The Waikato Times

Waikato Times, Volume XV, Issue 1308, 16 November 1880, Page 2

The Waikato Times

Equal and c\act justice to all men, Of whatever state or persuasion, religious or political. » Here shall the Press the People's right maintain Unawed by influence and unbribed by gain.

TUESDAY, NOV. 16, 1880.

Judging from the banking returns published in, the Gazette for the September quarter, it would appear that the several riionetary institutions in New Zealand are 'suffering under a plethora of money. Their lending resources show a large increase, accompanied by a diminution in their advances. Thar position is thus becoming uncomfortably strong. At the expiration of the i March quarter, this year, there had been an increase in the average deposits for the six months ending 31st March, of £681,707. During the six months ending 30th September there has been a further increase of £539,536, making a total increase of deposits for the year of £1,221,243. Turning to the advances, the decrease in advances for the six months ending 31st March last had been no less than £927,403, while for the six months ending 30th September this contraction of advances has still gone on, and for the latter period has reached £1,003,892, making for the whole year a total reduction of advances by the astonishing sum of £1,931,296. If we add these two sums, the total increase in deposits and the total decrease of advances, together, by a fair inference we obtain the amount by which the lending resources of the banks has been increased during the period, and that sum is the 'very remarkable one of £3,152,538. To put the thing in another way, the banks held on deposit in the September quarter, 1879, in round figures, seven millions four hundred thousand pounds, and lont twelve millions seven hundred thousand pounds. In the September quarter, 1880, they held eight millions six hundred thousand pounds. The most remarkable feature about this financial thing is that so great a contraction in advances could take place with, comparatively speaking, so slight an effect on the state of trade. This has been especially,, tite. case in Dunedin and Auckland, tfiough less so in Canterbury, and still less so in Wellington, where the financial, distress has been very severe; but, speaking generally, the results of such a " pull up " as the banks have been making have not been so conspicuous as might have been expected. The note circulation, which is an index to a certain extent of the briskness or otherwise of trade, has not diminished, but slightly increased in the 12 months — viz., from £881,953 in September, 1879, to £903,363 in September, 1880; and the coin and bullion has increased from £1,920,763 in the first-named period to £2,203,965 in the second. The total excess of assets of the banks over their liabilities has in the same period decreased from £7,220,272 to £4,188,587, showing a sura in use very little in excess of the capital and reserves of the three New Zealand banks, leaving us comparatively independent of the Australian banks. We by no means should consider this a healthy sign under ordinary circumstances, but while it indicates a certain degree of stagnation in trade, it is also a sign of a wise return from a speculative period to one of financial stability. If the process goes on, however, the banks will be choked with money, and will have to do something with it. To that end, they will have to offer inducements in the shape of lower rates of interest and discount, and, perhaps, again have to lower the rates allowed for deposits. We should be inclined to expect, if this were done, a considerable advance in the price of shares, and also an advance in the price of good land, with more brisk and active demand. It is, at all events, absurd, with such resources as these to fall back upon, and with Australia willing to lend us as much more as we can take, that there should be a long continuance of the despondent tone which has for some time prevailed regarding our financial position as a colony. Plenty of available capital means necessarily, in the long run, in a fine colony like this, plenty of enterprise and an increase in production. Since capital is a most important element in production, we may fairly expect, with more capital available, that more will be availed 'of for productive purposes. Such seasons as we have been lately enjoying will tempt the landowners to further cultivation, and the banks are ready with the " sinews of war." As we have frequently pointed out, it. is to production that New Zealand must ultimately look for means to bear her heavy burdens, and if we could see our exports raised next year by a million we should have no fears for the prosperity of the

Colony, even in despite of our heavy load of debt, about which our Homo creditors have at present so much to my.

The necessary arrangements in connection with the opening of the Te Aroha Gold field are not yet complete, and it is uncertain when they will be ; but we arc in a position to state that as soon as they are no time will be lost in proclaiming the fifeld.

