GERMAN ITEMS

Hokitika Guardian, 1 June 1923, Page 3

GERMAN ITEMS

AUSTRALIAN AND N.Z. CABLE ASSOCIATION. PURCHASE OF GERMAN' NAVAL SHIPS. (Received this day at 11.4.3 a.in.) " LONDON", Mnv 31. A Glasgow firm has concluded negotiations with the Admiralty for the purchase of a number of smaller vessels of tho German Navy sunk at Sap a Flow. These lie in comparatively shallow water. GERMAN INDUSTRIALISTS. (Received this day at 12.4.3 p.m.) i BERLIN, May 3L High Government officials state the Industrialists offer, cabled on the 28th not acceptable. There is objection centres to the proposed abolition ■»< of the eight-hour day. Social Democrats and all other Left parties bitterly oppose the idea and declare they would defeat the Government thereupon. It is also pointed out that a majority of the signatories are connected with the Stinnes group who politically do not represent the whole industry.

A LARGE DEFICIT. [Reuters Telegrams.] (Received this dav at 1.30 p.m.) BERLIN, /May 31. The Budget for 1923, submitted to the Reichstag, estimated the deficit at 12,400 thousand million marks. This was drawn up prior to the present collapse of the mark and does not take account of the new rise in prices, which necessitated an all round rise in wages and efinance therefore is simply chaotic. The effect of Die depreciation it is impossible to forsee.

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