South "Australia.

Star (Christchurch), Issue 5278, 7 June 1895, Page 4

South "Australia.

A LOCAL LOAN.

OPENING OF PARLIAMENT. [Special to Pbkss Association..!

ADELAIDE, JtnsE'6

The new local loan of £311,000 at 34 per

cent, issued at par, has been floated with great success. The amount tendered was J8?10.Q00.

Pariitoaent opened to-day. 'The Gover-

nor's Bpeech atated that the estimate of revenue had. not been realised in conse-

qnence of a falling off in railways, Customs and landß, but the outlook was good, and the rise in the prices of products promised permanent prosperity. Regret was ex-

pressed at the unavoidable delay in the federation movement. A proposal would be made to further reduce the 'Governor's salary and emoluments, and for strict retrenchment in public departments in order to avoid further * taxation. Measures would ' be introduced for the consolidation and conversion of loans, rendering assistance to producers by means

of oheap railway rates and subsidies to freezing works and co-operative vineries.

making early dosing compulsory, for the aatabliahment of a- State ■■ bank and subatantial land reform. With the exoeption

of the reciprocal treaty with New Zealand, no new policy of importance was mentioned.

Fifty-seven tenders were received for the loan, besides six whioh were too late. The largest was from the Adelaide Savings Bank, covering the fnll amount, and it only receives JBK>,OOO. All applications will be allotted in full- up tb the first twenty thousand; beyond that they will get one quarter.