The contemplated opening up of tlic now groldfiold at Te Aroha him ciiised considerable excitement in the Waikatu, not only amongst the tradespeople, but the working class also. At the present time there are a considerate number of the latter class out ,of employ, and would be only too glad of the chance io migrate to the neighbourhood of the new field, provided an inducement was offered. Theirstraightoned condition, however, compels them to loiter about the townships and make shift with the few odd jobs they get. Of course it ia rather premature to predict what steps the Government will take in the matter, but on all othor gold, fields in the adjacent colonies companies are formed and plenty of able-bodied men are to be found, who are willing to work on shares — or in other words', receive half pay till the ground is thoroughly tested. If ouch steps were adopted in Hamilton, plenty of men of the tight stamp could be found who would worK every inch of ground, and thus solve the much-vexed question as to the existence of auriferous reefs. We have heard these views expressed by several old diggers, and it remains with those who have the means at their command to speculate and take the subject in hand.

Mr John Enox has been returned unopposed as Mayor of Hamilton, and enters upon his term of office on the 12th December. An uncontested election is rather a relief, seeing that we have the excitement of Te Atoha on haud, and the thanks of the community are due to Dr. Beale, the only other candidate spoken of for withdrawing from the contest In fulfilling the duties of Mayor satisfactorily to oneself and the public in no sinecure, requiring a deal of tact and good judgment in holding a fair and even balance, carefully excluding any feeling of previous partisanship in guiding the council to just conclusions, and if the present successful candidate acts, as no doubt he will, up to the tenor of his address, the Burgesaes will have no cause to regret his holding office. Mr Knox is one of our pioneer settlers and has always taken a leading position in matters of public interest, and we trust he will be ably assisted by hi-) brother councillors in effecting improvements in many needful directions, more especially in the matter of the Borough Finances.

We are pleased to report that Mr W. h Hunter, so well and favorably kuown throughout the district, and who has for a considerable time past managed the Waikato branch of the business, has been admitted a partner into the firm of Messrs Hunter aud Nolan, and from this date the business in Waikato will bp carried on under the name or style of Messrs W. J. Hunter and Co.

Mr W. E. Carter intends starting a line of coaches to Te Aroha on Wednesday morning, leaving Hamilton at 8 a.m. and returning next day fromO'Halloran's at 12 noon. The coaches will rim twice a week at first, but if sufficient inducement offers tri-weekly or daily. Time-table and fares will be published in a few days.

Last night Messrs. Wilson, Davis, Smith pud Kelly started for Te Aroha for the purpose of prospecting- and to be in readiness for the opening of the field. This party is associated with several of the townspeople in the venture, who subscribe weekly towards 'defraying expenses. (

