the anniversary of his father's death. Six years ago, on the 14th December, 1861, Prince Albert prematurely closed a career seldom equalled or approached in the history of princes, for purity of life ; for high conscientiousness and honor ; for sympathy with the " people," and for thoughtful and earnest endeavor to raise their intellectual and moral status. Prince Albert's recently published correspondence with some of his old German University fellow-scholars and life-long friends, throws, in some respects, a clearer light upon his character than even the affecting mementoes published by his widow, He entered into the discussion of German politics with all the ardor that was customary with the educated young patriots of his nation, and propounded schemes of nationality which severe critics have pronounced to be visionary as practical measures, but inspired by the soundest abstract philosophy as well as the most generous popular impulse. Prince Albert died too youDg. Yet " the father of our Kings to be," in connection with the Q,ueeu — whom we shall never cease to love as long as she reigns over vs — gave a new impress to the royalty of England. During no reign has the throne rested on more stable foundations, nor the Crown been linked more intimately with the people. Both for his domestic virtues, and his great-hearted sympathies, the Prince was loved whilst' he was living, and his memory is revered now that he is dead. His most conspicuous service rendered to the cause of the elevation of the masses, and the assertion of the dignity of labor, was his initiation of that grand series of Industrial Exhibitions, which have given a wonderful impetus to industrial art, all the world over. Such was " Albert, the German Showman " — shame to us that there should be a New Zealand newspaper to write tho words — the " prototype in later times," we are told, of " the most mean, the most crafty, the most malignant, aud the most chicken-hearted, that ever swayed a sceptre, or garbed in the vesture of manhood itself!"

Prince Albert commended himself by many public and patriotic services to the esteem and love of the British people. He was the friend of science and the patron of scientific men. He worked earnestly for the abolition of the last vestiges of the slave-trade. He labored hard to improve the dwellings of the people, and to promote their culture. Aud he was one of the main distributors of those magnificent funds, contributed by English charity, which, supplemented by the great gift of eight millions of money voted by the Imperial Parliament, helped to carry Ireland through her sorest strait. It is not meet that the anniversary of the death of such a man should pass without some word of notice. AY c revere the memory of the Queen's dead husband, and Prince Alfred's father, not as a " German showman," but as one of the puresthearted and most virtuous princes on the long roll of royalty.

To-daj is the anniversary of the settlement of tho Province of Canterbury. It is proclaimed as an official holiday, and will be kept by the Banks and the Government offices. A casual interest attaches to the occasion, as it will be the last Canterbury official holiday within the district. Our own day of rejoicing will bo the first of January, and if the new system of Government works as we hope it will, we may keep up the

anniversay for many new-yoar's days to come. We call attention to a notice appearing elsewhore, of a meeting convened by the Mayor, by advertisement and circular, for tho formation on a permanent basis of a Benevolent Fund, and the election of the necessary officers to disburse ifc. The meeting is to be held this evening, at Osborne's Empire Hotel, at 8 o'clock. A new era seems to have commenced at the Prince of Wales Opera House, which, if ifc terminates as successfully as it has begun, will not only be a source of amusement and gratification to the public, but. of profit to the proprietor, Mr Bartlett. The performances on Saturday were of a highly creditable character j not a single hitch occurred — there was no long interval between the acts — in fact all went " merry as a marriage bell." Thi3 great improvement is due to the now stage manager, Mr John Dunn. Nor lias the improvement been confined to the stage alone, for the front ! part of the house betokens a much better sys- [ tern of management, and this is nnder the care of the acting manager, Mr. Strasser. The opening piece on Saturday evening was Lovell's five-act play of " Love's Sacrifice," a sensa« tional drama, which depends for its effect more upon the efforts of the actors than scenic tor stage appliances. It was in this play that i Mr Stuart O'Brien made his bow to the Hokitika public. His delineation of the character of Matthew Ehnore, the merchant noble, -was | a masterly piece of acting, and he justly shared with the accomplished Miss Eloise Juno tho : honors of the night. The intense agony which ho displayed when relating* the events of his past life to his daughter Margaret, waß a splendid piece of impersonation, and for the time the audience seemed to forget the actor in the reality which was before them. Miss Juno as Margaret, the noble-minded, highsouled girl, who, in her devotion to her father, determined to sacrifice all that a youthful heart holds most dear to save him from death and dishonor was, we had almost said, inimitable; and when, with bitter scorn, she repelled tho advances of Lafont — the man who, acquainted with the secret of her father's life, endeavored and almost succeeded in accomplishing his own base ends — there was a dignity in her manner which could not fail to impress the audience. At times too, in her interviews with her father and lover (Eugene Delor >ne), she displayed a touching tenderness. Four times were she and Mr O'Brien called before the curtain to receive the well-merited applause of the delighted audience. We must confess that wo were agreeably surprised at the Paul Lafont of Mr Joyce, as we hardly thought that gentleman to be capable of the masterly impersonation which he gave of the wretch, who consumed by lustful passion, revenge, and avarice — three of the worst passions which can dwell in a man's heart — yet, snake-like, endeavored to fascinate his victims by his blaud and courteous manner only to destroy them. The rendering of this difficult part was evidently the result of careful study on the part of Mr Joyce, and did him great credit. *Ho was twice honored with a call beforo the curtain. Tho Jean Ruso of Mr John Dunn — tho only comic character iv the play — as usual, convulsed the audience with laughter. We must not omit to mention with praise the Sermine de Vermont of Mis 3 Kate Ryder. There was a piquancy and archness in tho manner in which this lady played this part, which proved, that although young and comparatively new to the stage, yet she has the true metal, and will improve by practise and perseverance. Mrs Crosby as Manott, and Mies Ashton as Jenny , were very effective in their respective parts. The other characters in the piece were exceedingly well sustained, and when the curtain fell it was amidst loud and prolonged applause. A double Irish jig, very prettily danced by Mr and Miss Ashton, filled up the interval, and then the entertainment closed with " The Bonnie Fishwife," in which Miss Juno played Maggie Macfarlane with her usual ability. This evening, the comedy of "Masks and Faces," in which Miss Juno, Mr John Dunn, and Mr Stuart O'Brien will appear, is to be succeeded by the " Irish Attorney," in which Mr O'Brien will sustain the principal character. A meeting of tho South Revell street Sports Committee was held at the Shamrock Hotel on Saturday evening. Present — Messra Hudson (chair), Mader, Wagner, Bevan, Cameron, Mustow, Cassidy, and about thirty others. It was proposed by Mr Wagner, seconded by Mr Cassidy, and carried — " That a sub-com-mittee, consisting of Messrs Wagner, Cassidy, Barrett, Mulvihill and Hudson, bo formed to canvas for subscriptions." It was also resolvod that Messrs. Edwards and Hudson should bo empowered to prepare a programme of sports, and submit the same to the Gibson's Quay and South Revell Sports Committees on Tuesday eveniug next, the meeting to take place on Tuesday (to-morrow) evening. An exhibition of wax-works figures opened on Saturday ovening, at the Temple Chambers. This exhibition comprises several celebrities, inoluding not only those who have

