Wairarapa Daily Times. [ESTABLISHED 1878.] THURSDAY, MAY 18, 1893.

Wairarapa Daily Times, Volume XV, Issue 4422, 18 May 1893, Page 2

Wairarapa Daily Times. [ESTABLISHED 1878.] THURSDAY, MAY 18, 1893.

SECOND EDITION

Paper is now a legal currency in New Soiitli;c; Wales. The remedy is a desperate one, and although we hope it will, allay panic there is no certainty but that it will prolong the difficulty, , One member of the New South: Wales Legislature characterised the bolstering up of banks by a paper currency as pouring on kerosene to put out a fire. It is not quite as bad as this, but it may intensify the mischief by partly checking and altering the course of the conflagration. It leads up to new complications which may prove serious if the disease itself does not subside. Even a Government cannot make paper by Act of Parliament equal in value to gold.:; If the gold runs short in the oommunity pspor becomes at a dis> count and gold at a premium, and all tha Acts of Parliament in tuo world wont keep up the price of paper, The Banks of Australia aro paying the penalty of their past sins, For many years they have been distributing large profits of fifteen, twenty, and twenty-five per cent, and such results cannot be obtained without incurring corresponding risks, The line of absolute safety is supposed in the Colonies to be somewhere about sis percent, on an investment of capital, When bank shareholders get twenty or twenty-five per cent,,, they take risks and they cannot complain when they have to face a catastrophe. We may feel sympathy with the thousands of our fellow men who aro distressed and beggared by such a calamity, but the evil must work itself out and no Government or Legislature can really throw itself into the breech and patch up the difficulty. The banking policy of the futuro in Australia will be different to the banking fjfa in the past. Safety rather than large profits will be aimed Bt, and confidence in monied institutions will gradually be restored. It is a mistake to suppose that the Government proclamation has terminated the difficulty in New South Wales. It has simply given the banks a little breathing time; but, in doing this, it has probably increased the feeling of distrust which has created the complication, The harvest of trouble must be reaped, and, possibly, the speedier tho operation the better it will be for one and all, Public panic is not allayed by making bank notes do duty for gold, and this is tbe economic truth that the New South Wales legislature, and Government have failed to grasp.

We are indebted to Mr Thomas Mackay for the following interesting statistics of the Wuirarapa North County :—Number of freeholds, 6G3; rented properties, 266; part rented and part freehold, 87; Total, 1016; Land broken up, but not under crop, 461 acres; in wheat, 1973 acres; estimated produce in wheat 44,246 bushels; oats for green feed, 22 sores; hay, 1285 acres; grain, 2008 ;acres; oats, 78,167 bushels;.barley, 22 acres aud 635 bushels; grass hay 994 acres and 1590 tons; in areas, alter being broken up, 20,567 acres; surface, sown lands, 860,269 acres; grass seed-cocksfoot, 18,752 bushels ; ryegrass, 1866 bnshelsjpotatoes, 181acrtB,producmj!l074tnn8;liirnip8, 4960 acres; in garden, 235 acres; in orchard, 286 acres; in forest plantations, 280 aores; Number of horned cattle, all ages and sexes, 19,250; lireeding cows, 6704. Tim total area under crop is 31.Q50 acres. Last year the sown grasses were 16,906 acres, and surface-sown land 852,091 acres, bo that there are satisfactory increases under both these heading. In theneigbboming County of Pahiatua, the surface-sown land is 60,717 aores as against 48,025 acres last year, Horned cattle total 5,602, the number of breeding cows being 2,243. s

A New Lot. : Wo havo just received from tho manufacturers, a first shipment of the " Ideal," all-wool Undcrvests, for Ladies and Children, and are selling them for wholesale prices at To Aro House. Post Fbee, We will send any quaqtityof these beautiful goods by parcel post on receipt of order. Prices for Ladies sizes 1/11 to 6/6, Childtens 1/3 to 2/11. May bo ha* in white and plain colours from Te Aro House.

Snoraso by Post, We make this a leading feature in our business. Country customers sorved at Wellington prices. We keep a largo staff specially for executing country orders; so send them on early. Member! All goods aharged town prices from James Smith Te Aro'House, Wellingon,

At the ft.M, Court this rooming a first offender wis fined five shillings, in default twenty-four hours imprisonment, for drunkenness.