BRITISH AFFAIRS

Southland Times, Issue 18976, 25 June 1923, Page 5

BRITISH AFFAIRS

TRADE REVIEW EFFECT OF RUHR SITUATION (By Telegraph—Press Assn. —Copyright). (Australian and N.Z. Cable Association.) LONDON, June 23. (Received June 23, 5.5 p.m.). The Stock Exchange is under a cloud, which at present shows no silver lining. Numerous adverse circumstances have combined to cause a depression and a feeling of uneasiness, the first and foremost being the Ruhr crisis, while the new Balkan troubles are causing a delay in the settling of accounts with Turkey. The slump in Continental exchanges and the failure of two financial firms in New York have all contributed to the heaviness in price of many Insurance, Banking and Railway shares which show decreases, as no premiums have been paid on several recently floated issues, notably the recent Austrian loan, which early in the week changed hands at 7 per cent, premium and fell yesterday to 4j per cent, owing to determined selling. The collapse of the German mark again overshadows everything in the exchange market, although the downward movement appears to have been momentarily arrested. It is difficult to see what can prevent a further decline, for the Reichsbank weekly return shows that the note circulation has reached the colossal figure of 10,905,091, 000,000 marks, an increase for the week of 1,596,000,000,000, the heaviest ever recorded. Commenting on the state of trade in Britain, the Economist sums up the situation by saying: “Production is now at a rate approximately the pre-war level. This expansion has been achieved without unduly raising the prices and it has been financed by the money markets without unduly raising the rates or compelling the employers to sell out securities in which they had invested. Their circulating capital during the depression and until the recent expansion has been continuous, but the paralysing effect of the Ruhr occupation has, at last, succeeded in balancing the favourable influences and during recent weeks the absorption of the unemployed has been checked.” Prices have shown a sagging tendency, notably in the iron and steel markets and, most serious of all, there are reports from many centres of a definite slowing up in placing orders. Many trades are still doing well, for example, the electrical and motoring industries, but in the textile industries the depression in Lancashire shows signs of spreading to Yorkshire, whence the trade for the moment is going to the Continent, where the prices are too low for the Yorkshire manufacturers to meet. The Butter trade continues unsatisfactory and though the retail demand is now fairly good, heavy supplies from Europe, added to the enormous stocks in cold store here, are likely to prevent any improvement for some time to come; indeed many people consider that holders will be forced to accept reduced prices. Canada is now making a good quality of butter, of which the bulk is going to America, but the Canadians expect to ship a considerable amount here later. Siberia is also producing butter, and probably will export fair quantities to Britain and America towards the end of August, so supplies for the Autumn seem likely to be plentiful. The apple trade has been suffering a slight setback, owing to the unsatisfactory condition of the Port Campbell’s cargo, but the demand remains excellent and importers are hopeful that five cargoes, still to arrive, will realise about present prices. Undoubtedly Australian apple shippers have much to thank our inclement climate for, for this season cold weather has prevailed both here and on the Continent, with the result that our supplies of strawberries, so far, have been almost negligible, and small quantities which have arrived are retailing at a 1/- to 1/3 per pound, compared with 1/4, which is the usual figure in June. Other small fruits are also scarce and dear. Fair quantities of French cherries are coming along and are retailing at 1/- per pound, but the home-grown crop is small. We are now experiencing a spell of summer weather, which will probably fill our markets with strawberries, but their season will be only brief and is hardly likely to effect the demand for apples, especially as those now arriving consist largely of stunners and other hard sorts, which retailers buy freely, owing to their good keeping qualities. ADMISSION OF WOMEN STUDENTS. PROTEST AGAINST UNIVERSITIES’ ACTION. LONDON, June 22. (Received June 24, 5.5 p.m.) In the course of the House of Commons debate on the second reading of the Universities of Oxford and Cambridge Bill, which provides for increased grants to the Universities, Mr Butler said that it was Parliament’s duty to declare that national universities should be open to both sexes. Members of the Labour Party and Mrs Wintringham also protested against Cambridge’s refusal to admit women. Mrs Wintringham declared that the presence of women in Parliament had been extremely stimulating. Cambridge was the only University in the Empire that refused to admit women, except one in Canada. Lord Hugh Cecil argued that the Cambridge University itself should decide the question. A mixed University would be disastrous to the education of both men and women. The segregation of the sexes was in the interests of both. The Bill was read a second time with a division, BY-ELECTION RESULT. LONDON, June 22. (Received June 23, 5.5 p.m.) The Tiverton by-election resulted:—F. D. Ackland (Liberal) 12,041; Colonel Troyte (Conservative) 11,638; BrowQ, (Independent Labour) 495. NEW SUBMARINE. PAPER PUBLISHES SECRET PHOTO _ LONDON, June 23. June 24, 5.5 p.m.) Scotland Yard detectives raided the Daily Herald office and demanded a photograph of Britain’s new secret submarine, which the paper published. The whole staff was questioned, even the messengers, and was detained, the blockade being lifted only when the editor handed the photograph over together with the process block and all undistributed copies of the paper containing the picture. COMMUNIST IN TROUBLE. LONDON, June 24. (Received June 24, 5.5 p.m.) John Neils a Communist member of the Liverpool City Council intends to enter the workhouse. He has been unemployed for two years, but the guardians have now withdrawn outdoor relief, alleging that he iis not attempting to find work. Neils denies this and says that he is being persecuted owing to his political views. He has a wife and three children. PURCHASE OF ART TREASURES. LONDON, June 23. (Received June 24, 5.5 p.m.) The trustees of Lady Lever’s art gallery at Port Sunlight to-day, bought at Christies’ auction rooms Holman Hunts’ picture “The Scapegoat.” which has just returned from exhibition in Australia for 4,600 guineas. The Trustees also bought Herkomers “The Last Muster" for 2,800 guineas, Cecil Lawson’s “Valley of Doom” for 1,150 guineas, and Fred Walker’s “Wayfarers” for 640 guineas. Fanlinlatours painting of red and wh’te roses on a vase which measures 16 inches by 14, fetched 1,150 guineas; whilst twenty years ago it could have been bought, for £2O,

