BRITISH NEWS

Otago Daily Times, Issue 17943, 24 May 1920, Page 5

BRITISH NEWS

NON-FERROUS METALS. DECLINE IN PRICE EXPLAINED. Preea Association—Bj Telegraph—Copyright. LONDON, May 21. (Received May 25, at 5.5 p.m.) The British Metal Corporation's circular attributes the decline in the price of nonferrous metals sinco February to overspeculation, the fear of a war wealth levy, and the restrictions of bank credits. The position as regards speculation is noit sounder, and the attitude of the -banks is misunderstood because the banks wish to check unsound ventures, but the feat of a levy is widespread and genuine, and may produce a great firaanckl crisis. The sooner Parliament decides upon the course to be adopted the better.—A. and N.Z. Cable. NEW AGRICULTURAL BILL LONDON, May 21. (Received May 23. at 5.5 p.m.) A new Agricultural Bill has been introduced in the House of Commons, Its main principles consist !of guaranteed prices of wheat and cats, to be fixed annually, and a minimum wago for farm labourers. The State, in return, is empowered to control cultivation in certain directions, with a view to making the best use of the cultivable Land. The Bill increases the security of farmers' tenure by awarding compensation for disturbance on a greatly increased scale.—A. and N.Z. Cable.

AUSTRALIAN LOANS. HIGH RATE OF INTEREST. LONDON, May 21. (Received May 23, at 11.30 p.m.) The opinion in the city is that the Australian Treasurers -will not have an easy task in raising loans unless they are piepared to pay a high price. Although competition is keen, interest in industrial flotations has practically ceased owing to the banks restricting the facilities for speculation, and there is a prospect of money continuing dear. Financiers are discussing the jwssibility of a further increase in the bank rate. There is also the fact that British Government investments offer a high rate of interest. Exchequer bonds maturing in 1922 now yield the investor 146s per cent., and the new housing loan for Kent, Middlesex, and Essex—£s,ooo,ooo, 6 per cent., redeemable 1940 to 1960—yields 126s 9d per cent. There is undoubtedly plenty of money for investment in gilt-edged securities if the terms offered are sufficiently attractive.—A. and N.Z. Cable.