BRITISH & FOREIGN ITEMS.

Hokitika Guardian, 13 February 1923, Page 1

BRITISH & FOREIGN ITEMS.

AUSTRALIAN AND N.Z. CABLE ASSOCIATION. SHIPPING FREIGHTS. NEW YORK, Feh. 10 The conference of shipping line's has announced a material reduction in freight rates from New York to Australasian ports. First-class general cargo rates are reduced from 25 dollars per ton to 2-1 dollars ; second class from 20 dollars to IS dollars; newsprint, paper front 15 dollars to 11J ; iron and steel (naked), from 111 dollars to nine dollars; iron aiul steel (packed), from 11.) dollars to 12 dol-

LONDON, Fell. TO The Imperial Shipping Committee’s final report on the deferred rebate system is released for publication in Britain and Australasia. The report says it is clear that competition between individual liners or lines in the same trade would bet quite incompatible with stability in rates. We therefore consider the conference system must he accepted as a necessary concomitant ol niodern commerce. It appears to us there is a clear mutual obligation. The shipper wants to ship on berth without fail, and the shipowner wants goods on berth without fail ; hence we find necessary conferences have some assurance of continuous support from shippers, such as will constitute an effective method of preventing irresponsible competition for berth cargo by outside ships. After considering the South African agreement, we recommend individual shippers should have Hie choice of binding themselves by means of an agreement, or of remaining under the deferred rebate system. Both systems could, therefore. lie in operation simultaneously: lint all shippers will he he'd by one or Hie other method if the rebate and agreement systems are instituted side Is side as optional alternatives. It should he possible for the Commonwealth Line and the conference to serve the trade in amicable concurrence. WTILSTCY MONOPOLY. LONDON. February 12. According to the “Daily Express”, the Scottish "Whisky Distillery will soon have a monopoly of two or three groups, one' being the Distillers Company, with a capital ot £3.000,000 and another the Buehanou-Dcwar Combinat iiiii, with a capital of UFO 19,000. The force behind this movement of buying up the independent distillers is growing There is a shortage of noil "led vhi -Lx . \t least five years arm neces-

<nis lo mature whisky. Though there I me 1 ,(100,000 gallons in bond. they won't ho ready for drinking until the end of I9?l. The difficulty in financ. i ing large slo.-hs of new whisky is increased bv the high duty of 72s (i,| per gallon, as compared with 1-ls 9d before tlm war. which mu ; 't he paid to the Government before the whi-ky is released from lien !. Bottle whisky n w ' nines a duty of over «s. () .!• tlm export trade l:oo| the trade from bankruptcy. MARK RISING. LONDON, February 12. The “Morning Post’s” Berlin mrrespundont states: —'I here is eousternatinn among the investing public owing to the improvement of the mark from 220.(100 to 810.000. This improvement is due to the Reichs Bank utilising vast sums ol -foreign currency which formerly were used for reparations payments. They are now being used in buying marks on the loreign exchanges, mid are Hies cheapening the cost nf raw material fmm abroad i" German importers. Big sums in foreign currencies have also been thrown on the market owing to the German hanks declining to finance sp - relations in dollars or sterling, and

depositing them with the banks, borrowing sum almost equal to llieir pu"eliasc price. Then, when the dollar or sterling rose, they redeemed and po,"kcled the difference in valie. The price <J iiivislments is falling quickly with the improving m. rk. The s; c - qlalipg class has every I hill" to lose by Hie mark's stihilFal ion. It is understood the Heidis Bank is even willing to loose gold, if necessary to prevent the mark collapsing white the LVeneli are in the Ruhr. DERATES TX CONGRESS. NEW YORK. February 11. The passage of the Bill endorsing the British debt-funding proposals was ei)rrietl in the Bouse by 291 in M, and was due to the support nf a. large number of Democrats, Tfie Democratic leader, Mr Garrett, gave support to the measure. His support attracted numerous Democratic votes thereto. The House pawed the Bill in re-' Tilbreaking time, tlm final vote coming within two days of President Hardin l * submitting the British agreement to Congress. The Senate Finance Committee will hear the See ret ary to the Treasury. Mr Mellon, on the settlement.

Senator Jones, promoter of the Ship Subsidy Bill, delivered an ultimatum in ihe Senate. He said he'd filibuster until he obtained a vote (here. This ultimatum virtually nmans the Debt Folding Bill cannot be passed until the Ship Subsidy Bill is concluded. Tt is feared that, in view of a certain filibuster. an extra session may result -o as to assure consideration of the funding measure. SETTLEMENT BTT.L. NEW YORK. Felifuniy 11. Tlm New York ‘‘Times's’* Washington correspondent says: —Partisan hues have broken down in the eonsidcrati n of the Debt Funding Bill in the S nato. Many Democrats have rallied to the support of the measure. Senator smoot announced that he did not believe that more than tv -Ire < f tb - Senators who are known to be on* relents of the bill would rote against it.

Senator Promerene. the Democrat has issued n stirring appeal on behalf of its approval, pointing out that Britain spent all this money in the T nited States permitting the American people to reap enormous profits. The United States Government was not responsible for this, just as the British Government

was not responsible for the excessive ocean freight rates which the British shipowners charged the IT nited States in the war; but now that the Governments had come together for a settlement, they must deaf equitably with each other. He thought the terms should be approved In the debate in the House. Mr Burton said tlie Government opposed debt cancellation, but leniency was needed : by debtor countries. Britain could lint pay more interest than that proposed. Mr Callier said the House was being j denied information as to the negotin- ; tioiis, and the Republicans played partisan politics in the matter. Messrs Oldfield and McTCollnr opposed \ the torms, tile former saving they 1 meant charging \meriean taxpayers f higher interest than the British tax- ; payers. Mr McTxellnr it. would not equal j

the iota] interest America pays on her Liberty bonds. Mr Longworth defended the settletin'tit. terms, also Mr Williams. Tlic Democrat leader. Mr Garrett, despite yells from his party, said he would vote for the Bill, forgetting the Republican partisanship. The Senate Finance Committee reported favourably on the Bill, but Senators l.a Follotte, Gerry and Walsh opposed the eight- other members of the Committee, saying more time was needed to study the measure. TXTERXATTOXAL DOT.O. XMW YORK, I’eh. 10 At West-point (Xew York) the liritisb international indoor polo team '’McMullen, Holman and Egan) defeated the United “stales Military Academy fOarreeht. Troisdnle and Biddle) hv !) to 6.