The Waikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. TUESDAY, DEC. 1, 1891.

Waikato Times, Volume XXXVII, Issue 3024, 1 December 1891, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. TUESDAY, DEC. 1, 1891.

« In a recent issue the Lyttelton Times, which is nearly the only paper of standing which supports the policy of the present Ministry, wrote as follows in reference to the strictures passed by the London Times on the financial measures of the Government. In order that the weakness of the arguments possible in their favour may be appreciated, we make the following quotation :—•

The Times of London has made an attack (in the financial policy of tho New Zealand Government and raised a note of warning. The mortgage system iu forco aimmgat tlie great estates will be destroyed, and the recall of realisable capital is very certain and very neiir. Now the tirst contention is entirely contrary t.u the argument cherishei in financial circlos, viz., that whatever the mortgagee h mado to pay by the tax gatherer, tint will he recover, probably with heavy interest from tho unhappy mortgagor. According to that view tho mortgagee will be a distinct gainer by the chanpo, moreover how can anything be disastrous that does not reduce the mortgage interest below the level of the interest obtainable "nt Home. The British capitalist sends his money tnNew Zealand, because he relies upon getting more for it than by keeping it at Home. Tha tax imposed does not make tho difference which alone can induce him to withdraw his means. Further most mortgages cannot withdraw because their means are locked up for stated periods. The same thing may be said of realisable capital, not enough can bo realised in any country at satisfactory prices to produce an exodue of capital on a largo scale. If i b wew otherwise the

exodus of capital would be replaced by other capital. Lastly where is this ctpitul to go to? Somo that was waitim; invost- ■ itc>iit. iii the hands <>f a Northern Company of which Gapt. Kusnell and Mr J. D. Ormond are directors was sent away the other day. These directors counselled de-l-iy, at least until the noxt session of Parliament. They realised the great truth which after all governs the wholequestion viz.,that Xβw Zealand is fho best country, as well for investment of capital as for anything else. Tho owners of the money worker! upon by foolish critics and unpatriotic traducers of their country had not grasped tho truth. This money has gone but the truth remains."

We will pass without further comment the mis-statoment that the Times stated that the mortgage system among the large estates would be destroyed. As regards the mortgagor being made to pay the tax, this only applies, of course, to renewals of old and the effecting of new mortgages, not as the writer implies to those already in existence. Where the gain to the mortgagee conies in requires explanation, unless he charges a higher rate, plus the tax. It is perfectly true that money is sent to the colony for investment because a higher rate of interest prevails than in the Old Country ; but the fact remains that if the money invested is to be liable to an extra two per cent., the tax will be paid by the future mortgagor, or the Home and colonial in-

terest on investments will be so nearly approximate that the money will remain in the Old Country. As to the argument that mortgagees cannot withdraw until the terms expire , ! is merely putting off the evil day. It is perfectly true of realisable "capital" (the writer, of course, means property)—a, very large amount cannot be realised without depreciating values, but there is an old maxim in vogue with investors and speculators that it is better to make an immediate loss of part rather than risk the whole. The allusion to the fact that Mr Ormond and Capt. Russell, as directors of a company, sent money back which was entrusted to them for investment, is rather unhappy. It would be difficult to find two men in the colony with clearer heads or a better opportunity of judging as to the probable effect of the Ministerial policy, and as directors it was to their interest to invest if they could honestly do so. It was not the. owners of the capital who were scared, but two old and experienced colonists—a fact that they practically illustrated by sending the money back. There is a much more potent reason why capitalists should withdraw their capital than any that exist, in consequence of the legislation which has already taken place. Speakers and writers in support of the Ministry arc careful to restrict their remarks to the probable effect of what is, and conveniently ignore that which the Premier has promised to bring about if he can only retain office for a sufficiently lengthened period. He means land nationalisation to be the policy of the country. In other words he purposes to pursue the dishonest proposal of Henry George to gradually confiscate by taxation. He proposes to tax all the land till it has no saleable value, which means nothing else. Capitalists have, of course, noticed his spseches, and those of them who have lent money on mortgage speculate as to what their position would then be. Mortgagees have no desire, as a rule, to occupy the land they take as temporary security, and lend only such a sum as they feel tolerably confident of realising at a forced sale, in the event of interest not being paid, or the capital refunded at the date agreed. When the land has been reduced to having no saleable value, What has become of the mortgagee's security ? That the Premier's fad will never be carried into effect every man is well aware, who ktiowb that the people of this colony are not more innately dishonest than any other; but men with money to lend are very cautious, and, in spite of the doubt of the writer in the Lyttelton Times, will find another country in which to invest, which is not blessed with a Premier who avows that he will sweep their security away at the earliest possible moment. In considering the probability of capital being very largely withdrawn, and in consequence our industries hampered and our working men walking about idle, the fact we have dwelt upon is of first importance.

