INTERCOLONIAL.

Otago Witness, Issue 2026, 22 December 1892, Page 34

INTERCOLONIAL.

(Fjbb Pbess Association.) Melbourne, December 14. The triennial investigation of the National Mutual Life Association shows a surplus of £133,000, equal to a reversionary bonus of about £300,000. The new business for tho year was of a satisfactory character. ' December 15. It is estimated that this season's export of butter will reach 4000 tons. Two more Melbourne victims of the land boom have failed, the deficiency in the two estates aggregating £100,000. Paymaster Rice Harris, of H.M.S. Nymphe, has been sentenced to 18 months' hard labour for falsifying accounts and stealing £2000. December 16. After a full investigation into the affairs of the Mercantile Bank, it -is understood that

counsel advise criminal proceedings to be taken against nearly all the directors and officials of the bank. The matter will probably be brought under the notice of the Attorney-general today.

Counsel's opinion is that an information be laid against Sir M. Davies, Messrs Seal, Muntz, and Anderson, directors of the Mercantile Bank of Australia, and not against Sir Graham Berry and Mr Addie. It is also recommended that Mr F. Milledge, late manager, should be brought back from London to explain the management. v Sydney, December 14. b urther charges against the Makins are being investigated before the coroner. Again a distressing scene occurred through the daughter Blanche accusing her father of not looking after her mother, addiiig, "We have told enough lies to screen you, and through telling lies we are here." The father met herremarks with defiant jeers. In the Legislative Assembly to-night tho Colonial Treasurer delivered the Financial Statement. It showed that at the end of 1891 the debit balance was £770,000, and there was a deficiency on the past 11 months of <*382,000. The principal decrease was in the customs revenue, which showed a falling off of £92,000. Thu Broken Hill strike had caused a loss to the customs receipts of £40,000. Theland revenue had amounted to £168,000. The revenue for 1892 was £10 910,000, which exceeded that for 1891 by £87,000. The total debit balance to commencotheyear 1893 with was £1,152,000. The receipts from the new duties since the initiation of tho tariff had been £901,000 The Treasurer's pptimato of the revenue for 1893 is £10,900,000, the principal increases being, in customs ft}^°3 land revenue (£33.000), railways (£118,000). The expenditure for the same period is estimated at £10,458,000," showing a surplus of £442,000, and decreasing the deficiency at the end of 1893 to £710,000. The Treasurer went on to say that the position. of the finances of the colony was so serious that it called for partial abstention from borrowing fora considerable time, coupled with the strictest economy in administration. A good feature, he said, in connection with the railways was that it is estimated that during 1893, after paying all charges, including interest on cost of construction, there would be only a deficit of L 90.000. Ho stated that the Government' had no intontion of imposiug additional taxation, as they were anxious to get ' on with useful legislation, after which they could waste time iv discussiug tho nuances. The passing of local government bills would, he declarqd, relieve tho Government of much expenditure placed upon it at preseut. Ho. expressed himself confident that in adopting a strict syßtom of economy tbe Government would bo enabled to wipe off the deficit, and ho defended the action of the Government in connection with the issue of Treasury bills. The Government had succeeded in selling locally bills to the amount of £750,000 at 4$ per cent., and had reduced the loan expenditure from £4,800,000 in 1891 to £2,800,000. This year they must, however, still considerably reduce it. Referring to the harvest, he said the bountiful yield of wheat proved that there would be little, if any, required to be imported, and .the present crop was worth a million more to the colony than that of last year. He concluded by pointing out that thero are now 100,000 more acres under crop, principally in wheat, than during the previous year.

Mr Reid, leader of the Opposition,, violontly attacked tho Statement, and in a scathing spoech denounced the Government for delaying its delivery so long when the finances were in so serious a condition. " ,

December 15. At a thoroughly representative meeting of the Opposition to-day. it was resolved to move a vote of censure on the Government in connection with tho Financial Statement, but when the House met, Mr Reed, leader of the Opposition, moved a direct vote of want of confidence. The House immediately adjourned until Wednesday next.

John Nathan (formerly of Christchurch) was sentenced at Sydney to nine months' imprisonment in connection with the Australian Banking Company, of which he was a director and the real promoter. , December 17. Owing to the existence of scab in New Zealand and Western .Australia, a proclamation has been issued prohibiting, the importation of stock or fodder from those colonies for 12 months. - December 18. Sir G. R. Dibbs states that if the Government are defeated ho will ask for a dissolution. Stewart, a pugilist, died almost immediately after a prize. fight in which he bad been taking part. His opponent (Ross) has been arrested. Adklaide, December 16. The death is announced of Mr M. L. Cotton, M.L C., author of the workmen's land blocks sehtme, which has done much for the Botthment of the colony.