AUSTRALIAN NEWS.

New Zealand Herald, Volume XXXII, Issue 9720, 16 January 1895, Page 5

AUSTRALIAN NEWS.

Press Association.—Electric Telegraph.—Copyright. SIR G. RUSSELL AND MR. EDDY. Sidney, January 15. The Sydney Morning Herald resents Sir G. Russell's contemptuous reference to Mr. Eddy at the recent meeting of shareholders cf the South-Eastern Railway Company, in which he said Mr. Eddy had only Australian and nob English experience. The article goes on to point out that figures show the amount spent in the construction of the New South Wales railways by mileage is much larger, while the receipts are also greater, and the rolling stock much more extensive than on the South-Eastern line. It considers it the height of folly for anyone connected with the South-Eastern Company to speak of Australian experience with contempt. On the English lines the traffic being within a narrow limit is more under observation. The English passenger traffic is larger, but it looks after itself, while the i goods traffic in New South Wales is both larger and heavier.

THE NEW CABLE CODE.

Sydney, January 15.

The Sydney and Melbourne Chambers of Commerce have taken joint action in the direction of protesting against the new code vocabulary of the Eastern Extension Telegraph Cable Company being made compulsory.

THE LATE SIR ALFRED STEPHENS'

ESTATE.

Sydney, January 15.

The estate of the late Sir Alfred Stephens paid duty on £15,000. The estate was divided among his sons and daughters.

THE GOVERNOR OF SOUTH AUSTRALIA.

Adelaide, January 15.

The Governor has been entertained at a farewell banquet. Speaking of the utility of* federation, he said that what each colony needed was that instead of jobbing its finance and financial resources, they should so consolidate them that they be available in an emergency for prompt nee by the Federal Executive.

THE FRUIT INDUSTRY.

Hobart, January 15.

The Council of Agriculture is asking the other colonies to join in a conference to be held here in the second week in April to discuss the fruit industry.

SENSATIONAL GOLD FIND.

Melbourne, January 15.

A sensational gold discovery is reported from the Upper Gladstone district Miners who have returned from Coolgardie declare they never saw richer stone. It is literally hanging together with gold, A fabulous yield is expected.

THE EXPORT OF EGGS TO ENGLAND.

Sydney, January 15.

The Daily Telegraph combats the remarks of the Loudon Globe, concerning the shipments of eggs from the colonies, and says the British farmer long ago let the egg trade slip into the hands of France, Germany, and Belgium, and that it is with these countries the colonies are competing rather than with England.

MRS. CAMPBELL PRAED. Brisbane, January 15. Mrs. Campbell Praed, the novelist, is at present) visiting Queensland.

VICTORIAN PENSIONS.

Melbourne, January 15.

Among the many schemes propounded for the amelioration of the financial condition of the colony is one by the Hon. A. Wynn, proposing to wipe out the expensive system of pensions, which is a serious drag on the public finances. Mr. Wynn estimates that the total pensions payable in the colony represent a sum of £260,000 per annum. Actuarial investigations show that the buying-oub price of these amounts to two and a quarter millions. The interest on a loan to provide the necessary money for buying out at four per cent., with one percent, added for a sinking fund, would amount to £110,000 per annum, which would represent an annual saving ,ol £150,000 on what the colony is now paying. A one per cent, sinking fund would wip< - _ out the amount borrowed within fifty years. : Under the Credit Fonder system in the case of those who do nob take their pensions in a lump sum the Government could purchase their annuities.