LATEST TELEGRAMS.

Kumara Times, Issue 166, 16 April 1877, Page 2

LATEST TELEGRAMS.

[PER PRESSTELEGRAPH agency.}

',-..... Wellington, April 13., The Government have received a, despatch from Sir J. Vogel,. re the inscription of .Colonial stocks by the bank . of England. It appears that but little had been done in the matter prior to Vogel's return to England as AgentGeneral. Up . to that time the only communication had been a reminder to -the Colonial Office that Parliament was about to. meet and a' request, for the copy of a Bill it was intended to introduce. Certain difficulties had however arisen which, up to the end of March "threatened to upset the whole affair. On the one hand the pa,nk of England absolutely refused to have anything to do with the Act if a certain clause authorising the inspection of the register was not omitted. On the other hand a question had arisen as to the power of■ the colony to sue and be sued. Vogel verbally pointed out to the secretary of the treasury, that the latter was a large constitutional question, affecting the rights of the Crown, and was no more incidental to the Inscription of Stock Bill than to any other; and with regardto the inspection of the register,' he urged that the Bill, whilst it proposed to enable many persons and institutions to inscribe stock, could not be nsed to advantage, except by the Bank of England, because the Govern- • ment would not be willing to give the power to create certificates to bearer, to any person or institution not prepared to be liable for an excessive use of that power. The Government would give such power with,the knowledge of.bein<* liable to an unlimited'extent, if certifi- ] cate3 were improperly issued, but the \ Bank of England asked for no responsibility except for certificates legitimately issued ; for the machinery at its command for the inscription of stock was ■so admirable it was willling to accept the responsibility of conducting the business. He then suggested certain amendments by which the Bank of 1

'England would be exempt from the I 'ppevatibn of the obnoxious clause. 1

Shortly afterwards Sir Julius Vogel was informed the Treasury was disposed to think tie Bill might, be altogether dispensed with, excepting that part referring.'to thef imposition of * stamp* duties, and with- that exception the Colonial Legislation and a contract would be sufficient.-" When the question was first mooted- in ,1875, -Sir Julius \ Vogel himself was of the same opinion, |„ hut on counsel being instructed to prepare a, Bill for ; . the New, Zealand Assembly, he was advised thatthe Imperial legislation would.be necessary to protect the Bank; and T glW necessary facilities for issuing certificates to bearers. A Bill for the Imperial Parliament was accordingly prepared, and submitted to the Colonial office. This had reference only to the management of New Zealand stock,, biit application having being made to the Colonial Governments, asking that;the proposed management of New Zealand stock might beextended to the stocks of other colonies, a bill of much wider purpose was prepared, enabling not merely the Bank of England, but any Bank or Colonial office to undertake the management of Colonial stocks. Finally, about the end of March last, a consulation was held, at which there were present the. Agent-General, his counsel and solicitor, and the counsel and solicitor of the'Bank of England. The Bill was examined clause by clause. Counsel on both sides agreed that Imperial legislation was necessary, and their joint opinion with the suggested alterations and omissions in the draft Bill had at the latest date just been sent to the Colonial, Office. The principal points ,noted by counsel are, that Colonial stock shall be transferred only in the register; that the interest in stock of a stockholder dying shall be transferable by his executors, notwithstanding any specific bequest thereof; where stock stands in the name of an infant pr insane -person, Jointly with that of any person not tinder legal disability, the latter will hare power to give Apovrer off attorney,' for the receipt of dividends. Provision is made for the right to Bfock bejng tratmferable by delivery of stock certificates; also for applying for ifoupons' attached to the stock certificates to/bearer the law of England relating to cheques on bankers; also for stamp duty bn stock certificates' 'j for the renewal of stock certificates when coupons are exfor enabling the- bearer of stock certificates to change into, a nomi-v nal certificate I 'i[ 'for prohibiting to apply for orhold stock' certificates, unless specially authorised to do so by the term's of the trust; for' enacting that no notice of any : trust shall be receivable' "by the .Registrar. Counsel Consider this of the highest importance, and that without it the scheme would be unworkable, and no contract between the debtor Government," the stockholdersj and the Registrar, could avail to. exclude the rights as against the three berieficiares claiming the aid of a court of equity. ' The Inspector of the Register not being a necessary part of the scheme; and being objectionable to New Zealand and the Bank of England, is recommended to be omitted. Colonial'stock is made personal estate, not- • withstanding its being a perpetual annuity, and is protected from foreignattachment.

There is no chance of the Bank of England taking the management of New Zealand stocks, until the Imperial legislation as above indicated shall have' been obtained.

