TELEGRAMS.

Hokitika Guardian, 6 September 1922, Page 3

TELEGRAMS.

[DY TELEORAPn—PER PRESS ASSOCIATION] THE MONEY MARKET. WELLINGTON, 4. References recently published showed that the position of tho money market in Auckland was believed to be improving from a borrower’s point of view and that gradually the country is returning to six per cent as a fair current rate of interest on private security. Inquiries in Wellington support this view. Although it would be bard at, the moment to get loans on private security at less than 7 percent, there have been some transactions on particularly good securities at 6t per cent. One important phase of the lending business which is likely to be permanent is that lenders will require a larger margin than was formerly the. cash. Authorities who were consulted in Wellington by your correspondent declare that the State Advances Office and other Government departments which lend money are only doing so on n fifty-fifty basis, which means that borrowers have to put up half the pash. The last few years’ experience has dictated a similar precaution to private lenders, who in consequence of sharp lessons in the fluctuating prices of produce and the consequent depreciation of securities are inclined to follow the lead of the State departments and also to demand that the borrower shall provide fifty per cent of the cash involved in any transactions on which he requires financial assistance.

BYDRO-ELECTR 1C POWER. NAPIER. September 2. Figures made available here show that Northern and Central Hawke’s Bay can take 5000 horse-power of electricity within three years if the Waika. remoana power is made available. The Minister of Public Works asked that the figures should he prepared when he was last here, and his remarks indicated tht ho might he prepared fo push the Waikaremoana supply through to join u)> with the Mangahao scheme if there was sufficient demand on tho route of the main transmission line to warrant its construction and secure n financial return immediately. A deputation will ]>uve here early to wait on the Minister nnd urge the immediate extension of tho power plant. The line now reaches Wairoa, where the supply will he turned on in November.

MASTERTON SEAT. MASTERTON, September 4. Mr W. If. .Jackson, opened the political campaign in sfast( , vton electorate to-night. He declared himself a straight out supporte; of slr Massey. STEAMER SERVICE. WELLINGTON. Sept. 5. The Union Company annouiieas that, after tho. I’alnona’s next trip from Melbourne, the vessel will make alternate sailings from Melbourne to \\ ollington and the Bluff direct, thus providing the South Island merelmints with direct service to Australia. It is expected that the Bahama will make 1 lie first trip from Melbourne to the Bluff early in October.

0 MONTHS FOR PER.JURY. MASTERTON. September 6. Jehu Thomson, charged at the Court with perjury, was sentenced to six months.

KILLED IN MOTOR ACCIDENT. DUNEDIN. September G. Rose Florence Foster, single, 33 veins of age. was killed in a motor overturn ai Bowler Creek cm Beaumont road near Laurence yesterday. The ear struck a rut and got out of control and went over a bank pinning the driver K. Duncan, a Dunedin solicitor, and elec-eased underneath. Duncan escaped with a shaking.

A CHILD’S DEATH. XAIMER. September G. A Maori child aged barely two. died on Sunday night. At the inquest the father said on Saturday night the child was given an ice cream mixed witli mill; and then lemonade. On Sunday it ate .meat and potatoes for dinner and ii sponge onke in the afternoon. The inquest was adjourned pending the analyst’s report regarding the contents of the stomach.

TRAIN DERAILED. STRATFORD. Sept. 6. Tho 10 a.m. mixed train to the south was derailed five hundred yards north of Xgaore station. Nine trucks left the line, six being badly smashed in a cutting;. There were several passengers on the train, but none were injured.

SHIPOWXKRS’ CASE. WELLINGTON, September G. In the Arbitration Court, T. 0. Bishop addressed the Court on behalf of the Shipowners’ Federation. He said the case was n simple one. There is, lie said a world wide slump in trade whic h lias alfeeted shipping. The cause of the slump were outside our control, but we must adjust our affairs to the altered conditions. Certain gains in wages and conditions were obtained by tile seamen by negotiation in 1920. It was believed the condition then existing would continue for the period cM the agreement. The problem for the Court was to deteimine what adjustments were necessary to enable the shipping industry of this country to •be carried on at a cost which the country could afford to pay. At the same time having regard to the necessity . f paying a fair wage to those employed, and providing a fair return for the capital invested. The* employers did not attack the principals of the eiglit hour day overtime aboard a ship was different from overtime ashore. A great deal of overtime money bad to be paid oil ships without extra hours being worked, therefore the rate should not lie a high one. He submitted that in coastal shipping, sailing after 5 p.m. should be permitted.