A meeting of the South Auckland Cattle Board was held at the Cambridge Farmers' Club yesterday, for the purpose of receiving the reports of the Commission appointed to inspect the properties of the Waikato Land Association apd Mr Burke. There were present — Messfs E. Maclean (in the ohair), Fergusson, Fanthain, and W. L Martyn. Mr J. A, Douglas wrote, accepting office as a member of the Board. Reports were read from Inspector Lewis and Mr Sharp, M.R.C.V.S L., recommending as no desease existed on the properties inspected, that the restrictions be removed at the end of the current month. luspector Runoiman's report was at variance with theae, and did not recommend the removal of the restrictions. After discussion, the Board agree J to remove the restrictions on the Ist of January, after due inspection, and agreed to grant permission to the Company to remove cattle from one portion of the estate to another on a certificate from the inspector. A full report of the meeting will appear on Thursday. Special sermons in connection with the Wesley an Home Mission Anniversary were preached in the Wesleyan Church, Hamilton, on Sunday, in the morning by the Rev H. Bull, and in the evening by the Rev. W. Morley. Last night a public meeting was held in the church, at which Mr Gane presided. Excellent addresses on the subject of Home Mission work were delivered by the Revs. H. Bull, W. Morley, C. Griffen, and Messrs. Slade and Fraser, interspersed with suitable musical selections sung very tastefully by the members of the choir, Miss Culpan accompanying on the harmonium. Mrs Culpan sang the solo "The harvest truly is plentiful," and "He shall feed. " Miss Cxilpan rendered " Consider the lillies, " and Mr Meacham sang " Comfort ye my people." A collection was taken up during the evening, which raised the total of the Hamilton contributions towards this object to £9 6s 9d. The doxology having been sung, the Rev. Mr Morley pronounced the benediction and the meeting terminated. The Comus Dramatic Club give a performance this evening, in the Public Hall, Te Awamutu, in aid of the building fund of the Anglican Church at Kihikihi. The members of the Hamilton Cavalry Troop were, on Saturday, engaged in jumping and rapidity ball practise the greater part of the day. Nearly all the horses cleared the jumps well, only one or two trifling casualties occurring, The building of Mr Camp's, Narrows Road Hotel, is being pushed forward rapidly. Nearly all the timber ia now on the ground, and a few weeks will see the structure outwardly completed. The attention of the Tamahere Road Board is drawn to the existence of an immense quantity of sweet-briar on the road, near Crawfords Gully. Some idea of the inconvenience resulting from it will be gleaned when we state that a person looking for some horses passed and repassed them on the road without seeing them. Regarding the paragraph relating to a tennis match between Auckland and Waikato, which we reprinted from the Herald in our last issue, we learn that there is every probability of the match eventuating. The names of the Auckland players are about correct, but of course the Waikato "cracks" remain to be selected. Cambridge residents will be glad to hear that the Poat-office at that place will be enlarged at once. Mr J. B.

Whyte, M.H.R., has received intimation "frora the Government thut the tenders for tap work aro to be in In a very few dayn, and operations will bo commenced immediately ufterwards.

A very successful entertainment, under the ampiceb of the V.M C.A., was given by Frofe^or Fraser in the Cambridge Public Hull ou the evening of Friday, the 12th. Rev Mr Evans occupied the chair, introducing the Professor, who gave his popular lecture on " Mental Science, its outcomes and usea." After the lecture a number of questions were put by gentlemen present and answered by the lecturer in a pleasing manner. By reference to our advertising columns it will be seen that the people of Alexandra will have the opportunity of hearing a lecture on " How to read Character" tomorrow evening. This lecture is spoken of by the Preas as extremely interesting and amusing.

A correspondent writing from Cambridge says, "cruelty to animals was the subject of a speech by Biship Cowie at a recent dinner, and I have seldom seen a stronger argument for the enforcement of restrictive measures with reference thereto, than wa3 brought to my notice a few mornings ago in Cambridge. When a horse is ridden, with a back so sore and cut up that the blood not only flows freely from the wounds, but shows in broad aplashes upon the limbs, it is time that something was done to prevent such inhumanity. I am informed that this will not occur again, and consequently allow my notice of it to stop here ; but still I cannot help regretting that the necessity occurred requiring my strictures, and expressing my determination that should it be repeated, both public opinion.and the law will enforce the claims that the lower animals have upon our consideration."

The late winds have done a great deal of damage to the fruit prospects it bout Cambridge; and in fact in the Waikato generally the crops will be small. Of peaches, as a rule, there will bo little or none. The other fruit crops have suffered in a greater or less proportion, rendering the outlook iv the fruit way rather dubious. Two parties started from Cambridge on Sunday morning for Te Aroha, viz.. Mr J. P. Campbell and friends, and Mr Audus Raynes and friends. They had not returned up to a late hour yesterday.

A Cambridge correspondent writes: — "All Horts of rumors have been flying about Cambridge with reference to Te Aroha and it prospects. Splendid specimens are said to have been found, men know where the reefs are, &c. After the most careful inquiry, however, I can find no cause for the sto ics. I have heard of one specimen stone having been brought in here, but a man who ought to know, informs me it was obtained five or six weeks ago, and was exhibited without intention of exaggeration, or misleading. It is a good sample, but " old diggers are aware of the difficulty of satnpliug reefs, and that one swallow will not make a summer."

