AUSTRALIAN CABLE.

Timaru Herald, Volume LVIII, Issue 1662, 16 January 1895, Page 2

AUSTRALIAN CABLE.

» — _ 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 oi shareholders of the South Eastern Railway Co. m 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 m the construction of New South Wales railway mileage is much larger while the receipts are greater, arid the rolling stock much more extensive, than on the Great Eastern line. It considers it the height of folly for 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 m New South Wales is both larger and heavier. THE NEW CABLE CODE. The Sydney and Australian Chambers of Commerce have taken joint action m the direction of protesting against -the new code vocabulary of the Eastern Extension Cable Company being made compulsory. THE HAUROTO. Arrived— Hauroto, from Wellington this morning. THE LATE SIR ALFRED STEPH*,™. The estate of the late Sir Alfred Stephen paid duty on' £15,000. The estate was divided among his soub and daughters. j PERSONAL. Brisbane, January 15. Mrs Campbell-Praed, the novelist, is i at present visiting Queensland,

STATE PENSIONERS. Melbourne, Januaiy 15. • Among the many schemes propounded for the amelioration of the financial condition oithe colony is one by the Hon. A. Wynne proposing to wipe out the expensive system of pensions which is a serious drag on the public finances. Sir A. "Wynne estimates that the total pensions payable m 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 £100,000 per annum, which would represent an annual s&ving 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 m a lump sum the Government could purchase their annuities. RICH GOLD DISCOVERY. A sensational gold discoveiy 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. UTILITY OF FEDERATION. Adelaide, January 15. The Governor has been entertained at a farewell banquet. Speaking of the utility of Federation he said that what each colony needed was, instead of jobbing its finances and financial resources, that the colonies should so consolidate them that they would be available m emergency for prompt use by a federal executive.