MACEDONIAN REBEL

Evening Star, Issue 22228, 4 January 1936, Page 9

MACEDONIAN REBEL

IN HANDS OF TURKS Ivan Mihailoff, hunted last leader of the Macedonian revolutionaries, is here in relative captivity (writes the Ankara correspondent ot the ‘ Christian Science ’). There is dramatic irony in his presence as a political refugee in the New Turkey’s capital city. The Macedonian revolutionary movement which he has long served was formed over 40 years ago to wage w;ar on the Turks, against whom it launched an extensive uprising, which eventually led to a Balkan War againsti the old Turkey. Last September, Mihailoff and his wife, who gained notoriety under hexmaiden name of Mentcha Kax-nitcheya by shooting a Macedonian Federalist leader in Vienna a few years ago, escaped over the Bulgrian .frontier to Tux-key after a 36-hour journey across mountains and marshland. They were given refuge _ by the Turkish authorities as political refugees, despite the numerous murders for which Mihailoff was wanted by the Bulgarian police. The notorious couple ' planned to leave Turkey soon after their ax-rival for Switzerland, whence Mihailoff intended to continue the direction of Imro—the Internal Macedonian Revoutionary Organisation. Owing, it is said, to repeated efforts by Yugoslav agents to get near enough to him to kill him, he was removed to the safety of Ankara. His life of inactivity and his state of protective captivity led him to make efforts to find another country of refuge. With this, end in view his friends made a request to the United States Government for permission to settle in America, where he has 50,000 compatriots and some supporters. The United States Government apparently intimated that they had no objection to Mihailoff’s talking refuge in America, but he is not allowed to leave Turkey. The latter, it is believed, have given an undertaking to Yugoslavia to keep him there as their guest, willing or otherwise, indefinxtely. Here in Ankara, Mihailoff is extremely well treated. He is allowed to walk about freely, but there is always a secret agent in the offing. HOPE FOR CONSTANT VIGIL. Mihailoff’s friends say it is doubtful whether the Macedonian leader will remain inactive at this sentence of perpetual banishment, for he has escaped before from more difficult and. despex--ate situations. Friends of Balkan peace, however, fervently hope _ the Turkish authorities will keep a vigilant eye on his future movements. They recall that since the recent pro-Serb governments in Sofia have been cleaning up Bulgarian Macedonia, dissolved Imro and imprisoned or interned most of its leaders; Macedonians are once more breathing more freely. No longer afraid to speak, they now often refer to Imx-o as a band of murderers and political gangsters.” For more, than 15 years Imro terrorised not only the whole of Bulgarian Macedoma, but successive Bulgarian Governments and embittered—for a long-time—Bxxlgaria’s relations with Yugoslavia. All this was done in the name of Macedonian ■ “ freedom,” to try to unite the Macedonians in Bulgaria, Yugoslavia, and Greece into a “ free and independent Macedonia.” Whenever Sofia and Belgrade showed the slightest sign at rapprochment, Imro would cither raid the frontier between the two neighbours oxhave a Serbian general or prominent politician shot —the Serbs called it murder, Imro labelled it “ guerrilla warfare.” Finally, a little more than a year ago, Bulgaria’s modern St. George appeared in the person of the military' dictator, ex-Premier Kimon Georgieff, who effectively cornered the dragon and eventually destroyed it. During the cleaning-up process he announced that his soldiers had seized in Macedonia alone 10,933 rifles, 701,388 rounds of ammunition, 637 revolvers, 7.767 hand grenades, 47 machine guns, 18 quick-firing rifles, and three infernal machines. Such a complete arsenal was a startling revelation of the extent to which previous Bulgarian Governments had supported Imro as a twofold instrument of a Greater Bulgaria foreign policy and a way round the rearmament prohibitions of the Treaty of Neuilly, To-day, Bulgaro-Tugoslav rapprochement is an established fact. Not even the assassination of King Alexander in Marseilles by Mihialoff’s former_ chauffeur could damp it for long. This newold friendship is expected to lead to Serbian concessions to the Bulgarian minorities within Yugoslav borders — in return for Imro’s suppression. Indeed, manv Turks hope that the gradual relaxation of tension in that part of the Balkans which has followed Mihailoff's flight will end Bulgaria’s present comparative isolation and ultimately lead to her joining Turkey, Yugoslavia, Greece, and Rumania in the recently farmed Balkan JSntenie,

