AMERICAN ITEMS.

Hokitika Guardian, 30 May 1921, Page 2

AMERICAN ITEMS.

AUSTRALIAN AND N.Z. CABLE ASSOCIATION. MONEY MARKET, DULLNESS REPORTED* WASHINGTON, May 28. Business on the Stock Exchange has been decidedly dull, under the influence of the-coal strike and of persistent selling by Paris, but the Exchange closed with a letter tone all round on the strength- of more hopeful prospects that the coal conference will lead to a settlement and a cessation of French selling. Another factor tending towards an improvement is the closing of the Conversion Loan. The latest estimate is that about one-third (or 632 millions) has been converted. Wijh this out o! the wfty, broilers are hoping to see an improved demand for gilt-edged stock, which lately has been somewhat neglected, owing to competition. A feature of the Stock Exchange is the pronounced activity shown in company promoting circles, which has com-' menced with the reduction of the bank rate. If, as is expected, a further reduction in the bank rate follows better coal news, plenty of new capital will he issued and placed oivflhe market, mostly as fixed interest securities, which are more in favour than speculative or semispeculative. Investors nowadays seem to prefer safety of he principal, rather than a high interest yield, The foreign exchange market had art exciting week, with sensational movements. There was a slump in sterling to 3.89 dollars. This is attributed . in. some quarters to the actions of .the' Allied Reparations Commission in nr>v

ranging for the transfer of huge sums by Germany to the Allies without thinking of how the transport would be made, and what the effect, would be on the money market. Then the Reparations Commission announced that it would receive payment in dollars alone, thus, causing heavy purchases of dollars in Germany and Holland, and also completely upsetting the market.

Other authorities attribute the fall to the speculators, who were responsible for the rise in Sterling,

UNITED STATES TARIFF, WASHINGTON, MAY 28 President Harding has signed the Emergency Tariff Bill, which becomes operative on May 28th. CHINESE POLITICS. NF,JV YORK, May 27. Advices from San Francisco state Utkin has ordered the Southern Province* to arrest Sun Yat Sen for trial as it robber, and the means of restoring order in Canton; also that women suff- < rage lie granted in the Canton elections. <

DEM PSKV-C ARPENTIER FIGHT. NFW YORK, May 28

The “Sun” learns that the New Jersey State Boxing Commission lias selected Mr H. J. Ertle as the referee in the Dempsey-Carpentier fight. Mr Ertle refereed in the Carpentier-I.evin-skv bout.