AUSTRALIAN NEWS.

New Zealand Herald, Volume XXXII, Issue 9990, 29 November 1895, Page 5

AUSTRALIAN NEWS.

Press Association.—lClect ric Telecrapli.—Copyrlghl THE ENGLISH, SCOTTISH, AND

AUSTRALIAN BANK.

Melbourne, November 28. The directors of the English, Scottish, and Australian Bank intend to ask the British Parliament) to enact a Bill to give the Bank authority to submit to the creditors certain modifications of the original reconstruction scheme. The Bill provides for the immediate releaso of two-fifths, about £300,000, of thfl terminable deposits, that the balance be converted into dobenture stock, that inscribed deposit stock bo split) up into two classes, one carrying three per cenb. interest) absolutely and the other half three per cent, conditionally on being earned. If more than that is earned, then half the excess goes to the reserve fund and the remainder to a special fund for the redemption ol inscribed stock. At present the Bank requires an earning power of £166,000 annually, bub under the modification proposed ib will only require to earn £121,000.' New depositors and other new creditors are nob affected by the scheme. ALLEGED FORGERY. Melbourne, November 28. Several warrants are issued for the arrest) of James Gordon Baker, the late Sergeant* Major in the Permanent force, who is charged with forgery and obtaining money by false pretences. Over £15,000 is involved, Baker lefb by a German steamer due to arrive in London to day, bub he covered up bis trail by numerous letters coming from Coolgardie. Ib is believed ha despatched servants thither with letters* In these h* professed to regret his misdoings, but said, as he was managing a good mine,' he would be able to square up with everybody. The accused is a nephew of Colonel, Valentine Baker, and his father is a retired ! war office pensioner. NEW SOUTH WALES TAXATION PROPOSALS. Sydney, November 28. I At a late hour last night the Conference reported that they had reduced tho land exemption to £240 and the income tar exemption to £200. The tax on absentees was abolished, and ib was agreed that the land tax should be paid by mortgagors subject to certain exemptions in respect of income tax. Mutual life societies and other institutions not carrying on business for profit will be exempt from taxation, except in regard to income from mortgages. The terms of compromise will bo considered by both Chambers on Tuesday. Later. , In the Legislative Assembly Mr. _ Reid moved the adoption of the report of the managers' conference on the Land and' Income Tax Bill. The debate is favourable to the Premier's motion, which is likely to be carried by a large majority. SYDNEY MINING MARKET. Sydney, November 23. Promising developments are reported on Broken Hill Proprietary and Junction mines. Tho latter struck a large body of splendid high grade sulphide of silver. Shares are active. Proprietary shareg sold at an advance of 4s Gd over yesterday's quotations. Block 10 is quoted at 3*, Block 14 at Is 9d, and Junctions at Is 7d higher. All good lower priced stock it proportionately high.