NEWS BY CABLE.

New Zealand Times, Volume XXXIII, Issue 5474, 12 October 1878, Page 2

NEWS BY CABLE.

SPECIAL TELEGRAMS. London, October 3. The total liabilities of the City of Glasgow Bank are reported to be £10,000,000. The assets are unknown. One cause of the failure was the looking up of the bank’s capital in New Zealand and Australian land. A fourtlr attempt on the part of the bank to transfer a portion of its liability for New Zealand advances failed. Owing to the failure of the City of Glasgow Bank three Indian firms have stopped payment, with £3,000,000 of liability. They are, Smith and Fleming, of London ; William Michel, of Bombay ; and Fleming, of Hurraohee. A great number of other firms are involved. The Scotsman states that the result of these failures will bo more disastrous than the failure of the Western Bank of Scotland in 1857. The deposits amounted to £8,000,000. Several Scotch banks are now proposing to make their depositors immediate payment of half their deposits. In the sculling match for the championship of America, five miles, Stanton beat Courtney, after a close contest. The negroes at Santa Cruz revolted, took possession of the island, and committed murders and fearful atrocities. Consul Layard is expected to arrive shortly in England from Constantinople, to confer with the Government. The Daily News says that an immediate movement of British troops on Cabul.has been decided on. Count Andrassy retires from the Chancellorship of the Austro-Hungarian Empire. The other members of the Austro-Hungarian Cabinet may possibly remain in office. The Emperor has gone to Pesth to endeavor to arrange matters. Evidence taken at the enquiry into the Princess Alice disaster shows that the cause of the collision was that the captain, pilot, and others in the stea'mer were drunk. October 5. Potter, Wilson and Co., of Glasgow, have failed for £600,000, principally owing to bank and other failures. The discount rates in the open market are stiffening. The bank reserve is reduced one and a half millions in consequence of the drain of gold to Scotland. Consols, 04J. Australian and New Zealand securities lower. The wool sales concluded with much laugour. The total number of bales catalogued was 308,000 ; 130,000 bales were exported. The next wool sales are fixed to commence on the 19th November. The corn market is weak, with a downward tendency. . The money market is rather firm, owing to the failures. The Scotland stock market is disorganised by the mercantile failures. Australian securities continue depressed; New Zealand are lower. ‘ • October 7. Lord Chelmsford is dead. The Cabinet dispersed throughout the country after meeting on the Gth. It is understand that no definite conclusion with regard to the Affghan question has been come to. The Cabinet will support Lord Lytton. It is thought Candahar and Jollahabad will be occupied before winter.

October 8. „ The resignation of the Canadian Ministry is announced. A clerk in the Bank of England has absconded with notes of the value of fifteen thousand pounds. Therevoltat Santa Craz has been suppressed. Large reinforcements leave England immediately, to augment batteries aud regiments selected for service against the Affghans, Mr. Whalley, M.P„ is dead. New Yore, October 3. The second innings of the New York Eighteen closed for 9S. The game was won by the Australians, who have left for San Francisco, The Australians are now playiug against eleven at Philadelphia. The first innings of the Philadelphians closed for 196. . October 6. Australians versus Philadelphia:—The first innings of the Australians closed for 150; second innings, Philadelphia, 53. The match resulted in a draw. The Australians lost five wickets for 56 runs.