LATEST.

Kaikoura Star, Volume XIV, Issue 789, 8 November 1894, Page 5

LATEST.

o Colonial Banking.

LONDON, Nov 6

Nash, financial editor of Sydney Daily Telegraph, in his Sydnev letter to the Times, says while it is recognised that most of reconstructed banks can afford to pay interest on deposits, repayment of principal at maturity would involve extreme hardship upon very large number of persons, especially in view of long continued depreciation in value of land, and protracted stagnation of business. He suggests it would be better to convert majority of these extended deposits in equal portions into 4 per cent mortgage stock, and 4£ per cent inscribed

deposit stock. Use of trust system in conversion is also indicated, and opinion is expressed that conversion is the necessity of the position in most instances.

China Sues for Peace.

LONDON, Nov G China has given reparation in connection with Ching Kiang affair. Later

Prince Kung has assured Foreign Ministers in Pekin that China is unable to withstand Japanese invasion, and has applied for tbeir intervention to bring the war to a close. It is stated China is willing to abandon Corea to Japan, and pay war idemnity.

Neither Great Britain nor France will take initiative in procuring cessation of hostilities, although they are willing to unite with other Powers in doing so. Japanese have captured Foochow, on Gulf of Liantong.

Li Hung Chang has been ordered to Pekin.

Success. WASHINGTON, Nov 7 Elections resulted in overwhelming success of Republican party in New York State and City. The ‘Tammany Ring ’ candidates have been defeated by large majority.