NEWS BY CABLE.

New Zealand Times, Volume XLIII, Issue 7222, 18 July 1884, Page 2

NEWS BY CABLE.

BY ELECTRIC TELEGRAPH.—COPYRIGHT. (SPECIAL TO UNITED PRESS ASSOCIATION.) (Received, July If, 1.40 p.m.) YESET STEWART LAND SETTLEMENT SHARES. LONDON, July IC. All the shares capital in Mr Yesey Stewart’s Rotorua Railway Company has been subscribed. Lord Derby is endeavoring to modify and reduce to a minimum the promises contained in his despatch to tho Colonial Governors iu May last. (Received July 17, 2 p.m.) THE FRANCO-CHINESE DIFFICULTY. London, July IG. China refuses to pay tho indemnity demanded by France for the Laugson outrage. The ultimatum sent by France expires on the nineteenth, and war is apparently inevitable. The Queensland torpedo boat has been launched. THE FEDERATION QUESTION. The Colonial Office have drafted a federation Enabling Bill, which mainly agrees with the resolutions of tho Sydney Conference. But it is impossible to introduce it until the autumn session. Prance is provoking serious disputes with the finance committee of the Egyptian Conference. (Received July 17, 10.13 p.m.) THE ORIENTAL BANK. London, July 17. Tho assets of tho Oriental Bauk are realising hopefully. T ho payment of the call of £25 will be required by November, and it is expected that it will realise the sum of one million and a-half. (eeoteb’s telegrams.) (Received July 17, 11.30 a.m.) VICTORIAN FINANCIAL STATEMENT. Melboubne, July 17. The Colonial Treasurer made his financial statement in tho Legislative Assembly last evening. He showed that tho revenue during tho past financial year amounted to £5,900,000, and the expenditure to £5,800,000, tho formeramout being£lso,ooo above the estimate. The total revenue from railways amounted to £2,080,000, and the income from this source together with that from the supply of water was equal to 4 per cent, on tho total indebtedness of the colony. The Treasurer estimates the revenue for the current financial year at £0,490,000, and the expenditure at £0,400,000. He proposes to increase the excise duty on spirits by two shillings per gallon. (Received July 17, 2 p.m.) In his financial statement last evening Mr Service confirmed the fact that the Oriental Bank owed Victoria £438,000. He expressed his belief, however that tho colony would lose nothing. He announced that the Government intend to terminate tho existing agreement with the associated banks. The debt of the colony now amounts to £27,500,000. COMMERCIAL. Tho Melbourne manager of tho National Mortgage and Agency Company of New Zealand reports of the local grain market as follows; Shipping wheat, dull and dropping at 3s lOd to 3s lid ; malting barley is less depressed, with rather more inquiry ; quotations, 4s to 4s 6d, viz., oats, feeding, iu favor of buyers, 2s lOd to 3s Id ; milling, in fair demand at 3a Id to 3s 2d ; New Zealand oats, under bond, are weaker at 2s 2d to 2s 7d. (Received July 17, 9.33 p.m.) London, July IG. Consols remain at iOOj. New Zealand securities are quoted to-day as follows:—s per cent. 10-40 loan, 104; 5 per cent. 1889 loan, 1031; 4£ per cent. 1879-1904 loan, 103 ; 4 per cent inscribed stock, 100 J. Adelaide wheat has advanced to 40s Cd ; New Zealand ditto is quoted at 34s to 40s 6d ; Adelaide flour, ex store, 28s. Tallow—Average quality, Australian: Beef, 35s Gd; ditto mutton, 375. Tho Union Bank of Australia has declared a dividend for the past halfyear at the rate of 16 per cent, per annum, and carried forward and places to the reserve £39,000. Per Merchant Shipping and Underwriters’ Association. —Arrived—Ship City of Nankin, from Lyttelton (April 2). Hodart, July 17. The Treasurer made his financial statement last evening. He estimated tho revenue for the current year at £573,000, and the expenditure at £17,000 less. (Received July 17, 3 p.m.) WAR EXPECTED. London, July IG. The Times to-day announces that China has rejected the demand of Franco for au indemnity on account of the Langson affair, and that war between the two countries is believed to be inevitable. London, July 15. Consols remain at 100 j. The market rate of discount has risen by i, and is now below the bank rate. New Zealand securities:—s percent. 10-40 loan, 104, a decline of ss; 5 per cent. 1889 loan, 103£ ; 4j per cent. 1879-1904 loan, 101-J; 4 per cent, inscribed stock, 100 j. Colonial breadstuff's and tallow are unchanged.