AUSTRALIAN.

New Zealand Mail, Issue 1211, 17 May 1895, Page 36

AUSTRALIAN.

Melbourne, May 8. The firm of Abraham Bros, is applying for a new trial in the case in which Mr Greener, gun manufacturer, was awarded heavy damages. The ground of application is that the damages are excessive and vindictive. Mr Harper, Chairman of the Australian Deposit and Mortgage Bank, is leaving for England, to try to induce the depositors to re-open the reconstruction scheme and grant the Bank easier terms. Melbourne, May 10. Sir Maurice OTtorke, speaking at a luncheon given by the Mayor, urged the desirability of Freetrade between the colonies, and hoped that when Federation came Hew Zealand would not be found standing out. The Cabinet has delined to ratify the agreement come to by the Intercolonial Bailway Conference with reference to the Border trade, on the ground that it is altogether toe one-sided.

Mr Turner, the Premier of Victoria, wired to Mr Kingston, Premier of South Australia : “ Cannot understand why such secrecy is observed about the treaty. Unless urgent reasons are shown, will publish the text on Saturday.” It is understood that under the railway agreement there would be an increase of 100 per cent, in the Victorian charges from Melbourne to the Border, and a less but still a large increase from Adelaide to Morgan. Should any wool clips from stations east of Hay come to Melbourne, then Victoria would have to refund to New South Wales 40 per cent, of the difference between the old and the new rates. This colony would receive a similar refund from Adelaide on wool sent from Morgan to Adelaide. Mr Turner has notified New South Wales that he thinks a Ministerial Conference might arrange a settlement. Melbourne, May 11.

The verdict in connection with the sewer drowning accident was to the effect that there was no evidence to show the cause. The jury added a rider stating that the Metropolitan Board of Works had not placed the tunnel sufficiently below the river-bed to secure its safety. They also found that two trucks present at one time in the air lock should not have been there.

In forwarding the report of the Railway Conference to the Premier, the Commissioners attached a memo, stating that they anticipated the net result to Victorian railways would be approximately £SOOO to £BOOO per annum increase in the revenue, on the basis of the present business in wool and merchandise.

The Argus, in an article on the private and public debt of the Australasian colonies, estimates the amount at £315,000,000, and that the interest sent to London is nearly £13,000,000 annually. During the last year, owing to the financial crisis, £8,000,000 of the paid-up capital invested in squatting concerns received no dividends whatever. Following up the article, the financial editor apportions of the amount £3,682,000 to New Zealand, and the balance to Australia and partly New Zealand ; and goes on to say: —The British investors have made far greater losses in New Zealand than in the whole of Australia. Investors, says the paper, tvere deceived in the past by the high falutin nonsense about the Britain of the South, and New Zealanders are, as a rule, elated at spoiling the Britons of the North. New Zealand has for some time past been engaged in the ignoble occupation of kicking over the ladder up which it climbed. An old Anglo-French Banking Exchange House in its last private circular to continental clients, written in French, warned them against touching anything in New Zealand on account of the want of principle in financial matters displayed by the New Zealand people. At the Postal Convention, Mr Todd estimated the loss on the Port Darwin line which the colonies would have to pay at £SOOO, and on the New Zealand guarantee at £5676. It turns out, however, that the receipts from the former exceed the amount of the guarantee by nearly £IOOO, and the colonies will have nothing to pay. Some contribution will be required to make the New Zealand guarantee good. Melbourne, May 13. The Minister of Agriculture, the Hon J. W. Taverher, is seriously concerned at the death of the cattle shipped by the Perthshire, and thinks grave consequences will ensue to the Victorian meat export trade unless steps are taken to prevent the shipment of diseased beasts. He has instructed the Stock Department to make a thorough veterinary inspection before future shipments are allowed to leave. The Full Court has ordered a new trial in the case Kilpatrick v. the HuddartParker Company, in which the plaintiff obtained damages for the drowning of her husband in the wreck of the Alert. The Premier has called on the directors of the Coal Creek Company to furnish him with a reply to articles which have appeared in the Argus, showing that money paid to them by the Government to assist the development of the mine has been distributed among Ithe shareholders as dividends.

The Argus says that anything in the way of a railway concordat between Victoria, New South Wales and South Australia would necessarily be a disadvantage to Victoria, and therefore it is a highly satisfactory conclusion to recent negotiations that the Victorian Ministry refused to ratify the provisional agreement. The Argus recognises that intercolonial railway amenities are not quite what they might be, but that is no reason why Vic-

toria should tamely give away her vantageground. Sydney, May 8. The Executive of the Pastoralists’ Union declares that there is no fear of any serious interference with the shearing operations next season. Sydney, May 9. The Daily Telegraph, referring to the Brisbane Courier’s article, says it hardly thinks so much of the gilt-edged securities will go to the Government lending office as the Courier imagines. It is quite possible to place first-class mortgages at 6 per cent., or even below that, at the present time, and therefore it is probable the more doubtful securities will be transferred to the State lending office. The effect will be to level down all rates to the official rate, and lending companies will only take the best properties on such terms. The rates are slowly coming down, and they would be even lower than they are now if it were not that the reconstructed institutions have to pay 4£ per cent. The banking and mortgage companies will be conducted more economically and on a different basis in future ; but still it is quite likely the Government Department will supplant a good deal of the capital now employed. In the Advances to Settlers Act of New Zealand the political aspect of the whole . proceeding is very serious, and the result of the experiment can only be tested by time. Strictly nonpolitical and capable administration must be essential to its success. Mr Larke, the Canadian Commissioner, delivered addresses during the week to Melbourne and Sydney commercial men, in each instance urging the claims of the Pacific cable, and resolutions recognising the necessity of the cable, and calling upon the Governments to take steps to investigate the question, were carried. Sydney, May 10. The City Council rejected the Retrenchment Committee’s report recommending a reduction of 10 per cent, on all salaries over .£l5O, and of labourers’ wages to 6s 8d per day. In the Legislative Assembly, the Premier denied that the Governorship was being hawked out among hangers-on to the Imperial Treasury. The Imperial Government, he said, were fully alive to the importance of the appointment, and were endeavouring to select a man who would give satisfaction both to the colony and Great Britain. Sydney, May 13. The Monowai, which sailed to-day for San Francisco via Auckland, has <£loo,ooo in specie on board. Mr Audley Coote, agent for the French Pacific cable, i 3 a passenger by the Mono'wai. The local shareholders in the Broken Hill Central Company have passed a resolution against the sale of the mine. Eight New Australians, accompanied by 15 children, have returned by the ship Mitredale. The Hetton miners have accepted a reduction of 2d. The Dudley and Ferndale pits are the only two now idle. Adelaide, May 10. The action of the Government m overlooking the old Railway Commissioners when making the appointment of a single Commissioner is adversely criticised in commercial circles, The Government has decided to pay no •further bonus on exported butter. . Adelaide, May 13. The Intercolonial University boat race was won by Sydney by six lengths. Adelaide fouled Melbourne, and was disqualified for second place. Hobart, May 10. Parliament opens on June 25th. The Treasurer believes that no further taxation will be necessary, and anticipates a small surplus. Albany, May 11. Mr Michael Davitt has arrived here. PERTHi May 13. A reef, thickly studded with coarse gold, has been discovered near Maegregor’s claim, Mount Catherine. The specimens are enormously rich. Fifty pounds weight is calculated to contain one-third gold. The find is important, as it proves the continuation of the line of reef.