During the last few days a circular containing an extract from The Railway News of September sth, 1891, has been distributed through the country. Although it does not bear an imprint, it is recognisable as coming from the hands of the Government printer, and as it traverses the Hungarian Railway Zone System unfavourably, it has been issued presumably at the instance of our Railway Commissioners as an indirect condemnation of what is known as "Vailo'a System." Taking for granted that the whole of the statements and figures are correct, the Hungarian Zone System viewed from a railway expert's stand point or financially is a failure. The concluding paragraph however entirely qualifies the whole question so far as support accorded in Waikato to Vaile's scheme is coneerned. This is the way in which the Railway News sums up:—The actual increase resulting from the introduction of the zone tariff was consequently 1,980,000 passengers in 1889, and 5,030,000 passengers in 1890, or equal to quite 70 {per cent, for 1890 aguiust 1888, after all matters are fully accounted for. That is, of course, great progress, and undoubtedly a great boon for the people served by the railways. Financially the trial, however, seems to be a failure, and railway companiesin other countries will find no indue*" ment to follow in tho footsteps of the enterprising Magyar Government. But, notwithstanding the pecuniary loss, a State railway might rightly embark upon the new method, as the nation has after all to make good tho deficiency. The Hungarian railway authorities are justified in looking upon their linos in the same way as Englishmen regard the Post-office. If the latter had incurred a serious loss by the introduction of the penny postage, the country would scarcely have suffered from it, at least not in proportion to the benefit it derived from tho reduced charge.

Mr McNicol's special horse sale tikoi place to-morrow (Wednesday), nut, Thursday as stated in a par in Saturday's issue.

A. meeting of the members of tho Pukokur.i Road Board will tike place ■in Monday next, in the Pukerimu schoolroom at 3.30 p.m.

A gentle rain set in last night which will do an immense amount of good to grass and crops throughout the district after th« spell of hot days wo havo oxperinnced of late.

Playing members of the Hamilton Cricket Club are requested to roll up to cricket practices this week as the team to play against Paterangi at Paternngi on Saturday will be chosen from those playing.

Mr Jellicoe, a well-known Wellington barrister, wai oil Saturday fined CIO by Judee Kettle at Palmerston North, for contempt of Court. Mr Jellieoe gave notice of appeal, which was granted.

The Hon. John McKenzie, the Minister of Lands, arrived in Auckland on Saturday. Mr McKenzie has come specially to visit the country lying to the north <if Auckland. On his return he will visit Waikato.

The annual entertainment given by the pupils of tho Hamilton West School will take place on Tuesday, December 15th, in tho Public and Volunteer Hall. The programme will comprise songs, tableaux, horuses, and the comedietta '• Cindnrelln.

Mr Langley, of Langley Bros., Kawhia and Rtiglan, who was in Hamilton la*t week.renorts young store cattle as scarce and dear. He had been away in the Papaknra district and had only succeeded in securing about fifty hoad.

People have been no doubt surprised to hear of buyers coming up from Taranaki on the look out for store cattle, and they will hardly credit that yearling steers are bringing £2 15s a head in that district, but we are assured by a gentleman lately returned from thnt locality that auch is the case.

Colonel Hume, tJnder-Secretary for Defence, visited Hamilton yesterday and inspected the police barracks during the afternoon, in company with Inspector Eriiarson. The question of arranging matters withreepect to the Public Hall was also discussed, and a satisfactory arrangement has, we understand, been arrived at.