WEST COAST DREDGING £1,500.000 SCHEME [Pee United Pkess Association.] AUCKLAND, January 3. The Minister of Public Works, Hon. R. Semple, is going to the South Island immediately after the holidays to investigate problems associated with a big proposed gold dredging scheme near Hokitika. The company is prepared to spend £1,500,000 in development work. It proposes to build two of the largest dredges in the world. The problem, said Mr Semple, is the supply of the power. With Mr C. J. M'Kenzie, engineer-in-chief, Public Works Department, and Mr F. M. T. Kissel, chief electrical engineer, he will visit the three proposed sites for the power scheme. Later Mr Semple will inspect the South Island Mam Trunk Railway construction works. LONDON METAL MARKET Press Association— By Telegraph—Copyright LONDON, January 2. The following are the official metal quotations:— Copper: Spot, £34 19s 4Jd per ton; forward, £35 7s 6d. , , Electrolytic: Spot, £39 ss; forward, £39 7s fid. , Wire bars, £39 7s fid. , ... Lead; Spot, £ls 10s; forward, £ls Spelter: Spot, £l4 ss; forward, £l4 11 Tin!’ Spot, £217 17s 6d; forward, £207 17s 6d. Pig iron: Home trade, £3 10s; export, £3 Is fid. . Antimony: British, £76 10s; foreign, £sl 10s. ' ' Molybdenite. £1 14s fid per unit. Wolfram. £1 17s fid. Silver; Standard, 22|d per oz; fine, 24»d. ' , ; . increase in motor vehicles The Haguo Statistical Office reports that the world output of motor yeluwes increased by 21 per cent, to 3,823,000 vehicles from January to September, 1935, against 3,154,000 from January to September, 1934. THE SEARCH FDR GOLD EMPEROR MINES, FIJI The manager of Emperor Mines Ltd., Tavua, Fiji, reports under date of December 18 as follows:—No. 1 cross-cut: West winze sunk to 37ft, average assay value 20dwt a ton. Fast winze sunk to 36ft, average assay value 4dwt. No. 8 cross-cut; East winze sunk to 28ft, average assay value 4dwt. No. 10 cross-cut: West winze sunk to 32ft, average assay value 25Jdwt. ALOHA CENTRAL, FIJI Aloha Central, Fiji, reports to December 10 as follows:—Completed No. 1 bore, no values; No. 2 bore to 20ft, oxidised andesite, Idwt. Lost water 20ft. During reaming for casing, boulder obstructed 6ft, compelled sink for removal of obstruction, resume boring No. 2 shaft to-day.- No. 2a: N. and S. drives 22ft and 19ft respectively, 2dwt and 4dwt. No. 5 tunnel, 48ft, lode, Idwt. No. 4a shaft, 62ft. No. 5a sliaft, 55ft, 2Jdwt. No. 6 tunnel, 68ft. No. 2 tunnel, winze 44ft from entrance, 3ft deep, 2dwt. No. la shaft, N. drive and E. cross-cut, 53ft and 18ft respectively, 4d\vt and Idwt. PROSPECTS FOR BASE METALS Presiding at the annual meeting of the Tropca Mines held in London, Mr A. Chester-Beatty, took a hopeful view of the outlook for lead, zinc, and silver. While admitting that part of the recent increase in the demand for lead and zinc has been due to “ exceptional calls for armament purposes,’ 1 he spoke also of the influence of “ ordinary trade requirements ” which will gather strength whenever a more peaceful atmosphere returns. On balance, therefore, lie saw no reason why consumption should not keep pace with production, and present < prices should, not be “ at least maintained,”

