The Express.
London, England, 1865-03-20 00:00:00

NEW ZEALAND GOVERNMENT TREA-
BUZY ELLA £1 000,000 sterling, authorised by Act of
the Leg Datum of the Colony luauled the " Debentures Act,
ISM," tote raised In anticipation of the "Loan Act, 1861."
The undersigned. eating on behalf of the Government of New
Zealand, Dow offer to public competition by tender the fist In-
stalment of the above Treasury Bills, amountlng to £400,000
ster•ing.
The Treasury Bills will be lamed in sums of LlOO and £l,OOO
esch, with the impose attached. Daring Interest at the rate of
b per cent. per elm= from the dare a Issue, viz., Ist of April,
loot. suable hat-yeaM on the 111 day of January and the Ist
of July, nameable sa allows :
Ist Series, £lOO,OOO, en Slat December, 184 Id months' currency.
2nd do. £150,000, MithJutte, 1887, V do.
Brd do. 1.:1401011, Met Deeembr,lB67, ss
Both principal and interest wlil be made payable eiwer at the
Colonial Treasury, Wellington, or the Bank of New Zealand,
London. to suit purchasers.
Tenders will be received for the whole or any portion of the
Treasury Bills, not being In sums less than ElOO or more than
CLOW, until l p.m. on Friday, the 81st Muth, lat.
The leaden should be enclosed in a sealed envelope, addressed
to the undersigned, at the Bank of New Zealand. te. Old Blvad-
Arse with the words "Tender for the New Zeeland Govern-
ment t sssery BIM" written on the embeds.
All tenders received will be opened at the Bank of New Zea-
land. In the presence of Interested Was. I o'clock m the
Theprecisely.
sury Mb will be allotted to the highest bidders,
provided the prices offered are not below the minimum fixed In
the usual manner.
Tenders at a price including the fraction of a Wiling other
than sixpence will not be accepted. an la the
event of tenders
beyond the amount to be lamed a pro ral astrkalon on such
tenders will be made.
A deposit of At per cent. on the amount of each tender must
be previously paid Into the Bank of New Zealand. and on allot-
ment the balance in two equal portions, with intervals of four-
teen days between each. The Tramitry Hills will be issued in
exchange for the Bank receipt on a day to be Ind open
hereafter.
rho principal and fairest of such Debentures or Treasury
Bills are payable out of and charged upon the revenue arising in
the colony of New Zealand from all sources, but without pre-
judice to any securities heretofore charged upon the said re-
venue bet it is distinctly understood that them Treasury Bills
will be redeemed out of the proceeds of the Three Million Per-
manent Loan of ISO, when sold.
Pull information as to the existing loans of the New zeium4
Government may be obtained at the Bank of New Zealand.
together with forms of tender. Also the following documents
may be seen, :
FIDADCIIII statement by the Non. fir. Fltsherbert, Colonial
Treasurer, dated ad December. left
The "Debentures Act. lat."
The "New Catena' Dutes Act, 11164," by which it is expected
that an addition will be made Wine Colonial revenue of £190.000
pet maim, de.
Agents annotated by the Go-
YALCONBA LARKWORTHT. vornorot Yewyealaud forth.
ROBERT PORTER, isms of Treasury Bills under
WILLIAM 811ELLII GRAHAM& the ~ Debsuwrse Act,
BanX of New Leland, 50, Old Breadelmset,
London, March 18,1665. •

LIFEBOAT SERVICES.—Dering the storms
of the past year, Idet, Um boats of the Seth:fool LUeboat
Institntloa saved 4C persons from different *terns on our omits.
The lostltution has alto expended C 10,531 Its. Bd. in the
some
period on its Lifeboat establishments, In addition to granting
41,588 so rewards for saving 04 skipeneeked pawns by its
lifeboats and other SMIPS. The Committee of the Inititution
warnesUy AI•CYAL to CA public ter ASSLiTANCE, to enable
them to meet the continued heavy demands an the Institution's
140 lifeboat cetabUshisenta.
Contributions are received by Memo. Willis and Co., Herrin
and Co., Count and Co.. and by 7 all the London and country
bankers, and by the Secretary, Lewis, Zee., et the th-
etttution, 14. Johnutreet, AdelphL

WO PUBLIC COMPANIES. Registration
stews sad Books, rupdred alder .. The Compsaiss Aet,
1962.- kepi la stock by ABB sad FLINT. Stationers wad Mater.,
49, 11e14.4trest, IC.. sad Larloa-bridp, 31

TORN BROODEN'S EXCELLENTE BIJOU-
TIE= 001; ILAN TE MODELER arEciAux IABBJQI.7II.
J. B. harms been honoured with a First-class Medal at the Parts
Universal Exhibition. accompanied by the above flattering tes-
timonial, respectfully invites the public to an inspection of his
GOLD CLUES and extensive assortment of JEWELLERY, all
made on She p-emises.—JOHN WOODEN, Goldsmith Yana-
} actery, No. 16, llentiettretreet, Covent-garden, W.C. Esta-
bill A.D. Watt Asst..) made of Chains sad Jewellery for is.
each. N.B. This establishment is closed at 6in the evening, tad
on ilsterdsgs at 1 o'clock.

