BRITISH & FOREIGN ITEMS.

Hokitika Guardian, 17 June 1921, Page 3

BRITISH & FOREIGN ITEMS.

*USTRMJ4N and n.z. cable association

A GERMAN BUBBLE,

(Received This Day at 9.45 a.m ) LONDON, June 15

The Daily Chronicle’s Berlin corres-. pondent states a gigantic swindle recalling the South Sea Bubble has been revealed. For many months institutions called sport banks have been springing up in all parts of Germany, especially Saxony. By means of a big advertising campaign, the public were persuaded to invest, being promised a dividend of one hundred per cent, less five per cent charges. After the money was invested for eight weeks, divdends were, pHid for a considerable time. There was an enormous rush to invest, people standing for hours in long queues m older to do *». A Berlin bank alvertised that it had paid out 29 million •marks since the new year. Now twd Dresden Sport Banks have Suspended payment and a run immediately commehced on nil Sport Bttdd, » « » known the Director! of Dresden B»n ■ had fled the country, though two have since been arrested. A further big crash is expected. The Directors of Sport Banks admit they used the mon ey to carry out hetTing transactions on racecourses. It is believed large sums were used to bribe jockeys. An estimate puts the public investment at a thousand million marks, normally fifty million pounds sterling.

BANQUET SPEECHES.

(Received This Day at 9.45 a.m.) LONDON, June 16

The Empire development parliamentary Committee entertained the Dominion Premiers and Indian Representatives at dinner at the House of Commons. Hon. Churchill welcoming his guest said with unity the Empire would become a power which no other combination in the world would dare resist. "We must spread our soldiers and citizens .as numerously ns possible in tho Dominions and thus facilitate a steady growth of the inter-imperial sentiment in the common interest. We must endeavour to buy in different part of the Empire and cause a direct flow of trade and business enterprise through inter-imperial channels. We must prove Empire communications by sea and air.” , .

Mr Hughes responding said optimism is what is required. The main question was what is our policy going to be.

ALLIES AND GERMANY. Received This Day at 9.45 a.m., LONDON, June 15

Addressfng the Institute of chartered accountants, Sir T. MacKenzie pointed out it was impossible to make Germany pay by forcing her to send the Allies such articles as coal, timber, potash, sugar. This meant much Geiman labour and capital withdrawn from manufacture, but that would he the penalty that German industry might properly be called on to pay. \lt is true nothing like 400 million a yeai is produced by these means, but at least there would be ncr disturbance of British trade, and no external pressure keeping German wages at a point which would ensure successful competition with us in foreign trade.

'AMERICAN TARIFF (Received This Day at 9.45 a.m.) WASHINGTON, 'June 15. The Ways and Means Committee are formulating a new permanent tariff Bill and have abandoned the method of constructing a rate scale on tiie 'basis of greasy wool. In the new tariff the base rate will be a pound scoured wool xvliereon the Committee agreed to n rate of twenty-five cents per pound. All other rates will be rationed from that figure. The old rate was eleven cents per pound, grease wool, scoured being double.

GERMAN SWINDLES. (Received This Day at 10.4 U a.m.) BERLIN, June 16

Another financial scandal, which has been reported, involves Germany’s greatest racehorse owner Loo Levin and his brother Max, who have been arrested for bribing Government officials and prominent members of Parliament in order to smuggle great sums out of Germany. The firm hare thus made 700 million marks since' the Armistice. Levin's relations in Parliamentary circles were utilised to secure a monopoly in leather textiles, the army stocks of which they secured at knock-out rates. The brothers were released on bail of million- marks.

PRINCE HAS A FALL. (Received This Day at 10.35 a.m.' ; LONDON, June 16. The Prince of Wales sustained a nasty spill while poloing at Aldershot yesterday, owing to the breakage ol a bridle. He resumed the game, but limped when walking. <

APPEAL TO COUNTRY. (Received This Dav at 10.40 a.m.) LONDON, June 16

According to the Central News there i s isjhong rusnour in political circles that Government will appeal to the country about October.

STOPPING OUTPUT. LONDON, June 16

Owing to the coal shortage, Singers Sewing °Machine Company have given notice to ten thousand employees and will close down their works indefinitely on the 24tlh.

MINERS BALLOT. (Received this day at 11.30 a.m.) LONDON, June 16

Miners took a work ballot on the owners offer. The final result is unknown except in South Wales, where rejection was carried. There were 32,036 votes for acceptance and 78,169 against. Returns from other districts are incomplete.

UNEMPLOYMENT BENEFITS. LONDON, June 16. The Commons is debating a reduction in unemployment benefit's Mr dynes and other Labourites sharply criticised the proposals as _ dangerous and cruel. The Bill was read a second time by 21% 83. .