LATEST AUSTRALIAN NEWS.

Kumara Times, Issue 2916, 4 March 1886, Page 2

LATEST AUSTRALIAN NEWS.

♦- [REUTERS TELEGRAMS.] By Electric Telegraph.— Copyright. MELBOURNE PRODUCE QUOTATIONS. COMMERCIAL BANK OF AUSTRA LIA. CONFESSIONS OF CROOKE, THE MANAGER. (Received March 3, 1.15 am.) Melbourne, March 2. The local manager of the National Mortgage Company of New Zealand (Limited) reports in'the Melbourne, market the following:—Shipping wheat is hardening in tendency, and is quoted at 4a 2d per bushel ; malting barley is steady at 3s 5d to 4s ; New Zealand oats shows no improvement—feed sorts, 2s 8d to 3s; for milling desciiptions there is a moderate inquiry at 3s Id to 3s 3d; New Zealand oats under boud, 2s 3d to 3s 6d.

March 3. Sailed, this morning, the steamshin Ilingarooraa, for New Zealand.

(Received March 3, 10.30 p.m.)

Adelaide, March 3. Orooke, late mauuger of the Commercial Bank of South Australia, has addressed a letler to the Chairman of the Board of Directors of that institution. In his letter Cooke confesses that he obtained smru 3 of nimiey hy overdraft without the knowledge of the customers whose accounts were debited by him with the overdrafts. He further admits that he had reduced the overdrafts by transferring the various amounts from the loan accounts, without the knowledge of the directors. [Per Mararoa, at Auckland.] Sydney/, February 25. Sir John Robertson, it seems, ridiculed the. idea that the Premiers of the colonies should meet and consult about n:»v,,l defences, In a memorandum to the G-overnor he suggested that England should provide an efficient sea service for the defence of the outer waters of Australia, and that the' cost should he divided between the colonies and the Mother Country. Melbourne, February 25. The revenue for seven and a half months of the financial vear shows an excess of £25,000 over Mr Service's e-iimate.

The railway between Adelaide and Melbourne will shortly be completed, :vs ll0t » Khps are being pushed forward. The election excitement is proceedin?, aud numerous meetings are bein» held. °

Mis Hampton and her daughter have i.een committed for trial for the Cobur« murder. °

Adelaide, February 24. Great surprise and consternation was caused by the suspension of the Commercial Bank of South Australia. It is understood that the Directors of ilie institution requested assistance from Hie Associated Banks, and a Committee was appointed to investigate its affairs. The result was that they recommended that assistance be uot granted. It is believed that there will be no loss to the holders of notes or to depositors who will be paid in full, with interest' The only loss will fall on the shareholders. It is expected there will be no n-cessifcy for making a call. The first thing that specially called the attention ut the Directors to the state of affairs was the discovery in regard to the accountant. Inquiries were made, and u was found that very large speculative accounts had been opened, and advances made without the knowledge of the Directors. Two lists of overdraft had been prepared, aud only one submitted to the Directors. Outside assistance was then called in, aud Mr H. G. Turner was summoned, who reported that it was desirable to call in the aid of the Associated Banks. They accordingly met and appointed a Committer, with the result that they did not consider u desirable to render any assistance in the crisis. The total amount of the notes in s circulation is approximately £70,000. It is stated that the Managers of the various Banks agreed to shu.d lugt-ther, and that the notes of the Commeicial Bauk will be paid. '