EVENTS IN LONDON.

Colonist, Volume LVI, Issue 13537, 3 August 1914, Page 5

EVENTS IN LONDON.

BANK OF ENGLAND BESIEGED.

TREASURY PREPARED TO ACT.

APPRECIATION OF AUSTRALASIAN

LOYALTY.

CONVERSATIONS STILL PROCEEDING.

"DEATH BED WHISPERINGS."

(Received August 2, 5.5 p.m;) London, August 1

The bank rate is ten per cent,

The Bank of England was early besieged by a crowd of customers. Many people were timid owing to reports from the Continent that notes are useless. Others were unable to get monies for Saturday's pay day. Other banks cashed cheques with ninety per cent, of notes. It is rumoxired that the issue of one pound notes is likely.

,Mr. Asquith, Mr.- Lloyd George, and representatives of the .Bank of England and leading joint stock companies conferred and decided that the situation does not yet justify emergency action in regard to the.supply of a legal tender currency. It is announced dfchat the Treasury is prepared to take action immediately it becomes necessary.

The "Daily Telegraph" gives prominence to Senator Millen's statement that Australia is no fair weather partner in

CABLE NEWS.

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the Empire, Sir William Irvine's assurance thafc Australians will unite in aiding the Empire with men, money, and ships, and also a telegram the Hon. T. Mackenzie received regarding New Zealand's offer of an expeditionary force.

Conversations between Russian and Austrian diplomatists at Vienna continue, this now being the chief hope of averting a EurppeanVionflict. It is recognised that the Kaiser and Sir Edward Grey are working hard to preserve peace, but pessimists describe all conversations as whispering around the death bed.

The King gave an audience to Mr. Asquith at Buckingham Palace at two o'clock on Saturday morning.

The National Penny Bank'in Victoria Street and other branches have closed. Some branches of banks are cashing more cheques than usual, paying largely in notes and silver. There have been no remarkable runs.

There is little excitement in Stock Exchange circles considering the crisis. The calmness of London is in great contrast with the excitement in other

capitals,

' Reuters Washington correspondent says President Wilsoa is discussing a Bill with Congress leaders for bringing the world's shipping largely, under the American flag during the crisis.

Dr. E. J. Dillon reports from Vienna that Austria is resolved to deal with Servia without the intermediary of, any foreign State. She will abstain from "territorial extension at Sejrvia' s cost, but she refuses to tell Russia how Servia will fare as a defeated belligerent.

The Japanese Ambassador in" London does not anticipate trouble in the Far East, where, the Triplice's navies are a negligible quantity. Jf trouble arises Japan will act in the spirit of the Alliance.