FINANCIER MISSING

Greymouth Evening Star, 16 August 1920, Page 5

FINANCIER MISSING

HUGE LIABILITIES

POLISH COMPANY (CONCERNED

MILLIONS INVOLVED. (Australian and N.Z. Cable Association.] Received, this day at 11.10 a.m. NEW YORK, August 12. Parizi is credited with making two million sterling by Exchange speculations, which were interwoven with the Hanover Trust Company, whose (-<ors were closed to all visible assets, has allegedly disappeared, and owes cue million sterling. It is estimated that Porizi’s liabilities amount' to seven■ million dollars, but be claims that his personal assets will meet these. Great crowds hover round Porizi’s office, pressing their claims. ' new YORK, uglist 14. Investigation is proving the vide ramifications of Porizi’s business. The net losses are estimated at possibly as high as five millions. Several leading officia’s of the Porizi Company have been arrested. Huge crowds continue clamouring in the vicinity of the offices of the involved companies. A crowd stormed the offices of the old colony company, demanding the lynching of the President, whom the police spirited away. Other officials fled, the crowd pursuing them. The Polish Industrial Association, whose business is hopelessly involved in Porizi’s affairs, was compelled to close, owing several millions t > small holders. A remarkable feature is that Porizi obtained the bulk of the rnonev after the officials began the investigation of his methods. Bondsmen who bailed him for five thousand sterling later surrendered him to the authorities, apparently fearing his flight. ATHLETIC OLYMPIC GAMES.

THE FORMAL OPENING

[Australian and N.Z. Cable Association.] Received this day at 8.10 a.in. ANTWERP, August 14. The formal opening of the Olympic Games at the Stadium was attended .with much ceremony. The booming of artillery and huge crowds greeted the arrival of Royalties. All oompt tutors, led by The Australians and representing 28 countries, filed past King Albert, who was presented with addresses. “i'he programme was interspersed with musical items by Swedish and Belgian choirs. The whole proceedings were marked by great enthusiasm. South Africa and America disputed the Australasians’ right to lead the procession, but eventually conceded the Australasians’ claim. COUNCIL OF ACTION MINERS’ SECRETARY’S VIEWS. OPPOSED TO WAR. (Australian and N, Z. Cable Association.) (Received this day at 10.45 a.m.)z LONDON, August 15. Mr. Hodges, secretary of the Miners’ Federation contributes an article to the Sunday Express declaring that the Council of Action is the most significant thing since the birth of the Labour movement in Britain. The Council's success is due to the spir.t of opposition fo war. It is not a challenge to Pa filamentary Government but a challenge to Government procedure which is at variance with the people’s will. If the Government challenged the people’s right to express its will m this form it would mean civil war. The motives for bringing the Council into being are transient. There is no question of establishing a Soviet Government in Britain. LONDON, August 14.

The Council of Action will despatch Mr Adamson and Mr Gosling to Paris to confer with the General Confederation of Workers and the French Socialists anent the Polish situation.

JAPAN’S TRADE PESSIMISTIC OUTLOOK. IMPORTS EXCEED EXPORTS. [Australian and N.Z. Cable Association.] (Received this day at 10.15 a.in.) TOKIO, August 14. Inouy, Governor of the Bank of Japan, interviewed, said that five years’ of wan had witnessed a great change in the financial and economic situation of Japan, primarily in the remarkable development of foreign commerce. An increase in her specie reserves resulted in an expansion of bank notes circulation which naturally contributed to the enhancement of - industrial business activities. . Imports and exports had increased three times what they were before the war, but foreign commerce in the near future would probably show a decrease in imports and exports, although imports still continue high, and possibly will exceed the exports for some years. Japan s merchant marine tonnage was a three million preponderance. Imports over exports in future would constitute a menace to Japan, “Our pre-war foreign investment were negligible,” he said. “They now'total about 2,200,000,000 yen.” It is therefore inconceivable * that Japanese business will he _ faced with tae necessity of raising money to meet the unfavourable balance of trade or our specie reserves would suffer too heavy a drain. Japan’s currency system will be quite as stable as ever.