INTERCOLONIAL.

Otago Witness, Issue 2006, 4 August 1892, Page 34

INTERCOLONIAL.

(Per Press Association.) Melbourne, July 28. The Treasurer is delivering his Financial Statement to-night. July 29. Clark and Taylor have been found guilty of the Land Credit Bank frauds. The evidence showed that they divided nearly L 90,000 between them. Sentence was deferred. A writ has beeu issued against Mr James Munro, Agent-general, for L 37.500 calls due on shares held by him in the Real Estate Bank. The Treasurer's Statement shows a debit balance of L 1,000,560. The revenue for the year fell L 83.000 below the estimate, and the deficit to be carried forward to the current year's accounts amounts to LI, 900, 000. It was announced that the Government propose to reduce the special grants to the university, the free libraries, the schools of mines, the prospecting vote, and the subsidy to municipalities, as they feel satisfied that no new loan could be raised for two or three years to come. The Government have proposed to equalise the revenue and expenditure, and to appropriate half a - of the current year's revenue to reducing the deficit ; and they will pursue this course from year to year until the dufiicit has been wiped out. The Government had decided not to impose an iucometax ; bub additional stamp duties, expected !o yield L 160 ,000, would be imposed. It was proposed to increase the customs duties. The Treasurer said that the Government would endeavour to give increased protection. The import duty on cheese would be increased from 2d to 3d per Ib, potatoes from 10s to 20s per ton, and on woollen manufactures from 25 per cent, to 35 per cent. It was also mentioned that there would be a

considerable increase in the timber duties, but the amount was not made public. July 30. Taylor, of the Land Credit Bank, found guilty of embezzling money, has been sentenced to eight years' imprisonment and fined L5OOO. Clark, of the same institution, has been sentenced to four years' imprisonment and fined L5OO. Under the new duties on timber New Zealand pine is exempt, and Is 6d per 100 lineal feet is imposed on boardings. Sydney, July 28. Messrs MacNamara and Abigail have been re-arrested on a further charge. Two accountants (Twist and Saloon) have also been arrested on a charge of conspiracy to publish false statements in connection with the accounts of the Australian Banking Company. July 29. Hurley (an ex-member of Parliament), Nathan (a financier), and Martin have been arrested in connection with the Australian Banking Company. It is understood further warrants are being issued against prominent individuals, and some startling revelations are anticipated. It is believed the company obtained LlOO.OOO of deposits and LlOO.OOO from shareholders, while not more than L 15,000 is likely to be recovered. July 31. Mr Burdekin, a Freetrader, has been elected to fill the vacancy in the House of Assembly caused by the death of Mr Bowman. Nkwc vstle, July 28. The Marine Board held an inquiry into the circumstances connected with the abandonment of the ship Africa off the Cape of Good Hope, when in a waterlogged condition, and find that the officers and crew were justified in the action they took. Adelaide, July 28. Three more cases of smallpox have been discovered unconnected with the Oroya outbreak. The chances of the infection spreading now are causing some alarm. August 1. Subject to ratification by the other colonies, the Government have made arrangements with the Eastern Extension Telegraph Company to reduce the cable rates from Adelaide to New Zealand to 5s for the first 10 words and 6d for each additional word ; also to reduce the rates between England and New Zealand to 4s 6d per word. The company is to bear a quarter of the loss, New Zealand one-third of tho balance, and the other colonies tha remaining two-thirds. Queensland is now the only colony outside the reduction. The South Australian Government are not aware what steps the other colonies are taking in the matter, as the New Zealand Government are conducting the negotiations. August 2r The Royal Commission appointed to inquire into the charges levelled by Mr Schey, M.A., against Mr Eddy and the other Railway Commissioners have submitted their report to his Excellency the Governor. They declare the charges to be false and without any foundation whatever, Brisbane, July 28. It is reported that an attempt was made to destroy the Day Dawn mine, Wyndham, with dynamite. The fuse, however, failed to explode as the caps had been forgotten. Hobaht, July 28. The report of the Royal Commission set up to examine the affairs of tho Van Diemen's Land Bank state that there have been irregularities in computing the value of bullion in tho bank's possession, and that the last balance sheet does not represent the true financial condition of the institution. July 30. The Treasurer delivered his Financial Statement last night. The deficiency in the year's revenue amounts to L 37.000, and the expenditure increased L 49,000 beyond the estimate. The total deficit of this and last year amounted to L 70.000. It is proposed to retrench the civil servants' salaries 5 per cent., and to reduce the Governor's salary from L5OOO to L 3500 ; also to reduce the salaries of the members of the Government ; to increase the customs duties ad valorem to 20 per cent. ; the grain duties from lOd to Is 6d per cwt. ; and to impose a stock tax of 40s per head. August 2. Sir R. G. Hamilton retires in March. He will not accept another Governorship, and will probably settle in Tasmania.