COLONIAL ITEMS

Ashburton Guardian, Volume VII, Issue 2096, 28 March 1889, Page 2

COLONIAL ITEMS

(PER PREBB ASSOCIATION.)

London, Maroh 27

The Rev Mr Han nay, m his reply to an address welcoming him home from Australia, advocated English ministers occasionally going on circuit to Australian pulpits. Shares m trie Bank of England and Melbourne have been- fixed at j£io. One hundred thousand shares will shortly be placed on the market. 50s per share will be called up. Mr Westgarth is ill, and Mr O'Halloran read his paper on colonial loans for him at the meeting of the Colonial Institute. The message yesterday should have read " will read " not ut read." j During the discussion which followed, Sir G. Berry, referring to the outlay on defence by the Colonies, said Melbourne was now one of the strongest cities m the empire against an open foe. Sir G. Baden-Powell showed that British investors now greatly preferred colonial to foreign secutities. He con* sidered it was imperative trustees should be permitted to invest m colonial Government securities. Sir F. D. Bell said that money invested m railways m the colonies ought to be regarded as a British investment as much as though it were lent to Yorkshire. He denied that discount loans were preferable. Mr G. W. Hawker said that South Australia had borrowed too fast. The Trans-Continental Railway was not reproductive, and passed chiefly through barren, waterless country. Facility for borrowing encouraged the existence of unemployed and a system of paternal Government. >

Mr Speight, Victorian Railway Commissioner, denied that Australia possessed national debts m the European sense, and censured Mr Hawker for fouling his own nest. The TransContinental line was directly profitable, and opened up valuable country m South Australia. Despite existing depression, it easily paid interest on cost of construction. He added that a Syndicate could be formed to-morrow to purchase the Victorian Railways for the sum they had cost to build.

Mr Dangar said a Syndicate could also be formed to purchase the railways of New South Wales on similar terms.