AMERICAN ITEMS.

Hokitika Guardian, 12 January 1924, Page 3

AMERICAN ITEMS.

tUBTRAMAN AND N.Z. CABLE ABBOCIATTON. EAI.L JN EXCHANGE. NEW VOLK, .Taimary 10. Sterling has, reached 127] rents. "Inch is one and a half cents below yesterday, when the market appeared to he enemn agiiigly firm, that being ascribablu to .Mr Kninsuy .MacDonald's moderate speech. Sterling has been unsteady fop the past week, hut the tendency seemed to he haltingly upward. Observers are. ankle to account for to-day’s decline in view of yesterday’s firmness. 'I ..e Japanese yen io-da.v joined the ranks of currencies of foreign countries which have reached new low levels of depreciation, dropping five and a half cents from a parity of -19 ■LA cents. '1 he decline of the yen has been fairly .sternly .since the Japanese earthquake, and the heavy purchases Inf building and reconstruction materials in the I'nitcd States was assigned as one important reason underlying: the fall. The .fupnno.se Government, to Jinance the purchases had approximately five mill.on dollar credits in New York, and London, and these have been aiigmeiit--0(1 through the sale, ‘of yen lor dollars.

SUGGESTED COALITION. NEW YORK, Jan. 10 The early formation of a. Coalition Government in Britain, which will overthrow the power of the Labour faction, who now are in control of the polil.ieal situation, is predicted hv .Sir R. Horne. II e says:—“lt is regrettable and ridiculous that the l.abour-Socinli-l element should -ha permitted to control nur Government.” Sir It. Iloriic predicted that the Liberals and Conservatives groups would join, and n-sume the direction / I tluWlestmie. cl Lritain under a Cmtiitdi.oi •’ Covernmcii t. NEW YORK. .Lie. L> •Sir Robert Horne (cx-f hauecllor of the British Exchequer! arrived here hv the Majestic. He declared :—“As soon as the forthcoming Labour Government is ousted, the King will eld! on -Mr Asquith.” Sir R. Horne also said:—“There is no danger of any Radical Legislation, because the Conservatives and Liberals can defeat it.” Nevertheless .Sir R. Horne said, he deplored Labour’s ascendancy, and no favoured immediate action to rote out the. Labour Government as soon as d was installed. “I would not venture,” he said, “to guess Mow long Mr Asquith could maintain himself following on a Labour regime, hut he would stabilise things.” Sir R, 1 lonic is accompanied by Sit A. Geddes (ex-Ambass;ulor), who said > “T have come simply to say goodbye to friends, and return.” AMBASSADOR TO U.S.A. OTTAWA, Jan. 10. Canada will be represented at Washington by an Ambassador in a short time. The name of the Minister ol Railways, Hon Mr Graham, is announced for the position. NEW YORK, Jan. 10. AvSeil Otilhih Yousry Pasha arrived hero hy the Majestic, and proceeded to Washington to assume his duties as the first Egyptian Minister to the United States. MEXICAN CHAOS. NEW YORK, Jan. 10.

Reiualdo Martinez, a member of the Mexican House of Deputies, arriving at Sail Antonio, Texas, declared tliaf. an era of anarchy existed in Mexico City, and the destinies of the Mexican people were in the hands of Socialists. Several foreign factories have been seized. There is a, iinaneial crisis in (.he (Government circles, which has extended to the Army. The troops have not been paid. He stated that the desertions from the battle trout are frequent. The Kederais are losing ground. C BtC SHIT. NEW YORK. January 10. \ The trustee in bankruptcy of the Patterson, MacDonald's Shipbuilding Company has filed a. petition in the Supreme Court, asking that Tribunal to b- grant him a writ of eertiori in the cross appeal in the wooden ship ease in the Austral inn 0 ovc rumen t- is in litigation with the doutractors for wooden ships lor Australia (in which the latter resymtly obtained leave to appeal), ft wffl be recalled that the Company's representatives. after securing an award from an Arbitrtaion Board ot .112.000 dollars, attempted to obtain a Court order making this award stand enforceable as judgment. The District Court ami the District Court ot «J||penlK declined to grant such an order and the Company’s trustee is now appealing to the Supreme Court to re-hoar the case. The Commonweall It's attorneys are preparing a formal answer, objecting to such a. rehearing, and it is expected that the Supreme Court will pronounce its derision, on January 28th.. or shortly thereafter. Observers who have carefully studied this series of intricate lawsuits are 'pipelined to believe that the Supreme Court will probably grant the Company a writ of eertiori. and will combine the issue with the Commonwealth’s writ of eertiori, giving the case, and all its angles, a complete rehearing for an ultimate decision on the company’s claims and the ’ (IqiipnoiiweaHh’s comper, tlniniiq