AUSTRALIAN CABLE NEWS.

Oamaru Mail, Volume XIX, Issue 6046, 11 September 1894, Page 3

AUSTRALIAN CABLE NEWS.

(By Electric Telegraph— Copyright.) (per r>nTF:n press association. ) Received September 11, at 11.30 a.m.] Sydney, September 11. The Herald and Telegraph, commenting on the New Zetland cheap money scheme, consider the margin between the borrowing and lending rate too narrow to provide for bad debts and working expenses. They foresee a contingency, owing to political control, of mortgagors combining to obtain relief under the slightest pretext. The Herald considers the working of the scheme must add largely to the expenditure of the colony. It has yet to be shown whether, if transactions are carried out on such lines as would speedily bring a private company into liquidation, reconstruction can safely be undertaken by the Government. The Telegraph terms the measure "The New Zealand Demoralisation Bill." It thinks it likely enough to stimulate settlement, but equally certain to provoke extravagance, and predicts that in 10 years such a measure will prove disastrous to the credit of the Government and demoralising to the people. Received September 11, at 11.30 p m. Sydney. September 11. Arrived —Manapouri. The Orlando has sailed for New Hebrides. The despatch she has received is considered highly creditable to the dockyard authorities. Dismantling occupied three weeks and she was refitted in three days. Perth, September 11. The crew of the Eddystone are safe.