SYDNEY LETTER.

Waikato Times, Volume XXXVI, Issue 2924, 11 April 1891, Page 4

SYDNEY LETTER.

(IIY Ol'R OWN" (JOKKKSL'ONDK.NT.)

SviiXEY, March 17. The opening of the Kailway Institute was a great field day for railway men. It showed conclusively that a large body of thorn are disposed to wurk cordially with the Commissioners and gives some warrant for believing that the disaffected section which has made itself of lato so conspicuous is only a small minority. The Institute will contain a library (the gift by-the-wny, of Mr Goodchap, tho late Chief Commissioner). It will also provide classes for technical instruction, and furnish means whereby the most promising young men may be sent to the best workshops in Europe and America, thereby opening to all tho chauce of a pros., porous career. Sir Henry l'arkes presided, having promised "at whatever inconvenience to himself to bo present. It is note worthy, as showing tho genuineness of his interest iu the movement, that his absence from tho Ministerial picnic given to tho Convention delegates on tho same day was excised on the score of illness. Tho speakers were Mr M'Millan. Mr Eddy, and Mr Goodchap. The speoehes had a good honest ring about them, and though there was, perhaps a littlo too much good advice, and not quite enough explanation of the ainissj and methods of the Institute, the general efleet appears to have boon good. Mr tioodchap, however, stated that he would deliver himself iu another place iu reference to some remarks which had been made by Mr M'MilhiF. about discontent aud disloyalty," so that it is just possible that all the mud may be stirred up again just as it was begiuniug to settle.

Very heavy expenditure, I may mention, is going ou. just now in connection with railway works. The ijuadruplicutioii of tho suburban liuo alone affords employment to a small army of men. It necessitates the doubling of embankments, the widening of cuttings, tho alteration of bridges, tho removal of platforms and station buildings, and in pome places the course of the line itself has boon slightly altered, so that it may safely bo said that the cost will not be far short of that of the construction of a new line.

In order to moot the expenditure, ! the Government are calling in their lixed deposits, and this has an effect on the financial position. The large banks, such as the Commercial, the Now tjouth, tho Union, and the Australian, don't feel it much, as in the present uncertain state of affairs thoy have the offer of more money on private deposit than they can find profitable employment for. But the smaller banks which are not in sucli high favour with depositors feel it more severely, and consequently a movement is on foot to raise the rates of interest offered. It is just possible that this may cause a

break up in the agreement which has for so long a time subsisted among the banks, and which binds them to give the same rate of interest for deposits. On the face of it this seems almost as unreasonable as paying the same wages to workmen of di lit-rent degrees of efficiency. Some of tho banks are pursuing a progressive and enterprising policy. They need more money than those trading 011 more conservative lines, find there seem? no valid reason why they should not tie at liberty to offer a higher rate of interest. Others again have not the same standing as the larger institutions, and are naturally willing to offer larger inducements to the public to do business with them. IL is curious to find an instance of trades union practice, among institutions which arc kiupposcd to lie far removed from any such ideas.

Ah it uiuil.LT of fact,, eapital is accumulating al ti great rate, anil its possessors fail to see any eligible outlet. Anything which involves (lie extensive employment of laliour iu tho present, attitude of the agitators is looked upon with distrust —iu fact, the unions are putting forth a number of noisy men to cry alouil as hard as they can : " Don't employ us; don't employ us .' We'll make it very disagreeable, aud very unprofitable, for you if you do!" J t has been seriously suggested that New South Wales capitalists could not do better than utilise their idle reserves by taking up the nuxt Government loan. Such a step would open the eyes of tin- British investing public, who are s idulously taught by their iinaiiei.il press that Australia is a poor poverty-stricken country dependent on their bounty. The stock would go up by leaps and bounds, and would be the most popular investments in London after such an overwhelming demonstration of the solvency of the colony, ft could be done with ease if those who hold the cash were to think favourably of the idea. At the present moment the deposits in the seventeen banks doing business in the colony probably amount to thirty millions, so that there is nn r uuiplu margin for LjUch tin operation, '

mid those who should successfully curry it out would uertainly become uicinonible. Mr Myles Alcßae, whose judicial scp;ir-'tiou from his wife J mentioned last week, will furnish quite a windfall to the liar. Mis governess is hi in for breach of promise of mania;,'!.', and when .she has done her mother will come upon the scene with an action for more damages for the seduction of lier daughter. Willi* -Money t:ilk<, >•"" knmv. Walliicti—Tliiit, isn't HurpriMiu', Money is titclit. Sarah IJernhflrill liai fattened encutfli In make it wrung In call lier "Cleopatra's needle. 1 '