The despatch vessel Alacrity, bearing the flag of Vice-Admiral Sir E. Fremantle. arrived here this morning from Shangh: vid the coast ports. There was a great expenditure of powder as the yacht took up her usual berth, The Admiral is just in time for the second day of the regatta.
THE GOVERNMENT AND EXCHANGE, The most interesting subject. which cropped up at the meeting of the Legislative Council, held on the 13th inst., was that of the value of the dollar. The government, in their estimates for 1894, had calculated the interest payable on the public debt at the rate of 2s. Gd. The senior unofficial member took exception to this calculation, Vecause, though the rate estimated on was a convenient one, it was purely problematic, and he did not think it was the right course to pursue. The current rate, Qs. 2]d., would be a safer basis on which to calculate, as exchange might go down to 2s, The Colonial Secretary urged that it was only an estimate, and that they would not have to pay a dollar the more if the estimate proved to be too high. This is true enough, but it would certainly be more satisfactory at the end of the year to find that the estimate had been too low instead of having to make further provision in consequence of having underestimated exchange. Tt was, however, a change to find Mr. Chater, formerly the champion optimist in the colony, assuming so pessimistic a tone. It would seem, however, that this has become part of the business of the Opposition, possibly with a view to check the too sanguine spirits of the officials.
Text read from the printed page and cleaned; old type leaves the occasional error.