AUSTRALIAN NEWS.

Kumara Times, Issue 622, 25 September 1878, Page 2

AUSTRALIAN NEWS.

[press agency.] Melbourne, September 16. In the debate on the Loan Bill, members versed in financial natters, while agreeing that the loan was a necessity, urged that the debentures should not be forced on the London market just now in face of the followiug telegram received by the Associated Banks :—" London 29 th Aug.—To J. Matheson, Esq., Bank of Australasia, Melbourne.—The Associated Banks advise that the stringent state of our money market, and the alarm taken by the Stock Exchange as to the amount of Australian loans, make it hopeless at present to launch your loan. The Banks believe that the minimum of £9O would fail to float it.—(Signed), D. Larnach." Berry, speaking at Daylesford, at a Liberal banquet given to himself and colleagues, defended his Ministry as the best ever formed in the country, and pointed to the large amount of work they had done as an evidence of their fitness for office. He congratulated the country on the formation of a real Liberal party, and accused the Opposition and the Council with being the cause of the dead-lock and all the depression in the Colony, and promised if the Council dared to reject his Reform Bill to appeal to Downing street. He sat down amidst prolonged cheers. The Government have brought in a bill to abolish fees at the University, and to throw it open to all the * State schools. The Admiralty survey has been given up. Captain Stanley and his naval assistants being Imperial officers, have been ordered homo by the Admiralty, i There appears little likelihood of the session coming to a close before Christmas. There is no information as to who is to be the future Governor; the Duke of Buckingham is spoken of, but there is a strong preference in favor of Sir Hercules Robinson or Lord Normanby. There appears to be some some doubt as to whether Mr Walker's gentlemen cricket team is coming over ; it is said that a sufficiently strong eleven cannot be got together, and that the Zingari Club will send over a team, but as yet nothing is certain. The diamond drills ordered from America have arrived, and applications are being made from nearly every trict for their use. Business ®f all kinds continues very dull, and complaints are heard everywhere. The only hope is that things will mend in Spring. There has been literally no wagering on the Melbourne Cup for the past few weeks.