AMERICAN FINANCE.

Timaru Herald, Volume XCVIII, Issue 170140, 17 February 1921, Page 7

AMERICAN FINANCE.

MANY BANK FAILURES. Australian nnd N.Z. Cable Association By Electric Telegraph —Copyright. NEW YORK, February 14. Advices from St. Bald state that a series of tq>ecincuhtr failure's of 36 banlts came to a climax when the huge Scundiiiavian-Aincrican Bank closed, involving millions of dollars. There is no estimate of losses. Middle West farmers were caught last autumn with imincn.se stocks of wheat, which cost them more than the slumped prices could realise. Farmers have been hanging on for a better market, while the banks iwore nimble to carry them, and found it impossible to liquidate the fanners’ paper. THE SENATE AND LOANS. IVASHINGTON, February 15. The Senate Judicial Committee voted opposing the payment of any further money to foreign countries, even on commitments already made, until Congress knows all facta concerning loans. CANCELLATION OF ALLIED DEBTS A message from St. Augustine (Florida) states that Mr T. AA r . Lamont (United States Financial Advisor at tho Peace Conference) informed Mr Harding that Mi- AVilson mad© no commitments during the Conference, either direct or remote, regarding the cancellation of Allied debts. CO-ORDINATION OF DEFENCE. The Premier, replying to an amendment urging tho co-ordination between the Army, Navy, and Air Forces, admitted tlie necessity of co-ordination, but said that there should b© co-ordina-tion between the various parts of tbe Empire. The defence of the Empire should be an Imperial concern. It was too much to ask these small islands to undertake the defence of a gigantic Empire. Tho know-ledge that the Empire stood together w-ould be the host guarantee against tho shedding of blood. UNEMPLOYMENT BENEFITS. Received 9.30 p.m., Feb. 16th. ’ LONDON, Feb. 10. The “Daily Chronicle” states that owing to the continuance of the trade slump the Government has drafted a Bill extending for a further fifteen lvocks tho unemployment insurance benefits, now limited to fifteen weeks. As many thousands will soon cease to lie entitled to th© existing benefits, the Government also proposes a weekly benefit of £1 instead of 15s.