AUSTRALIAN CABLES.

Feilding Star, Volume XV, Issue 262, 13 March 1894, Page 2

AUSTRALIAN CABLES.

• HEAVY GALES ON THE SYDNEY COAST.

SEVERAL VESSELS ASHORE. FAILURE OF AN AUSTRALIAN FIRM. (PER PRESS ASSOCIATION. Sydney, March 12 Pteele, the defaulting accountant of the Hobart Coffee Palace Company , was arrested here to-day. The Poctal authorities do not view with favour the proposal to reduce the postal rate to one peuoj. They poini out that the 2M rate c<.at the colony £13,000 last jear, and that a reduction to a penny would myolve an increased loss of £5000 per annum* This Day. Heavy easterly gale raging along the coast. The steamer Electro is ashore at Manning river. The schooners Stanley and a New Zealand coaster, Forest Queen, are piled high and dry on the beach in the same neighbourhood. Melbourne, March 12. The bunk rate of discount has been re* duced half per cent. The Government has decided to send exhibits to the Royal Agricultural Show in London without anj cost to the ez hibitors. Messrs Farrar and Co., a firm of mer- j chants trading in Melbourne, Sydney j and London, have failed. The liabilities I amount to .£98,000, and the asseU are set down at i.'18,000. The largest creditor is the Commercial Bank, to which institution tho firm is indebted to the extent of .£78,000. The bankrupts state that they have sought the protection of the Bankruptcy Court because the Federal Bank in Sydney was endeavouring to obtain a preferential order over the assets. This Day. Excellent coal has been discovered at Kornumbarra.