THE DUTY ON COLONIAL WINES.

Daily Telegraph (Napier), Issue 3877, 20 December 1883, Page 3

THE DUTY ON COLONIAL WINES.

NEAV SOUTH WALES LOAN CREATES

PANIC IN STOCK MARKET

THE ENGLISH PRESS ON ANNEXATION AND FEDERATION.

LONDON,

December 14

Chcrif Pasha considers that either Turkey or England should take steps to subdue tho rebellion in the Soudan.

Sir AVilliam McArthur has written to the London Chamber of Commerce, inviting them to support the claims of the colonies in respect to wines, and that concessions should be granted to them similar to thoso given to Spain. Tho Daily News supports the annexation scheme of the colonies.

The bombardment of certain ports in Madagascar by tho French still continues. Commenting on the New South AVales loan, the Standard states that the system of rapid borrowing either indicates bad management or pressing necessity, and is

likely to injure tho credit of that colony in the English market In the event of the loan not being covered, a syndicate will probably be formed to take up the balance. The announcement of tho Now South Wales loan has caused considerable excitement, and the brokers arc bearing New South Wales stock, seeking to compel the colony to give a pledge to refrain from further borrowing next year. There is almost a panic created in the stock market, and in one instance fours Avere offered at twenty-eight (sic.) AVcstgarth's Circular reports that the market is entirely upset, and that New South AA r ales four per cents, havo dropped tivo per cent, in price. The brokers threaten to refuse the loan altogether unless it is withdrawn forsix months. The Pall Mall Gazette says that the investors must remember that the new policy decided on by the Australian colonies in regard to their foreign relations will mean increased expenditure and additional debt. December 15.

The Spectator considers that the decision of the Convention in favor of federation is a great step in the right direction, and that the scheme is capable of being moulded into a definite practical shape. The convict question is a most serious one, as, on the one hand, it may involve the declaration of their independence by the colonies, and, on the other, may lead the Empire into a European Avar. The Economist thinks that instead of establishing an Imperial Council for the colonies possessing ill-defined poAvers it? would be moro desirable to develop the present system of informal representation of the leading colonies, but with separate envoys for smaller groups. The Saturday Review approves of the principle of federation, but discourages the extension of our claims in the Pacific, more especially at tho present time, Avhen America disputes the validity of the Clayton-Bulwer Panama treaty.

By Electric Telegraph.—Copyright

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