AUSTRALIAN NEWS.

New Zealand Mail, Issue 1199, 22 February 1895, Page 20

AUSTRALIAN NEWS.

I Hobart, February 19. | An undoubted specimen of the horse bot I I fly has been discovered at Franklin. ' Melbourne, February 19. I The Colonial Treasurer ha& decided to I further reduce the rates of interest on de- ! posits in the Government and Post Office • I Savings Banks to 2$ per cent, on deposits 1 I up to £IOO, and 2 "per cent, up to £250. j No interest -will be allowed on deposits ; above the latter amount.

This step has been taken in order to check the temporary deposit of large sums pending their investment, which are practically of little use to the Treasury, and for the receipt of which the institutions are not intended.

According to the Argus, for over 40 years there has been no equal to the last four years for falling prices and disaster in the wool industry in almost every branch from grower to manufacturer. It is estimated that the present clip, if sold at the prices ruling throughout the season in Australia and at the last London series, would only realise half the amount - -say instead of .£40,000,000 that it would if the clip had been sold at the prices ruling for the average of the 11 years from 1866 to 1877. About half this enormous fall has been sustained within the last five years. The Rev Prior Vaughan, brother of the Cardinal-Archbishop of Westminster, has arrrived here charged with a beneficent mission in the colonies. The Rev Mr Vaughan is the founder of a new missionary Order in England. Over 12,000,0001 b of butter, valued at .£BOO,OOO, has been exported since the season began, at the end of July. Brisbane, February 19.

A shipment of 100 live cattle has been made by the Nairnshire for London on behalf of Mr Relph, an American buyer. It is the first shipment made from the colony, and is being watched with great interest. The heavy rain in the Noi'th continues. All rivers are flooded, and many telegraph lines have been washed away. Sydney, Febuary 19. During the past ten days there has been a marked improvement in financial affairs, and there is a strong upward movement in all the leading investment stocks. This is attributable to the more reassuring feeling with regard to Victoria, which has reached here. The deposits in the reconstructed banks are in great request at advanced rates. The Daily Telegrcph considers the rally on the Sydney Stock Exchange the most important feature since the opening of the year. The improvement is greatest in those securities which previously had been most out of favour. Details of the outbreak of small-pox in German New Guinea show that it was introduced by a Coolie transport. The leading trading stations took precautionary measures, but the disease spread rapidly amongst the natives outside of the stations. There is no sign of a plague yet in the British territory. A large battery attached to Eleanora mine, Hillgrove, has been started with electricity. This is the first battery in Australia to use electricity as a motive power. THE UPPER HOUSE IN NEW SOUTH WALES. . Sydney, February 19. Many rumours are curfent with regard to the Government and the Legislative Council appointments. The names of five or six strong supporters of the Government policy are mentioned as likely to be submitted for elevation to the Council when Parliament meets. The hostile attitude of the Council towards the Land and Income tax proposals, it is alleged, will have an inir portant bearing on the selection of the new councillors. Ministers are very reticent the subject. ; THE PASTORALISTS AND SHEARERS. Melbourne, February 19. The Pastoralists' Conference has concluded. Resolutions were adopted providing for the subdivision of the different colonies into shearing districts, so as to overcome the difficulty of having hard and fast scale rates for each territory; and fixing scale rates within the new divisions. It is confidently believed that the decisions arrived at will ensure more harmonious relations between pastoralists and shearers in the future. Sydney, February 19. Negotiations are passing between the Pastoralists' Union and the Labour Confence, which it is believed will have an important effect on the next shearing season.