TELEGRAPHIC NEWS.

Globe, Volume VIII, Issue 875, 14 April 1877, Page 2

TELEGRAPHIC NEWS.

LATEST FROM EUROPE AND AUSTRALIA.

[By Submarine Cable.] Preparations for War. London, April 12. The Galas n Russian journal, states that, the Russian army will make an advance if the negotiations between Turkey and Montenegro are not resumed. Prince Bismarck. Prince Bismarck’s leave of absence is extended to August, during which his position will he filled by Baron Camphanscn, Deßulon becoming the vice-president, and Koffman Secretary of State.

AUSTRALIA. Fire in Sydney. Sydney, April 14. The premises of Messrs Mountcastle, hatters, were totally destroyed by fire last night. The inmates narrowly escaped, and the majority were seriously burnt. CommercialBusiness is dull. There is no change. INTERPROVINCIAL. Wellington, April 14. The Greytown Standard to-day reports portions of a wreck at Palliscr Bay, apparently of a schooner of 100 tons. Portions of the vessel are painted black over green. The timbers are quite clean. Governor's Visit to the South. Wellington, April 14. Captain Fairchild, who lias been for the past two months suffering from inflammation of one eye, has resinned command of the ITinemoa, and will sail for Dunedin with the Grovernor, Commodore, and a few of his officers, about the middle of next week. The Commodore's ship Wolverine will remain here until his return. The s.s. Wellington sails for the South at ten to-morrow. Passengers—Mr Hastings, Mr and Mrs Ashton, Messrs Grondie and Thomson, with ten in the steerage. YESTERDAY'S TELEGRAMS . 0 INTEftPSOVmCIAL. [r-Ett rttESS AGENCY.] Auckland, April 13. The Rev. Mr Cosh, Sydney, has declined a call to St. Andrew's Presbyterian church.

The Licensed Victuallers last night passed a resolution in favor of starting an Insurance Company in ease the existing companies refuse to reduce their rates. A public meeting Avill be called, and the public will be invited to take shares. It was also agreed to appeal to the Government to allow hotels to bo open during a portion of Sunday. The Association has £l5O to their credit in the bank.

j An imported bull arrived per Elcctra, to ■ the order of Brown, Campbell and Co. It is of splendid pedigree, valued at over £IOOO, j named Whipper-in. i Wellington, April 13. I A public ball is to he given to the Commodore and officers of H.M.S. Wolverine and Sapphire. In Banco to-day a special case was stated for the opinion ef the Court, without any pleadings, by consent, by virtue of an order by Air Justice Richmond. The facts agreed upon ' were Robert Spark Lowe before his ' decease effected a policy of insurance upon his own life with the Victoria Life Assurance Company, Melbourne. , At time of his death this had endured for i more than five years. Upon the decease defendant, as administrator lo the estate, received the amount assured. Lowe left a widow and live children, now living. The only property left by the deceased, besides the amount received under the policy, was £l2O, of which £42 was expended in payment of funeral and testamentary expenses. At time of His decease Lowe had several creditors, of whom plaintiff is one, and owed £2133. The plaintiff in the action now sought to recover the amount due to him. It was contended by the defendant that, under the provisions of section 46 of the Life Assurance Company’s Act, 1873, the money received under the policy is divisable between the wife and children to the exclusion of creditors. The plaintiff contended that the money received under the policy was assets in the hands of the defendant, applicable in the ordinary course of administration, and that the creditors of the deceased are entitled to be paid out of it as far as it will extend. After argument on the construction of the statute (Life Assurance Company’s Act, 1873,) the Court reserved judgment. , The decision on Clime’s report re Wellington drainage, was relegated last night by the City Council on the casting vote of the Mayor, to a plebiscite of the -ratepayers.

Produce prices are as follows Flour scarce, old, £l6 10s lo £l7 ; new, £ls 10s to £l6; Adelaide, £l9; oats, 3s 3d to 3s 6d bran, Is to Is 2d ; hams, 91d; bacon, 8d to 9d ; choose, overstocked, 7d to 8.1; potatoes, 80s to 90s ; maize, os to os 3d ; pollard, £7 10s to £B.

Arrived —Hannah Barrett, from Lytic!toil. Dunkdix, .April 13. The City Council met tliis afternoon, and resolved to re-open the Fever Hospital. A deputation from the Dunedin Hospital Committee waited upon the Hon. J). Reid this afternoon, and asked the Government to sanction an expenditure of £3OOO for hospital improvements. He promised to bring the matter under the notice of the Government, and said that the Government intended to introduce a measure next session dealing with hospitals and charitable institutions. Timaru Harbour Board. {From a correspondent of the Press.) Timaru, April 13. Regarding the banking of £BO,OOO out of the Timaru Breakwater grant with the four Banks iu Timaru, only the Um'on Bank and

National agreed to accept the money on the terms offered by Iho Harbor Board. It was, therefore, resolved by the Board to-day to divide the money equally between those two Banks.

