AUSTRALIAN.

New Zealand Mail, Issue 1202, 15 March 1895, Page 34

AUSTRALIAN.

Melbourne, March 7. The Arc/iis says the occasional display of unreasonableness by the public in regard to banking matter's is now being illustrated over the Bank of New Zealand loan. ' r he public profess to be surprised to find that investments do not yield 4 per cent., and dissatisfaction is expressed because every bank ought to keep large available reserves not engaged in ordinary business. If then the Bank of New Zealand, by investing such securities in British consols, can reduce its holdings and gain interest it follows that the complaint about 4 per cent.stock [ being employed in part at a lower rate is illfounded. At the same time it would be very impolitic for Australian banks to invest largely in local issues, which, having only a limited market, would not be available in case of need. This consideration points to the desirability of all colonial Government issues being internationalised at least to the extent of the United Kingdom and the colonies. If the Bank of New Zealand never committed a worse error both its friends anl its enemies may let it go scot free. The Government has announced its intention to take active steps for developing the timber export trade. It is considering the appointment of an expert to visit Europe and America to secure markets. It is reported that another case of smallpox has developed. The previous one is of a very bad type. Melbourne, March 8. Another seizure has been made by the Customhouse officials, this time on the premises of a jeweller named John, Robert Rowlands, carrying on business in Collins street. The stock, valued at £9OO, was seized on tho ground that Rowlands had evaded the duty on imported jewellery. It is alleged that the evasions, which have been extending over a period of several years, amount to £350. When the case came before the Court defendant was ordered to pay the latter amount, and was fined a thousand guineas. In the Bankruptcy Court, certificates of discharge have been granted to Thomas and Chas. Lorimer, of Lorimer, Rome and Co. The German corvette Moewe has arrived here. The Customs revenue last year was £2,238,000, an increase of £169,000 on that of the previous year. The expenses of the department were decreased by £IO,OOO. Melbourne, March 12. The Antarctic has returned from a whaling expedition in southern latitudes. She penetrated as far as 74 deg. south. For 38 days the vessel was hemrhed in by 'immense ice packs, estimated at 60 miles in length. No whales were sighted. The cruise of the Antarctic has demonstrated the non-existence of several supposed islands marked on charts. She was unable to penetrate further into the region of ice owing to the loss of her propeller. She obtained about £3OO worth of seal skins and sperm oil. Sydney, March 8. The Legislative Assembly sat all night considering Mr Wise’s amendment to the Land and Income Tax Bill. That portion of the amendment providing that land purchased from the Government should only be assessed on the increased value since tho purchase was struck out bv 53 votes to 34.

As the amendment now stands it simply asks for a tax on unimproved values. A motion by the Premier to make an exemjition of <£4oo is now being discussed. An amendment was carried this morning fixing the exemption under the Land and Income Tax Bill at <£4-75. A scene occurred in the Assembly today over the Land and Income Tax Bill. Messrs Sleath, Morgan, Miller and Hughes, during the discussion of that measure, came to hot words, and a real wordy battle ensued, in which charges of “ scoundrel! 55 “ liar! ” and dishonesty were prominent. The exchange was mutual, and finally, as Miller repeatedly refused to obey the ruling of the chairman, he was handed over to the Sergeant of Arms, who removed him from chamber.

The wife of Captain Mathison has instituted proceedings to recover <£3ooo

damages for the loss of her husband by the foundering of the steamer Alert. The Presbyterian General Assembly has adopted a report in favour of the establishment of a co-operative labour settlement, and appointed a committee to submit a scheme and inaugurate the movement. Only married Presbyterians with their families will be admitted as members, and a board of control will be chosen by the General Assembly. War by’s Hotel was gutted by lire early this morning. Only the walls remain standing. A number of the inmates had narrow escapes. Several men in their nightclothes were rescued from the roof by means of ladders, and at great risk the firemen got out the women sleeping in the higher stories. Some of them were in an unconscious state. Sydney, March 11. When the minister appointed to officiate at St. James’ Church, Kogarah, pending the decision of the ecclesiastical authorities regarding the Rev Clarke’s divorce case, arrived yesterday morning, he found the doors of the church locked, and Mr Clarke in possession parading in front of the building. The latter refused all overtures, and the minister and the greator part of the congregation, after waiting for a time, withdrew. Clarke made a long, rambling address to the crowd, and a policeman was detailed to watch the proceedings. Clarke stated that he had been offered several large sums to give lectures. It is understood the bankers are considering a scheme which will have the effect of further strengthening their position. It is believed the scheme will provide for a sufficient issue of notes by the general body, based on the liquid assets, such as the gold and G overnment stock, with provision for enlarged issues on good security in times of pressure, safeguarded by a special charge.

The court-martial which has been engaged for the past fortnight hearing the charges against Captain Close has concluded its sittings. The president -has announced that the finding would remain sub judicc till it had been considered by the Governor. Mr Grayson, representative of the Canadian mail service, has had an interview with Sir J. Thurston in regard to Fiji increasing the subsidy to the Company. The High Commissioner viewed the proposal favourably, afid promised to bring it before the Home authorities during his approaching visit to England. , Perth, March 9. Extremely gallant conduct was shown by Mr Sample, second engineer of the steamer Federal, while the vessel was lying at anchor in Champion Bay. Some boiler tubes burst, and the floiv of boiling water resulting commenced to quench the fires, threatening grave consequences to the boiler and the ship generally.

Recognising the danger, the engineer saw that there was only one way of averting a tenable disaster, and, at the risk of his life, resolved to face the stream of scalding steam and arrest its escape. So that his clothing might not, in being removed afterwards, tear away the scalded flesh, he stripped the upper portion of his body naked, and, facing the- boiling fluid, succeeded in stopping the escape. The brave fellow received terrible injuries, but there is a chance that these will not prove fatal. Brisbane, March 9. Pierce, manager of the Murdock Co., is charged with evading payment of duty on jewellery which, it is alleged, was packed in accordions, &c. During a period of twelve months invoices presented to thef Customs showed only <£l2 worth of jewellery imported, while invoices found on defendants’ premises showed oyer JHOOO worth. The case was before the Court, and was adjourned. Hobart, March 12. At the enquiry hno the circumstances attending the grounding of the s.s. Pukaki in Mersey River, contradictory evidence was given by the captain and the harbourmaster. The former said that he did not know of any sailing regulations for the port, and the latter asserted that he gave the captain a copy of them, and read portions in his presence. The Court found that the grounding of the vessel was due to the negligence of the captain, but there was not sufficient to involve the cancellation or suspension of bis certificate. He was cautioned by the Court, and ordered to pay the costs of the enquiry.