REUTER’S TELEGRAMS.

Kumara Times, Issue 733, 4 February 1879, Page 2

REUTER’S TELEGRAMS.

[new ZEALAND PRESS ASSOCIATION.] GLASGOW CITY BANK PROSECUTION. London, January 3T, At the trial of the directors of the Glasgow City Bank, no defence was offered, except calling witnesses to character. Potter, director, and Stronach, manager, were found not guilty, but the others nave been found guilty of issuing false balances. Sentence was deferred till Saturday. February 1. Sentences on the Glasgow Bank directors:—Potter and Stronacb, 18. months; Taylor, Ingles, Wright, Salmond, and Stewart, 8 imprisonment. The counsel urged'that they were not guilty of false balances, as there was no motive for falsifying/! . [The above contradictory cablegrams relative to Messrs Potter and Stronacb are according to those received by [ns; early yesterday morning and late last evening.] THE RESIGNATION OF PRESIDENT MACMAHON. ELECTION OF A NEW PRESIDENT. Paris, January 28. President Macmahou refuses to accede to the charges insisted the Ministry relative to dismissing ante-Rcpublicau commanders from tub army. The Ministry had recently declared that it would avoid the ciufbges unless it was considered that%iiot insisting upon them would prove du|remental to the nation. - I Marshal Mac Mahon threatens to resign rather than the army should be disorganised. The majority of the Chambers intimate that if the resignation is tendered they will accept it.

January 29. MacMahon still persists in his refusal to change the army commanders, and has virtually resigned. His formal resignation will probably be sent fn to-morrow, when the Congress, Senate, and Deputies will meet to elect a successor. ’ -

January 30. The probable candidates for tire Presidency are Grevy, President of the Chamber of Deputies, and Admiral Pothnaan, Minister of Marine and Colonies.

Mai'shal MacMahon, in a letter, resigned the Presidency. The Senate and Chamber of Deputies are specially convoked to elect a successor.

Qrevy’s election this evening is considered a certainty. January 30 (Evening). Grevy was elected by a large majority, and proclaimed President of the Fieuch Republic for seven years, January 31. The Ministry still remain in oftice, the new President refusing to accept their resignation.

MaeMahon retires into private life. Gainbetta has been elected President of the Chamber of Deputies in the place of Grevy. THE AFGHAN WAR. Bomb.vv, January 31. Stewart’s cava I iv have entered Kilalighilzue cm the 21st. Yali Mahomet, brother ot the Ameer of Afghanistan, arrived at Kurain, and solicited General Roberts to r.cnve him. A number of chiefs of the Shimbari accompany him. LATEST ENGLISH NEWS. London, January 30. Discount has been reduced to three per cent. The Colonial institute has appoint *d a Select Committee to enquire into the practicability of holding a Colonial Exhibition in London. February 1. ’ The Bank reserves is nearly 13 millions, Aio.iey market tinner, Con-

sols, Wool market quiet. There is 8 recovery in the demand for fine wools, and business is less depressed. Reyival in Australian stocks. February 2. ; New Zealand fives, 1 per cent higher; consols, 97; discount, 2J; Bank reserve 13J millions.', THE CAPE, f London, Feburary 1. War has been declared against Ceto- . way. /:„ ■ ' 1 LATEST AUSTRALIAN NEWS. Sydney, February 3. Owing to heavy min the match, English v. Bathurst, was not played out. Captain Fraser’s body, burnt aboard the brig Iserbrook six weeks ago, was recovered on Saturday. On the vessel being pumped out the body was almost unrecognisable. v It is rumored that Governor Weld, of Tasmania, will he our new Governor. Wilson, alias Smith, was arrested t aboard the Francis Thorpe, from London, on . Saturday for fraudulent insolvency at Hull.