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The ' Argus ' of yesterday, in an article on the New Zealand Colonial Treasurer's Budget, says :—" New Zealand ought to be fairly contented with the unwonted happiness of a satisfactory surplus," and adds that " it may be wise caution on the part of Sir Harry Atkinson not to repeat one of the innumerable taxes the New Zealanders endure.'' It goes on to say that " a single favorable season and rise in markets might prove only temporary, and could hardly be supposed to warrant the Government in diminishing the sources of revenue by a single penny." The ' Argus' concludes : " If the prosperity was more permanent, and we have every reason to believe it will be, then the surplus ought to be used in the remission of taxation, and not in again increasing expenditure. Retrenchment should be the watchword of the colony." The Victorian Cabinet express surprise that Sir James Hector has not yet furnished a full report on the Victorian coalfields, and have decided to make inquiry into the cause of the delay. A magnificent diamond has been found near Invcrell, a flourishing township on the Macleay River, 383 miles north of Sydney. It is a perfect octahedron weighing eight carats.

New Zealand and Californian wheat at Sydney is weaker, and is now quoted at 4s to 4s 3d.

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Australian., Issue 7946, 29 June 1889

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Australian. Issue 7946, 29 June 1889

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