BRITISH IMPORT RESTRICTIONS

Colonist, Volume LVII, Issue 13999, 1 February 1916, Page 5

BRITISH IMPORT RESTRICTIONS

IMPORTANT TRADE CONFERENCES

BRITISH FINANCIAL SITUATION

LONDON STILL THE WORLD'S

BANKER

London, Jan. 30,

Mr. Runcirhan presided dvef sixteen important trade conferences during the week, deciding details of the import restrictions. It is expected that a proclamation regarding paper, .building materials, and wood will be issued iri a few days, and as to fruit and tobacco within a fortnight.

The "Daily Mail" states that all fruit will be prohibited except bananas, and consumption will be restricted to home-grown fruit.

The Board of Trade has determined that merchants with accumulated stocks will not be allowed to make extortionate profits

Sir Edward Holden, chairman o§ the City and Midland Bank, makes a remarkable analysis of the financial situation. London, he says, is still the borrowing and gold centre of the world. The pound: sterling never had to carry such a load as at present. It has naturally declined in value in accordance with the law of supply and demand, but while the exchange 'value at York has depreciated 1.9 per cent.; Jin1 T Holland 10.3 per cent; In Spain .3 per cent.; and in Scandinavia 3.9 per cent., ifc has enormously appreciated elsewhere. The pound sterling is above par at Paris by 10.8, in Italy by 25.4. The decline in Holland is due to our having exported there during the year only 17-J millions, while we imported goods to the value of 28J- millions. We could readjust it by sending gold to Holland, but it might find its way to Germany. The Bank of England has £50,000,000 in gold, and the Government £28,500,000. The joint stock banks also have large sums, while there is a continuous flow from South America. ,