AMERICA’S COSTLY NAVY.

Horowhenua Chronicle, 5 December 1929, Page 7

AMERICA’S COSTLY NAVY.

DRY LAW ENFORCEMENT VERY UNSATISFACTORY

STOCK MARKET REVIVES.

Received Wednesday, 7 p.m, WASHINGTON, Dec. 3. In his annual message to Congress, President Hoover referred to naval expenditure. Ho stated: “If we shall bo compelled to undertake construction as implied in the Washington Arms Treaty, as well as other construction which would appear to be necessary if ah international agreement were not. completed, we shall be committed during the next six years to construction expenditure - approximating one billion two hundred million dollars, besides necessary further increase costs for annual upkeep.’’

The President contended that the country could well bo deeply concerned at the growing expense of the national defence. While its forces were comparatively small, the expenditures were in excess of the most highly militarised nations of the world. In discussing the tariff question, Air. Hoover asked for an effective tariff on agricultural products and some limiteu changes in the industrial schedules. He reiterated that he desired broad principle of the flexible provision of the ponding Bill be retained. Mr. Hoover’s views in this connection w'ere recently disregarded by the Senate. Touching on prohibition, the President stated that the enforcement of laws enacted to give effect to the. Eighteenth Amendment was far from satisfactory.

Wall Street is Pleased With President’s Policy STOCKS SWING UPWARD. Received Wednesday, 8.15 p.m. NEW YORK, Dec. 3. Wall Street appeared to be well pleased with President Hoover’s message to Congress, paying particular attention to sections concerning the revision of tho banking laws, the consolidation of railroads arid, the supervision of public utilities. Stocks were firm all morning, started forward briskly as the message was read and continued their swing until the close. Money continued easy. The curb market was also generally higher. The sterling rose to a new year’s level jf 488 3-32 cents for cables.