THE DACCA DISASTER

Te Aroha News, Volume VIII, Issue 485, 2 July 1890, Page 5

THE DACCA DISASTER

CHARGES OF NEGLIGENCE,

London, June 28. The official inquiry into the circumstances connected with the loss of the British India Company’s steamer Dacca in the Red Sea in May last, is being held. In the opening address counsel laid charges of great negligence on the part of the officers. The chief officer asserts that he called the captain twice, once after sighting the Diedalus reef (the reef on which the vessel was wrecked), and as the captain remained below' he altered the vessel’s course. The captain states he dimly remembers being called once, and ho was awoke by tho vessel striking. THE PANAMA CANAL. Paris, June 28. The Commission appointed by the Panama Canal Company to inquire into the present position and prospects of the undertaking, report that as a result of their investigations they estimate that three milliard francs will be required to finish the canal, and that the only possible basis on which the work could bo successfully carried out was by an international syndicate undertaking it. BANK. OF NEW ZEALAND. London, June 28. Mr D. Hean, who has been investigating the affairs of the Bank of New Zealand, has arrived from Auckland. The directors of the Bank entirely deny the reported reconstruction of the Board. THE GERMAN ARMY BILL. Berlin, June 29. The Bill for the increase of the Array has been read a third time in the Reichstag. ENGLISH COMMERCIAL. London, June 29. Money is firmer, owing to expected scarcity of supplies. Tho rate of discount for three months’ bills is 3g per cent. English wheat markot is dull, the Continental firm and the American very steady. Common class colonial outs are quoted at 22s 6d ; beans, 335. The total quantity of wool catalogued bo date is 58,400 bales. The number of bales held over is 13,000. Best sides leather, B^d.