AUSTRALIAN.

South Canterbury Times, Issue 8131, 15 January 1895, Page 3

AUSTRALIAN.

Per Electric Telegraph—Copyright. Per Press Association. MR EDDY. Sydney, January 15. The Sydney Morning Herald resents Sir G. Russell’s contemptuous reference to Mr Eddy at the recent meeting of shareholders of the South Eastern Railway Co. in which he said that Mr Eddy had only Australian and not English experience. The article points out that the figures show that the amount spent in the construction of New South Wales railway mileage is much larger while the receipts are greater, and the rolling stock much more extensive, than on the Great Eastern line. It considers it the height of follyfor anyone connected with the South Eastern Company to speak of Australian experience with contempt. On English lines the traffic, with a narrow limit, is more under observation ; the English passenger traffic is larger but looks after itself; while the goods traffic in New South Wales is both larger and heavier. THE NEW CABLE CODE. The Sydney and Australian Chambers of Commerce have taken joint action in the direction of protesting against the new code vocabulary of the Eastern Extension Cable Company being made compulsory. SHIPPING. Arrived, this morning -Hauroto, from Wellington. PERSONAL. Brisbane, January 15. Mrs Campbell-Praed, the novelist, is at present visiting Queensland. THE PENSION CBA^E. Melbourne; January 15. Among the many schemes propounded for the amelioration of the financial condition of the oolony is one by the Hon.

A. Wynne proposing to wipe out the expensive system of pensions which is a serious drag on public finances. Sir A. Wynne estimates that the total pensions payable in the colony represent a sum of £260,000 per annum. Actuarial investigation shows that the buying out price of these amounts is £2,250,000. Interest on a loan to provide the necessary money for buying out at 4 per cent, with 1 per cent, addedfor sinking fund, would amount to £IOO,OOO per annum, which would represent an annual saving of £150,000 on what the colony is now paying. One per cent, as a sinking fund would wipe out the amount borrowed within 50 years under the Credit Foncier system. In the case of those who do not take a pension in a lump sum the Government could purchase their annuities. RICH GOLD DISCOVERY. A sensational gold discovery is reported from the Upper Gladstone district. Miners who have returned from the Goolgardie goldfields declare that they never saw richer stone. It is literally hanging together with gold. A fabulous yield is expected.