AUSTRALIA'S OFFER. TWENTY THOUSAND MEN.

Press, Volume L, Issue 15037, 4 August 1914, Page 9

AUSTRALIA'S OFFER. TWENTY THOUSAND MEN.

THE FINANCIAL POSITION

REASSURING ANNOUNCEMENTS,

(Received Aueust 3rd. 10.50 p.m.) MELBOURNE, August 3. At the conclusion of tlie Cabinet mooting to-day Mr Cook stated that the Government had decided that in tho event of war Australian vessels should pass under the control of the British Admiralty. It was also decided to offer to send an expeditionary force of 20,000. of any suggested composition, to any destination desired by the Home Government. The cost of despatch and maintenanco wiU bo borne by the Commonwealth. A

cablo to this effect ha* been despatched to the Imperial Government. (Received August 3rd. 8.40 p.m.) SYDNEY, Augnst 3. The Defence Department omcially announces that it is thought- advisable at this juncture to put into action for practice purposes certain precautionary defence measures. Tlio heads of leading financial institutions discussed the position. It is anticipated that the banks will be asked to suspend payment in gold to-morrow, and to tender paper money only until definite news arrives from Great Britain regarding the financial position. The local bank rate is expected to advance immediately. ] The Stock Exchange Committee has not arrived at a decision iv regard to closing. It meets again to-morrow. The Primo Minister, interviewed previous to the Cabinet meeting, said: "Australia has never been in a stronger position to face financial difficulty than to-day. While the situation is ono of unprecedented gravity, her own resources are at a level of unprecedented strength. Thero is no occasion to fear as to the t -tability of the country or tho Government." Flour has advanced 10s and is now £10 a ton. Tlie German mail steamer Scydlitz cleared hurriedly at midday. The ship's band played tho German National Anthem as the vessel went down the harbour. Tlio ship headed south-east. The Elsa-ss has received instructions to sail to-morrow without discharging her cargo. ADELAIDE. August 3. Tlie Stock Exchange has closed indefinitely.

MELBOURNE, August 3. Tho Stock Exchange has suspended operations indefinitely. The Federal Treasury officials stato that there is not the slightest sign of abnormality about the Australian notes reservo. Banks are not demanding gold, and the issue of notes last week was greater than the redemptions. No uneasiness is felt. Leading bankers are of the opinion that it is advisable that all Stock Exchanges should closo, otherwise Australia will bo made a dumping-ground for the world. They aro confident tho banking position is sound. The Apialgamated Wireless Company has placed the whole of its organisation at tho disposal of tho Government, and also offered to receive and publish war news freo on board all British vossels, providing the Governments of Australia and New Zealand arrange to obtain news and send it from the coast stations free, to enable passengers and crews to avoid danger, which might otherwiso threaten tbem. Tho Legion of Frontiersmen is enrolling members. Riflo club monibers will be immediately available as mobilisation reserves. Tho clubs are inviting ex-members of Imperial and oversea military forces to join. Amongst other precautions the Government has sent 200 men to guard tho Hawkosbury river bridge.