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Some conversation ensued which it was impossible to catch, Dr. Cockburn referring to some papers mentioned the sum of £332,000 —" exclusive of guarantee " —" in round figures, £32,940 " —&c. Mr. Cook asked something concerning a guarantee. Mr. Eeeves asked the total loss on the last five years, &c. The Hon. Dr. Cockburn continued: Well now, is this proposition intended to stand as " Dr. Cockburn," or " the South Australian Government " : and what terms do you expect me to state ? I have already suggested that you guarantee us on something like our present basis for the last five years. I think that is a fair thing. We want to feel assured that the Pacific cable will not land us in a bigger loss than the average loss for the last five years. The Hon. Mr. Cook : With the option of taking it over ? The Hon. Dr. Cockburn: I would like to consult my colleagues before saying that. It is a big question, and I would not like to say that right out. Tou see, it is a question of policy, as a portion of the line belongs to our local telegraph system, and it might lead to complications. The Hon. Mr. Cook : Can you tell us how much of it belongs to your telegraph system ? You may consider your proposition in regard to this line a very handsome one; here is part of it, the main trunk of your telegraph system, and you are proposing to add to it the cable receipts of other colonies. The Hon. Dr. Cockburn : Tes, but there is very small local traffic. The Hon. Mr. Cook: It would have to be there if there were not the cable line to carry the traffic. The Hon. Dr. Cockburn : But not maintained on anything like its present scale. The Hon. Mr. Cook : It was constructed originally to open up your country ? The Hon. Dr. Cockburn: I hardly think the Northern Territory existed in name twenty-four years ago—at any rate, there was little settlement there. The Hon. Mr. Cook : Well, gentlemen, what do you say ? The Hon. Mr. Duffy : Where are we exactly ? Suppose we do not do anything until Dr. Cockburn gives us in the morning a formal statement what he is prepared to do ? The Hon. Mr. Eeeves : I feel the position of New Zealand a little difficult. Of course, lam perfectly prepared to go as far as voting for a general resolution that <an equitable concession be granted to South Australia. I think she is entitled to it; but if we are to go and pin ourselves to specific details here, and recommend our Governments (Mr. Cook : " That pins us."), and if there is to be a reservation as to the terms on which South Australia comes in (and we have an intimation from her delegate that she is not likely to come in on equal terms, even after we have made this proposition), then the question must be seriously considered. I have no objection to vote for the general resolution, that some equitable concession should be given. But at the present stage, lam not prepared to say how much further I will go after what we have heard. The Hon. Dr. Cockburn: Has the question of the basis of contribution been discussed before? Tou must acknowledge it is a new departure. The Hon. Mr. Cook : It is that point of it which is the inducement to us to turn to you. The Hon. Mr. Duffy : Of course, if it is going to be a success, it does not matter. The Hon. Mr. Cook : Eead the resolution, —■ " That in the opinion of this Conference it is highly desirable that South Australia join the other Colonies in the Pacific cjible project, and having regard to their vested interests m the transcontinental lino, Dr. Cockburn be invited to make a proposition embodying the terms on which the South Australian Government would bo prepared to join the other Colonies in the said project." The Hon. Mr. Eeeves :I am prepared to support that. Messrs. Thynne and Duffy voted, "aye." D.-. Cockburn did not vote. The resolution was carried. On-the question of proceeding with further business, Mr. Eeevks said the question of appointment of delegates might lead to seme lengthy discussion, and after an opinion had been given against any information being supplied to the Press, the Conference adjourned at 615 p.m.

SATURDAY, 18 JANUARY, 1896. The Hon. Mr. Cook took the chair at 10 a.m. On the minutes being read by the Secretary,— The Hon. Mr. Dufpy said: Do we want that telegram in the minutes from Sir John Forrest ? The Hon. Dr. Cockburn : I seconded the resolution with regard to the route, but then, and on other occasions, I expressed the opinion that when you are appointing the Commissioners it was not desirable to tie their hands. I should like that entered also. The Hon. Mr. Duffy : Tou seconded it as a matter of courtesy. The Hon. Mr. Cook : Put my name to it instead; it is my suggestion. (The delegates agreed to the alteration.) The Hon. Dr. Cockburn" : And is this not a little stronger than you intended ? (Understood to refer to the route.) It was understood we ma.de suggestions : these are rather directions. The Hon. Mr. Duffy : I understood the whole thing was only an expression of opinion. The Hon. Dr. Cockburn : Still it ties down the representatives. The Hon. Mr. Teynne: This will be a record; it is only "in the opinion of the Conference." I suggest that we add these words to each one. The Hon. Mr. Cook : It is only an expression of our opinion. The Hon. Dr. Cockburn : Tes, with the information we have at hand ; but the Commission will have much further information, later and more complete. The Hon. Mr. Thynne : We want the Commission in England to have the ground clear from all conflicting local interests. We ought to settle our differences here as far as possible, leaving the Commission to understand that these are the compromises the Colonies make between themselves. The Hon. Mr. Cook: There is plenty for the Commission to do in adjusting international differences. The Hon. Mr. Duffy : These are only suggestions that embody our ideas up to date : we do not bind them down at all. The Hon. Mr. Thynne : We are in a different position from Canada and Great Britain, who can each say to their representatives, " These are our views ; " but we are a number of different Governments meeting together with a view to coming to an understanding. The Hon. Mr. Cook : I thought we discussed that before. The Hon. Dr. Cockburn : All right. The President indicated that they had adjourned the previous day on the understanding that Dr. Cockburn would submit an offer from his Government re joining in the cable. The