NEWS BY CABLE.

Oamaru Mail, Volume XXI, Issue 6505, 14 March 1896, Page 1

NEWS BY CABLE.

(By Electrio Telegraph—Copyright. / HOME AND FOREIGN NEWS. (per united press association,) Received March 14, ao 1.20 a.m. Madrid, March 12. Canovas, Premier, is inviting subscriptions to a 6 per cent, popular war loan of six million dollars per month until July. CALCUTrA, March 12. The naval stores at Bombay have been destroyed by fire. The damage is estimated at 14 lakhs of rupees. t London, March 12. The prospectus of the Waihi Consolidated Company, with a capital of L 200,000 has been issued, and 130,000 shares are offered to the public. H.M.S. Royalist, Ringdove, Goldfinch, and Penguin have been re-commissioned for service on the Australian station. Paris, March 12. The French Geographical Society has presented the gold medal to Prince Henry of Orleans for his exploration work in Yunnan, a district of China. M. Faure has conferred the Legion of Honor on him. AUSTRALIAN NEWS. (PER UNITED PRESS ASSOCIATION.) Received March 13, at 7-15 p.m. Sydney, March 13. The annual report of the Post Office Savings Bank shows that the deposits received amounted to L 2,195,000, an increase of L 33,500 as compared with the previous year, the number of depositors increasing by 858. The withdrawals during the year decreased by over L 45.000. The balance to credit of the depositors at the end of last year was L 4,121,000, an increase of L 487,000. The increases are in a large degree attributed to the bank failures.

The Government are receiving numerous applications for seed wheat from farmers whose crops have been ruined by drought. Wherever a good case is made out, the application is granted. The Government is encouraged to afford relief owing to the fact that of the farmers assisted in previous years of drought 75 per cent made full repayment, and there is a good prospect that the whole will be returned with interest. As part of the scheme for providing water for the dry back country, the Government has accepted a tender for the construction of a weir in the Lachlan river which will impound 225 million gallons of water and distribute it in creeks over a wide area of the driest district in the colony. Melbourne, March 13. At the City of Melbourne Bank inquiry Williamson, a director, in his examination, save a peculiar account of the direc tors' duties. He admitted an overdraft of L6OO, which the manager had requested and obtained securities to cuver. Replying to a question by the Judge as to whether he thought it right for the directors, who were trustees of the depositors' money to obtain large overdrafts, he said it was quite right, if safe, and it was the custom to do so. The Judge asked him if the directors were helping themselves to the depositors' money, did he not think it would be a good thing to periodically publish the names and their amounts of overdraft, and witness said he did not think so. The Judge differed from witness, and said he thought such a course would have a good effect. The evidence showed that the manager had written to witness stating that owing to the auditor having refused to pass his acounts, because not fully covered, it would ruin them, as Burns was the very man to show how virtuous he was as an auditor. It was absolutely necessary to get a guarantee of some bonds.