MAIL NEWS.

Daily Telegraph (Napier), Issue 5912, 18 August 1890, Page 2

MAIL NEWS.

Private advices from Rio de Janiero under date July 10th say it is generally and openly stated that the Kothschilds will not pay the loan made just before the fall of the Brazilian monarchy. They allege that there is no Governmeut de jure, only de facto, and that in the case of the restoration of the monarchy or other change contracts may b-) repudiated. General Ruy Barbosa, Secretary to the Treasury, is therefore in a bad fix. The now Government has oreated new departments.and raised.the salaries of everybody in the public service, includirg the army and navy and their own, which the country .could not afford under a monarchy. The foreign interest has to be paid, exchange is very high, and financiers do not know what to do.

The American Silver Bill has passed Congress, and this important measure comes into effect on September 13th. The result has been a great speculative flurry in the " white metal." Certain persons in New York have for some time been engaged in getting a " corner" on silver, pending the pa-sage of tbe bill. The New fork City Western National Bank has alone stored away in its vaults about 7,000,0000z., while upwards of 2,000,0000z. are in the bands of others in that city. It will be impossible to tell with anything like accuracy j what will be the market price for silver till September 18th arrives, and for one month

thereafter it may have' a still higher tendency, inasmuch as the Government is qompelled to buy 4,500,0000z. per month, and it may be several points lower than it is at present, but whatever the market price, that- the Secretary to the Treasury is bound to pay. For the week ending July 20th there were further ravages by the potato blight in Ireland. The Rev. Dr. Lyons, of Castle Haven, diocese of Ross and Cork, writing on July 17th says that in all the town lands of his parish bordering on the sea the failure of the potato crop is complete. He adds that in places further inland the state of things is not altogether so bad, but a continuance of dry weather will be absolutely necessary to save any crop. He says, " I feel quite bewildered as I apprehend the consequences that are likely to ensue from this failure of the potato crop here. I see nothing less than starvation staring those unhappy farmers in tbe face." Reports of distress have also come in from the districts of Cork, Limerick, Kerry, and Waterfordl Since they were received the weather has been wetter than ever, and the blight has spread to a frightful extent.