COTTON CRISIS.

Wanganui Herald, Volume XXXXV, Issue 13055, 25 April 1910, Page 5

COTTON CRISIS.

THOSE SPURIOUS BILLS. Heavy Losses, Press Association. —Telegraph.—Convnght. LONDON, April 23. The Manchester Guardian says that Knight and Yancey have been in the habit of sending forged bills of lading and retaining the genuine. When the irregularities were' discovered, Liverpool and other European importers forced Knight, and A r anccy to file their petition. It is still doubtful whether there is cotton against " bills representing 45,000 bales in Liverpool, and valued at .£73,000. , . New York cables state that most of the spurious .bills are. held abroad,. . The losses in Europe are four, million dollars, including pne Russian firm, which lost 750,000d01. . New York firms lost a million dollars.

Itj was cabled on Friday that Knight; Yancey, and Co., a firm of Alabama cotton brokers, were bankrupt. The liabilities are three million dollars, and assets half rat'million, including equities. ; ~ ‘ : ANXIETY RELIEVED. Received April 25, 10.10 a.m. LONDON, April 24. Some cotton turning up from America, representing a portion of the shortage for Europe, has tended to relieve the anxiety at Liverpool. AMERICAN FRAUDS. Suggested Government Intervention. Received April 25, 10.10 a.m. LONDON, April 24. The Right Hon. Sydney . Buxton, president of the Board of Trade, speaking at the Liverpool Cotton Exchange, and referring bo the frauds in America, stated that if any representations can be made a means whereby the Board of Trade or other Government offices could intervene, the Government would go as far legitimately as they could to assist the Ex•change.