In a notice of the Exhibition, the Melbourne Daily Telegraph of October 16th, says: — "In woollen goods the Mosgiel Company, near Dunedin, make an excellent display. They have two large cases containing some splendid samples of tweeds turned out by their factory, and which for finish and pattern will equal anything in a similar line of goods in the Exhibition. They also show some good things in shawls, hosiery, and blanketing. The Melbourne agents for the Company are Messrs Wm. Wptson and Sons, Flinders lane. Some samples of bookbinding are shown by Fergusson and Mitchell, Dunedin. Liardet, of Wellington,, has a case of furs and native birds' skins nicely mounted. J. Robin and Co., Duuedin, exhibit a landau built by them. It is a well-finished carriage, but would be considered too heavy for Victoria." We hear on the authority of Dr Hector that French and German experts were greatly surprised at the character of the Mosgiel Woollen Company's goods, particularly as to the quality and colour, and the taste displayed in their manufacture. The cry of " How to get a wife " is a familiar one in the streets of London. It can be heard any day between the Bank and Charing Cross by boys who are paid a large commission to sell the matrimonial papers. But the Berlinera seem to be far in advance of advertising in this direction. The other day a merchant of the Louisengemeinde buried his wife, and returned home to comfort his four little children. He was in the first agony of that desolation which only the husband and father can know who returns to a wifeless and motherless home, when the servant-girl put into his hands a letter which had just come by post. The sender of the letter was the head of a well-known matrimonial agency in the Lillien stransse — a woman, by the way. After expressing her deep-felt sympathy with the widower at the great loss which he had sustained, she went on to say that she had many marriageable ladies, of varying ages and fortunes, upon her books, some of whom were exceptionally fitted to fill the place left vacant in his household, and act the part of mother to his dear little children. The impertinent and unseasonable letter concludes with a list of twelve ladies, one of whom is represented as being the possessor of a fortune of 30,000 thalers. FRANKFOBT-on-the-Main, with a population of about 100,000, is reported to be the richest city of its size in the whole world. It is asserted that there are 100 Frankfortera worth from 4,000, 000d01s to 0,000,000d01s each, and 3f>o who are worth 1,000,000d01s and upwards. The city is one of the great banking centres of the globe. Its aggregate banking capital is estimated at 200,000,000 dols— more than one.fourth of which the Rothschilds, whose original and parent house is there, own and control.

The partnership existing between John Livingstone and John C. Booth is dissolved by mutual consent. All accounts owing to the lato firm must be paid to Mr John C. Booth, who will settle all claims. Mr R. T. Millar, of Pateraugi, makes an important announcement in our advertising columns. i John Knox, Esq., is the duly elected Mayor of Hamilton. . The Secretary of the Waikato Turf Club announces that members' tickets for the current year are now ready. Messrs Cotton and Reynolds will hold their fust auction sale at Cambridge on Saturday next. The new pure cash system now being initiated by G. and C. will certainly prove a benefit to the public. It has been a great success in Sydney and Melbourne, and when strictly carried out the customer who buys at an establishment where the goods are marked low to ensure a rapid sale must be a great g.iiner. G. and C. sell their drapery millinary, and clothing at such prices for cash as gives the buyer the advantages of a shareholder in a co-operative society, without the risk of being called upon to bear a portion of the loss should the year's business prove unsatisfactory. Garlick and Cranwell will aim to retain the confidence which the public have hitherto shown them, and are determined to give the pure cash system a fair trial ; whether they gain or lose the first year. Country buyers on remitting cash with order will be supplied with goods at co-operative prices ; just the same as though they made a personal selection. Furnishing goods, such as carpets, floor cloths, bedsteads, bedding, and general house turniture, the largest portion of which is turned out at our own factory, will be marked at the lowest remunerative prices, and a discount of five per cent, will be allowed to those who pay at the time of purchase. G. &C. having realised the entire value of their stock during their late cash sale, the present stock is nrw and chkaih.t | bought. An inspection is invited.— Garuck and Cr 4nwkli , City Hall Furnishing Arcade, Quccnstrcet, Auckland.