CHARGE AGAINST CLERGYMAN. ALLEGED THEFT FROM COLLECTIONS LONDON, June 24. (Received June 24, 11.30 p.m.) The Reverend Mr Barton, an octogenarian, who is rector of Harbledon, and who has already been committed for trial on a charge of wilfully damaging a monument, in the churchyard, was committed for trial at the Kent Assizes on a charge of fraudulently converting to his own use 2/6 from the church collection. It was stated in evidence that only three persons, including Lady Katherine Hardy, attended the early Communion service and contributed a 10/note, 5/-, and 3d respectively. The Rector gave the churchwarden only 12/9. Bartonsaid he transferred the money from one collecting bag to another, which he took home and counted after breakfast. He suggested that Lady Hardy was mistaken in saying that she gave five shillings, and could only have given a half-crown. “I would not take ten thousand pounds to jeopardise my character,” he declared. LORD NOVAR’S NEW PROJECT. LONDON, June 23. (Received June 24, 5.5 p.m.) Lord Novar’s estates have been registered under the Scottish Company Law as a company styled Novar Estates Limited with a capital of £50,000 which has been subscribed by Lord Novar and his wife. The object of the company is stated to be the development for building purposes and for cultivation of lands the company acquires, to secure sea and fresh water fisheries, to undertake an afforestation scheme, the gianting of leases of mansion houses, and the letting of shooting rights. MEMORIAL TO SIR H. WILSON. LONDON, June 22. (Received June 23, 5.5 p.m.) Countess Roberts on the anniversary of his assassination is unveiling at Liverpool Street Station, a memorial tablet to FieldMarshal Sir Henry Wilson. GLASGOW MURDER MYSTERY. MAN AND WOMAN ARRESTED. LONDON, June 23. (Received June 24, 5.5 p.m.) The latest development in the perambulator murder is that John Newell and Susan Newell, husband and wife, have been arrested and charged with the murder of John Johnstone. [On Saturday it was reported that the Glasgow police had made a sensational discovery of a body of a murdered boy, aged 12, being wheeled in a perambulator through a busy street by a young woman.] A JUDGE’S ERROR. MAKES HIS WILL INCORRECTLY. LONDON, June 23. (Received June 24, 5.5 p.m.) Mr Justice Bray, who left a gross estate of £107,338, like many other famous judges and lawyers, failed to make his own will correctly, as certain of his interlineations are unattested and consequently the will cannot be admitted to probate. In this regard he was in the distinguished company of his former schoolfellow, Lord St. Helier, who for many years was president of the Probate Court, and also of Lords Halsbury, Lyndhurst St. Leonards, and Judges Rentoul and Bacon.