FRISCO MAIL NEWS.

Gisborne Times, Volume V, Issue 100, 7 May 1901, Page 2

FRISCO MAIL NEWS.

SHIPPING COMPETITION. (Per R.M.S. Ventura at Auckland.) San Francisco, April 18. . A rumor fraught with grave consequences for the holders of stock of the Oceanic Steamship Company, is being considerably discussed on ’Change and elsewhere in San Francisco. It is that the Santa Fe Railroad Company intends to purchase the property of the steamship company, and thus secure a line of steamers to ply on the Pacific Ocean to act as feeders for the Trans-Continental railway operated by the prospective purchasers. It is acknowled that the Santa Fe Company is in need of such ocean connections before it oan compete with the Southern Pacific mail fleet. European and American freights for Australia have become a matter worthy of consideration, and it is quite well understood that the Santa Fe people have now unlimited capital at their command, and need no longer bo restricted in any way in their legitimate enterprise. The stock of the Oceanic Company has been depressed for some time owing to the heavy assessment, and it has been announced that another assessment will soon be levied. The reasons for depression are hard to find, except upon the basis of an effort to centralise the stock. The principal holders have rather added to than decreased their holdings, and settlers have been mostly the holders of small parcels of stock. Mr John D. Spreckels, President of the Company, has just returned from a visit to Australia, and developments are awaited with interest.

THE CABLE. Government officials at Victoria, British Columbia, who have charge of the selection of the landing place for the Pacific Cable on the coast of Vancouver Island have been informed from London that the manufacture of the cable is to comipence next mouth, and the first expedition in connection with it will leave the Thames in January, 1902. This expedition will carry on the laying of the sections from Queensland to Norfolk Island. The second expedition will leave about August, 1902, and will lay the cable from Vancouver Island to Faffing Island and Fiji. The length of the cable, 5,814 miles, will be transported and laid by one ship, now being built for the purpose, and to be capable of carrying ten thousand tons. The contractors undertake that the whole of the cable shall be laid and working by December, 1902. GLOOMY PREDICTIONS.

A cable to the Sun from London says : “ The signs that this country has reached the end of a series of fat years of industrial prosperity have alarmed trades unionists. This week the miners of Northumberland district had to submit to a .reduction of 21 per cent, in wages, and the Cleveland ironworkers agreed to a lesser reduction. Until recently the number of unemployed trades unionists averaged 2-5 per cent. In November the number of unemployed reached 3-2 per cent., and the February return show that 3'9 per cent, were out of work. Reductions in the rates of wages are even more striking.” TRADE IN GERMANY. Constant complaint as to trade conditions comes from Germany, where it is claimed that fully a quarter of the working population is either idle or working for reduced wages. Many factories have closed, and in others the hours of labor have been reduced,' while the work folk crowd to the doors seeking employment. AFFAIRS IN CHINA. Paris April 15. The correspondent here of the Associated Press is informed from a trustworthy source that the outlook for the early settlement of the Chinese indemnity question is less promising than it was a week ago. Negotiations between Powers are bringing out conflicting ideas and interests, and are likely to be very protracted. The proposition of the United States to limit the whole indemnity to forty million dollars js the only one under discussion, and is not regarded with favor by more than one Government. The others consider the sum too small, and are disinclined to reduce their claims to the figures the United States desires.