INTERCOLONIAL.

Evening Star, Issue 9773, 1 August 1895, Page 2

INTERCOLONIAL.

[By Electric Telegraph—Copyright.] .Per Press At bjoiation.)

MELBOURNE, August 1

At a meeting of the Bankers’ Institute, Mr Nash, a prominent banking authority, read a paper in' favor of combination among banks for the purpose of establishing a mutual reserve. Under the present system of each bank depending on itsqlf, they had kept unnecessarily large reserves and a disproportionate amount of coin, which made business inelastic and unprofitable. lie advocated working together to establish a general reserve, upon which all could draw in case of need. They could then issue a uniform note with, an official recognised basis. The reserve wovdd not reduce a bank’s apparent holding- of cash, but would enable a substantial portion of it, which was now bringing in nothing, to yield a profit.

SYDNEY, August 1. At a meeting of the Joint Stock Bank shareholders the chairman said that, judging by the sustained increases in the prices for wheat, wool, and cattle, they might expect a continuation of improved times. There was a growing demand for station properties and a good promise of better prices.

With reference to the Hon. J. G. Ward’s announcement that New Zealand intends to subsidise the Canadian-Pacific ’steamers, the Postmaster-General states that New South Wales has heard nothing of the matter either from New Zealand or Huddart-Parker. He points out that to call at New Zealand would lengthen the voyage by thirty-six hours. At the annual meeting of the Licensed Victuallers’ Association, the report presented claimed that eighty members of the new Parliament supported . local option, but were in favor of the payment of compensation. , The fire in the Broken Hill mine appears to be gradually subsiding. The smoke has greatly decreased, but it pours out intermittently in large volumes. The fighting staff has been reduced, but everything is in readiness in case of a fresh outbreak. Work has been resumed on the adjoining blocks.

Advices have been received that the French, transport Oaledonie, with 500 convicts for Noumea, left Colombo on July 10. ADELAIDE, August 1.

Members of the legislative Council are indignant because at the recent State function the President was ranked after the ex-members of the Executive. The Council consider this derogatory to the dignity of the Chamber, and have adopted an address to the Governor asking him to obtain the opinion of the Colonial Office authorities on the question of precedence.