become illustrious for their acts of humanity and kindness, but those notorious for bloodshed and crime. The figures are very natural and life-like, and in many cases the count o nances are most expressive, so much so that in some instances the spectator might fancy himself in the presence of living being?. There i 3 a very fine group of tho unfortunate yet celebrated explorers, Burke, Wills, and King. Altogether the exhibition is wel worthy a visit. The first amateur dramatic performance of the members of tho Caxton Club will come off on Saturday evening next, at the Prince of Wales Opera House. The pieces selected are "The School for Scandal," and "Deaf ai a Post," and the amateurs will ba assisted by several lady professionals. The weather has undergone another changa since Saturday. Yesterday was a day of almost incessant rain, which is falling Tory freely at tho time we write. Should th» weather clear up to-day, which we hope will be the case, the public will not mind yesterday, as its effect will be very beneficial in clearing the atmosphere, which has lately been most oppressive. It seems that Mrs Anna Maria O'Neii has escaped neither to Sydney to California, as the reports had it. She was once more before the Police Court in Melbourne on the 4th instant. The case has gone through an extraordinary succession of phases. Mr Justice Barry haying ruled on a point raised by Mr Aspinall, that "a person could be arrested in one county for a larceny committed in another," the magistrates proceeded on the day wo have named to proceed with the case on its merits and discharged tho prisoner on the ground that there was not sufficient evidence to justify a remand to Mew Zealand. We take the following from the Melbourne "Herald" of the sth. — Mrs O'Neii, formerly Mis 3 Anna Maria Quinn, appeared on remand, to answer a charge of larceny, which it was alleged had been committed at Greymouth, Hew Zealand. Mr M'Kean prosecuted, and Mr Aspinall, instructed by Mr Cresswell, conducted th» defence. The case had been postponed for the purpose of Mr Aspinall being present to cross-examine the witnesses for the prosecution. The first witness called was'Louißa Harris, who stated, in reply to questions put by Mr Aspinall, that her father came over with her from New Zealand, but had since returned to that colony. Witness' mother did not come to Victoria, and her father only waited here for a fortnight. The hotel of which he was landlord in New Zealand was not a particularly large one. The premise* included a theatre, a large room, threo bedrooms, four parlors, and tho bar, Witnee* was not authorised to employ barmaidi during her stay in Melbourne. The advertisement produced was inserted by her father in the "Argus." He required six auburn-haired barmaids for New Zealand. Witness came to Melbourne partly on business and partly on pleasure, and to prosecute Mn O'Neii. Witness saw the barmaids at the London Tavern. Her father took six auburnhaired damsels with her to New Zealand. She did not assist her father in the selection .of these girls. Her mother and Mrs O'Neii were about the same figure, but not the same height. The dress had .been altered in front. Detective Hams deposed that he was a detective belonging to New Zealand, and that ha knew Mrs O'Neii. He arrived in Melbourne in September, and saw Mrs O'Neii at the Exchange hotel, Swanston street. On the evening of his arrival he accompanied Mr Kelly to the hotel, and with him went to Mrs O'Neil's bedroom, where they found the shawl and dress produced. Mrs O'Neii said she took the articles from Mrs Harris, at Greymouth. Witness told her that he arrested her on warrant. The robbery was first reported at the police camp on the 4th of la9t August. Cross-examined by Mr Aspinall— Witness brought over four -warrants with him. Kelly had been implicated in a serious ease about stealing LIOO. Kelly was brought over to give evidence about the veil, but had gone back to Hokitika. Detective Dwyer deposed to being present when the warrant was executed. Mr M'Kean said there was no further evidence for the prosecution, and he applied for a remand to New Zealand. Mr Aspinall, in a speech of some length, condemned the action by the prosecutor, who was persecuting the defendant, and hoped the Bench would not grant a remand to New Zealand, so that she might be in a place where she had no friends, aud in tho power of a person who had been in Melbourne engaging fair-haired damsels — for a bar, it had been said j but he (Mi 1 Aspinall) had no hesitasion in saying, after all that had transpired, that they were wanted for quite a different purpose. As it was, there was no evidence to grant a remand, and he hoped the Bench would not accede to the application Mr Sturt said the only evidence against the defendant was that of Miss Harris, and he did not think that sufficient to -warrant Mra O'Neil's committal to New Zailand. Under these circumstances the caso was dismissed. The defendant then left the court, amidst come applause, which was promply suppressed.