THE Otago Daily Times “Inveniam viam aut faciam.” [Established November 15, 1861.] DUNEDIN, MONDAY, JAN. 7, 1867.

Otago Daily Times, Issue 23393, 7 January 1938, Page 3

THE Otago Daily Times “Inveniam viam aut faciam.” [Established November 15, 1861.] DUNEDIN, MONDAY, JAN. 7, 1867.

Before the Atlantic cable, was laid, it was computed that out of 10,000 or 12,000 miles of Submarine line laid down, scarcely a tenth part continued in operation. But the success with which, in face of a long series of difficulties, the promoters of the Atlantic line met, has had the effect which might have been anticipated—there is a reaction in favor of deep-sea Telegraphy. There is now no question that the conditions in mid ocean are highly favorable for the preservation of the Cable. The bed of the ocean, where' tne 1865 line broke, is composed of shells so minute as only to be visible under the microscope, and so delicate in their organisation as to prove that not the slightest motion can exist at that depth, otherwise they would be destroyed. . . .

The Mount Ida Races took place on the 26th and 27th of December. The weather was very fine, and the attendance large

The following account is given in the “Wellington Independent of the disposal of the New Zealand bonds, respecting which the telegraphic despatch of news by the Panama mail was very misty“ Tenders were opened on Wednesday, the 31st October, at the Bank of New Zealand, for LIOO 000 of New Zealand Governmen. 6 per cent, bonds. The price of issue was fixed at L 92 os per cent., and applications were received for no less than L 1,050,600. All persons who tendered for a smaller sum than LIOOU will receive no allotment, and trie distribution to the rest will be rather below one-tenth. The arrangement has excited some surprise, as it has been usual, when the applications, as in this instance, largely exceed the amount of a loan, to award to subscribers of small amounts, who are usually the best class of holders, an allotment In full, and to give a comparatively limited proportion to applicants for larger amounts. In the afternoon there was a demand for these securities on the Stock Exchange, and transactions were recorded at 95, or equal to 2J premium. A favorable impression was produced in financial circles by the unusual success which has attended the placing of the above loan. The fact that the amount was applied for more than ten times over indicates how large is the amount of capital available for investment in really sound securities.” A new Presbyterian Church, named St. Andrew’s, of Gothic design, built of timber, and costing L 1426, has been opened at Wellington. The steamer Bruce, on her last trip from Westport to Greymouth, had 69 passengers and 2224 ozs of gold, of which 1200 ozs were from the Bullcr, and 1024 ozs from the Pakihi, for the Bank of New Zealand.