FINANCIAL STRESS.

Oamaru Mail, Volume XXXIX, Issue 12306, 5 August 1914, Page 4

FINANCIAL STRESS.

WORLD-WIDE TIGHTENING. BANK IiUSHES. TRAFFIC IN PAPER, NO GOLD IN AUSTRALIA-. Received August 4, at 0.20 p.m. ■Sydney, August 3. Two meetings of the Stock Exchange Committee were liekl to-day, but they tailed to arrive at any decision regarding suspension. .The. meeting adjourned until to-moi-row. The Committee urged that the Melbourne and Adelaide Exchanges should reopen. The latter refused to accede to the. request. The banks have stopped payment <>l gold, paper money being freely distributed. The gold reserve has been transferred inland... There has..been no increase of 'tin: bank fate notified. In spite of assurances that there w;is nothing to fear the rush on the Government Savings Bank continued. bank was ablo to meet all demands. Received August 5, at' 9.50 a.m. Sydney, August o. The heads of hanks- aud other commercial enterprises strongly advise investors to keep cool and Jiold on to the s r .Tip. Banks and other securities an: sound, and there is nothing to fear. Received August 5, at 10.10 a.m. Paris, August a. The postponed .payment of .debts until August 31«t applies to deposit and current accounts, depositors being permitted a limited amount.

EFFECT' UPON COTTON EXCHANOIO Received August 4, at 5.50 p.m. London, August 3. The . Liverpool Cotton Exchange suspended ai] trading in futures;

AMERICA SERIOUSLY HIT

Received August 5, at 1.30 a.iii

New York, August I. Tlie issue oi' Clearing Mouse certificates, which have not been used sine" tlio panic of LOO 7, has been .iiithurtM.-d here. .

Although optimistic staLe'UciiLs regarding the United Wtatey,financial <oiiaition are being 'continually circulated, it; is apparent-that the country lias been seriously hit, by the complete suspension of 'European business. All stock and other exchanges will remain closed indefinitely.

Congress has appropriated £ot).<M) for the relief of stranded Americans in Europe.

NOTES FOR GOLD IN CANADA Received August 1, at 11.So p.m.

Ottawa, August ;> The Government has announced tli' issue, if necessary, of Dominion notes to such an Amount as is necessary against securities .deposited' ' 'by the hanks. Chartered banks have been notified lli.il tliey may issue bauk notes instead of Dominion notes or gold if conditions warrant. The object of the action i-. t' l conserve a certain gold supply.