AUSTRALIAN NEWS.

New Zealand Herald, Volume XXXIII, Issue 10081, 17 March 1896, Page 5

AUSTRALIAN NEWS.

Press Association.— Telegraph.-Copyright AUSTRALIAN BANKING AFFAIRS. Melbourne, March 16. The 'Argus says that not) only the Commercial, but the Joint Stock and Queensland National Batiks will have to ask their creditors to reduce tho interest; on deposits. The indebtedness to British creditors of the three banks named is, roughly speaking, ton millions. If tlio rato agreed upon at the time of reconstruction is reduced to 3|or 3 per cent., it will afford relief to the, extent of a hundred to a hundred and fifty'

thousand pounds per annum. This relief is a. moral necessity. The banks should not bo compelled to try and perform impossible undertakings enberod into under tin influence of a panic. If the creditors insist) on receiving what is now a high rate of interest, they may ultimately find they have obtained interest at, the expense of principal. Reverting to tho affairs of tho Queensland National, tho Argus saya the position is almost a scandal. That, any colonial Government should borrow partly for the purposo of keeping up a bank, and that it should have two millions locked up, and another million at call, is a reproach to

sound public financing. The very magnitude of the indebtedness should deter the Queensland Government from imposing a policy on the bank which might injuriously affect the confiding British depositors.

AN AUSTRALIAN TOURIST.

Sydney, March 16.

Mr. Henry, ex-Treasurer of Tasmania, is c, passenger by the Mariposa, for San Francisco.

QUEENSLAND LABOUR PARTY.

Brisbane, March 16.

Mr. Glassey, loader of the Labour party, denies that there is any friction between himself and his party.

A VIOLENT STORM AT MELBOURNE

Melbourne, March 16.

A storm of extraordinary violence passed over the city last evening, A girl named Love was killed by the falling of a hoarding.

THE DISPUTE IN THE COAL TRADE,

Sydney, March 16.

There is littlo likelihood of the masters agreeing to the increase in the hewing rates demanded by the Newcastle miners. Three shillings and sixpence would mean an increase in the selling rate of Is Cd per ton. There seems every probability that a two-thirds majority in favour of a strike will be obtained.

WEST AUSTRALIAN MINING. Coolcakdie, March 16. The White Feather Reward mine cleaned up 44Goz from ,9 tons.

Mr. Callaghan, an American expert, who has examined the Great Boulder mine, pronounced it one of the greatest ho has ever seen. Manager Lane is going to London to float two subsidiary companies in connection with it.

A rich shoot has been struck in the West Australian mine at Cuo. The stone equals a thousand ounces to the ton.

BANKING LEGISLATION.

Sydney, March 16.

The Minister of Public Works in the course of a politics,l address announced that the Government intended to introduce a measure to prevent the recurrence of financial panic. Also to amalgamate the Savings Banks.

NEW SOUTH WALES PARLIAMENT. Sydney, March IG. Parliament is expected to meet on May 12,

TERRIBLE DEPREDATIONS OF RABBITS.

Sydney, March 16.

There-appraisement of the pastoral holdings in the western districts now proceeding has emphasised the destruction wrought by the rabbit in the back country. The lessee of the Mount Stewart station, in the far north-west, stated that last summer over a hundred thousand rabbits were trapped and poisoned, bub still he was completely overrun. In five years he lest fifteen thousand sheep owing to the ravages of the rabbits. The lessees of the majority of stations in the north-west testified that since 1890 the carrying capacity of the runs [ depreciated fifty per cent. The manager oi the Cobham Lake station stated that Bince 1891 the lambs had totalled 70,000, while the number of dead and missing sheep was 72,000, leaving a neb increase in five year* of only 6000. The manager of the Corona Station stated that in five years the increases of lambs amounted to 98,000 and the losses by death 54,000. In December last) tha Stock Inspector reported a station which carried 124,000 sheep, bub on mustering. I it was found the losses had been 17,000,