On Sunday morning His Lordship Bishop Cowie confirmed mght candidates at> St. Saviour's Church, Taupiri. In the evening the rite was administered to nine candidates from Tauwhare, at St Peter's, Hamilton, The Bishop preached an instructive sermon on the subject of "Missions," taking for his text St. Matthew, chapter 9, verse 37.

A special meeting ofithe members of the Cambridge and Hamilton Branches of the Waikato Farmers' Club will be held at Ohaupo this afternoon, after Mr John McNicol's sale. The question to be discussed is as to the desirableness of holding an agricultural and pastoral show in Waikato, and the place where such show shall be held. It is expected that there will be a large attendance.

Messrs Sandes and Co., Hamilton have a new advertisement in this issue, concerning the stock of Christinas goods, to hand. The list of these published gives a larse rango of choice, and comprises ik'ticles to suit all tastes and pockets. Christmas numbers of tne Grnphic and Illustrated London News are expected shortly, as also the special number of the New Zealand Graphic.

In this issue Mr Taylor, tinsmith, of Hamilton, notifies that he has an improved spraying machine for sale. A machine of this sort has become indispenmble to orchardists to keep in check the hordes of insect pests now infesting our fruit trees. It is the most complete and handy sprayer yet placed in the market, and has the great qualification that it can be worked by one operator.

Owing to a slip, a mistake occurred in our last issue in regard to Mr J. McNicol's horse sale, which will be held tomorrow instead of Thursday, as stated in our local on Saturday. The entries are very large, and the class of horses to be sold some of the best in the district. The sale will commonce at 9.30 a.m. sharp, and horses will be offered in the order in which they are brought in, irrespective of class.

A change has taken place in the boundaries of the Sheep Inspectors' Dis tricts. For some years the Whakatane County was included in the Poverty Bay District, under the supervision of Mr Campbell Thompson, but now it falls in with the Waikato, under Mr Sutton. Mr Hargreave, acting-inspector under Mr Sutton, visited this portion of the district last weak, and reports very favourably on the whole, although he is of opinion that there are some flocks requiring more attention than they are receiving. Mr Harsrreave went along the Coast as far as Rimkokore, and was well pleased with what he taw. With ngard to rabbits, he saw traces of some, but nothing whatever to be alarmed at. He has got a man on rahbiting at Matata, where the loose sandy soil seems to bo more favourable to them. — Opotiki Herald. The long-standing matter in dispute known as the Whatawhata County R'>ad rleviatiin seems to be in a fair way of being settled at la s t. The r >ad was tikeu, many years ago through the MaTi land by the Nitive Department doririg the Grey administration, and ever since the Maoris have been putting in claims for compensation to the local authorities, who declined any responsibility. Some months ago, however, the matt?r was again referred t-> the Government, and the Waipa County Council received authority to get a plan of the deviation, for the purpose of its being gazetted a public road ", also to transfer t'> the Maoris the pioce of road which had been closed. At tha la3t meeting of the Council Mr T. (I. Sandes was present with his plans, also Mr A. Crawford, on behalf of the Maoris. The latter agreed to all the steps that were being taken, so the matter may be regarded 03 settled,

For some little time past horses have disappeared from various parts of the district in the most mysterious manner, the animals in most instances being valuable ones. The Rystematio manner in which the disappearances have gone on would point to the belief that the horses have not strayed but have been " lifted " and planted, to be brought out when the recollection of them has gone, or are driven away and sold at some distant township. Some ten or twelve years ago this "game,"although the perpeWators were never bowled out, was pxtensiTely carried on in and around Hamilton. Mr McNiool has been a very heavy mifferer, no less than four of his young horses having suddenly vanished. Hβ is now offering a reward of £25 for the conviction of the thief or thievis, and Mr C. J. Storey, who has also lost a horse, is offering a reward of £10 for a like purpose. We hope that tho police will soon catch the miscreant, who, no doubt, is carrying on a profitable business.

