THE RUSSO-ROUMANIANS.

Oamaru Mail, Volume XLVII, Issue 13050, 12 January 1917, Page 4

THE RUSSO-ROUMANIANS.

(Australian and N.Z. Cable Assn.; Received January 11. at 4.30 p.m. Loudon. January 10. The Rome correspondent of the Daily Telegraph says: The Roumanian Legation states that the situation on the Moldavian front lias improved. The evacuation of cereals, and the consolidation of the Sereth-Pruth line were the main objects of the recent battles. The German losses were colossal. Received January 11, at 7.40 p.m.

Amsterdam, January 10. Telegrams from Berlin state that military circles arc impressed by the importance of the Russian offensive at Riga. Never was more ammunition used nor were Russian, attacks more vigorous. Snowstorms are assisting theRussians, "who Jiave achieved real success though at a heavy price. (The Times Service.)

Received January 11, at 8.50 p.m. London, January 1(1. -Mr W. J. Braun, the Times correspondent.'sends from Jassy the first authoritative account of the fate of the Predeal army, which the Germans alloyed to have captured. TJie correspondent witnessed the_ retreat of the wh-ole army under the command of General Averescu, who is now Commander-in-Chief of the Roumanian armies. King Ferdinand ordered the retreat from the Carpathians when the heights safeguarding Bucharest had peen abandoned. General Averescu withdrew slowly, maintaining contact witli the enemy and rising his artillery until the infantry was safe, when his guns were destroyed and abandoned. The i earguards wore al-so sacrificed. The Predeal divisions" have since fought, prominently. (A. and N.Z. Cable Assn. and Reuter.) Received January 12, at 10.15 a.m. London,. January 11.

A wireless Russian official message says: Fighting continues soutli of Lake Babit, in the Riga region. We have captured the village of East Kalncem. The enemy captured two heights north of the Oituz river, and 1 the Roumanians fell back south-east of Mokestirka and Kachinui, also north-east- of Kempulledbus. The enemy crossed the Putna north of Focsani, but our counter-attack threw him "back with heavy losses.

Received January 12, at 11.10 a.m. London. January 11. A German official message says:—The Austro-Germans won successes between the TJz and Susita- valleys. We stormed the heights north of the Oituz road and captured 800 of the enemy near Marascheschi.

BRITISH FINANCE

(Australian and N.Z. Cable Assn.) Received January 11, at 7.20 p.m. London, January 10 ; Further extensive dealings in the Victory War Loan at 98f and 99 are reported. The Chancellor's statement is awaited with the most intense interest. All indications point to the probability of <in •enormous number of subscriptions. Received January 12, at 8.50 a.m. _ London, January 11. Mr Bonar Law announces that the war loan will be issued at 95 for a term of thirty years at 5 per cent., which will- be optionally redeemable at the end of 1929. Also an optionary loan will be c<ft'ered at 4 per cent, free of taxes, issued at par, .A-sinking fund will be established 1 of one-eighth of 1 per cent, and the capital will be set aside monthly until ten millions: have accumulated for purchasing stock whenever it falls below the issue pf?ce. The income tax will not be collected at the source, in order to encourage small subscribers. Holders of the 4.1 par loan and 5 per cent. Exchequer bonds have the option of converting to the new loan at par.

Received January 12, at 10.15 a.m. London. January 11. Details of the loan accidentally leaked out at Manchester, where bundles of prospectuses were sent for delivery, and' the contents reached the Manchester StocE Exchange. Efforts were made to transmit .the principal conditions .to London by telephone and telegraph, with the result that an immediate censorship was instituted and Manchester was telegraphically isolated. A thousand clerks at the Bank of England new loan office will deal with the rush for prospectuses, and a aozen. strong rooms have been constructed for the storing of gold. .

BUILDING SHIPS

CONSTRUCTION ACCELERATED. (Australian and N.Z. Cable Assn.) Received January 11, at 4.30 p.m. London, January 10. Sir Joseph Mac-lay, Minister of Shipping Control, has begun work energetically. He has arranged for the rapid acceleration of the construction of new tonnage. Every shipyard on the East Coast and West Coast will shortly be working at the utmost capacity. ' Additional labor will be made available, especially for ships nearing completion. Passenger boats which are being constructed will be utilised wholly, for cargo purposes. Another immense prospect is that the construction of many vessels of great tonnage being built as naval auxiliaries will be standardised, the ships being of simple design and constructable with the utmost rapidity. When commissioned these vessels will release more than an equal number of merchantmen now in the naval service. It is expected that piecework will be introduced as a war measure throughout the shipyards, as it has been found that pieceworkers produce 50 per cent, moro than dav workers.

POOLING TOGETHER

(The Times Service.) Received January 11, at 8.50 p.m. London. January 10. jThe Ministry are pooling their salaries. The average salary will be £2OOO.

SPA!N SUCCESTS REPRISALS

(Reuters Telegrams.) - Received January 12, at 8.50 a.m. Madrid, January 11. Senor Alvarez, leader of the Reform party, advocates as a reprisal for the submarining of Spanish vessels, the Government- placing an _ embargo on German vessels taking refuge in Spanish ports and cutting off the grants enjoyed by the thousands of strangers Spain is generously, sheltering.

FIGHTING IN AFRICA

(Times Service.) Received January 12. at 9.15 a.m. . Johannesburg, January I*l. Twenty-five members of General Nort-hey's column dispersed 250 German troops. They fought, the whole day, and eventually the Askaris, seized by panic, retired witli So casualties when the defenders had two cartridges left. Five of Northey's men were killed.