OUR SYDNEY LETTER,

Waikato Times, Volume XXXVII, Issue 2986, 3 September 1891, Page 4

OUR SYDNEY LETTER,

[i-ROM OUR OWN' COIU4ISSPONDENT.I

Sydney, August 4. The shearing dilliciilty is in a fair way ot being settled at last. Mr David Temple, the secretary of tho Amalgamated Shearers' Union, has concededon behalf of his organisation that union shearers may ahear with non-unioD ahearers. It seems a humiliating thing that in a professedly free country any such admission should bo necessary. But any how, there it- is. The way is now opened for a conference between employers and shearers, which could not be held while this primary right was denied. The spirits of commercial men are rising accordingly. The season, like that of last year, is an excellent one, and must add largely to the wealth of the country. If the conference, which is to be held this week, results satisfactorily, the incubus, which has restricted enterpriss and employment for so long, and brought poverty and discontent into so many homes, will be removed, and the country will once more begin to move in thn path of prosperity. Tho prospect is a pleasing one, and ought to unite all sections in a cordial effort to bring it to pass. Once this cause of strife is removed, the pretext for the floods of slanderous slipshop with which tho honorable cause of Labour is deluged will vanish, and its real worth and dignity will have opportunity to assert themselves.

The only serious matter for rsgrct is that this obvious fundamental principle was not conceded long ago. The boycott of non-union wool in Queensland, the organised terrorism which followed it, the scenes of violence at Louth, Bourke, Wilcannia and other places, all had their spring in the unrighteous and unlawful efforts to prevent non-union men from iioins; to work. How much the country fus suffered from the wild and hopeless attempt, how much the pastoral industry has .suffered, how much the shearers themselves have suffered can never bo accurately computed. Outside of a handful of " official " agi'ators, who have been able to constitute themselves the " huh " round which tho whole embro. plio has revolvrd, n:> onu has profited. As far as the shearers arc concerned, it may lie sifcly prognosticated that their pursuit will never again be what it was before. The abstention of the unionists has caused the country to be flooded with outside labour, has led to the employment of numi>erlc33 learners, and has probably added - J,") per cent to the number of shearers. Kmployers declare they have no intention of reducing wages ; but even if they are able to maintain this resolution in the face of the great pressure for employment which must ensue, the difficulty of obtaining work in an aristrounitic labour market will have the same pecuniary effect as a reduction in wages. The misery wrought by those who use their plausible tongues and pens to perauade the honest worker that he ought to ■'cutoff his nose to spite his face," is incalculable. The best thing that can be hoped for is that its sordid folly may now be thoroughly exposed, so that for the future it may be powerless. The Labour members in the House not yet been able to rescue its proceedings from the charge of ineffectiveness. The whole of last week waa practically wasted in useless talk. One night was .spunt in talking " strike," and another in dt'b-iting an abstract motion of the Premier's in favour of woman sufTcrage.

The •' .«t.viku '' talkce-talkee was of the usual piirposetus.-i character. One section <>: ilih House vented a budget of stupid ii -tiunciati .'lis of the Government and glorification of the strikers. Their chief object appeared to to to Haunt the red (lag in the faces of tho Labour members, who, however, withstood the insidious attack better than might have been expected. The more senssble members were chiefly distinguished by their silence. They knew the dreary interchange of twaddle could not possibly lead to anything, and they recognised the principle that he who unnecessarily enters upon a passage at arms with a chimney sweep is certain to be soiled in the affray, no matter which side claims the victory. Briefly, one side declared that water ought to run uphill—in other words that those who break tho law and defy authority ought to have more consideration from the authorities than those who keep the law and respect the liberties of their fellow men. W hat they they lacked in logic they made up by vindictivenesa and the inventiveness which accompanies it. Tho question is hardly arguable so there was nothing for it but to let the " wild cats " have their screech right out to the end, eveu though they wasted tho whole ntght in doing it.

A pioco of even more futility was the debate on woman suffrage. The Premier moved a resolution in its favour, notwithstanding that ho knew or might have known, that three-fourths of the Assembly regard the question as outside the range of practical politics. Advocates of " one man one vote" did not care to have their pet catch-word eudangercd by the addition of " one woman one vote," or, as some jn.it it, "one married man two votes.' JMr k'itzgcrald, one of the Labour members, was inveigled into moving an amendment that the question should stand over until the other electoral reforms promised by the Government had been passed into law. But the Premier, though he was quite prepared to put up with tin: rejection of his ir.ulion, resented the dictation involved iu the amendment, and declared that he would resign if it were carried- Thereupon the Labour man, in order to a.ive the Government, voted against their own amendment. But one more night was wasted in this useless '" backing and filling." It is not thus th it electonil reform, or indeed any other r -form, is brought into the realm of accomplished fact. However, the six pounds a week runs on all the same, no matter whether any work is done for it or not. We arp just beginning to wake up to the fact that, the Treasury is in a very

unsatisfactory condition. As long as Mr Macmillan reigns, we wore quite satisfied that everything was all right, so, like the faithful deacon under his favourite minister, we thought we might safely go to sleep. But now he is cone, and we begin to take stock, we find nothing but emptiness, overdrafts, and our own promises to pay, where we have been accustomed to have solid bank credits which could be drawn upon for hard cash to any reasonable extent. About three millions of trust funds have been expended besides all available loan balances, and in addition the Government has borrowed a million and a quarter from it 3 bankers in London and Sydney. A four million loan, if we were to raise it to-morrow, would do little more than put us square, to say nothing of any surplus for fresh expenditure. Before blaming Mr Macmillan for this untoward state of affairs, it must be remembered that during his term of office he has only borrowed from the British investor at the rate of three miilions and a-half every two years, say seven millions in four years. Tho Treasurer's whom he succeeded borrowed about twenty millions in four years—a very different state of affairs. We arc now overdue for another loan in London, but the market has never been propitious since the Argentine crisis, hence the present impecuniousness.

The Government, however, though not to blame for the changed conditions in London, cannot be acquitted of the charge of rashness. They entered on a large expenditure of loan money in the hope that they would be able to borrow easily and speedily. But in this, like many another impecunious body, they fiud they have been deceived. Indeed, the common experience is that the more you want money the more you can't get it; whereas when you don't need it, it is pressed upon you. Of course, the Government can always borrow, " at a price ;" but that price will exhibit such a declension from tho terms on which the last loan was negotiated, that they have not yst nerved themselves to make the sacrifice.

One thing must not be forgotten, however, in estimating the position. Owing to the operation of financial syndicates who were willing to pay smartly for a virtual monopoly of our loan issues, the prices paid two or three years ago were, in the opinion of many good judges, considerably above the intrinsic value of our stocks, and it is quite probable that they will not again be reached. At present New South Wales 3h per cent, stock are. quoted at 101 ; but this appears to be a nominal price, at which no large amount of business could be done. Holders of our maturing five per ceut. debentures are in no hurry to take our 3i per cent, scrip at par, and this feature of the position will add perceptibly to the difficulties which the future Treasurer will have to face.

Who will be the future Treasurer? The Premier is to consult his colleagues' to-day and make* an announcement in the Houso to-night; but up to the present the secret—if, indeed, any decision has been arrived at—has been exceedingly well kept. A strong man will be needed. Mr Bruce Smith is generally spoken of, and appears on the face of it to be the best man for the position. Should this be the course decided on, the portfolio of Works will still be at the disposal of the Government. It might possibly be allotted to one of the leading federationists from the other side of the House, on the understanding that protection is to wait for federation.