TELEGRAMS

Hokitika Guardian, 6 July 1920, Page 1

TELEGRAMS

I*KH riU'.S.H ASSOCIATION. —COPYRIGHT.]

TWO MILLION LOAN

WELLINGTON, July 5. The Prime Minister said to-day that subscription to the two million loan are coming in satisfactorily. No time limit lias been placed on tbe loan, which was offered principally because at the time there was money in the country available for investment. There might have been a risk of some of that money finding an outlet overseas, and the local loan was therefore put on the market. The Minister hinted that if he chose to do so, lie could fill the loan at little notice.

CUSTOMS ANI) EXCHANGE. WELLINGTON, July 5

With refornco to the decision of the Cabinet that imported goods invoiced in foreign currency shall be assessed for duty according to either the par-rate of exchange, or the commercial rate,which ever affords relief to the importer, at the discretion of the Minister. The position (as classified by the Secretary of the Wellington Chamber of Commerce at a meeting of the'Council) is that the Customs Department has decided that in the case of imports from Franco, Belgium and Italy, the couveision rate of such invoices for Customs purposes shall be practically the current rate charged by the banks. So far as imports from the United States are concerned ,dollars will be converted into sterling at the parity value of the dollar. i.e. 4.86 dollars to the £.

MAN KILLED BY MOTOR. AUCKLAND, July 5. An old man. William Reed, aged 81, was knocked down by a motor-ear when crossing Mt Eden Road last night. He was taken to the hospital, where he died of shock. YOUTH DISAPPEARS OVERBOARD. AUCKLAND, July 5. A fatality occurred this evening on the steamer Rakanoa, which is discharging coal at Chelsea. Steward Stanley Mills, aged 17 years, disappeared overboard. Mills had been seen going to the side of the ship to empty a bucket of refuse. Shortly afterwards the crew heard a loud splash. They rushed to the side, but no trace of Mibs could be seen. A boat was lowered, but tlie search was without result.

PROFITEERING. CHRISTCHURCH:, July 5. Hr F. Ellis toPday stated that his reason for resigning as a member of the Canterbury TKoes Investigation Tribunal, was that he was of the opm ion that he could serve no good purpose by remaining a. member. He e<plained that the decision of the Magistrate in recent prosecutions had not influenced him in the slightest. In fact, his resignation lind been forwarded to Wellington on the Friday previo is to the Magistrate .giving his decision. Had there been no delay in hearing these cases, he would have resigned much earlier. He was convinced that the Tribunal would find if difficult, if not impossible, to get at the real profiteers. . Only one attempt at price fixation was dealt with by the local Tribunal. Mr Ellis added,' “namely, overhead charges made by the retail coal denier, and this attempt, more than convinced me of the fallacy of endeavouring to do so. The whole principle is wrong, and in my opinion the Tribunals are merely being used as a means to hoodwink the general public and to prevent them from showing their discontent with the present situation.”