BRITAIN'S PART.

Press, Volume LI, Issue 15462, 15 December 1915, Page 7

BRITAIN'S PART.

THE EXCHANGE RATE.

THE GOVERNMENT'S SCHEME. UTILISING AMERICAN Securities. (By Cab'r.—Prc.'s Association.—Copyright.) (Received December 1-lth. 5.20 p.m.) LONDON. December 13. In tho House of Commons, Mr MeKcnna said tho Government was dealing wiill a, scheme to utilise tnc American and Canadian securities held in Britain. Ho believed that tho amount held in Britain was sufficient to pay our debts in tho United States, and keep up the exchange, rate. One estimate of the value of Canadian and American securities held in Britain ivas between £700.000,000 and £800.000,000. Tho Treasury was prepared to take the securities on the terms announced on November 20th. . THE SCHEME EXPLAINED. ITS ACCEPTANCE URGED. (Received December 1 tt'u, 11.0 p.m.) LONDON, December 11. Mr McKenna explained that tiie primary object was to purchase the securities outright, but it ivas recognised that many holders would be unable to sell. The loan proposal was formulated as an alternative scheme, under which the securities could he loaned to the Government for two years, the Treasury having power to sell them in Amcrica and allowing the lender 2i per cent. extra on the "price realised. In order to cover the exchange difficulties, the Treasury's power to sell securities was indispensable. Not even inveterate pessimists had raisod the question of our capacity to meet all liabilities, provided our resources could bo liquefied axid we were given time. The new demands which we wero compelled to make on America had exhausted the large surplus, and every caro would have to be exercised to see that we did not embarrass America. Mr MtiKenna added that tho acceptance of the i>roposal was urgent. Tho ''Daily Chronicle" on November 19th said that in order to chcck the effect on American exchange of our purchases in America, tho Government was taking steps to control American securities held in Britain. Mr McKenna and tho governors of the Bank of England conferred with leading insurance companies, and a committee was appointed to arrange details. It is understood that the Government is prepared to purchase securities or obtain a loan from the holders. In the former case the holders will receive five per cent, five-year Treasury bonds, while in the latter case tho lenders will reeeivo present interest plus a half per cent.

ANII-AIRCRAPT CORPS. TRANSFERRED TO WAR OFFICE CONTROL. (Received December 14th. 0.20 p.m.) LONDON, December 13. In th© House of Commons, in reply to a question, Mr 11. J. Tonnant said tho anti-aircraft corps had been transferred to the control of the War Office. Admiral Sir Percy Scott was no longer in control of the corps. AN UNWELCOME CHANGE. (Received December 14th, 11.0 p.m.) LONDON, December HThe "Daily Telegraph" 6ays:—"Admiral Sir Percy Scott's relinquishment of the control of our anti-aircraft defences is to bo regretted, lie had improved the defences .more than was thought, possible. The public will not welcome tho assumption of responsibility by the War Office, and will anxiously watch developments in our air defences." PAR LI A MENT AR Y SA LA RIES. NO ALL-ROUND REDUCTION. (Received December 11th. 7..'50 p.m.) LONDON. December 13. In the House of Commons Mr Asquith announced that it was not proposed to make an all-round reduction in Parliamentary salaries.

THE RECRUITING BOOM.

LORD DERBY'S SCHEME. <;VARDHD COMMENT. LONDON. Deeomber 13. The 'Daily Telegraph" sajrs: — "As fa; e.% wo judge, Lord Derby's *-ihcme has resulted in a great triumph for tho voluntary system, and wo believe that his report M'i|l K* very different from whnt was anticipated a ivepk n£n.'' "The Times" say< r—"The whole issue of the schcme turns upon whether

a sufficient proportion of young men enlisted." Mr J. Hodges, Chairman of the Labour Party, in a syeecii at Birmingham, said: —-"1 am "afraid that even the last rally has not given u* all the men required."

GEORGETOWN.

