CABLE NEWS.

Wairarapa Daily Times, Volume XV, Issue 4817, 5 September 1894, Page 3

CABLE NEWS.

(Received Sep. 5,11 a.m.) A Financial Scheme. [UnitedPress Association.! (By Electric Telegraph,—Copyright.) London, September 4. sohorao of Stock Conversion Tiiißfc,proposes to denl with deposits and receipts to the value of two million sterling, issued by the following Bauks:-Australasian Joint Stock ijTßaiik; Bank of Victoria; City of Melbourno Bank; Commercial Bank of Australia, London Bank of Australia ; National Bank of Australia; ' find Queensland National Bank. It is intended to convert half the face value of receipts, into four per cent, cumulative preference stock, and the remainder to separate deferred r " stocks for each Bank, thus enabling depositors to realise half the value of deposits, Bankers have but little sympathy with the scheme,ami itisjftt expected that many dewill avail themselves of it. Morocco Beseiged. k£ [ United Press Association.] (By Electric Telegraph.—Copyright). Taxoikrs, September 5. The Kabylo tribes arc bcsciging Morocco and towns in its vicinity lmve been lootod, women sold and Jews pillaged. (Received Sep. 5,0.45 a.m.) The Cmbus Wallace. A Terrible Experience, Six Lines Lost [United Press Association.] (By Electric Telegraph.—Copyright.) o Brisiiaxk, September 4, ,T The Canibus Wallace isacomplete wreck, Two seamen have been drowned and tho captain injured, (Received Sept. 5,11,20 a.m.) Bhisdaxe, Septemper 4. The survivors of the Canibus Wallace landed from the vessel in a terrible plight, and almost naked. Six lives were lost, live by drowning and tho sixth succumbed en route to Brisbano, from injuries received. Birch, the steward, one of those drowned, got looked in his cabin and j ivns unable to get out. The other victims wcro O'Neil (cook), Smith (carpenter), Patterson, MeLachlan, , and Peebles (seamen)

The captain states that ho thought ho was 3o miles olf land when the ship struck, One by one the crew swam ashore, until Only the captain, carpenter, steward, and four apprentices remained, These, with the exception of tho steward, took refuge in the mizzen rigging. When the mainmast went overboard, a brace struck the captain, throwing him out of tho rigging, and severoly injuring him, After this the rigging was deserted, and one of the life-boats was launched, and tho survivors got aboard. board and swam ashore with difficulty, The carpentor also fell into tho sea and was drowned. Mr Paul, tho cliiof officer of tho vessel,™ seriously injured, The captain refers with pride to tho fact that his apprentices were rescued, and all were lads under sixtoon years of age, and were making their first voyage. Tho ship was was on her maiden trip south, The British and NewZealand Insurance Companies are interested in the wreck.

New South Wales Politics,

[ United Press Association,] (By Electric Telegraph.—Copyright.)

[Recoived Sept, 5, 11,50 a.m.J Sydney, Septtmber 0, A long debate has taken place in the Legislative Assembly on tho motion by Mr Rose in favour of the amalgamation of Savings Banks and the advancing of limited sums of money at 5 per cent. Also that tho sole issue of notes be by the Government 011 a twenty per centgold basis The Premier requested that time be granted the Government, in order to allow of the introduction of a measuredealingwithaNationalßank. He asked that the motion be withdrawn, and added that if pressed to a division, he would vote against it, Notwithstanding the Premier's assuranco that ho would introduce the njeasure, a motion was carried by 52 to 35.

The Ministorof Works has written a minute stating that where a contract for Government works oxcoed #I,OOO, it may provide that the contractor shall pay tradesmen and labourers a rate of wages not loss than thoso current at timo of tendering. Also that the hours of labour and rate of overtime be set forth in schedule. No sub-letting is to be allowed without tho sanction of the Minister,