AUSTRALIAN NEWS

Globe, Volume XXIII, Issue 2342, 5 October 1881, Page 3

AUSTRALIAN NEWS

[By Teleoeaph.] [Per a.s. Te Anau, at the Bluff.] MELBOURNE, September 29. The Treasurer's Budget statement on the 22nd was very brief, and he avoided those comparisons which he said were the delight of rival financiers anxious to knock some feathers out of each other. He described the financial position as partially satisfactory. In dealing with the national debt of Victoria Sir B. O’Loghlen said that although the liability of the colony was stated at twenty-two and a half millions the colony had a valuable dividendpaying investment as a set off. A syndicate of capitalists could easily be formed to take the railway lines off the hands of the Government at the original cost—eighteen millions. As it was, the lines paid 4i per cent, last year on the capital borrowed for their construction, which is fifteen millions, the balance having come out of land fund and general revenue. The Yan Yean yields a profit of £BO,OOO, and is valued at £2,003,000. Moreover the colony still owned agricultural land valued at £15,000,000. With reference to the funding operations, the sum of £8,000,000, borrowed at 6 per cent., had to be dealt with. Sir B. O'Loghlen believed that now debentures could be issued at 3J or 4 per cent, interest, and in this way £160,000 of interest would bo saved. The Opposition manifested some disappointment when the continuance of the beer and tobacco duties was announced. Sir B. O'Loghlen said that these taxes had beeh imposed to meet a serious deficiency in the revenue, and until that was swept away the taxes would have to be retained. The Government hope to obtain an additional £60,000 income by the readjustment of the land tax. SYDNEY, September 29. The bouse of George Cooper, in Cleveland street, Redfera, was rendered a complete wreck on the evening of the 24th by an explosion of dynamite. Cooper was in the habit of keeping explosives in his house, and at the time of the accident was rolling a keg

of dynamite under hia bed, and smoking a pipe the while. Great damage was done, Cooper, who was much injured, is in a precarious condition.

ADELAIDE, September 29. A tragic accident occurred the week previous, but was only diecoved on the afternoon of the 25th. The homestead of Mr William Wakefield, Bugle Hinges, near Macclesfield, collapsed, ana burled the mother and daughter in the ruins. The bouse was in a delapidated condition, and unfit for human habitation. The men of the house were absent at the time. At a meeting of the Adelaide School Boards a proposal that education bo free and compulsory was negatived. It was believed that an absolutely free system would pauperise education. The Exhibition, which has been most successful, has been closed with a banquet by the Mayor to the projectors.