SYDNEY LETTER.

Waikato Times, Volume XXXVI, Issue 2925, 14 April 1891, Page 4

SYDNEY LETTER.

♦— (i;y wk own' coßKKsroMiK.vr.) iSviiNEV, March "J I. At tho fag-end of tho last session tho Government objiiuotl power from Parliament to borrow seven millions of money. This, however, has not vet been exorcised chiefly because the London money-market has been in an unfavourable condition ever since the Baring crisis at the end of last year. Expenditure, however, has proceeded merrily ovor since, and tho crodit balances of tho Government will bu exhausted by the end of tho third quarter of tho year. It is onlv fair to ruontiou that if tho Government were not in a position to proceed with public works, tho general stagnation which, thanks to the labour agitators, lias overtaken privato enterprise, would be productive of sovero distress.

The Colonial Treasurer, though he has not yet rosorted to the Loudon money market for a loan has taken a teuativo step which will servo to some extent to guage tho credit of the colony. About two millions of o per cent debentures have to bo repaid by Juiiiuiry next, year, aud Mr McMillan offers the holdor.s instead of cash '61 per cent inscribed stock at par. That is to say, every holder of £100 five per ilobonturo will roooivo 4)100 of D,\ por cent inscribed stock. Tho inarkot value of tho latter, at present • [uotatious, is between .£lOl aud illo2, so that, on the surface it appears a very good burgain for the dobonturo-holdcrs. Against this is to bo aet tho indubitable fact, that there is no very activo demand at present for colonial stock, and that, therefore, if holders should attempt to realise they would probably depiOßS tlio market. Should tho operation 2>rovu successful, as it is to In) hoped it will, tho credit of the colony will bo very satisfactorily vindicated, and thu amount of. the ii".U loau will bo diminished by the lui'jju amount named.

A;.; lore shadowed iu my last, Iliu biiuku luivu ruviaud tho interest which they oll'orool fur lixod deposits l>y ouo pur cuut, ati'l five pur cent io now übluinublo all ovor Audtrulia fur rautiuy lixod for the twolveinuiitlui furm. To this extent, the bauk« bucumo keener competitors •fur whatever floating capital is offering, iiud privato enterprise is likely to suffer accordingly. On tho other hand capitalists who roaort to tho banks are often unablo, (trustees etc) or unwilling to assist any privato ventures, and it must be remembered that bankers who pay five per cent for money cannot afford to keep it to look at, so that the influences will not be altogether in the direction of contraction. The financial and commercial outlook can hardly he said to favour cheap money, and, as a matter of fact, tuany eminent bunking authorities consider the five per cent rate licst suited to the cireutnstiiuces of the colonies. It certainly prevails longer and more often than any other. it is curious however, to note that although nearly all the larger banks condemn the change, and declare that the: action of one of their uuniber has forced it upon them, none of tlinm, singly or collectively, have had courage or jonlidence to maintain their view. It'four per cent is the proper rate t'or the position, one would imagine that those banks would prosper most which adhered to four per cmt, and that if any bank proposed to give live it might very .safely be left to do so at its own risk. These big financial institutions, however, seem to have set their clients and tiii> general public the very bad example of uii aniiHously adopting a courau which thuy almost unanimously condemn.

Preparations arc being actively made for the collection of tin , census returns early next month. This is tin occasion whicli only re ours once avciy tun years, aiifl tins year the resources of tin: statistical ritail will bo 3traitied to tlu: ulinost to render it complete anil accurate. Tiio Litter ol iuui.m: cannot lie ncliiuviul perfectly. .I , ', lucitinu has no( yet progressed sullieioutly to wuiblo every head of. a household to understand '.lie questions put, and to questions '.vhicli are no , ; understood sonio very ludicrous answers may bo expected.

One- o£ the most common sources of confusion arises uuder the hoadiug : Keligious Deuomiuutiou. Tuko the New Church for instance. Some of its members will describe themselves as simply "New Ohurcbf' as they ought to do. But others when pressed for explanation will be beguiled into calling themselves '• Swedcnborgians"' others the "New Jerusalem" and so on. Thus an erroneous idoa will prevail that thore ;ire throo snhools of this religious thought whereas there is but one. suicl the numbers of that one will be very much understated by being divided among three or four. If (.he members would all insist on tlecribing themselves as '■ .Now Church," pure and simple, these aources of error would be avoided.

Oα tho evidence of Professor Owen and Dr. Milford, a coroner's jury decided that every possible precaution was taken in tho cast: of Mr I'roudfoot, tlic railway contractor, who died under chloroform, whilst undergoing a surgical oper iition for a vory coiuuiou complaint. A day or two previous to liis dcaih. Mr i'roudt'oot was Mtiwly about his impm-Kiit busmen ,i.ono of tho right hand iiibii ol' thu Railway J.)epartuiunt- I fad he not submitted to this operation, he would j>robably be alive -still. Tho los-!O?i lor the yruu.M'iil public i.« that tiic consoiontioiis >ri ilic best niedieril sliill of the clay, ho far from briiiyinjj licnlfli lo n luiin, imy take him from hi;; work to laud him in his colliu. If is impossible, according to tho authoritios named, for tho most oxporioncod practioionor to say positively in any glvnn pflso whoMior tlio administration of chloroform will <ir will iiol; bn fatal. Tlmroforn, fsvrry man wlio it gambles villi Li- , Hfe, aud if Lu losas n rhy '

venlief will bo, "'Killed by medical science, according to the rules of the art, and no blame to anybody. , ' Then. , is a. common idea that some measure of culpability attaches to those who hold the candle as well as to those who play the game, but it is evident thut this ruin does not hold good in a profession which, according to Sir Ashley Cooper, is bounded on conjecture and improved by murder.

Personally, I may say that 1 have some knowledge of the complaint ! of thu rectum from which Air Proudfoot sullercd. I know nothing of the history of his case, or the manner in which it wns treated in its earlier stages, but I have heard and react of numerous instances in which tlif; simplest tumours, by the use of the knife, have developed into most painful abscesses and fistulas. They would certainly have yielded to the common • sense treatment of and the employment of easy palliatives, such as those detailed in Professor Kirk's papers on health and similar works. As a general rule, it may be taken for granted that when; Nature forms an abscess she will also in due time, find a passage for its discharge, and that to attempt to " assist " her by jabbing a hole in the part a (Feu ted with a knifo may be very surgical and very scientific, but is also very dangerous.

Federation is making bettor progress in committee with closed doors thau it did while the dolegates wore addressing themsolvos to the reporters, as well us the matter in hand. By the time this roaches you, tho various subcommittees will probably have agreed upon proposals to bo submitted to the Convention. Tho "Commonwealth of Australia," so fur as we have got at present, is to bo presided over by a Ciovernorgmierul, of Imperial appoiutmont, but it is sorioiisly proposed that the (loveruorii of tho respective colonies shall bo appointed locally. Tho Homo < lovernuieul. however, will have f,o bo consulted us to this toiiture of tho programme. The subjects with which thb Federal legislature is to deal have been decided on, nuil tso also has the jurisdiction of the Colonial Appellate Court. I gather that recourse fco the hitter is k> bo optiou.il, but that if litigants resort to it, its decisions are to be final.