ROAD TO RUIN.

Auckland Star, Volume LXV, Issue 12, 15 January 1934, Page 7

ROAD TO RUIN.

Mussolini's Condemnation of Inflation. REFERENCE TO AMERICA. (Received 11.30 a.m.) ROME, January 14. "Inflation is the road leading _ to catastrophe," said Signor Mussolini in the Senate, referring to President Roosevelt's experiments. Ho added that monetary manoeuvres could not ensure a lasting, effective rise of prices. Nevertheless, the American measures must not be hastily judged. The conversion loan of £64,000,000, at 4 per cent, has closed. It was twice oversubscribed. When the conversion loan closed a total of £145,570,000 had been subscribed, of which one-third represents conversion of old stock and two-thirds new cash subscriptions.

It is presumed that the sums accepted over the amount required for redemption will be devoted to partial amortisation of the Budget deficit.

NOTED SPECULATOR. WOLF OF WALL STREET PASSES YORK, January 14. David Lamar, whose sensational stock market manipulations earned him the soubriquet "the wolf of Wall Street, died yesterday as the result of a heart attack in an hotel.

Although Lamar's "bearish" stock market raids brought him millions of dollars two decades ago, he died penniless and owing a week's rent. He was described once as the only man the elder J. P. Morgan feared, because of his mysterious speculative dealings in steel shares.

Lamar had served terms in gaol for impersonating a member of Congress, and for fomenting strikes in a munitions factory during the war.

LIQUOR TAX YIELD.

627,000,000 DOLLARS EXPECTED. WASHINGTON, January 14. President Roosevelt has signed the Liquor Tax Bill, which is expected to yield 627,000.000 dollars per annum, including 100,000,000 from the beer tax. The Treasury has ordered Customs collectors to prohibit the import or delivery of foreign merchandise bearing the N.R.A. label. This action follows the attempted landing of Japanese tinned fish bearing the N.R.A. insignia at Los Angeles.