CHEAPER MONEY IN OLD COUNTRY.

Grey River Argus, 17 June 1922, Page 5

CHEAPER MONEY IN OLD COUNTRY.

DOWN TO TGRE2 AND A-HALF PER CENT. BRITISH BANK INTEREST RATS REDUCED (Received June 16 at 7.10 p.m.) LONDON, June 15. The hank rate of interest on advances has been reduced to three and a-half per cent. The financial and commercial circles welcome the reduction of the bank rate. The reduction makes the rate the lowest it has been since January of 1914. It is taken as an indication that the conditions are moving towards normality. The reduction will, it is expected stimulate a recovery of British commerce'. It is believed that the Governors of the Bank of New Zealand were influenced in their decision to reduce the rate by an improved outlook for labour and by the improved outlook in Ireland. The Governors have also been desirous of making the Indian Loan a success, and other cheap money is also essential, as other extensive loan operations are imminent. CHRISTCHURCH, June 16. Referring to the reduction in the Bank Rate of interest. .Mr Massey said that, needless to say. he was very pleased to sec it. "I think it a very line thing for the whole jf the Dominions," he said. "and. under the existing circumstances, more particularly, perhaps, for New Zealand, because it means that money is now plentiful in England, and is gradually getting cheaper; and. as money becomes more plentiful, so will trade improve, along with the purchasing power of the people there who are our best customers. I hope the time will soon come when we shall find a reduction in the rate of interest in this country. The local bodies, farmers, and business men all want cheap money. The sooner it comes along the better." FREEZING COMPANIES’ WAGE CUT MOVE. CHRISTCHURCH, June 16. The freezing companies are now moving in the direction of obtaining for themselves the benefits of tjib recent 5/- cut on a percentage basis. The companies make their application to the Abitratioii Court at next sitting in Christchurch, it being as follows:—"That the workers covered by the said award be excluded from the said general order, and that a special order be made reducing the bonuses prescribed in Clause 17 of the award to five per cent in the case of time workers, and to two and a-half per cent in the case of piece workers.” The grounds of the application are that the reduction, as set out in the general order when applied to the existing percentage bonus provided for in the award, operates in an inequitable manner insofar as that the bonus provides a percentage on all wages earned, whether on the hourly or piece work basis. The general order, it is claimed, does not distribute the cut equitably between the more highly paid piece workers and the men working on minimum wages for unskilled labour. The reduction applied for would mean an actual reduction in wages of 8.6 per cent. CANTERBURY MAJORITY FOR RESUMPTION. CHRISTCHURCH, June 16. Outstanding features in connection with the strike of the Meat Freezing Works employees are • that all the South Island works are now idle, and that three of the Canterbury companies have called upon the Canterbury Union to procure workers to take up operations at their works to-morrow morning. It is understood a meeting of the Canterbury Union will be held to-morrow evening, at which some straight talking is expected to be indulged in. It is stated to be a matter of common knowledge that a majority of the members of the Canterbury , Union have no sympathy with the strike, and that the opportunity presented by to-morrow night’s meeting for acquainting the Federation.officers with the opinion held by the rank and file will not be allowed to slip by without full advantage beingtaken of it. One anticipated result of the meeting is that, in all probability, the men will return to work on Monday morning. The loading of earcases on railway trucks at the works is being done in some instances by men from town offices, it is anticipated that no trouble will be experienced from the waterside workers as long as the meat to be handled has been slaughtered by union labour. The watersiders are said not be very anxious to cease work. LIBEL ACTION AGAINST LORD NORTHCLIFFE. (Received June 16, 4.30 p.m.) LONDON, June 1.5. ’lhe newspapers state that Andrew Baird, vicechairman and a director of the Associated Newspapers, has issued a writ of libel against Lord Northclifl’e. M. LENIN’S RETIREMENT NOW "CERTAIN.” (Received June 16. 4.30 p.m.) LONDON, June 15. The disappearance of Lenin from any part in the administration of the Soviet is now practically certain. His condition is not concealed. The appointment of a triumvirate in his place is imminent. This will consist of Stalin, Kameneff and Rykoff, members of the Central Executive of Soviets.

COAL MINERS SEEK AN INJUNCTION. SYDNEY, June 16. It is officially announced on behalf of the Coal Miners’ Federation that steps have been taken to obtain an injunction from the High Court against, the Coal Tribunal proceeding to deal with the owners’ application for a reduction in wages by 33 1-3 per cent, and an alteration in the conditions of labour.