NOTES OF THE DAY

Dominion, Volume 15, Issue 80, 28 December 1921, Page 4

NOTES OF THE DAY

According to an American correspondent in Dublin who is quoted in one of yesterday’s cablegrams, unofficial estimates declare that the twenty-six counties of Southern Ireland are unanimous for ratification of the Irish Treaty, and that a referendum show that ninety per cent, of the people favour ratification. Such estimates arc. of course, speculative, but to assume that the present examples are near the mark is only to assume that a majority of the people of Ireland possess a modicum of intelligent regard for their own interests. The really striking feature of tho debates of the Dail Eireann is that they have neither thrown the slightest doubt on the substantial advantages the treaty offers to Ireland nor made any approach to suggesting an alternative that any sane human being could) prefer to tho acceptance of these advantages. The observations of some of tho Sinn Fein representatives amount almost to an assertion that Ireland, has gained far more in “defeat” than she can afford to forgo. Others are apparently concerned only to maintain a grievance of some kind to the end of the chapter. If feeling; amonst the Irish people runs aJ strongly ■in favour of ratificatron as recent reports have declared, the adjournment of the Dail Eireann may prove to have been the best thing that could have happened. At least, it may bo hoped) that tho disclosed development of public opinion excludes the possibility of the treaty being rejected without reference to the people. » * « » There is a mono cheerful note in to-day’s cable messages regarding trade and financial conditions in England. Christmas trade is reported to have been exceptionally good, partly due, no doubt, to many commodities selling at pre-war prices or less. Tho wool market closed for tho year with values firm, and the outlook regarded as improving. Germany it is considered will bo an increasing buyer, which should materially strengthen tho market. Finance, too, is easier. Business in gilt-edged stocks has been very brisk, and 1 there is talk of a further redaction in the bank rate to help things along. All this is good news. Tho bettor conditions are in England the better the prospects for our primary producers. With our customers doing well they can afford to buy freely, and the effect will be shown in due course in better I rices. Last week the president of the Commonwealth Bank epoko optimistically of the prospects ahead of the primarv producers of Australia. Some thought ho spoke too optimistically in view of the existing state of the market for meat and wool. He, however, was looking ahead. It is something in those hard days for the primary producers to b« able to look ahead to better times. An arresting account of the enormous losses recently suffered by British investors in shipping shares is given 'by a Cardiff correspondent of the “Economist.” There is no snipping centre in the United Kingdom, he observes, where investors have been so badly hit by tho world depression in trade aS they have been nt Cardiff. Two years ago new capital was subscribed to shipping companies “with tho violence of a torrent. In June, 1919, over thirty new companies were formed with a registered capital of between three and four millions sterling, and by the end of that year some 50 or 60 more concerns were registered, involving the public subscription of several more millions. Very few experienced shipowners, however, acquired tonnage under the conditions of inflation thus induced. They sold far more than they bought, and secured prices ranging up to <630 per ton deadweight for vessels they had built, or bought second-hand, before tho war for from -£5 to 417 per ton. "The event,” the correspondent observes, "has justified tho wisdom of the old and punished the daring recklessness of youth and the inordinate cupidity of speculative capitalists.” He' mentions (ho case of one company which has lost probably every penny of an ordinary share capital of 412,500,000, while of a debenture capital of 411,000,000 it was expected that less than half would be returned to tho debenture-holders. A large number of shipping companies, the correspondent adds, have overdrafts considerably In excess of the current market value of the tonnage held as security for them. Out of a group of 43 Cardiff shipping shares of r. nominal value of 411 only four were quoted at the end of October at a price over ten shillings, and approximately .twenty were quoted at prices ranging from three shillings to one shilling.