AMERICAN FINANCE.

Otago Witness, Issue 2829, 3 June 1908, Page 27

AMERICAN FINANCE.

NEW YORK*, May 28. The House of Representatives, by 166 votes to 140, adopted the Teport of the conference between the Senate and the House on a compromise regarding the Currency Bill, providing that State, county, and municipal bonds may be accepted as the basis for an emergency currency to the extent of 90 per cent, of the market value. Other bonds and commercial paper may be accepted to th« extent of 75 per cent. The bill is limited to six years. ' The emergency circulation obtainable on commercial paper is limited to 30 per cent, of the applicant banks' combined capital and surplus. May 31. Senator Lafollette made a speech lasting 18i hours on the introduction of the Currency Bill. This constitutes a record for the United States Senate. Other opponents of the bill re-ad lengthy documents in an almost inaudible voice. June 1. T.he United States Senate, by 43 votes to 22, adopted the Emergency Currency Bill. The Democrats, wishing to secure tha passage of the Public Buildings Appropriations Bill, affecting many Democratio districts, declined Senator La Fallotte'f filibuster against the bill. LONDON, June 1. The Times, commenting on the hybrid Currency Bill, which in now law, declares that effective banking reform has littlechance of being adopted in the United 1 States. It says that too many powerful interests interpose, and until an emergency -arises it is impossible to forese* the effect of the new act. -

The geysers at Whakarewarewa continue in a state of marked activity, and on. several occasions recently Pohutu has given some' magnificent displays. One day last week this»#ey€er played twice, on each oocasion for a considerable time, the water being sent to- heights varying from 40ft to 90ft. While this eruption was in progress five other geysers were also in a state of eruption, Whakarewarewa being the centre of attraction.