REMEMBER ! we wait Supper for you after
the Pantomime+. at TVAWe . net

Ithe en)reoo*

TO COIItaiIiONDENTS.
ndverthiements Intended tee The Express" London Eventing
Pam most be at the 011 eh 10. louverle-etreet, by Twe
o'clock on the da, of pahlhatelem.

HAYMARKET.
TIDE Eviilrnek THREE WEEKS AFTER MARRIAGE.—
THE WOMAN IX MAUVE Mew Sotheru, buottosse, Howe,
Herres, and Campton Meedasses Rowe, Lovell, tto.—Aisd
' EASY BRAVING. Misses L Keeley and F. Wright

P Ri NCX93II.

Twin Evian% lIEARTSTILIWig AND FIDDLE-STRINGS.
THE STILISTS (GP LONDON. IleseraVintag, J. W. By, Mbar,
Murray, J. Edson, InWraWar, and q. %triton Mza R. Marston.
Ilium /Weald aad Gwynn.. —Aad AN AMPLE APOLOGY.

LYCEUM.
Twit§ Immo. 'ME ROAD-810N INN. Kenn. H. Widdl.
combs, Fitz II trick, and Emery ; Him letawariby. THE
EITR ANGER. Maori. Ryder, Horiataa,Widdicomb, Fitzpatrick ;
MAW Beatrice and ELormaik—Commence at 7.

BRITANNIA.
TIM EMIR.% THE WEDDING EVE.-Signor Mania and
his movictoos Don.-CINDERELLA. Rim Esther Jacobs.—
And T MINTY STRAWS. —Caauseace at Wisest R.

HIGH WATER AT LONDON•BEIDOL

Tale DAT iic;;IWG 7h. 2m.
To.KoazoW Morning, 7h. INft.....Aftemoca, Bh. 3m.

LONDON, MONDAY, MARCH 20.

ANOTHER example has just been afforded of the
inefficiency of our present system of railway legis-
lation. On Tuesday a Bill was brought forward in
the House of Commons to construct a junction be-
tween the Lancashire and Yorkshire and Great
Eastern Railways. The arguments in favour of
the new line were entirely based upon the public
convenience, those against it chiefly upon the in-
jury which would be done to the Great Northern
Company by undue competition. In these days of
free trade it seems incomprehensible that the House
should have allowed the latter consideration to
prevail, but such was the case, for the Bill was
thrown out by a majority of 162 to 121.
The only reasonable ground for this extraor-
dinary decision was that a similar measure had
been examined by a select committee of the House
last year and unanimously rejected—.a fact which, if
it proves anything, shows that the parliamentary
influence of the Great Northern Railway Company
was as powerful in the session of 1864 as in
1865. The question remains, however, what is the
period for which the House is to be bound by its own
errors I One year, it is evident, is not considered
sufficient for the re-awakening of wisdom. Per-
haps there was a desire to follow the precedent of the
Great Northern Bill, which had itself been rejected
once or twice on the same ground of competition,
although the act was subsequently passed. While
this point, however, is being settled, the public
interest is allowed to suffer, a question that
ought not to be lost sight of even in a
railway contest. It was clearly proved that the
proposed line was singularly easy of construction,
and that it would be of considerable benefit to
the eastern counties and the east end of Lon-
don by cheapening the cost of coal. At present
there is no railway depot of coal at that end of the
town, a question of importance now that 42 per
cent. of the supply for the metropolis comes by
rail. The eastern counties fare worse, since the
coal consumed by them has to come round by
Peterborough and Ely, at a price which it is
asserted would be 2s. to 3s. a ton less if
a more direct communication with the York-
shire coal districts were provided. Although
some of these statements were denied, it was evi-
dent that the district population, who might fairly
be reckoned to understand their own interests beat,
considered the line a great boon, the people of
the West Riding having, it was said, petitioned
unanimously in favour of the Bill. But canvassing
on this subject was carried to an unusual extent,
and the result was that 162 members were got
together to vote in favour of the Great Northern
monopoly.
The worst feature of these cases is that the
parties to a quarrel are also the judges of it.
The railway interest is very largely represented in
Parliament, and, in the event of dispute, a mem-
ber makes no secret of his intention to vote for •
company with which he may happen to be indivi-
dually connected. No stigma appears to attach
to this subordination of public duty to
private interest. The practice is becoming so
common that railway companies now try to get