IRON AND STEEL EXPANSION IN BRITISH INDUSTRY The latest returns issued by the British Iron and Steel Federation reveal a further expansion of activity in this branch of industry (says the ‘Economist - of November 16). Production of steel ingots and castings rose from 812,000 tons in October, 1934, to 855,900 tons last September, and 907,300 tons in the past month. It is interesting to note that output of crude steel in October was higher than in any month since March, 1927. Total production of crude steel since January amounts to 8,127,600 tons, .compared with 7,439,200 tons during the corresponding period in 1934. The increase in the output of pig iron, from 527,100 tons in October, 1934, to 529,600 tons and 544,300 tons respectively, during October and November this year, was less marked than in the case of steel. CANADIAN APPLE EXPORTS Quality rather than quantity was the feature of the 1935 Annapolis Valley apple crop, according te leading packers and shippers of the Nova Scotia fruit belt. An average price of about 10s per barrel was paid throughout the season by United Kingdom buyers, a marked improvement over recent years. A better grade of fruit, obtained by more careful packing, is believed to be the reason for the higher prices. Estimates of the 1935 commercial yield place the crop between 1,750,000 and 2,000,000 barrels. REMARKABLE DIVIDEND 200 PER GENT. FOR YEAR Dennis Brothers, English manufacturers of motor venicles, have declared a final dividend on the Is _ ordinary shares of Is 2d a share, making Is 6d for the year ended September 30. This is equal to 150 per cent., compared with 133 J per cent, for the previous year. Shareholders also received a special non-recurring bonus of 6d a share, equal to a further 50 per cent., out of a surplus on assets realised. The usually large percentage rate of distribution made for some years past by Dennis Brothers is due to the very small amount of the company’s nominal capital. In 1927-28 the company decided to distribute to its shareholders by way of capital repayment part of its large accumulation of surplus liquid assets. As a result of this policy the nominal and issued capital was reduced from £500,825 to £75,124. Even after so large a repayment the company was left with ample resources, and according to the balance sheet at September 30, 1934, the total of the general reserve and “ carry-forward ” amounted to £760,619, or more than 10 times the present issued capital. TIMBER TRADE New Zealand’s imports .and exports of timber, in value, are reported for the mouth of November by the State Forestry Department as follows: Imports.—From Australia, £24,448 (including sleepers, £15,187; hardwood logs and poles, £5,049; other hardwoods, £3,955); Canada, £3,774 (including Douglas fir, £3,015); Japan, oak, £3,011; Sweden, timber for butter boxes, £2,090; U.S.A., £2,393 (including redwood, £2,045); others. £176. _ Exports.—To Australia, £34,084 (including rimu, £6,461; white pine, £17,288; beech, £5,853; matai, £3,910) ; United Kingdom, £1,789 (including kauri, £1,466); Pacific Islands, £1,374 (including timber for cases, £1,271).

FOREIGN LENDING THE BRITISH INVESTOR CRITICISM OF ARGENTINA At present there is sharp criticism of recent actions of the Argentine Government affecting £277,000,000 of British capital invested in railways alone. It has been suggested by English financiers to Argentina that she should not forget where her export interests he. ‘‘ The whole question of foreign investments belonging to British citizens requires constant watching, in view of the modern changes in political policy, both in, this _ country and m the countries in which these investments have been made,” satd Mr 1. o. C. Gifford, chairman of directors, at the annual meeting in London recently of the Association of Investment Trusts. “ There is a tendency _ for public opinion, even jn Great winch is the home of foreign investing, to look with less favour than in the past upon foreign investments and to fail to appreciate the benefits which such investments have produced, and are producing. During the Great War our foreign investments provided a reserve through which food supplies and munitions of war could be obtained, and the value of these investments was far in excess of any possible gold reserve that could have been maintained as a safeguard against the risks of war.’’ Mr Gifford emphasised the effect which foreign investments had had in raising the standard of living to Great Britain, an effect which had been just as important for the less well-to-do members of the community as it had been for the more prosperous. On the other hand, none of those countries in which British capital was heavily invested could have attained its present development without its assistance, he said. BAIL WAY INVESTORS CONCERNED. Speaking at the annual meeting of the Second Industrial Trust Ltd., Mr W. S., Poole said British investors in Argentina had been promised fair treatment prior to and at the time of the trade agreement in 1933. Yet the Argentine Government had built competitive railways, and had controlled exchange so that, it made a profit of 10 per cent, to 12 per cent, on railway remittances to Britain. The return on capital invested was no more than.lj per cent. ‘‘Capital is a timid creature,” said Mr Poole. “It is •much easier to frighten it than .to reattract it once it has been really scared. It would be a sorry day not only for British investors, but for Argentina itself, if faith in the future of Argentina as a safe field for investment became permanently clouded.” It was pointed out to shareholders of the Cordoba Central Railway Company Ltd. that the control of exchange meant a difference of £51,500 to the company last year. All sterling exchange available was purchased by the Government at the rate of 15 pesos to the pound, and haying retained what they required for their own sterling commitments and other purposes, the balance was available for those who had secured prior permits to remit, • and 'for which they were allowed to tender, with the result that corporations had had to pay as much as 17.55 pesos for £1 sterling, the difference going into the exchequer of the Argentine Government. THE RESERVE BANK THE WEEKLY SUMMARY [Psb United Press Association.] WELLINGTON, January 3. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on Monday, December 30. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted;