?m M.QYD GEORGE'S LATIiST CREATION. STATE-«v,-XED TOWN I'C/It MUNITION YVQRKEPS-. . LPNPON*. WcpcinW: 1,1. j '"(ieorgetoTrn'' is the name gircn titilltd t.-xj:-!} irhi.'i'. iiar myru-rr-'iiiLv 11: J !t! u -'•"fIUIC si tv? I i=S tjl jjl itrtt*t. ft; i ; ji niuiijtioij V.y;!;?) find tv* fuund r; irrT: - ! f«• i : !.}>!• * 4yir»s> nr.euHj ! T llit' Jrl savinj rsiß Th; 1 r.lf nuniberi .4 n!:)!iabpl:rs!!jr, ii!t«! - tiling else In i q«all.». iiti'hn]ing fliib~. en 4 nubliv-hetifv~- ; ,; H!^'! canteens —there in rvpn rt einenm show —and nil are i:wle;- no'lnna! e<m--1 v-'j! ; I'herr i? j'y Mnr«ir ( tens eierli, tj xi »tiMimirlrrv l : 'I'iwvr jn cinu'ly a tpwsi majmsren irhnrs .JuUe? iiWiliiKß e'l nHH'Ss'vai ! unr.fb'iv: Rc'itn nrn e.!> e. and rn'ir* C!'t ! r-ft: Thn pile:'" hr»» rail w-n-icrr.ti-flr, end ti:r nnliC' s are U--.il ct Ibp O'lrrvnmriii: t:sMotors fnrr! l|w nu':!?ii?. ei a nnf'Hnnl onmHjUi) pvrvliTi Whatever t,j;p rr'F'iU nf 0» n e«rfcrimpnfc mnj- lir«, mnnr <?n? flint i-'i-r f/iv'i, -ifi(li its vor-t yi'erl".-., l lfl « A.xp !' i(,v>{C'ir. >" r FOREIGN ArrA' -t LONDOIS'i Drcpmb?:- 23? . Ureneli Dppnt.-'j M, WtmSljpii, i.t ytsifiii.si JsQMijnn vHh n v»c-r to nrranpl'i«; fur a p.ntl BrSliflt J*o''t'ii»n Affp.irp C<??u;nitti>p. *n bp rrfrniu tv'AV mc?ul}ri*L< s/ «••?•'•!{ r«irHsnip;it:

THE KING.

A SLOW RECOTEKT. (Rcccived December kith, 9.30 p.m.) LONDON, December 11. Tho Press Bureau has issued a medical bulletin which states that tho has so far recovered from his grave accident as to bo able to resume work under certain limitations. The King has lost seriously in weight, and until a norma! .state of health is attaiued, it is essential for him to avoid fatigue. It has been necessary oil medical grounds for the King to take a little stimulant daily during his convalescence. When his health is restored, ho will resume the total abstinence which be imposed upon himself for public reasons. AFTER THE WAR. MR PHILIP SNOWDENS VIEWS. LONDON, December 13. • Mr Philip Snowden, speaking at Glasgow, said that after tho war, Labour must resume its economic struggle in which it is being weakened in the meantime by sacrifices willingly made at the call of national patriotism. Labour had never said, "Stop the war." but it demanded such a peace as would make a repetition of ic impossible. There were gnfeter signs of a reasonable spirit and desire for peace among tho Continental countries today than among tho British. A jermanont peace was only jwssible wnen tho Continental people, instead of their kings and diplomats, controlled foreign affairs. GERMAN BARBARITY. APPALLING CONDITIONS OF BRITISH PRISONERS. LONDON. December 13. Littaur, a London picture dealer, has confirmed the allegations of ill-treat-ment of British prisoners at Ruhleben. Those who are too ill to remain m cami) are sent to Dr. Weiler's socalled Sanatorium. Dr. Weiler had a lunatic asylum at the same address, and many patients found themselves herded with the insane. The place was dirty and overcrowded. The official inspections wore a farce, since Dr. Weiler was always informed beforehand of their approach. There wero two doctors, one of whom was incompetent, and the other had one nostrum for all ailments, many of which were serious. The. food consisted of uneatablo liver sausages, milkless tea, weak soup, blood sausages, sauerkraut- twic-o a week, and "lunchash" oncc a week.