YESTERDAY’S CABLES.

Southland Times, Issue 13061, 8 November 1894, Page 2

YESTERDAY’S CABLES.

British and Foreign LONDON, Nov. 6. The American State elections are taking place to-day. Chief interest centres in those of New York, where an organised attempt, in which leaders of society are assisting, is being made to destroy the Tammany ring. The New Zealand and Australian Land Company have declared a dividend for the year of 4 per cent, on preference shares and 6 per cent, on ordinary shares. Mr Philip G. Hamerton, artist, is dead. The French Government are asking for a vote of three millions for the prosecution of operations in Madagascar. Mr Nash, the financial editor of the Sydney Daily Telegraph, in a letter to The Times says that while he recognises that most of the reconstructed banks can afford to pay interest on deposits, repayment of the principal at maturity would involve extreme hardship upon a very large number of creditors, especially in view of the long continued depreciation in the value of land and the protracted stagnation in business. He suggests that it would be better to convert the majority of those extended deposits in equal portions into 4J per cent mortgage stock and 4| per cent inscribed deposit stock. The use of the trust system of conversion is also indicated. The opinion is expressed that conversion is a necessity of the position in most instances. The White Star steamer Gaelic, from San Francisco, which was seized in Yokohama for carrying alleged contraband of war, has been released. The British ultimatum to the Viceroy of Pecbili (who has since been dismissed by the Emperor) demands a settlement of the Chung King affair within a week, and insists on the payment of an indemnity, and the dismissal of Mandarin Taoti Sheng. It also demands that the Taku forts shall salute the British steamer Chung King, otherwise reprisals may be expected. The Chinese Emperor has decreed that Prince Kung shall be chief controller of the military forces. The Chinese Embassy has consulted Great Britain, France, and other nations with a view to securing peace immediately. The Tientsin War Board abandon all hope of stopping the Japanese in Manchuria and the forces are now being mobilised at Pekin. Australian SYDNEY, Nov. 7. A forecast of the Financial Statement has been published. Owing to the present position of the finances it is practically impossible immediately to do away with L 600.000 of taxation through the Customs. It is expected the Treasurer will ask the House to pass estimates for six months and allow a readjustment of the tariff to stand over till the Estimates for the new financial year are brought down. It is believed the deficit, for the year will be half a million, in addition to the accumulated deficit for previous years. Mr Brunker stated in the Assembly that under the old Electoral Act the cost of a general election Was about L 15,000, but under the new Act there was a continuous outlay. Already L 60,000 had been spent, and before another election he fully believed Lloo,ooo would be expended. After an all-nighc sitting the Assembly passed the Land Bill through committee. Wheat, nominal, chick, 2s 4d to 2s 5d ; flour, L 7 to L 7 ss. Oats, dull, fair feed, 2s ; prime, 2s Id. Maize, Is lOd. Barley (Cape), nominally, 2s 6d to 2s Bd. Potatoes, local, to LI as; new Clarence River, L 3 10s. Butter (dairy), 6d to 7d per lb ; factory, 7d to Bd. Cheese, prime, 4jd. Bacon, prime, sd. BRISBANE, Nov. 7. Mr Willard, recently elected to the New South Wales Parliament, has been committed for trial on a charge of stealing receipts and a registered letter from the Brisbane post office. ADELAIDE, Nov. 7. The Treasurer has introduced a bill to consolidate the public debt. It authorises the creation of 3J per cent inscribed stock, and provides for the appointment of three public debt commissioners. Wheat, 2s Id ; market firmer. Flour, L 5 2s 6d to L 5 10s.