MELBOURE.

Thames Star, Volume VII, Issue 2144, 17 November 1875, Page 2

MELBOURE.

November 11th. Sir James McCulloch, in enunciating the Ministerial Policy, estimates the defi-. ciency in the revenue at £340;000. He proposes meeting this by imposing a land taxj and a£ax on bank stock shares and other property. Small landholders are to be exempt. Customs duties to the extent of £100,000 are to be swept: away, but those imposed for protective purposes are to remain untouched. Only such duties are to be removed as are vexatious and injurious to trade. To meet the deficiency thus caused an income tax is to be levied, but not to touch'moderate iricomes. The Government proposes to borrow a million and a half to carry on existing engagements. Two ministers out of nine were defeated at the elections. . ' The city never was so full of strangers as at these late races. The Macgregor arrived at 'Frisco on the 27th October. The Ringarooma, with a supplementary mail from New Zealand, just caught the Pera at the Heads" as she was leaving. The mail steamer waited for her. There was a large attendance at the races. Heavy rain both on the Derby and Cup days. Eleven started for the Derby with the following result :— De Mestre's Sylvia, colt V ... 1 Richmond ... '"[ ... ... :; 2 Sour Grapes.... ... „, 3 Time 2 mins., 48 secs.!