CABLES IN BRIEF

Waipukurau Press, Volume XXVIII, Issue 124, 20 May 1932, Page 5

CABLES IN BRIEF

, <s. From World-Wide Sources PLAN TO RELEASE MILLIONS FOR TRADE DEVELOPMENT By Telegraph —Copyright —Press Assn. LONDON, Last Night. A plan to release millions sterling for trade is revealed by the 11 Daily Herald’s” City editor. It is proposed that industrial firms needing funds for development of financing contracts should issue three or six month bills at about three per cent, instead of paying five per cent for bank overdrafts. The lulls would, be issued under the auspices of the Bank of England and discounted by joint, stock banks and the money market. It is hoped thus to release part of the £150,000,000 normally employed in discounting foreign trade, bills, which are more acceptable to the banks than overdrafts, because they are due for repayment on a definite date. Negotiations are continuing between the banks, the money market and trade organisations. AUSTRALIAN SWINDLED HUGE SUM LOST By Telegraph—Copyright—Press Assn. PARIS, May IS. Mr .Tames Watson, aged 65, a wealthy Australian sheepfarmer, informed the police that confidence tricksters swindled, him for £40,000. He said he met a man styling himself .Tames Coaten, Canadian banker, who introduced an “American financier” named .Jamieson. Mr Watson accepted Jamieson’s invitation to join in a deal in exchange involving £240,000, each contributing £BO,OOO, to be deposited at a broker’s office. Watson had £40,000 sent from a London hank. Jamieson said he had to go to Genoa on business and. Coaten disappeared at a railway station. Neither has been seen since. WILL STAY ON GOLD UNITED STATES PREDICTION WASHINGTON, May 18. Mr Meyer, governor of the Federal Reserve Board, testifying before the Senate Banking and Currency Committee against the advisability of the G'oldsborough Bill, confidently predicted that the United States would not go off the gold standard. “There is not the slightest doubt in the mind of any responsible official of the ability or intent of the United States to stay on the gold standard. No nation has gone off except through necessity. There is none that does not, want to return to a metallic basis. Mr Neville Chamberlain recently said his country must return to the metallic basis.” Mr Meyer said the Goldsborough plan would do harm. The United, States could not alone control the world price level, especially in the face of conditions “more serious than we have ever known. ” APPEAL CASE FAILS NEW GUARD LEADER By Telegraph—Copyright—Press Assn. SYDNEY, Last Night. The State Full Court dismissed the appeal by the Crown in the Eric Campbell case arising out of a speech by the New Guard leader in which he scathingly criticised Mr Lang, who was not present on that occasion. The Chief Justice, delivering ’ the judgment of the Full Court, said the statute was not meant to punish persons for using words calculated to insult persons not present or uttered where there were no persons present closely connected with, the person said to be insulted. The appeal was therefore dismissed. The decision is regarded as most important in legal circles. WIZARD SMITH TAKES ACTIONCLAIM FOR ALLEGED LIBEL SYDNEY, Last Night. Wizard Smith has issued a writ claiming £20,000 for alleged libel from “Smith’s Weekly.” The cause of the action is not stated, but the current issue attacks Wizard Smith. AMERICAN BEER BILL REJECTS BY SENATE < / WASHINGTON, May IS. The? Senhto td-day rejected an amendment to thcx.Tax Bill to legalise 2,75 beer as a basis of new taxes. The vote of 61 to 24 was tantamount to a test on prohibition.