OVERNIGHT CABLES.

Star (Christchurch), Issue 18578, 28 September 1928, Page 5

OVERNIGHT CABLES.

(United Press Assn. —By Electric Telegraph.—Copyright.) Soviet Crisis. LONDON, September 27. The Moscow correspondent of the “Daily News” reveals that the Soviet is facing a new crisis, owing to the failure of the grain exports. This is partly due to the fact that 7,000,000 acres less are under cultivation than last year, causing a loss of £14,500,000, combined with the shyness of foreign capitalists. M. Ksandrof, M. Trotsky’s successor as President of the Supreme Concessions Commission, speaking at a congree of Soviet business men, emphasised the point that they could not get foreign loans, only short term credits. There had been a marked falling-off in applications for concessions since the rupture with Britain. Only twentythree contracts were signed last year, and of these fifteen provided only technical assistance, and did not produce capital. At present there were seventyfour concessions, with a combined capital of £4,500, 000 working, compared with fifty-four commissions, with a cap.tal of £5,700,000, in 1926. M. Ksandrof added that the Soviet was offering a hundred concessions in all fields. It is hoped that the effect of the Anglo-French agreement in widening the cracks between the capitalistic States would enable the Soviet representatives to exploit the new situation. —United Service, Industrial Mergers. NEW YORK, September 27. Lord Melchett (formerly Sir Alfred Mond) arrived here. In an interview he defended his programme of merg ers. He said that it had been his ambition to develop the British Empire as a single vast economic unit and foster industrial co-operation.—Australian Press Association—United Service. British By-Election. LONDON, September 26. The Cheltenham by-election, necessitated by the death of Sir J. T. AggGardner, resulted: — Votes. Sir Walter Preston (Conservative 10,438 Sir John Brunner (Liberal) .. 6,678 Miss Widdowson (Labour) .. 3,163 (Australian Press Association—United Service.) At the general election, Sir J. T. AggGardner (Conservative) polled 11,909 votes and Mr J. S. Holmes (Liberal) 9146. Billiards in England. LONDON, September 27. In the billiards match Smith has scored 12,632, and Newmau 11,160. Breaks: Smith, 768, 626, 411; Newman, 820.—Australian Press Association— United Service.