TASMANIAN TIN FIND Recently samples containing exceptionally high values in tin rrom - the south-west of Tasmania were submitted to Melbourne mining interests. Reports accompanying the samples were so encouraging that a small syndicate was formed to test the property. As a result of a few weeks’ work, promising prospects were obtained, and then an experienced tin-mining engineer was sent to the area to chock up on the importance of the discovery. The engineer has returned to Melbourne, and reports that the area held under option by the syndicate is very valuable. More capital is being raised immediately to carry out a "thorough testing 'on a large scale. The area is distinct from the tin-bearing area at Cox’s Harbour. It is situated several miles to the north of this harbour in hitherto unworked country. Some of the mining men best qualified to express an opinion of the importance of the discovery are members of the syndicate. WHEAT PRICES IN SYDNEY Press Association—By Telegraph—Copyright SYDNEY, January 3. Wheat rose further to-dagr to 4e a hrmhAL. ”

BANK OF ENGLAND RETURN Press Association—-By Telegraph—Copyright LONDON, January 2. The following is the Bank of England

Bate of reserve to liabilities is 27.48 per cent. Bank of England discount rate remains unchanged at 2 per cent. PRICE DF GOLD Press Association—By Telegraph—Copyright LONDON, January 3. (Received January 4, at 1 p.m.) Fine gold is quoted at £7 Is 2Jd an ounce. DAIRY PRODUCE The South Island Dairy Association has received the following report from the New Zealand Produce Association Ltd., London: —“Butter and cheese markets both firm. New Zealand butter, 98s to 100 s ptjr cwt. Cheese: White, 57s to 58s; coloured, 61s 6d to 625.” The Dairy Board has fixed the prices. on a basis of butter Hid and cheese 5Jd, equivalent to butter 92s lOd and cheese 47s 9d, c.i.f.e.—Wellington Press Association. LONDON MEAT MARKET r The Bank of Now Zealand has received the following advice from its London office under date January 3 : “ Frozen Meat.—There is a better inquiry for lightweight wethers. The market for ewes is quiet, but firm. For lambs weaker values are ruling owing to laclTof demand. Wethers: Light, 5d to 6d per lb; heavy, 3id to 4|d. Ewes, 2£d to 3Jd. Lambs: Twos, 8d to BJd; eights, 8d to BJd: foora, no amt&i seeoaula, ie 114**

LIABILITIES. Last Week. This Week. 1. Paid-up capital MO,000 M0,000 2. General Reserve Fund 3,000,000 1,000,000 3. Bank notes 10,782,806 10,720,554 4. Demand liabilities— (a) Slate ... ••• 4,329,023 3,696,061 (b) Banks 10,027,831 9,078,904 (c) Other 363,158 362,143 5. Time deposits ... ■ 6. Liabilities in currencies other than New ~ Zealand currency ... — — 7, Other liabilities 111,156 113,916 Total £27,114,926 £26,071,580 ASSETS. 8. Reserve— (a) Gold 2,801,733 2,801,733 (b) Sterling exchanges 22,498,225 21,308,948 (c) Gold exchange ■ — 9. Subsidiary coin 195,303 105,812 10, Discounts— (a) Commercial and agr riculturai bills (b) Treasury , and local _ ' body hills? 11. Advances— (a) To State or State undertakings ... ... (b) To other public au- — — thorl ties — — (c) Other V ••• — — 12. Investments 1,589,079 1,039,181 13. Bank buildings — — 14. Other assets 30,534 35,904 Total proportion of reserve (No. 8 less No. 6) to notes •and other demand lia£27,114,026 £26,071,580 bililies ... 99.2% 98.948%

return:— ISSUE DEPARTMENT. , Note issue in circulation ... £411,800,000 Bank department _ ... 48,300,000 Government securities ... 246,400,000 Other securities 1,400,000 Silver coin ... ... • ... 1,300,000 BANKING DEPARTMENT. . Rest ' .... 3,500,000 Public deposits ... 10,000.000 Deposits •• ... 130,500,000 Other accounts ... ... 37,300,000 Government securities ... 110,400,000 Discount and advances .. ... 23,700,000 Other securities ... 36,000,000 Notes in reserve .. ... 48,900,00