Says the Sydney Bulletin :—The Tongan Parliament has abolished all legal redress for debt. In that favoured land there are now no moro bills, or p.n.s, or lOUs, for they are so much waste paper, every one. If anybody lets anybody else have goods on tick, he must trust to Providence for the cash. There are no more time-payment pianos or sewing machines, or cheap instalment furniture, or drinks that are chalked up ; nobody can go bankrupt for to go bankrupt a man must owe something, and under the new law nobody can owe anything in Tonga. It is a good and wise device, and the white man should go and do likewise. Then there would be no mora calls recoverable in wild cat mines, no more land specu'ation booms, no more books or deferred payment allotments, nn bills of sale, no more flaring chromos Hold to the deluded suburban female to be paid at Is per week, no more anything in fact ; and everybody would have a rest—a long long, peaceful rest.

The advertising agent is a smart man, and he seldom meets with his match. It i 3 related of an officer of the Salvation Army in England that being at a very " hard shop," where it seemed impossible w get people into the barracks, he beguiled his share moments painting texts on the blank walls and hoardings of the town. On one occasion he toiled laboriously, but affectionately, over the words "What must I do to be saved ?" intending on the morrow tn return and add the answer to the question. It so happened that an advertising agent pasaed the hoarding later in the evening, and seized the opportunity for scoring a good point, anticipated the Army man by painting underneath thn text the words, " Use 's Fruit Salt." The captain returned on the morrow, pondered awhile, and then painted underneath the further injunction, " And set thine houso in order, for thnu shalt surely die !" On hie return that way the advertising man read the words that had been added to his, and then out with his brush and finished the sentence thus. "Dye with Judson's Liquids, which produce beautiful colours."

The fast train service to Oxford commences today.

A serious accident happened to tho racohorsn Never Misi, owned by Mr H. Biill'.ck-Webster, yesterday. It appears that, the horse was being exercised by Mr W. Windsor, when he noltoii, running int > a wattle fence, and staking himself in the chest. Various rumourn, to the effect that the horso had been shot, were circtilnted during the afternoon, hut in the evening we learned that although very badly injured, all hope of pulling the horse round had not been abandoned. Wo hope tho efforts to save him will be successful, a? he is a valuable animal.

Our readers will remember that a grant of £150 was) made last session, towards the maintainance of the Raglan and Waipa road. We understood that a considerable portion of this Hum will be expended in reforming the line from Whatawhata to the foot of the ranges. This portion, for years pa«t, has been in a bad condition after overy apell of wet weather, the old formation originally made by the Maoris being almost obliterated. Other parts of the road on the Kaplan side of the mountain, and near the Okete stream, are also to be improved. Now ie the time for road making. The coining hummer will consolidate new earthworks, and in view of the increased nvmber of families likely to visit Raglan this season, in quest of health and pleasure, the local authorities cannot improve their main highway a day too noon.

The Raglan County Council are taking Bteps to open up the road from Whatawhata to the perpetual lease lands, at the head of the Tuneke creek. Mr .Somerset, the clerk of tho Council, was in Whatawhata, on Friday last in connection with the matter, and tender.-* will be immediately called for building small brideec, culverts, etc. This work was urgently needed, tho present track being almost impassable. Some time aso, our Whatawhata correspondent, in giving a short description of the district, drew attention to the large area of good jpen and bush lands still available for settlement under perpetual lease. The road w irks now being undertaken by tho Raglan County Council, which when ultimately completed are to connect right through to Wait-etuna, will not only give persons an opportunity of inspecting the lands in question, but also Home encouragement to settle upon them.

Lord Hopetoun, says a Melbourne writer, is not. by any means impressive to look at, but he is a very good man to listen to. Hβ speaks wisely and well, quietly ;md without ;i,tfectation; but. certainly not without, fm-ce, sense, and spirit. At the Mayor's banquet he wan specially happy. He took it into his head to refute the slanders that have recently been published in British magazines by Messrs John Fortoscue, Frances Adams, and David Christie Murray ; and, in the language of the native Australian, he certainly made those gentlemen "sit up." He condensed their accusations of disloyalty, savagery, want of good faith, and intent to repudiate our public debt into a few strong sentences, and then in sharp sarcastic terms demolished the " travelling scribes, for whose sake we had even gone eo far as to see their plays acted by tlißrrselves," and, from his own knowledge of Victorian feeling ivnd his own experience, repudiated the conclusions of our slanderers. He had fully e»rnsd the hearty cheers he received when he ss»t down, and, indeed, he has never done better service to his Queen and his country.