April 14. Considerable dissatisfaction has been expressed by the residents of the Upper Huttand its neighborhood at certain alterations in the railway time table. They say the railway would pay if properly managed; but that it is not, and sawmill proprietors and suppliers of firewood send wood and timber to town by drays, as being cheaper than by rail. A deputation was appointed to wait upon the Minister of Public Works and represent to him the views of the meeting. Captain Fairchild, who has been for the past two months suffering from inflammation of one eye, has resumed the command of the Hinemoa. He will sail for Dunedin, with .the Governor, Commodore, and a few of his officers, about the middle of next week. The Commodore's ship Wolverine will remain here until his return.

April 16. Southerton of the'All England Eleven in a letter to a private gentleman at Marton, gives his opinion of the best men to represent New Zealand in Intercolonial Cricket contests as follows. At Taranaki, Nelson, and Greymouth he could not find anything to recommend, except MorseatGreymonth. If hard up for a left handed bowler there is at Invercargill only Read who is good at both bowling and batting. He thinks Cross and Anson the only ones at Wellington who showed they were i likely to bold their own on a good j 1 wicket. The best at Auckland are i Robinfon, Tracey and Buckland. The 'l

first can bat and bowl; the second is not a very stylish bat, but his resolution is likely at any time to pull him through; the third is a fair bowler but no bat. D'unedin has good bats, in Dixon, Nichols, Milington, Fulton, and Spring, the last being; the best "he saw in- the colony. Dixon, Milington, and Everest also are good bowlers. He has no doubt that Christchurch must form the nucleus of any team, as there he found the best all-round cricket—Oorfe, Leaoh, and Stevens being first-class bats, with plenty of others, good bowlers too," like Frith, Sweet, and Ashby. They are good fieldsmen, and the best longstop is Alpe. He considers them " the Club", of the colony. They only want a better wicket to play on. Auckland, April 14. Moanatairis sold for £9 to ,£lO. Closed : buyers £9. No large amount of specimens have been knocked out of Moanatairi during last few days. The Maori boy who lived sixteen months in the Hotsprihgs at Taiipo is dead.

The Licensed Victuallers have passed a resolution in favor of starting an Insurance Company in case the existing companies refuse to reduce their rates. A public meeting will be called and the public will be invited to take shares. It was agreed to appeal to the Government to allow Hotels te open during a portion of Sundays. The Association has £l5O to its credit in the Bank.

Chkistchurch, April 14. At a meeting of the Canterbury Jockey Club to-day, a resolution was passed approving the action of the stewards of the North Otago races in disqualifying Fishhook, and it was decided to write to the stewards asking why the rider of Fishhook was not also disqualified. Sir Cracroft Wilson gave notice of. a motion for the next meetings to the effect that Fishhook and his rider be disqualified from racing on any course where the C. J. C. rules are in force. The meeting also confirmed the action of the Dunedin Jockey Club in reference to J. Coleman.

Milling wheat, 4s 6d to 5s per bushel; oats, 2s to 2a 3d; barley, 4s 6d ; flour, £U 10s to £ls 10s; bran, £i; sharps, cheese, 6dperlb: 'butter, lOd to Is. ' ■ ■

.Nelson April 16. There was a fire this morning, in Bridge-street. Two small shops (bootmaker and saddler).-were totally destroyed; also, part of the Coach and Horses Hotel was burnt.;.:

Lytteltox, April 15. Pooley and' Bramhall, "who left %j the Ringaroouia for Melbourne yesterwere presented with a purse containing fifty guineas subscribed by a few friends* Fdoley waß also' presented with a gold ring.

April 16. Arrived—The K"ew Zealand Company's ship Opawa, with a large complement of passengers, ffrom London. She left the Start on January 22. ' " Dun Edin, April 16.

A Skating Company with Capital £2OOO, Is about to be floated in Dunedin.

The probable income, of the city. Corporation for the ensuing year is £73,430. £3OOO being the unexpended portion of the loan £10,540 and the Government subsidy. Two cottages were burned down at Caversham yesterday, the property of John Figer and occupied by W. R. James and Mrs Lucas. James' loss is £l5O. He was insured in the Victoria Insurance Office for £7O. Mrs Lucas loses £SOO, She was insured in the New Zealand Office for £3OO. Figer loses £450. He was insured in the New Zealand Office for £2OO.

On Saturday the Supreme Court granted a rule calling upon Joseph Mackay to show cause why he should not be committed for contempt of court, for ignoring proceedings being taken, in connection with his bankruptcy, in the Supreme Court.