The Inscr ption of Colonial Stocks. [Per Press Agency.] Wellington, April 13.

The Government have received a despatch from Sir Julius Yogel re the inscription of colonial stocks by the Bank of England. 1.1 appears that but little had been done in the matter prior to Sir J. Vogel’s return to England as Agent-General. Up to that time the last, communication had been a reminder to the Colonial Oflicc that Parliament was about to meet, and a request for copy of the Bill it was intended to introduce. Certain difficulties had, however, arisen, which up to the end of March threatened to upset the whole affair. On the one hand, the Bank of England absolutely refused to have anything to do with the Act if a certain clause authorising inspection of the register was not omitted. On the other hand, a question had arisen as to the power of the colony to sue and be sued, Sir J. Vogel verbally pointed out to the parliamentary Secretary to the Treasury that the hitter was a large constitutional question affecting rights of the Crown, and was no more incidental to the Inscription of Stocks Bill than to any other, and with regard t.o inspection of the register, he urged that the Bill, whilst it proposed to enable many persons and institutions to inscribe stock, could not be used to advantage except by the Bank of England, because the Government would not be willing to give power to create certificates to bearer to any person or institution not prepared to be liable for an excessive use of that power. No Government would give such power with the knowledge of being liable to an unlimited extent of certificates were improperly issued. But the Bank of England asked for no responsibility except for certificates legitimately issued ; for the machinery at its command for inscribing stock was so admirable that it was willing to accept the responsibility of conducting the business. lie then suggested certain amendments by which the Bank of England would be exempt from the op;ratlon of the obnoxious clause. Shortly afterwards Sir J. Vogel was informed that the Treasury was disposed to think the Bill might ho altogether dispensed with, excepting the part referring to the composition of stamp duties ; and with that exception Colonial legislation and a contract would be sufficient. When the question was first mooted in 1875, Sir J. Vogel himself was of the same opinion, but, on counsel being instructed to prepare a Bill for the New Zealand Assembly, he was advised that Imperial legislation would be necessary to protect the Bank and give the necessary facilities for issuing certificates to bearers. A Bill for the Imperial Parliament was accordingly prepared and submitted to the Colonial Office. This had reference only to the management of Now Zealand stock, but application having been made to the Colonial Office by several Colonial Governments asking that the proposed management of New Zealand stock might be extended to stocks of other colonics, a Bill of much wider purpose was prepared enabling, not merely the Bank of England, but any Bank or colonial officer, to undertake the management of colonial stocks. Finally, about the end of March last a consultation was held, at which were present the AgentGeneral of New Zealand, his counsel and solicitor, and the counsel and solicitor of the Bank of England. The Bill was examined clause by clause. Counsel on both sides agreed that Imperial legislation was necessary. Their joint opinions, with suggested alterations and omissions in the draft Bill, had at the latest date just been sent to the Colonial Office, and the principal points noted by counsel are that colonial stocks shall be transferred only in the register ; that the interest in stock of a stockholder on dying shall he transferable by his executors notwithstanding any specific bequest thereof. Where stock stands in the name of an infant or insane person, jointly with that of a person not under legal disability, the latter will have power to give power to any attorney for the receipt of dividend. Provision is made for the right of stock being transferable by delivery of stock certificates; also for applying to coupons attached to stock certificates to bearer the law of England relating to cheques on bankers; also for stamp duty on stock certificates; for renewal of stock certificates when coupons are exhausted ; for enabling bearer of stock certificate to convert same into a nominal certificate ; for prohibiting to apply for or bold stock certificates unless specially authorised to do so by terms of the trust; for enacting that no notice of any trust shall bo receivable by the Registrar. (Counsel consider this of the highest importance, and that without it the scheme would be unworkable, and no contract between the debtor Government, the stockholders, and the Registrar could avail to exclude the rights as against the three of the beneficiares claiming the aid of a court of equity.) The inspection of the register not being a necessary part of the scheme, and being objectionable to New Zealand, the Bank of England is recommended to be omitted. Colonial stock is made personal estate, notwithstanding its being a perpetual annuity, and is protected from foreign attachment. There is no chance of the Bank of England taking the management of New Zealand stocks until Imperial legislation, as above indicated, shall have been obtained.