AMERICAN DEFENCE

Otago Daily Times, Issue 20892, 5 December 1929, Page 9

AMERICAN DEFENCE

THE GROWING EXPENSE. REFERENCE BY PRESIDENT. ADDRESS-TO THE CONGRESS. (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, December 3. President Hoover, in his annual message to Congress, referring to naval expenditure, said: “If we should be compelled to undertake such construction as is implied in the Washington Arms Treatyy 3 . as well as other construction which would appear to be necessary if an international agreement is not completed, we shall be committed during the next six years to a construction expenditure of approximately 1,200,000,000 dollars, besides the necessary further increase in the cost of annual upkeep.” The President contended that the country could well be deeply concerned at the growing expense of national defence. While its forces were comparatively small, expenditures were in excess of the most highly militarised nations of the world. Discussing tariff, President Hoover asked for an effective tariff on agricultural produces, and some limited changes in industrial schedules. He reiterated that he desired the broad principle of the flexible provision of the pending Bill. He maintained that his views in this connection were recently disregarded by the Senate. Touching on prohibition, President Hoover stated that the enforcement of the laws enacted to give effect to the Eighteenth Amendment was far from satisfactory. WALL STREET PLEASED. MARKET REACTS QUICKLY. NEW YORK, December 3. (Received Dec. 4, at 9 p.m.) Wall Street appeared to be well pleased with President Hoover’s message to Congress, paying particular attention to the sections concerning the revision of the banking laws, the consolidation of railroads, and the supervision of public utilities. Stock was firm all morning, but' started forward briskly' as the message was read, and continued rising until the close, when prices were up as far as 153-4. Money continued easy. The curb market was also generally higher, and sterling rose to a new level for the year, 4.68 3-32 for cables.