AUSTRALIAN NEWS. By Electric Telegraph — Copyright. (PER PRESS ASSOCIATION.)

North Otago Times, Volume XXXVII, Issue 8173, 3 May 1895, Page 2

AUSTRALIAN NEWS. By Electric Telegraph — Copyright. (PER PRESS ASSOCIATION.)

Received May 2, at 1 1 a.m. Adklaidb, May 2. At ilio annual mpe'ing of tho 6 ink of Adelaide a dividond wai doclared at the ra'oof 7 pjr cent. Tno ch-iirrain aaid that they hid absolutely liquid aSHetH of L 1.114 000 agwnst L 947,000 of publio liftb lities. While this was highly satinfactory it meant that the earning power of Iho bink was lessoned while ho largo an amount of cash wai hold in roserve. fhoro were Indica'ions of a decided imurovoment in tho colony's prov poctß in tho near futuro. All the chief products promised a good reoovery in pric 8. The Government has notified that after this year it will no<- grant any publio hnlid>yi for raco meetings. It is considered thatamplo time k already devotpd to racing, without giving further encouragement.

Received May 2, at 11.35 a.m. Sydney, May 2. A rich reef ia ropoited near Germantown. The estimated yield is 4oz to the ton. The reef ia 2ft wide. Ariivnd — Oinpga, from WaitomaU Rivnr ; Huutor, from Kaipara.

Nkwcastle, M»y 2. S tiled — Pfcndle Hill, for Napier; Dafi knee, for Auckland.

Melbourne, May 2. The Marino Board has sunpended fur a month tho certiQeUo of W. L. Morris* captain of tho ship Lindisfarno, whiob recently took the ground. The Age, commonting on the banking let urns, says that they point to the fact that Mio c ui'raction of business of late h<s boon so considerable tliab profitable omp'oymont for bankers' capital cannot be obt lined. Tho piper tsks whether this is noi an evidence of the necessity for coDSolidttin^ banking interests. Perhaps tho dwindling of business more than anything else will b ing the nutter forcibly homo to thoso interested, and sooner or later, force on the desired result.

Perth, May 2. A digger named Anderson was speared by n bl ick named Jimmy, whose jealousy he had arousod. A now rubh is reported near Lawless, in the Cao district, where fair alluvial Kold ia being ob'ained. Water and pro* viBiono are, however, very scarce.

Received May 2, at 7 p.m. Sydney, May 2. The report to be presented at the annual nice ting of the Australian Mutual Provident Society, on the 10th instant, shows thattho now business was represented by 10,023 policies, assuring L 2,810,919, and yielding an annual revenue of L 94,796. Claims amounting to L 498.343 have arisen under 991 policies, by the death of 848 members, and 275 endowment assurances havo matured, amounting to Ll 13,941. Ancxi haustivc investigation has been made into the condition of tho mortgage securities, as a result of which, and to provide against) any possible depreciation of values, tho directors havo decided to set apart L 225,168 out of the surplus of tho year, in augumenta* tion of the revenue for depreciation of securities, which now stands at L 414,349. The value of office premises havo also boon written down by L 14.003. The stringency of method by which liabilities under policy contracts are valued is increased by as* suming the rato of 3} per cent interest instead of 4 per cent, as hitherto, and the sum of L 25,000 has been reserved to assist) in passing to a valuation, oil the basis of 3£ per cent interest at tho earliest opportunity. The large reserves set aside for depreciation havo reduced the surplus available* for division by the sum of L 239.632, bub tho actuary is enabled to recommend that) L.428,020 in ca«h, which will yield reversion* ary bonuses amounting to about L 850,000 to be divided amongst members. The rate of expenses at which business is conducted has been reduced by nearly 10s per cent, and the rate of interest realised on tho mean funds has fallen Is 8d per cent. Tho report as a whole indicates careful manago« mont, and extreme caution in tho treatment) of securities.

Received May 2, at 10 30 p.m. Sydney, May 8. Surgeon Lea has made a lengthy statement in defence, and Bald in placing Captain Joluißou on tho sick list he was actually conscientious of a senso of duty, and acted in accordance with tho customs of tho scrvico. If he had not done bo it would havo been a grave dcrelection of duty. His afc« Lout ion was directed to tho captain's manner while on tho fore-bridgo where he was pacing up and down making grimaces, and gcs« ticulating in an excited manner. Ho con« sidered Captain Johnson unfit to com* maud tho ship. Ho was of a strange temperament, and he seemed to suffer from morbid depression of spirits. Tha surgeon gave instances of eccentricity on tho part of tho captain. Ho said h« possessod a strange peculiarity for play* ing imaginary golf on the vessel'a dock. His eyes would become dilated, and after making an imaginary stroke he would look as if observing its effect. When the ship went on the reef a short time ago at the New Hebrides tho captain's behaviour was eccentric, and ho repefttedlyswore at the men while they were working a* hard as they possibly could. On another occasion he start«tl fishing from a port hole. Tho prUoner wished to call evidence as to the health of Captain Johnson, but the Court refused to hear it. Owing to thin decision Lea was unable to call some thirty witnesses ho had arranged to have examined. Tho Court found Lea guilty of tho chargeß mado against him, and ordered him to be dia« missed the service.