NEWS BY CABLE.

New Zealand Times, Volume XXXIII, Issue 5309, 1 April 1878, Page 2

NEWS BY CABLE.

IMPORTANT WAR NEWS. (REUTERS SPECIAL TO PRESS AGENCY.) London, March 28. Lord Derby has resigned. He approved of thepolicy of the CabinetregardingtheCongress, but not as to calliug out the reserves. Lord Beaconsfield defended this, and said it was a measure of necessity in the interests of peace and for the security of the Empire. The Papal allocution approves of the past Papal policy. Lord Derby has resigned. A special Cabinet meeting was hold to consider the Russian reply to British demands. Sir Stafford Northcote stated in the Commons that Russia’s reply was received yesterday, and adhered substantially to her previous declarations, to the effect that the Signatory Powers may raise such objections as they think fit, but that Russia reserved full liberty either to accept or decline discussion. . This, added Northcote, virtually closed all further diplomatic correspondence on the subject. March 28 —Later. Earl Beaconsfield explained in the Lords that Derby’s resignation was consequent on the warlike attitude it had become necessary to assume, and he also expressed a hope now that all probability of the assembling of the Congress had ceased, and the, balance of power in the Mediterranean had been disturbed, that the advice tendered by the Government to the Queen to call out all the available reserves would he thoroughly approved. SPECIAL TELEGRAM. London, March 29. Salisbury succeeds Derby. The Government policy is not aggressive, but to prepare for war and hope for peace - The Opposition is expected to resist the calling out of the reserves, but the ascendancy of the Premier in the Cabinet will cause a check. Ignatieff-at Vienna and Count Andrassy are attempting to reconcile England and Russia. The Bank of England has raised the official minimum 10 per cent. A semi-panic has taken place on the Stock Exchange, owing to the polical outlook Consols are extremely depressed, 94J.